Category

Daily Briefs

Aug 10
0

Daily Brief Industrials: Toyo Construction, Masterbrand , Technopro Holdings, Gates Industrial , HNI Corp, Howmet Aerospace , Allegion Plc, Quanta Services, Safran SA, Schneider Electric Se and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Toyo Construction (1890 JP): Taisei (1801 JP)’s Bittersweet Tender Offer
  • MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?
  • (Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery
  • Gates Industrial Corporation: Initiation Of Coverage- Targeting $300M in E-Bike Gold—Can It Be A Part Of The Future of Personal Mobility?
  • HNI Just Dropped A Bombshell: The $2.2 Billion Steelcase Acquisition Could Transform The Industry!
  • Howmet Aerospace: An Insight Into The Defense Sector Growth
  • Allegion’s Strategic Gamble—Can The UAP Acquisition Become A Surefire Success?
  • Quanta Services: Cross-Market Flexibility & Resource Optimization to Ensure Consistent Project Execution & Financial Performance!
  • Safran SA: Is The $1.8 Billion Collins Deal The Next Big Game Changer?
  • Schneider Electric: A Strong Demand Recovery in Discrete Automation and Systems & Other Major Drivers

Toyo Construction (1890 JP): Taisei (1801 JP)’s Bittersweet Tender Offer

By Arun George

  • Toyo Construction (1890 JP) has recommended a tender offer from Taisei Corp (1801 JP) at JPY1,750, a 6.4% premium to the last close of JPY1,644.
  • Unusually, Taisei has set the lower limit of the tender plus irrevocables at a 55.43% ownership ratio, below the two-thirds EGM share consolidation vote threshold.
  • Despite the low premium, this is a done deal due to irrevocables from the two previous competing bidders (INFRONEER Holdings (5076 JP), YFO), who are also the two largest shareholders. 

MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?

By Baptista Research

  • MasterBrand, Inc. recently announced an all-stock merger with American Woodmark Corporation, aiming to form an extensive portfolio of cabinet brands.
  • The merger is poised to create an entity with expansive geographic reach and a diversified customer base, which is seen as a significant step forward in bolstering both companies’ market positions.
  • Through the anticipated merger, MasterBrand expects to realize approximately $90 million in annual cost synergies by the end of the third year, driven by procurement efficiencies, manufacturing optimizations, and operational excellence.

(Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery

By David Blennerhassett

Gates Industrial Corporation: Initiation Of Coverage- Targeting $300M in E-Bike Gold—Can It Be A Part Of The Future of Personal Mobility?

By Baptista Research

  • Gates Industrial Corporation’s second quarter 2025 earnings report offers a nuanced perspective on its current financial and operational status, presenting both opportunities and challenges.
  • On the positive side, Gates demonstrated resilience in a volatile macroeconomic environment, with total sales reaching $884 million—a slight decline of 0.6% on a core basis, which is reflective of external pressures rather than internal structural issues.
  • The gross margin expanded by 40 basis points to 40.8%, maintaining above 40% for five consecutive quarters, a significant achievement in light of uneven demand trends.

HNI Just Dropped A Bombshell: The $2.2 Billion Steelcase Acquisition Could Transform The Industry!

By Baptista Research

  • HNI Corporation reported solid financial performance for the second quarter of fiscal year 2025.
  • The company’s non-GAAP earnings per share saw a significant increase of over 40% year-over-year, propelled by robust revenue growth across both its primary segments: Workplace Furnishings and Residential Building Products.
  • The company achieved more than 5% growth in both segments, exceeding their expected ranges.

Howmet Aerospace: An Insight Into The Defense Sector Growth

By Baptista Research

  • Howmet Aerospace’s second quarter of 2025 showcased a combination of strength and areas for improvement, based on their earnings presentation and executive comments.
  • Revenue grew by 9% year-over-year to reach $2.53 billion, surpassing prior guidance.
  • This is indicative of robust demand across several key markets.

Allegion’s Strategic Gamble—Can The UAP Acquisition Become A Surefire Success?

By Baptista Research

  • Allegion’s latest foray into the UK market via its proposed acquisition of UAP Group signals a bold pivot toward deepening its mechanical hardware offerings and broadening its geographic footprint.
  • Fresh off its first $1 billion quarter and bolstered by a string of strategic deals—including ELATEC’s electronic credentialing and SaaS boltons like Gatewise and Waitwhile—Allegion is eyeing UAP’s nearly 200 patents, trademarks and designs to turbocharge its innovation engine.
  • With UAP reporting into Allegion International, the deal dovetails neatly with Allegion UK’s existing non-residential portfolio while unlocking new residential door-hardware segments.

Quanta Services: Cross-Market Flexibility & Resource Optimization to Ensure Consistent Project Execution & Financial Performance!

By Baptista Research

  • Quanta Services recently reported its financial performance for the second quarter of 2025, displaying several noteworthy achievements as well as areas that warrant attention.
  • The company saw impressive growth in revenues, adjusted EBITDA, and earnings per share, with a pronounced increase in its backlog, reaching a record $35.8 billion.
  • This growth and backlog reflect steady demand for Quanta’s services, particularly in areas of electric grid resilience, power infrastructure, and technological expansion.

Safran SA: Is The $1.8 Billion Collins Deal The Next Big Game Changer?

By Baptista Research

  • Safran’s financial results for the first half of 2025 reflect a strong operational performance, showcasing notable developments across its sectors.
  • The company reported a 13% organic growth in revenue, reaching €14.8 billion, primarily driven by the civil aerospace aftermarket and advancements in defense sectors.
  • This growth was supported by key partnerships, increased defense spending in Europe, and strong demand for Safran’s engine products, particularly from customers like Ryanair and the Indian Navy.

Schneider Electric: A Strong Demand Recovery in Discrete Automation and Systems & Other Major Drivers

By Baptista Research

  • Schneider Electric’s 2025 half-year financial results presented by CEO Olivier Blum and CFO Hilary Maxson show both strengths and challenges for the company.
  • The revenue growth is notable, with the first half generating EUR 19.3 billion, marking a significant 8% organic growth compared to the previous year.
  • This was fueled by robust demand across several sectors such as Energy Management and Data Centers, highlighting Schneider Electric’s strategic focus on efficiency and sustainability.

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Aug 10
0

Daily Brief TMT/Internet: HKBN Ltd, Intel Corp, Q2 Holdings Inc, Confluent, KLA-Tencor Corp, Littelfuse Inc, Mastercard, Microstrategy Inc Cl A, Monolithic Power Systems, Inc, Palantir Technologies and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • HKBN (1310 HK): Response Doc Out. IFA Says Fair
  • Intel. Crisis Mode All Over Again
  • Q2 Holdings: Innovation Studio Adoption As A Significant Contributor To Growth!
  • Confluent Secures Massive Multiyear Deals—Enterprise Clients Go All In!
  • KLAC US – KLA Corporation: Seizing The Advanced Packaging Surge With 100% Defect Inspection Power!
  • Littelfuse Is Moving Forward In Renewables & Grid Storage—Is This the Industrial Play Wall Street Missed?
  • Mastercard Is Battling FX Turbulence But Can Its Value-Added Services Keep The Cash Flowing?
  • MicroStrategy’s Bitcoin-Backed Securities Promise High Yields–Can They Outshine Traditional Investments?
  • Monolithic Power Systems: Expanding Market Share Through Enterprise Data, AI, & Robotics Synergy!
  • Palantir’s 600% Rally: Can 100x Revenue Valuation Ever Be Justified?

HKBN (1310 HK): Response Doc Out. IFA Says Fair

By David Blennerhassett

  • After a protracted period towards securing the necessary regulatory approvals, this transaction has since accelerated.
  • Just two days after the Offer Doc was issued, the Response Doc has now been dispatched.
  • The IFA (Somerley) says China Mobile (941 HK)‘s terms are fair & reasonable. The First Close is the 3rd September. Expect the Offer to turn unconditional before that date. 

Intel. Crisis Mode All Over Again

By William Keating

  • President Trump wants Intel CEO Lip Bu Tan to resign immediately because he claims that he is “highly CONFLICTED”
  • The President’s concerns likely relate to a recent DoJ case against Cadence as well an investigation by the Select Committee on the CCP into Walden International’s Chinese investments
  • That both these topics weren’t comprehensively addressed and mitigated prior to Mr. Tan’s appointment beggars belief. Where was the due diligence Mr. Yeary?

Q2 Holdings: Innovation Studio Adoption As A Significant Contributor To Growth!

By Baptista Research

  • Q2 Holdings reported its financial results for the second quarter of 2025, demonstrating strong performance in several key areas.
  • The company achieved revenue of $195 million, representing a 13% increase compared to the previous year.
  • This growth was largely driven by subscription-based revenues, which saw a 16% year-overyear increase, contributing to 81% of the total revenue mix.

Confluent Secures Massive Multiyear Deals—Enterprise Clients Go All In!

By Baptista Research

  • Confluent’s second-quarter results for 2025 reveal a mix of growth opportunities and challenges, reflecting the dynamic nature of the data streaming market.
  • The company reported a 21% increase in subscription revenue, driven by a 28% growth in Confluent Cloud revenue and a 12% rise in Confluent Platform revenue.
  • The nonGAAP operating margin improved by 6 percentage points, reaching 6.3%.

KLAC US – KLA Corporation: Seizing The Advanced Packaging Surge With 100% Defect Inspection Power!

By Baptista Research

  • KLA Corporation reported strong results for the June 2025 quarter, performing at or above the high end of their guidance ranges.
  • Revenue was reported at $3.175 billion, with non-GAAP diluted EPS at $9.38 and GAAP diluted EPS at $9.06.
  • The company also achieved a record free cash flow of over $1 billion for the quarter.

Littelfuse Is Moving Forward In Renewables & Grid Storage—Is This the Industrial Play Wall Street Missed?

By Baptista Research

  • Littelfuse, Inc. delivered a robust performance in the second quarter of 2025, reporting a 10% revenue increase compared to the previous year.
  • The results highlight strong execution in its growth strategies, with improved demand across its segments.
  • The Electronics segment benefitted particularly from heightened demand for passive electronics and protection products.

Mastercard Is Battling FX Turbulence But Can Its Value-Added Services Keep The Cash Flowing?

By Baptista Research

  • Mastercard Inc. delivered strong financial results for the second quarter of 2025, with net revenues increasing 16% and adjusted net income up 12% from the previous year on a non-GAAP currency-neutral basis.
  • This growth underscores the effectiveness of Mastercard’s diversified business model and execution against strategic priorities.
  • The company experienced continued growth in both its payment network and value-added services and solutions, with acquisitions contributing 1 percentage point to revenue growth.

MicroStrategy’s Bitcoin-Backed Securities Promise High Yields–Can They Outshine Traditional Investments?

By Baptista Research

  • MicroStrategy’s Q2 2025 earnings report and the prevailing strategic focus provide a comprehensive picture of the company’s operations, financial outcomes, and the inherent risks and opportunities.
  • MicroStrategy’s commitment to Bitcoin as a foundational component of its strategy is evident.
  • By Q2 2025, the company held 628,791 Bitcoins, comprising about 3% of the world’s Bitcoin supply, which underscores its dominant position in the Bitcoin Treasury space.

Monolithic Power Systems: Expanding Market Share Through Enterprise Data, AI, & Robotics Synergy!

By Baptista Research

  • Monolithic Power Systems (MPS) reported solid financial performance for the second quarter of 2025, achieving record quarterly revenues of $664.6 million.
  • This represents a 4.2% increase over the first quarter of 2025 and a robust 31.0% year-over-year growth from Q2 2024.
  • The driving forces behind this performance include MPS’s diverse market strategy, sustained innovation, and enhanced execution focused on solving complex customer issues.

Palantir’s 600% Rally: Can 100x Revenue Valuation Ever Be Justified?

By Baptista Research

  • Palantir Technologies has transformed from a scrappy Silicon Valley startup into a national-security powerhouse with remarkable speed.
  • In Q2 2025, the company reported over $1 billion in revenue—its first billion-dollar quarter—driven by 68% year-over-year growth in its U.S. business and record-high contract bookings of $2.3 billion.
  • Under CEO Alex Karp’s bold leadership, Palantir has leveraged its deep Washington connections and prescient AI bets—most notably its ontologypowered AIP platform—to secure a 10-year, up to $10 billion Army enterprise agreement, multiple Defense Department delivery orders, and rapid crisis-response deployments in Ukraine, Israel, and pandemic relief.

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Aug 10
0

Daily Brief Industrials: Toyo Construction, Masterbrand , Technopro Holdings, Gates Industrial , HNI Corp, Howmet Aerospace , Allegion Plc, Quanta Services, Safran SA, Schneider Electric Se and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Toyo Construction (1890 JP): Taisei (1801 JP)’s Bittersweet Tender Offer
  • MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?
  • (Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery
  • Gates Industrial Corporation: Initiation Of Coverage- Targeting $300M in E-Bike Gold—Can It Be A Part Of The Future of Personal Mobility?
  • HNI Just Dropped A Bombshell: The $2.2 Billion Steelcase Acquisition Could Transform The Industry!
  • Howmet Aerospace: An Insight Into The Defense Sector Growth
  • Allegion’s Strategic Gamble—Can The UAP Acquisition Become A Surefire Success?
  • Quanta Services: Cross-Market Flexibility & Resource Optimization to Ensure Consistent Project Execution & Financial Performance!
  • Safran SA: Is The $1.8 Billion Collins Deal The Next Big Game Changer?
  • Schneider Electric: A Strong Demand Recovery in Discrete Automation and Systems & Other Major Drivers

Toyo Construction (1890 JP): Taisei (1801 JP)’s Bittersweet Tender Offer

By Arun George

  • Toyo Construction (1890 JP) has recommended a tender offer from Taisei Corp (1801 JP) at JPY1,750, a 6.4% premium to the last close of JPY1,644.
  • Unusually, Taisei has set the lower limit of the tender plus irrevocables at a 55.43% ownership ratio, below the two-thirds EGM share consolidation vote threshold.
  • Despite the low premium, this is a done deal due to irrevocables from the two previous competing bidders (INFRONEER Holdings (5076 JP), YFO), who are also the two largest shareholders. 

MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?

By Baptista Research

  • MasterBrand, Inc. recently announced an all-stock merger with American Woodmark Corporation, aiming to form an extensive portfolio of cabinet brands.
  • The merger is poised to create an entity with expansive geographic reach and a diversified customer base, which is seen as a significant step forward in bolstering both companies’ market positions.
  • Through the anticipated merger, MasterBrand expects to realize approximately $90 million in annual cost synergies by the end of the third year, driven by procurement efficiencies, manufacturing optimizations, and operational excellence.

(Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery

By David Blennerhassett

Gates Industrial Corporation: Initiation Of Coverage- Targeting $300M in E-Bike Gold—Can It Be A Part Of The Future of Personal Mobility?

By Baptista Research

  • Gates Industrial Corporation’s second quarter 2025 earnings report offers a nuanced perspective on its current financial and operational status, presenting both opportunities and challenges.
  • On the positive side, Gates demonstrated resilience in a volatile macroeconomic environment, with total sales reaching $884 million—a slight decline of 0.6% on a core basis, which is reflective of external pressures rather than internal structural issues.
  • The gross margin expanded by 40 basis points to 40.8%, maintaining above 40% for five consecutive quarters, a significant achievement in light of uneven demand trends.

HNI Just Dropped A Bombshell: The $2.2 Billion Steelcase Acquisition Could Transform The Industry!

By Baptista Research

  • HNI Corporation reported solid financial performance for the second quarter of fiscal year 2025.
  • The company’s non-GAAP earnings per share saw a significant increase of over 40% year-over-year, propelled by robust revenue growth across both its primary segments: Workplace Furnishings and Residential Building Products.
  • The company achieved more than 5% growth in both segments, exceeding their expected ranges.

Howmet Aerospace: An Insight Into The Defense Sector Growth

By Baptista Research

  • Howmet Aerospace’s second quarter of 2025 showcased a combination of strength and areas for improvement, based on their earnings presentation and executive comments.
  • Revenue grew by 9% year-over-year to reach $2.53 billion, surpassing prior guidance.
  • This is indicative of robust demand across several key markets.

Allegion’s Strategic Gamble—Can The UAP Acquisition Become A Surefire Success?

By Baptista Research

  • Allegion’s latest foray into the UK market via its proposed acquisition of UAP Group signals a bold pivot toward deepening its mechanical hardware offerings and broadening its geographic footprint.
  • Fresh off its first $1 billion quarter and bolstered by a string of strategic deals—including ELATEC’s electronic credentialing and SaaS boltons like Gatewise and Waitwhile—Allegion is eyeing UAP’s nearly 200 patents, trademarks and designs to turbocharge its innovation engine.
  • With UAP reporting into Allegion International, the deal dovetails neatly with Allegion UK’s existing non-residential portfolio while unlocking new residential door-hardware segments.

Quanta Services: Cross-Market Flexibility & Resource Optimization to Ensure Consistent Project Execution & Financial Performance!

By Baptista Research

  • Quanta Services recently reported its financial performance for the second quarter of 2025, displaying several noteworthy achievements as well as areas that warrant attention.
  • The company saw impressive growth in revenues, adjusted EBITDA, and earnings per share, with a pronounced increase in its backlog, reaching a record $35.8 billion.
  • This growth and backlog reflect steady demand for Quanta’s services, particularly in areas of electric grid resilience, power infrastructure, and technological expansion.

Safran SA: Is The $1.8 Billion Collins Deal The Next Big Game Changer?

By Baptista Research

  • Safran’s financial results for the first half of 2025 reflect a strong operational performance, showcasing notable developments across its sectors.
  • The company reported a 13% organic growth in revenue, reaching €14.8 billion, primarily driven by the civil aerospace aftermarket and advancements in defense sectors.
  • This growth was supported by key partnerships, increased defense spending in Europe, and strong demand for Safran’s engine products, particularly from customers like Ryanair and the Indian Navy.

Schneider Electric: A Strong Demand Recovery in Discrete Automation and Systems & Other Major Drivers

By Baptista Research

  • Schneider Electric’s 2025 half-year financial results presented by CEO Olivier Blum and CFO Hilary Maxson show both strengths and challenges for the company.
  • The revenue growth is notable, with the first half generating EUR 19.3 billion, marking a significant 8% organic growth compared to the previous year.
  • This was fueled by robust demand across several sectors such as Energy Management and Data Centers, highlighting Schneider Electric’s strategic focus on efficiency and sustainability.

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  • ✓ Personalised Alerts
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Aug 10
0

Daily Brief Financials: Shinhan Financial, S&P/ASX 200, Coinbase Global , Intercontinental Exchange, S&P Global and more

By | Daily Briefs, Financials

In today’s briefing:

  • Korea Local Banks: New Dividend Tax Effectively Locks in a De Facto Minimum Yield Play
  • S&P/ASX 200 (AS51 Index) Ahead of 12 Aug RBA Decision: Markets Divided, but I Vote for a 35bps Cut
  • Coinbase Global: Payments Innovation & Cross-Border Transactions to Provide a Stable Foundation for Future Growth!
  • Intercontinental Exchange (ICE): Can They Revolutionize Mortgage Lending With AI-Powered Automation?
  • S&P Global Inc.: Is The Growth in Private Credit Markets Here To Stay?

Korea Local Banks: New Dividend Tax Effectively Locks in a De Facto Minimum Yield Play

By Sanghyun Park

  • We’ve got a locked-in floor on ’26 DPS and clear upside, providing a solid dividend yield baseline—ideal for leaning into aggressive trade setups.
  • We can lean into spot longs with covered calls, but yields (especially KB, Shinhan) aren’t yet compelling. A pullback before the ’26 dividend run is a prime entry window.
  • Plus, a bank long-short: long KB/Shinhan, short Hana/Woori. KB and Shinhan face payout increases, with ’26 guidance in 4Q25 earnings as the catalyst.

S&P/ASX 200 (AS51 Index) Ahead of 12 Aug RBA Decision: Markets Divided, but I Vote for a 35bps Cut

By Gaudenz Schneider

  • The Reserve Bank of Australia (RBA) meets on Tuesday, 12 August 2025, with a rate decision due at 14:30h AEST.
  • Highlight: Markets are divided between a 0.25% and 0.50% rate cut. Discover my unique take, which differs from both expectations, and the reasoning behind it.
  • Why Read: Fixed income and equity derivatives markets are sending conflicting signals. Dive into the historical market impact of each possible scenario to better navigate the uncertainty.

Coinbase Global: Payments Innovation & Cross-Border Transactions to Provide a Stable Foundation for Future Growth!

By Baptista Research

  • Coinbase’s second quarter 2025 performance indicates a mixed bag of financial and strategic outcomes.
  • The company reported a total revenue of $1.5 billion and an adjusted EBITDA of $512 million, showing robust financial health.
  • This result underscores the company’s effective management of its core businesses, despite a 40% decline in total trading volume influenced by macroeconomic conditions, lower volatility, and a strategic emphasis on revenue over trading volume for stablepairs.

Intercontinental Exchange (ICE): Can They Revolutionize Mortgage Lending With AI-Powered Automation?

By Baptista Research

  • Intercontinental Exchange (ICE), a global data and technology company, reported another record quarter with robust growth across its primary business segments.
  • The second-quarter adjusted earnings per share reached a historical high of $1.81, a 19% increase year-over-year, while net revenue climbed 9% to $2.5 billion.
  • This performance was underpinned by contributions from all three major business areas: Exchange, Fixed Income and Data Services, and Mortgage Technology.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.

S&P Global Inc.: Is The Growth in Private Credit Markets Here To Stay?

By Baptista Research

  • S&P Global, a prominent player in financial information and analytics, reported solid results for the second quarter of 2025.
  • The company’s revenue grew by 6% year-over-year, driven by a 7% increase in subscription revenue.
  • Notably, operational efficiency resulted in a 150 basis point expansion in the trailing 12-month margin.

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Aug 10
0

Daily Brief Health Care: Omada Health, BeiGene , Bristol Myers Squibb Co, Kringle Pharma Inc, Option Care Health, Resmed Inc, Stryker Corp, Abbvie Inc, Y-mAbs Therapeutics Inc, Alnylam Pharmaceuticals and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Omada Health: 2Q’FY25 Net Loss Narrowed, Strong Progress Towards Adj. EBITDA Profitability
  • China Healthcare Weekly (Aug.10)-Trump Plans Drug Tariff, Biosimilar VBP, BeiGene’s Headwind in 25Q2
  • Bristol-Myers Squibb Advances Immunology Pipeline – Could Sotyktu & Cell Therapies Up The Ante?
  • Kringle Pharma Inc (4884 JP): Q3 FY09/25 flash update
  • Option Care Health: A Cutting-Edge Practitioner Model That Slashes Costs But What’s The Margin Impact In 2025?
  • ResMed: Accelerating Global Expansion With Strong Growth in Europe & China!
  • Stryker Corporation: Strategic Acquisitions & Organic Launches to Adapt To Changing Market Demands & Needs!
  • AbbVie’s Skyrizi Surge: The Blockbuster Drug Defying Expectations & Dominating New Markets!
  • Y-mAbs’ $412 Million Take-Private Bid By SERB: The 4 Synergies That Spell Big Profits
  • Alnylam Pharmaceuticals’ AMVUTTRA Drives $1 Billion TTR Growth – Can It Up The Game In Cardiomyopathy Treatment?

Omada Health: 2Q’FY25 Net Loss Narrowed, Strong Progress Towards Adj. EBITDA Profitability

By Andrei Zakharov

  • San Francisco-based Omada Health reported stronger than expected 2Q’FY25 revenues of $61.4M as a public company. Management provided FY25 revenue and adj. EBITDA guidance.
  • In May, Omada Health announced a new AI-agent, OmadaSpark. A member-facing AI agent directly works with Omada members. It was trained on ~3M foods and dishes.  
  • The company expects adj. EBITDA loss in the range of $9M to $5M in FY25. I forecast FCF losses to steadily dissipate until Omada Health becomes FCF positive in FY26.

China Healthcare Weekly (Aug.10)-Trump Plans Drug Tariff, Biosimilar VBP, BeiGene’s Headwind in 25Q2

By Xinyao (Criss) Wang

  • Trump threatened to levy tariffs on pharmaceuticals, but the BD model of Chinese innovative drugs will be less affected, because the essence is licensing-out model, not physical drug exports.
  • The long-awaited national VBP of biosimilar drugs has moved from policy incubation period to substantive operation stage, which is expected to change the market structure after big price reduction.
  • BeiGene’s 25Q2 results beat expectations. Reasonable market value is about US$40-42.4 billion. However, the market is reluctant to offer higher valuation due to the concerns on the outlook of BeiGene. 

Bristol-Myers Squibb Advances Immunology Pipeline – Could Sotyktu & Cell Therapies Up The Ante?

By Baptista Research

  • Bristol-Myers Squibb reported notable second-quarter performance for 2025, illustrating both encouraging advances and some areas of concern.
  • On the positive side, the company showed strong growth in its key oncology and cardiovascular portfolios, along with significant revenue gains in their newer therapeutic areas.
  • Total company revenues reached approximately $12.3 billion, driven by a 17% increase in sales within the growth portfolio.

Kringle Pharma Inc (4884 JP): Q3 FY09/25 flash update

By Shared Research

  • Revenue and gross profit for cumulative Q3 FY09/25 were JPY54mn, down 12.4% YoY, with SG&A expenses up 23.6%.
  • Operating, recurring, and net losses increased YoY, with operating loss at JPY739mn, compared to JPY580mn prior year.
  • Current assets decreased by JPY672mn due to R&D expenses, while fixed liabilities rose by JPY140mn from end-FY09/24.

Option Care Health: A Cutting-Edge Practitioner Model That Slashes Costs But What’s The Margin Impact In 2025?

By Baptista Research

  • The earnings for Option Care Health for the second quarter of 2025 highlights a period marked by notable financial and operational performance, underscored by several challenges and growth opportunities.
  • Financially, the company demonstrated robust topline growth with revenues increasing by 15% compared to the prior year, driven by balanced performance in both acute and chronic therapies.
  • The acute therapy segment saw mid-teen growth, outpacing general market expectations, suggesting market share gains potentially due to industry consolidations and changes in competitive dynamics.

ResMed: Accelerating Global Expansion With Strong Growth in Europe & China!

By Baptista Research

  • ResMed’s fourth quarter fiscal year 2025 results present a balanced outlook for potential investors, highlighting a mix of strong financial performance and strategic challenges.
  • The company reported a 10% year-over-year increase in headline revenue and a 230 basis point expansion in gross margin, indicating strong operational execution and cost management.
  • This growth was fueled by robust demand across its product and ReSupply portfolios, with notable performance in both the U.S., Canada, Latin America, and internationally.

Stryker Corporation: Strategic Acquisitions & Organic Launches to Adapt To Changing Market Demands & Needs!

By Baptista Research

  • Stryker Corporation’s second quarter of 2025 results underscore the company’s strong standing amidst varying market conditions.
  • The company achieved double-digit organic sales growth of 10.2% alongside a 11.4% growth in adjusted earnings per share (EPS), which is commendable given the challenges like tariffs, non-recurring engineering (NRE) dilution, and strategic divestitures in the spinal implants sector.
  • Positive trends were observed across Stryker’s diverse product portfolio.

AbbVie’s Skyrizi Surge: The Blockbuster Drug Defying Expectations & Dominating New Markets!

By Baptista Research

  • AbbVie recently reported its financial results for the second quarter of 2025, showcasing both achievements and challenges.
  • AbbVie posted an adjusted earnings per share of $2.97, which surpassed their guidance midpoint by $0.11.
  • Total net revenues came in at $15.4 billion, exceeding expectations by over $400 million.

Y-mAbs’ $412 Million Take-Private Bid By SERB: The 4 Synergies That Spell Big Profits

By Baptista Research

  • Y-mAbs Therapeutics hosted its financial results discussion for the first quarter of 2025, revealing various developmental and commercial strategies.
  • The company has organized its operations into two distinct business units: DANYELZA, a therapeutic for high-risk neuroblastoma, and Radiopharmaceuticals, focusing on the development of its novel SADA PRIT platform.
  • This restructuring aims to optimize resource allocation and maximize the potential of each unit.

Alnylam Pharmaceuticals’ AMVUTTRA Drives $1 Billion TTR Growth – Can It Up The Game In Cardiomyopathy Treatment?

By Baptista Research

  • Alnylam Pharmaceuticals, a leading biopharmaceutical company, reported its second-quarter 2025 financial results, showcasing significant progress across its business segments.
  • The company’s performance was driven by several factors, including the strong launch of AMVUTTRA for ATTR-cardiomyopathy (CM) in the U.S., advancements in its RNAi therapeutic pipeline, and robust financial execution.
  • This analysis provides an investment thesis accompanied by a summary of the results, focusing on the key outcomes and strategic direction of Alnylam.

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Aug 10
0

Daily Brief Consumer: Ford Motor Co, Ashimori Industry, Comcast Corp Class A, Cvs Health Corp, Etsy Inc, Medical System Network Co, QAF Ltd, Reynolds Consumer Products I, The Walt Disney Co, TSE Tokyo Price Index TOPIX and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Ford’s EV Division Is Bleeding Cash—And Investors Are Cheering Anyway
  • Ashimori Industry (3526 JP): Toyoda Gosei (7282 JP)’s Tender Offer at JPY4,140
  • Comcast Corporation: Can The Peacock Streaming Service Save The Day?
  • CVS Health: Disrupting Retail Pharmacy With Game-Changing CostVantage Pricing Model!
  • Etsy Bets Big on Depop—Hidden Gem Could Spark the Next Resale Revolution!
  • Medical System Network Co (4350 JP): Q1 FY03/26 flash update
  • QAF 1H Results : As Expected : Weak Set of Results : Dividend Maintained
  • Reynolds Consumer Products: Supply Chain Optimization & Onshoring Production Can Help Bring A Shift In The Competitive Dynamics!
  • Disney Ditches ESPN Equity To Win Big In NFL—Is Netflix Watching?
  • The Ratio of Fixed Compensation in Executive Compensation Has Gradually Declined, but Remains High

Ford’s EV Division Is Bleeding Cash—And Investors Are Cheering Anyway

By Baptista Research

  • Ford Motor Company’s second-quarter 2025 performance paints a picture of a company executing on its strategic ambitions while managing through significant operational headwinds.
  • The automaker posted record quarterly revenue of $50.2 billion, up from $47.8 billion a year earlier, driven by solid demand across its divisions.
  • Adjusted EBIT came in at $2.1 billion, topping Wall Street estimates of $1.9 billion, while adjusted earnings per share were 37 cents versus an expected 33 cents.

Ashimori Industry (3526 JP): Toyoda Gosei (7282 JP)’s Tender Offer at JPY4,140

By Arun George

  • Ashimori Industry (3526 JP) has recommended a tender offer from Toyoda Gosei (7282 JP) at JPY4,140, a 43.8% premium to the last close.
  • The offer is attractive as it represents a ten-year high, implies a P/B of 1.00x and above the mid-point of the target IFA DCF valuation range. 
  • Despite the lack of irrevocables, the shareholder register facilitates deal completion. The tender runs from 12 August to 24 September, with payment from 30 September.

Comcast Corporation: Can The Peacock Streaming Service Save The Day?

By Baptista Research

  • Comcast Corporation’s latest earnings results provide a mixed yet comprehensive picture of its performance across various operational segments.
  • A few key areas of focus include broadband, theme parks, and media—all crucial components of its business strategy.
  • In the broadband sector, Comcast is adopting a competitive approach amid fierce competition from fixed wireless and fiber providers.

CVS Health: Disrupting Retail Pharmacy With Game-Changing CostVantage Pricing Model!

By Baptista Research

  • CVS Health has delivered a solid performance in the second quarter of 2025, reflecting the company’s strategic positioning and diversified business model.
  • The adjusted operating income for the quarter was $3.8 billion, with adjusted earnings per share (EPS) of $1.81.
  • The company has increased its full-year adjusted EPS guidance to a range of $6.30 to $6.40, up from the previous range of $6.00 to $6.20.

Etsy Bets Big on Depop—Hidden Gem Could Spark the Next Resale Revolution!

By Baptista Research

  • Etsy, Inc.’s recent earnings presentation provided a comprehensive overview of their second quarter 2025 financial and operational performance.
  • The results were underpinned by strategic shifts and growth initiatives that have begun to take root, though the overarching narrative was one of balanced progress amid challenging market conditions.
  • Financially, Etsy surpassed revenue expectations with consolidated revenue increasing by approximately 4% year-over-year to $673 million, despite a decline in gross merchandise sales (GMS) by 4.8% on a reported basis.

Medical System Network Co (4350 JP): Q1 FY03/26 flash update

By Shared Research

  • Q1 FY03/26 sales rose 5.7% YoY to JPY31.1bn, but net income dropped 54.1% YoY to JPY78mn.
  • Segment sales increased 6.5% YoY to JPY29.9bn, with segment profit rising 0.4% YoY to JPY1.1bn.
  • Full-year FY03/26 forecast predicts sales of JPY125.5bn and net income of JPY1.3bn, up 3.0% YoY.

QAF 1H Results : As Expected : Weak Set of Results : Dividend Maintained

By Punit Khanna

  • Revenues in constant currency was flat otherwise, it was down 1%
  • PBT was down 35% adjusted for exceptions of GB KL loss and translation loss from AU$ to S$. Maintained dividend 
  • Cost pressure was seen in Staff cost which went up in Philippines due to increased production in Philippines and implementation of minimum wage rate in Malaysia.  

Reynolds Consumer Products: Supply Chain Optimization & Onshoring Production Can Help Bring A Shift In The Competitive Dynamics!

By Baptista Research

  • Reynolds Consumer Products, Inc. reported solid second-quarter results for 2025, aligning with their expectations despite the challenging consumer and operating environment.
  • The company experienced volume growth in most of its categories, primarily driven by product innovation, such as the Hefty Fabuloso scented waste bags, Hefty ECOSAVE compostable cutlery, and Reynolds Kitchens air fryer cups.
  • These innovations have contributed to Reynolds Consumer Products capturing market share in various areas, including Hefty Waste Bags and private label food bags.

Disney Ditches ESPN Equity To Win Big In NFL—Is Netflix Watching?

By Baptista Research

  • Disney’s sports-media ambitions have accelerated dramatically this summer.
  • First, the company agreed to swap 10 percent of ESPN to the NFL in exchange for full control of NFL Network and RedZone—a deal valued between $2.5 billion and $3 billion that trims Disney’s ESPN stake from 80 percent to 72 percent while Hearst falls to 18 percent.
  • Almost simultaneously, ESPN inked a five year, $1.6 billion pact for exclusive U.S. streaming rights to WWE’s marquee events, including WrestleMania and SummerSlam, beginning in 2026.

The Ratio of Fixed Compensation in Executive Compensation Has Gradually Declined, but Remains High

By Aki Matsumoto

  • As global companies changing to increase the proportion of variable compensation from the perspective of securing human resources, the proportion of fixed compensation is gradually declining, but still high. 
  • Since only executives who receive compensation of 100 million yen or more are required to be disclosed in annual securities reports, few companies disclose the compensation of all directors individually. 
  • In addition to the inability to verify whether the remuneration paid was appropriate,　investors have doubts about the independence of the process by which the Remuneration Committee determines executive remuneration.

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Aug 10
0

Most Read: Horizon Robotics, CG Power and Industrial Solutions, Laopu Gold, Dian Swastatika Sentosa, King Slide Works, Lg Innotek, Dentsu Inc, Hoshizaki Corporation, Hisense Home Appliances Group Co., Ltd. H, Softbank Group and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Horizon Robotics (9660 HK): Index Inclusion & Upweights to Drive US$1bn Inflows
  • India: Potential Free Float Changes & Passive Flows in August
  • Laopu Gold (6181 HK): Potential Inclusion in Both Global Indices
  • Dian Swastatika Sentosa (DSSA IJ): Surprise, Surprise!
  • King Slide Works (2059 TT): Sliding into a Global Index
  • Korea: 3 Potential Index Deletions in August; Positioning Watch
  • Dentsu Group (4324 JP): Global Index Deletion Likely
  • Hoshizaki Corp (6465 JP): Close Global Index Deletion in August
  • Hisense Home Appliances (921 HK): Global Index Deletion Coming Up
  • JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up

Horizon Robotics (9660 HK): Index Inclusion & Upweights to Drive US$1bn Inflows

By Brian Freitas

  • There should be big passive inflows to Horizon Robotics (9660 HK) over the next 6 weeks and that could take the stock higher in the short term.
  • Southbound Stock Connect investors have bought more than 10% of the Class B shares outstanding since the stock was added to the link a couple of months ago.
  • Short interest jumped following the Stock Connect inclusion but there has been covering over the last few weeks. Short-term direction for the stock price looks to be higher.

India: Potential Free Float Changes & Passive Flows in August

By Brian Freitas

  • Companies in India have disclosed their shareholding pattern as of end-June in July. There are companies with significant float changes from end-March and/or end-December.
  • The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
  • Depending on the date that the shareholding was published, there could be 11 stocks with passive inflows from global trackers while 5 could have passive outflows in August.

Laopu Gold (6181 HK): Potential Inclusion in Both Global Indices

By Brian Freitas

  • Laopu Gold (6181 HK) missed global index inclusion in May following completion of full circulation. The primary placement in May then improved chances of index inclusion in August.
  • The stock rose nearly 60% in the 2 months following the placement and has lost more than a third of its value from the peak in the last month.
  • The stock could be added to both global indices with one inclusion at the end of August and one in mid-September. That could provide short-term support for the stock.

Dian Swastatika Sentosa (DSSA IJ): Surprise, Surprise!

By Brian Freitas

  • Dian Swastatika Sentosa (DSSA IJ) will be added to a global index in August and that should come as a surprise to most of the market.
  • The stock is up 10x over the last 18 months and liquidity has shown a marked improvement in the last year.
  • Dian Swastatika Sentosa (DSSA IJ) trades at nosebleed valuations and there is the risk of a sell off following index inclusion.

King Slide Works (2059 TT): Sliding into a Global Index

By Brian Freitas

  • King Slide Works (2059 TT)‘s stock price has more than doubled over the last 4 months and that should result in global index inclusion in August.
  • King Slide Works (2059 TT) has outperformed its peer group over the last few months and now trades at a big valuation premium.
  • There has been a lot of short covering, and positioning in the stock appears to be smaller than the estimated passive buying.

Korea: 3 Potential Index Deletions in August; Positioning Watch

By Brian Freitas

  • There are 3 stocks in Korea that could be deleted from a global index in August and that will result in large selling from passive trackers.
  • Short interest has increased in all 3 stocks since the resumption of short selling. Cumulative excess volume is higher in all stocks over the last couple of months.
  • Given the increase in shorts and positioning, there could be short covering in two of the three stocks. The third could still drop over the next couple of weeks.

Dentsu Group (4324 JP): Global Index Deletion Likely

By Brian Freitas

  • The drop in Dentsu Inc (4324 JP)‘s stock price over the last few months could lead to the deletion of the stock from a global index in August.
  • Dentsu Inc (4324 JP) has underperformed its peers over the last year and trades cheaper than the average of its Advertising peers.
  • There is positioning in Dentsu Inc (4324 JP), though it is likely to be smaller than the estimated passive selling. A relative selloff could be used to enter the stock.

Hoshizaki Corp (6465 JP): Close Global Index Deletion in August

By Brian Freitas

  • Hoshizaki Corporation (6465 JP)‘s stock price has dropped over the last 3 months, and the lower market cap could result in global index deletion in August. 
  • An early cutoff in the review period could result in the stock staying on in the index but that puts it at risk of deletion in November.
  • There has been an increase in short interest and cumulative excess volume over the last couple of months and that indicates positioning in the stock.

Hisense Home Appliances (921 HK): Global Index Deletion Coming Up

By Brian Freitas

  • The fall in Hisense Home Appliances Group (921 HK)‘s stock price over the last year puts it at risk of deletion from a global index in August.
  • Short interest and positioning have picked up in the stock over the last couple of weeks and there should be short covering against the passive selling.
  • The AH premium for Hisense Home Appliances Group could increase over the near-term as positioning continues ahead of the passive selling.

JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up

By Brian Freitas

  • There are 39 adds/34 deletes for the JPX Nikkei 400 Index to bring the number of index constituents back to 400. There are stocks with multiple days ADV to trade.
  • Based on the adds, deletes and capping changes, we estimate one way turnover of 6.7% and a round-trip trade of JPY 946bn (US$6.4bn).
  • The adds have outperformed the deletes over the last year and there has been a move higher in the last few days too.

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Aug 10
0

Daily Brief ESG: The Ratio of Fixed Compensation in Executive Compensation Has Gradually Declined and more

By | Daily Briefs, ESG

In today’s briefing:

  • The Ratio of Fixed Compensation in Executive Compensation Has Gradually Declined, but Remains High

The Ratio of Fixed Compensation in Executive Compensation Has Gradually Declined, but Remains High

By Aki Matsumoto

  • As global companies changing to increase the proportion of variable compensation from the perspective of securing human resources, the proportion of fixed compensation is gradually declining, but still high. 
  • Since only executives who receive compensation of 100 million yen or more are required to be disclosed in annual securities reports, few companies disclose the compensation of all directors individually. 
  • In addition to the inability to verify whether the remuneration paid was appropriate,　investors have doubts about the independence of the process by which the Remuneration Committee determines executive remuneration.

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Aug 10
0

Daily Brief Thematic (Sector/Industry): US Banks – USD13 Trillion in Loans and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • US Banks – USD13 Trillion in Loans, First Time Ever, as at Week 30 July
  • APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

US Banks – USD13 Trillion in Loans, First Time Ever, as at Week 30 July

By Daniel Tabbush

  • US banks have saw loans rise from USD2 tr to USD13 tr from 1990 to newest release; it is 1st time we have seen USD13,005bn in loans
  • US banks are still seeing growth rates YoY at over 4%, with this pace of growth now seen for the past 5 weeks of data
  • Even where the Senior Loan Officer Survey is mixed (not in this report), US banks are seeing good lending growth, and benign provisions

APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

By Tina Banerjee

  • Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.
  • WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.
  • Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.

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Aug 10
0

Daily Brief Credit: S&P Global Inc.: Is The Growth in Private Credit Markets Here To Stay? and more

By | Credit, Daily Briefs

In today’s briefing:

  • S&P Global Inc.: Is The Growth in Private Credit Markets Here To Stay?

S&P Global Inc.: Is The Growth in Private Credit Markets Here To Stay?

By Baptista Research

  • S&P Global, a prominent player in financial information and analytics, reported solid results for the second quarter of 2025.
  • The company’s revenue grew by 6% year-over-year, driven by a 7% increase in subscription revenue.
  • Notably, operational efficiency resulted in a 150 basis point expansion in the trailing 12-month margin.

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