Category

Daily Briefs

Aug 09
0

Daily Brief ESG: With Passive Funds Dominating Markets Today and more

By | Daily Briefs, ESG

In today’s briefing:

  • With Passive Funds Dominating Markets Today, Proxy Voting Tends to Be Limited to Formalities

With Passive Funds Dominating Markets Today, Proxy Voting Tends to Be Limited to Formalities

By Aki Matsumoto

  • For asset management companies that mainly use passive funds, it is difficult to have sufficient dialogue with all portfolio companies equally in the environment where AGMs are concentrated in June.
  • As more companies focus on meeting formal voting guidelines, there is a risk that the goal of improving corporate value through management reforms will be put aside.
  • Solving individual management issues will lead to increased corporate value. However, due to physical reasons, not many companies engage in dialogue regarding individual management issues.

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Aug 09
0

Daily Brief ECM: T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap) and more

By | Daily Briefs, ECM

In today’s briefing:

  • T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)
  • JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations
  • Nephrocare Health Services Pre-IPO Tearsheet
  • BoAn Biotechnology (6955 HK): Profitable Operation & Pipeline Progress Make the Placement Attractive
  • HeartFlow Inc. (HTFL): Healthcare AI IPO Opens Strong, Trades Steady on Heavy Demand

T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)

By Douglas Kim

  • On 7 August, T’Way Air (091810 KS) announced a large scale capital raise plan worth 200 billion won, representing 49% of its current market cap (409 billion won).
  • This capital raise plan will include a third-party allocation worth 110 billion won based on the market price without discount. It will also issue CB/BW worth 90 billion won
  • We maintain Negative on T’Way Air. The capital raise of 200 billion won is likely to be dilutive to existing shareholders and its valuations remain high relative to its peers.

JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations

By Akshat Shah

  • JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
  • 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.
  • In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.

Nephrocare Health Services Pre-IPO Tearsheet

By Hong Jie Seow

  • Nephrocare Health Services Limited (0542669D IN)  is looking to raise US$232mn in its upcoming India IPO. The deal will be run by Nomura, IIFL Capital, Ambit and ICICI Securities.
  • Nephrocare Health Services Limited (NHS), also known as NephroPlus, is India’s largest dialysis provider, offering end-to-end kidney care through 490 clinics, including 43 across the Philippines, Uzbekistan, and Nepal. 
  • NHS’ core services include haemodialysis, home and mobile dialysis, and pharmacy support. It also provides wellness services along with critical care treatments such as plasmapheresis and hemodiafiltration.

BoAn Biotechnology (6955 HK): Profitable Operation & Pipeline Progress Make the Placement Attractive

By Tina Banerjee

  • Shandong BoAn Biotechnology (6955 HK) is placing 48M shares, representing 7.7% of the total number of issued shares post placement. Placement price is HK$16.42, 9% discount to last undisturbed price.  
  • The expected net proceeds of ~HK$780M will be used for funding R&D of innovative product candidates and commercialization of marketed and upcoming products.
  • This is the second placement of the company this year. In June, Boan Biotech raised ~HK$396M through placing 26.7M shares. The company is not expected to raise fund anytime soon.

HeartFlow Inc. (HTFL): Healthcare AI IPO Opens Strong, Trades Steady on Heavy Demand

By IPO Boutique

  • Shares opened with a 47.3% gain and quickly surged to $31.50 before settling into a stable trading range for most of the session.
  • The price range itself had been lifted from the initial $15–$17, underscoring the strength of investor demand.
  • The order book ultimately finished 20-times oversubscribed, driven by sizable long-only conversions and strong interest from healthcare-dedicated funds.

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Aug 09
0

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (Aug 8th): Hang Seng Bank and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (Aug 8th): Hang Seng Bank, Xinyi Glass, Yum China

Hong Kong Buybacks Weekly (Aug 8th): Hang Seng Bank, Xinyi Glass, Yum China

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 8th based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were HSB (11 HK), Xinyi Glass (868 HK), Yum China (9987 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), Wuxi Biologics (2269 HK).

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Aug 09
0

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

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Softbank Group
  • UST yields rose 1-2 bps yesterday, with the UST curve bear flattening slightly, following weak demand for a 30Y notes auction that tailed by 2 bps. The yields on the 2Y and 10Y UST both rose by 2 bps to 3.73% and 4.25%, respectively.
  • Equities ended mixed, halting a rally earlier in the day. The S&P 500 fell 0.1% to 6,340, while the Nasdaq was up 0.3% at 21,243. US President Donald Trump has said he will nominate Stephen Miran as a temporary Fed governor, replacing Adriana Kugler (who resigned last week).

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Aug 09
0

Daily Brief Event-Driven: Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle
  • PointsBet (PBH AU): Mixi Bumps and Declares Offer Unconditional
  • PointsBet (PBH AU): Call It a Day as Mixi Shows Its Hand

Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle

By David Blennerhassett

  • Back in 2021, Swedish PE outfit EQT and Iress Ltd (IRE AU) were unable to firm a transaction. This was discussed in Iress (IRE AU) Accepts EQT’s Latest Proposal. 
  • EQT was granted due diligence after bumping indictive terms to $15.91/share, up from an initial pitch of A$14.80/share. Its been crickets since EQT walked. 
  • Now Blackstone has approached Iress, a trading and wealth management software provider. An indicative A$10.50/share cash Offer was tabled, but since withdrawn. Negotiations with Blackstone and Thoma Bravo are ongoing.

PointsBet (PBH AU): Mixi Bumps and Declares Offer Unconditional

By David Blennerhassett

  • After betr Entertainment (BBT AU) bumped scrip terms for PointsBet (PBH AU), a logical course of action for Mixi  (2121 JP) was to declare its Offer unconditional. 
  • Now Mixi has bumped terms to A$1.25/share, from A$1.20/share; and declared its Offer unconditional. FIRB gave its nod on the 5th August. 
  • Mixi has 28.2% of shares out, including 1.93% in the acceptance facility. “MIXI reserves the right to increase the offer price if it acquires more than 50% of PointsBet shares“.

PointsBet (PBH AU): Call It a Day as Mixi Shows Its Hand

By Arun George

  • Mixi Inc (2121 JP) has bumped its PointsBet Holdings (PBH AU) offer from 4.2% from A$1.20 to A$1.25 per share. The offer has been declared unconditional and “best and final”.
  • BETR Entertainment (BBT AU)’s offer remains 2.9% above Mixi’s revised offer, with limited options for a response. The priority is to open its offer by assuaging the Takeover Panel.
  • The shares are trading 1.2% above Mixi’s offer due to the optionality of a bump if Mixi attains a controlling stake. With little upside remaining, head for the exit.   

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Aug 09
0

Daily Brief South Korea: SK Hynix, T’Way Air and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26
  • T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)

Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26

By Sanghyun Park

  • Street chatter says Hynix’s HBM4 hike tops ~20%, not covering costs — and Nvidia’s pushing similar cuts on its flagship 12-Hi HBM3E.
  • Yeouido’s watching “Blind” posts from Samsung engineers saying 1c 12-Hi HBM4 yields look strong — fueling bets Samsung will cut prices, ramp HBM3E now, and challenge Hynix in HBM4.
  • In Yeouido, the Samsung long/Hynix short theme is seen as a structural trade through 1H next year amid Hynix’s contract uncertainty and Samsung’s supply entry potential.

T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)

By Douglas Kim

  • On 7 August, T’Way Air (091810 KS) announced a large scale capital raise plan worth 200 billion won, representing 49% of its current market cap (409 billion won).
  • This capital raise plan will include a third-party allocation worth 110 billion won based on the market price without discount. It will also issue CB/BW worth 90 billion won
  • We maintain Negative on T’Way Air. The capital raise of 200 billion won is likely to be dilutive to existing shareholders and its valuations remain high relative to its peers.

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Aug 09
0

Daily Brief Australia: Iress Ltd, PointsBet Holdings and more

By | Australia, Daily Briefs

In today’s briefing:

  • Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle
  • PointsBet (PBH AU): Mixi Bumps and Declares Offer Unconditional
  • PointsBet (PBH AU): Call It a Day as Mixi Shows Its Hand

Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle

By David Blennerhassett

  • Back in 2021, Swedish PE outfit EQT and Iress Ltd (IRE AU) were unable to firm a transaction. This was discussed in Iress (IRE AU) Accepts EQT’s Latest Proposal. 
  • EQT was granted due diligence after bumping indictive terms to $15.91/share, up from an initial pitch of A$14.80/share. Its been crickets since EQT walked. 
  • Now Blackstone has approached Iress, a trading and wealth management software provider. An indicative A$10.50/share cash Offer was tabled, but since withdrawn. Negotiations with Blackstone and Thoma Bravo are ongoing.

PointsBet (PBH AU): Mixi Bumps and Declares Offer Unconditional

By David Blennerhassett

  • After betr Entertainment (BBT AU) bumped scrip terms for PointsBet (PBH AU), a logical course of action for Mixi  (2121 JP) was to declare its Offer unconditional. 
  • Now Mixi has bumped terms to A$1.25/share, from A$1.20/share; and declared its Offer unconditional. FIRB gave its nod on the 5th August. 
  • Mixi has 28.2% of shares out, including 1.93% in the acceptance facility. “MIXI reserves the right to increase the offer price if it acquires more than 50% of PointsBet shares“.

PointsBet (PBH AU): Call It a Day as Mixi Shows Its Hand

By Arun George

  • Mixi Inc (2121 JP) has bumped its PointsBet Holdings (PBH AU) offer from 4.2% from A$1.20 to A$1.25 per share. The offer has been declared unconditional and “best and final”.
  • BETR Entertainment (BBT AU)’s offer remains 2.9% above Mixi’s revised offer, with limited options for a response. The priority is to open its offer by assuaging the Takeover Panel.
  • The shares are trading 1.2% above Mixi’s offer due to the optionality of a bump if Mixi attains a controlling stake. With little upside remaining, head for the exit.   

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Aug 09
0

Daily Brief Macro: [IO Technicals 2025/32] Bullish Momentum Builds and more

By | Daily Briefs, Macro

In today’s briefing:

  • [IO Technicals 2025/32] Bullish Momentum Builds
  • Alpha Generation from the New Entries in the ‘KOSDAQ Rising Stars’ for 2025
  • HEW: Hawks Overruled
  • CX Daily: Despite Market Rally, Doubts Cloud China’s Plan to End Solar Glut
  • Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 8 August 2025

[IO Technicals 2025/32] Bullish Momentum Builds

By Umang Agrawal

  • China’s July steel exports hit highest year-to-date level since 1990, and S&P affirms A+ rating despite property and trade challenges. 
  • Managed money participants turned net long in futures after prolonged bearishness, adding positions as prices neared the $100/ton mark. 
  • Despite a recent death cross, prices remain firm above short-term MA, nearing bullish crossover, with Bollinger Bands signalling resilience and upside potential. 

Alpha Generation from the New Entries in the ‘KOSDAQ Rising Stars’ for 2025

By Douglas Kim

  • In this insight, we discuss the potential alpha generation from new entries (2025) in the “KOSDAQ Rising Stars.”
  • On 7 August 2024, KRX provided a list of 22 KOSDAQ Rising Stars companies (including 15 existing ones and 7 new companies).
  • The 7 new KOSDAQ Rising Stars include ST Pharm, Next Bio Medical, Solid, Inc, SEMCNS, DE&T, Truen, and Union Biometrics. 

HEW: Hawks Overruled

By Phil Rush

  • The BoE Governor overruled his Chief Economist and Deputy Governor to deliver a rate cut, while Donald Trump appointed a dovish patsy in the hope of achieving the same.
  • Whether poor payrolls presage a flow of data that breaks our resilience narrative is more important to the policy outlook. Europe stayed strong, with a retail rebound.
  • UK unemployment (4.3%), GDP (0.1% q-o-q) and US inflation are the data highlights next week, with the RBA (cut) and the Norges Bank (unchanged) holding the policy ropes.

CX Daily: Despite Market Rally, Doubts Cloud China’s Plan to End Solar Glut

By Caixin Global

  • Solar / In Depth: Despite market rally, doubts cloud China’s plan to end solar glut
  • Rating /In Depth: China’s scandal-hit credit ratings industry seeks a new beginning
  • Vanke /State shareholder throws Vanke new lifeline as $2 billion debt payments loom

Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 8 August 2025

By Dr. Jim Walker

  • Of the 12 regional economies tracked, only 4 are above the 50 PMI boom-bust line: India (59) continues to lead. Vietnam, Philippines, and Thailand also remain in expansion territory.

  • Indonesia reported 5.1% growth—no surprise. It’s the same figure (rounded) they’ve reported nearly every quarter over the past decade, barring COVID. It raises credibility questions.

  • Tariff announcements expected this week remain vague, especially concerning China.

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Aug 09
0

Daily Brief Singapore: Micro Mechanics (Holdings), Grab Holdings and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Micro-Mechanics (Holdings) Limited – Next Generation Supplier of the Semicon Industry
  • Grab Holdings (GRAB US) – Harvesting Sequentially

Micro-Mechanics (Holdings) Limited – Next Generation Supplier of the Semicon Industry

By SAC Capital

  • Micro-Mechanics (Holdings) Limited is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools and parts for process-critical applications for the semiconductor and other high technology industries.
  • The group operates across two segments: Consumable Tools, which are tiny, consumable precision tools used in the assembly and testing of semiconductor chips, and Wafer Fabrication Equipment (WFE) Parts, which are precision components used in semiconductor wafer fabrication equipment.
  • By serving both back-end and front-end processes, Micro-Mechanics operates in a niche and essential segment of the semiconductor supply chain.

Grab Holdings (GRAB US) – Harvesting Sequentially

By Angus Mackintosh

  • Grab reported a strong set of 2Q2025 results with growth accelerating across all three segments, with on-demand services driven by product-led initiatives, driving expansion in MTUs through Saver.
  • The company continues to increase efficiencies and reinvests those scale benefits to grow the business, with new product offerings making good headway, with Grab Unlimited subscribers spending 5X non-members.  
  • Financial services booked the highest growth in 2Q2025, driven by both GrabFin and three Digibanks. Management expects growth momentum to continue sequentially and margins to improve in 2H2025.

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Aug 09
0

Daily Brief China: Iron Ore, Shandong BoAn Biotechnology , BeiGene , Hang Seng Index and more

By | China, Daily Briefs

In today’s briefing:

  • [IO Technicals 2025/32] Bullish Momentum Builds
  • BoAn Biotechnology (6955 HK): Profitable Operation & Pipeline Progress Make the Placement Attractive
  • BeiGene (6160 HK): Brukinsa Extend Lead in US, Robust Pipeline, Positive Guidance Revision
  • Hong Kong Single Stock Options Weekly (Aug 04–08): HSI Rebounds, Single Stock Option Activity Fades

[IO Technicals 2025/32] Bullish Momentum Builds

By Umang Agrawal

  • China’s July steel exports hit highest year-to-date level since 1990, and S&P affirms A+ rating despite property and trade challenges. 
  • Managed money participants turned net long in futures after prolonged bearishness, adding positions as prices neared the $100/ton mark. 
  • Despite a recent death cross, prices remain firm above short-term MA, nearing bullish crossover, with Bollinger Bands signalling resilience and upside potential. 

BoAn Biotechnology (6955 HK): Profitable Operation & Pipeline Progress Make the Placement Attractive

By Tina Banerjee

  • Shandong BoAn Biotechnology (6955 HK) is placing 48M shares, representing 7.7% of the total number of issued shares post placement. Placement price is HK$16.42, 9% discount to last undisturbed price.  
  • The expected net proceeds of ~HK$780M will be used for funding R&D of innovative product candidates and commercialization of marketed and upcoming products.
  • This is the second placement of the company this year. In June, Boan Biotech raised ~HK$396M through placing 26.7M shares. The company is not expected to raise fund anytime soon.

BeiGene (6160 HK): Brukinsa Extend Lead in US, Robust Pipeline, Positive Guidance Revision

By Tina Banerjee

  • BeiGene (6160 HK) reported 2Q25 revenues of $1.3B, up 42% YoY (1H25 Revenue: $2.4B, up 45%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.
  • In 2Q25, U.S. sale of Brukinsa was $684M, up 43% YoY. For three consecutive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $583M in 2Q25.
  • BeiGene now expects 2025 revenue to be in the range of $5.0–5.3B (up 29–39% YoY) compared to the previous revenue guidance of $4.9–5.3B.

Hong Kong Single Stock Options Weekly (Aug 04–08): HSI Rebounds, Single Stock Option Activity Fades

By John Ley

  • Hang Seng Index back in the green with broad based gains across optionable names.
  • Single stock option volumes were very lackluster and Call enthusiasm continues to be muted.
  • Full slate of earnings announcements on tap for the upcoming week.

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