Daily Briefs

BC Technology Group (863 HK) is looking to raise around US$157m from a primary placement.
The deal is a large one to digest, representing 20.2 days of the stock’s three month ADV, and 11.3% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Frasers Hospitality Trust (FHT SP): 15th August Vote On Frasers Prop/TCC Offer

By David Blennerhassett

Back on the 14th May 2025, S-REIT Frasers Hospitality Trust (FHT SP) entered into a Scheme with its current sponsor, Frasers Property Limited, @ S$0.71/share.
The Scheme Consideration is 1.11x the latest adjusted NAV estimate of S$0.63904/unit; and S$0.01/unit above Frasers/TCC’s S$0.70/unit failed Offer back in September 2022.
The Scheme Doc is now out, with a shareholder vote on the 13th August. The IFA says fair and reasonable.

Macquarie Group Ltd – The Overnight Report: AI Fuels New Highs

The AI trade took the S&P500 and Nasdaq to new highs (again) with markets in Japan and Europe rallying also.
The Australian market stumbled on Governor Bullock’s hawish tone yesterday.
ASX200 futures are pointing to another day of net weakness.

Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open

Accelerant Holdings (ARX US) priced 34.46mm shares (upsized from 28.95mm) at $21.00($1 Above the $18-$20 range) and opened at $28.50 for a gain of 35.7% at first trade.
This was the fifth insurance related IPO to debut in 2025 and all have been winners.
We see this company having potential staying power in the short term. Several insurance related IPOs have traded higher for longer than many short term investors would have anticipated.

Hybridan Small Cap Feast: 17/07/2025

By Hybridan

Alkemy Capital Investments 163.75p £16.1m (ALK.L) The investment company announces that its wholly owned subsidiary Tees Valley Lithium, has now concluded a long-term binding feedstock agreement with Touchstone’s Chilean lithium project, one of the world’s highest-grade lithium brine deposits.
The agreement results in up to 100,000 tonnes of lithium carbonate equivalent secured over an initial 5-year term, with an option to extend for an additional 50,000 tonnes per annum over a further 2 years.
First commercial deliveries are expected in 2027.

Kasumigaseki REIT Pre-IPO: Peer Comparison – Small Is Size but Matching Its Peers on Other Metrics

Kasumigaseki Hotel REIT (401A JP) is looking to raise up to US$195m in its upcoming Japan IPO.
It is a REIT with hotel assets sponsored by affiliated developer, Kasumigaseki Capital (3498 JP).
In this note, we examine the IPO dynamics, and undertake a peer comparison.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 25

Daily Brief ESG: The Data Also Shows that Companies with Low Stock Valuations Are Increasingly Using Share Buybacks and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

The Data Also Shows that Companies with Low Stock Valuations Are Increasingly Using Share Buybacks

The Data Also Shows that Companies with Low Stock Valuations Are Increasingly Using Share Buybacks

By Aki Matsumoto

Data suggests that share buybacks/share cancellations are expected to have positive effect on ROE/ROA, while companies with low valuations increasingly utilize share buybacks as a measure to raise stock prices.
Overseas investors share the value that companies should have business plans for growth and return surplus cash after investment to shareholders. There’s gap between investors and companies inn this value.
More effective approach would be to require management to fulfill accountability by explaining fundamentals of returning unused cash to shareholders and disclosing business plans if they wish to retain cash.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 25

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Small Gains: Record Closes and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Small Gains: Record Closes
EP: 126 NVIDIA/AMD Back in China! TSMC Earnings, and Agentic AI Causes Total Infra Upgrade
HK Banks – Credit Growth Improves, but Property Worsening. LDR Continues to Move Lower.
Japan Morning Connection: Mixed Tape for Semi’s with AI up and Power and Industrial Down Further
India’s GCCs: From $64B Cost Centers to $116B Innovation Powerhouses

Ohayo Japan | Small Gains: Record Closes

By Mark Chadwick

The S&P 500 and Nasdaq Composite achieved record closes Thursday, rising 0.1% to and 0.2% to respectively
Alphabet rising 1% after beating earnings and revenue expectations; Tesla declined 8% as auto revenue fell for the second consecutive quarter.
Bandai Namco and Sony announced a strategic business alliance, with Sony acquiring 16 million Bandai Namco shares from existing shareholders for approximately 68 billion yen, giving Sony a 2.5% stake

EP: 126 NVIDIA/AMD Back in China! TSMC Earnings, and Agentic AI Causes Total Infra Upgrade

By The Circuit

Discussion with Josh Lipton about the resolution of companies not being locked out of China
Jensen and Lisa Su lobbying for their businesses in China
Political implications and progress in US-China trade relations

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

HK Banks – Credit Growth Improves, but Property Worsening. LDR Continues to Move Lower.

By Daniel Tabbush

There are some improvements in HK domestic credit growth, but not in the key property sector, which continues to see contraction, at worsening pace
LDR contraction in HK is another concern, for NIM, core interest income, while China credit metrics remain a concern – not only domestic HK.
Singapore banks also exposed to HK and to Mainland China, it is not only HK local banks which bear this risk. Chailease from Taiwan is another good example.

Japan Morning Connection: Mixed Tape for Semi’s with AI up and Power and Industrial Down Further

By Andrew Jackson

STM adds to the gloom for power semis after surprise loss and -16% drop. Fuji Elec and Renesas report today in Japan.
Dow -18% after tariff uncertainty hist exports sending peers lower. Watch Shin Etsu despite its more PVC focus.
Intel’s new CEO struggling to turn the ship around with a competitive AI offering still a ways off.

India’s GCCs: From $64B Cost Centers to $116B Innovation Powerhouses

By Viral Kishorchandra Shah

India’s GCCs evolved: 15% cost arbitrage, 50% skill arbitrage, 35% innovation-led growth model
Market boom: 1,352 deals worth $56B in 2024, office space expanding from 245M to 300M+ sq ft by 2027
Growth metrics: Revenue jumped from $11.5B (2010) to $64.6B (2024), talent pool reached 1.9M+ people

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 25

Daily Brief ECM: Everest Medicine Placement – Third Deal in the Year and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Everest Medicine Placement – Third Deal in the Year, Previous Ones Didn’t Do Well
OSL Group Placement: Momentum Is Strong but Is Opportunistic
Leads Biolabs (维立志生物) Trading Update
Brigade Hotel IPO: Not Suited for a Long Term Stay for Now, Can Try For a Quick Day Trip Gain
McGraw Hill, Inc. (MH): Another Private Equity Backed IPO Trades Below Issue, Closes Flat
Aux Electric Co Ltd Pre-IPO Tearsheet
Shoulder Innovations, Inc. (SI): Another MedTech to Test the Market, Sets Terms for July 31 IPO
Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open
Kasumigaseki REIT Pre-IPO: Peer Comparison – Small Is Size but Matching Its Peers on Other Metrics

Everest Medicine Placement – Third Deal in the Year, Previous Ones Didn’t Do Well

By Sumeet Singh

Everest Medicines (1952 HK) aims to raise around US$200m via a top-up placement.
This will be the third placement this year for the stock, the previous two deals didn’t do well. Although the stock has bounced back a lot since.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.

OSL Group Placement: Momentum Is Strong but Is Opportunistic

BC Technology Group (863 HK) is looking to raise around US$157m from a primary placement.
The deal is a large one to digest, representing 20.2 days of the stock’s three month ADV, and 11.3% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Leads Biolabs (维立志生物) Trading Update

By Ke Yan, CFA, FRM

Leads Biolabs raised HKD 1290m (USD 166m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, July 24th.
In our previous note, we looked at the company’s operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut.

Brigade Hotel IPO: Not Suited for a Long Term Stay for Now, Can Try For a Quick Day Trip Gain

By Tina Banerjee

Brigade Hotel Ventures has filed for IPO to raise up to INR 7,596M. The company plans to sell 84.4M shares at between INR 85 and INR 90 per share.
The company owns and develops hotels in key cities in India, with a portfolio of nine operating hotels. The hotels are operated by global marquee hospitality companies.
The debt-to-equity ratio for Brigade Hotel being at 5.8x is the highest among its peers. The company’s plans to use the proceeds to service the outstanding debts makes sense.

McGraw Hill, Inc. (MH): Another Private Equity Backed IPO Trades Below Issue, Closes Flat

McGraw Hill (MH US) priced a full-size offering of 24.4mm shares at $17.00 and saw a flat opening print.
This was the second private equity backed deal of the week and second to trade below issue.
Ultimately, the deal did not have the “strength” and was forced to give-way to the buy-side with a $2 discount below the low-end of the range.

Aux Electric Co Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Aux Electric Co Ltd (0917839D HK) (AECL) is looking to raise about US$100m in its upcoming Hong Kong IPO. The bookrunners for the deal are CICC and Oriental Securities.
AECL is engaged in the design, R&D, manufacturing, sales, and after-sales services of both household and central air conditioners, with operations spanning over 150 countries and regions.
According to F&S Report, AECL was among the top five global air conditioner providers by sales volume in 2024, with a market share of 7.1%.

Shoulder Innovations, Inc. (SI): Another MedTech to Test the Market, Sets Terms for July 31 IPO

Shoulder Innovations will be offering 5.0mm shares at $19-$21 and to debut on July 31st.
The underwriters have reserved up to 6% of the shares of common stock offered through a directed share program.
The sector had a surprise underperformance from CarlsMed this week and will be looking to rebound with this upcoming IPO.

Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open

Accelerant Holdings (ARX US) priced 34.46mm shares (upsized from 28.95mm) at $21.00($1 Above the $18-$20 range) and opened at $28.50 for a gain of 35.7% at first trade.
This was the fifth insurance related IPO to debut in 2025 and all have been winners.
We see this company having potential staying power in the short term. Several insurance related IPOs have traded higher for longer than many short term investors would have anticipated.

Kasumigaseki REIT Pre-IPO: Peer Comparison – Small Is Size but Matching Its Peers on Other Metrics

Kasumigaseki Hotel REIT (401A JP) is looking to raise up to US$195m in its upcoming Japan IPO.
It is a REIT with hotel assets sponsored by affiliated developer, Kasumigaseki Capital (3498 JP).
In this note, we examine the IPO dynamics, and undertake a peer comparison.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 25

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

By Smartkarma Daily Briefs | Credit, Daily Briefs

In today’s briefing:

Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: West China Cement, SK Hynix
US treasuries fell yesterday, with yields rising after three straight days of declines. That said, the sell-off in longer-dated treasuries moderated during the day, following strong demand for an auction of 20Y notes.
The UST curve bear-flattened, with the yield on the 2Y UST rising 5 bps to 3.88%, while the yield on the 10Y UST was up 4 bps at 4.38%.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 25

Daily Brief Equity Bottom-Up: QAF: Regional Consumer Stock with Appealing 5.6% Dividend Yield and more

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

In today’s briefing:

QAF: Regional Consumer Stock with Appealing 5.6% Dividend Yield
Tesla (TSLA): Go Short
Corpay’s $2.2 Billion Move: Why The Alpha Group Deal Could Be A Game-Changer For Global B2B Payments
Fisher & Paykel Healthcare (FPH AU) Vs. ResMed (RMD AU): Dislocation in Healthcare
SK Hynix: Good 2Q, Positive Messages but No 2026 Guidance Means that Market’s Doubts Will Remain
Palo Alto Eyes SentinelOne: The $7 Billion Power Move That Could Reshape Cybersecurity!
Deere & Co Is Quietly Dominating the AI Farming Revolution—Here’s Why It Could Be The TESLA Of Agriculture!
Datadog Eyes $1 Billion Upwind Deal: Could This Be A Game-Changer For Cloud Security?
[Earnings Preview] Shell Falters on Fundamentals, But Options Data Signals Optimism
Dialogue. Evolution 2Q25 Business Update, Black Markets, UK Investigation, Asia Cyber Attacks

QAF: Regional Consumer Stock with Appealing 5.6% Dividend Yield

By Punit Khanna

Singapore small-mid cap stocks are having a good run in anticipation of Market Equity Development Programme. QAF may appeal to yield investors
QAF is a well run number 1 bread company in Singapore, Malaysia and Philippines
Business is stable and mature making it difficult for a new player to enter the market

Tesla (TSLA): Go Short

By Henry Soediarko

Not impressive earnings result for 2Q25 as revenue fell 12%, led by a weaker EV sales followed by lower sales from the renewable energy division as well.
The highest-margin business contributor, regulatory credit, may be gone soon as recently the US government removed the financial penalty for higher emissions.
Tesla (TSLA US) is trading at premium compared to its Chinese counterparts such as BYD (1211 HK) , NIO (9866 HK) and XPeng (9868 HK) .

Corpay’s $2.2 Billion Move: Why The Alpha Group Deal Could Be A Game-Changer For Global B2B Payments

Corpay has made headlines with its definitive agreement to acquire Alpha Group International in an all-cash deal valued at approximately $2.2 billion (£1.6 billion).
The transaction, offering Alpha shareholders £42.50 per share—a 55% premium over its undisturbed price as of May 1, 2025—is expected to close in Q4 2025, pending shareholder and regulatory approvals.
This acquisition comes on the heels of a busy strategic year for Corpay, including a $300 million cross-border partnership with Mastercard and a minority investment in AvidXchange.

Fisher & Paykel Healthcare (FPH AU) Vs. ResMed (RMD AU): Dislocation in Healthcare

By Gaudenz Schneider

Context: The Fisher & Paykel Healthcare (FPH AU) vs. ResMed (RMD AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: The long position is supported by higher growth aligning well with the statistical analysis. The trade faces some event risk due to an upcoming earnings announcement.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

SK Hynix: Good 2Q, Positive Messages but No 2026 Guidance Means that Market’s Doubts Will Remain

By Nicolas Baratte

2Q25 beats consensus by 5% with a number of unexpected moves: NAND and Commodity DRAM shipments a lot higher than expected, hence weaker ASP (more commodity), margins decline QoQ.
HBM positive messages: HBM sales double in 2025, we now have secured visibility on next year’s demand”, leading to higher capex in 2025, HBM will continue to enjoy strong growth.
But a lack of concrete numbers (HBM, eSSD % of revenue), 2025-26 Capex, capacity increase, etc means that the market will not find grounds to have a more positive view.

Palo Alto Eyes SentinelOne: The $7 Billion Power Move That Could Reshape Cybersecurity!

Rumors are swirling around a potential acquisition that could significantly reshape the cybersecurity landscape.
SentinelOne, a company known for its autonomous endpoint protection platform, saw its shares surge after reports emerged suggesting that industry giant Palo Alto Networks (NASDAQ: PANW) might be in advanced talks to acquire it.
While neither company has confirmed the speculation, multiple Israeli media outlets have cited industry sources suggesting a potential deal value of around $7 billion.

Deere & Co Is Quietly Dominating the AI Farming Revolution—Here’s Why It Could Be The TESLA Of Agriculture!

Deere & Co is no longer just a symbol of tractors and green machines — it has quietly transformed into one of the most dominant forces in agricultural technology.
At the intersection of artificial intelligence and farming, Deere is building a future where its equipment not only performs fieldwork but also interprets real-time data, automates decision-making, and boosts crop yields through precision.
The company’s recent developments, including strong second-quarter financials for fiscal 2025 and an impressive Investor Day presentation in Brazil, reveal a clear trajectory: Deere is shifting from traditional machinery to becoming a full-scale agri-tech platform.

Datadog Eyes $1 Billion Upwind Deal: Could This Be A Game-Changer For Cloud Security?

Datadog, a leader in observability and security, is reportedly in advanced talks to acquire Israeli cybersecurity firm Upwind for approximately $1 billion, according to a report by Calcalist.
The move comes just months after Upwind raised $100 million in a Series A funding round, valuing the startup at roughly $900 million.
As Datadog continues expanding its product portfolio, especially in cloud-native security and AI observability, the potential acquisition of Upwind signals a strategic push deeper into cloud workload protection and runtime security.

[Earnings Preview] Shell Falters on Fundamentals, But Options Data Signals Optimism

By Suhas Reddy

Shell’s Q2 2025 revenue is expected to drop 10.6% QoQ and 16.9% YoY. Its EPS is projected to drop 29.9% QoQ and 34.8% YoY.
Despite stronger refining margins, unplanned maintenance is expected to drag down downstream and chemicals earnings, pressuring overall performance.
However, options positioning reflects bullish sentiment, with traders betting on a potential upside surprise despite a downbeat operational update.

Dialogue. Evolution 2Q25 Business Update, Black Markets, UK Investigation, Asia Cyber Attacks

By The Synopsis

Evolution reported 2Q25 earnings, with stock up 7% on the day
Live casino revenue up 4%, RNG flat with potential for growth
Expansion of partnership with Hasbro for Monopoly IP in North America, positive outlook in the market

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 25

Daily Brief Event-Driven: StubWorld: CKH (1 HK) – Expect Near-Term Weakness If Exclusivity Ends Without Resolution and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

StubWorld: CKH (1 HK) – Expect Near-Term Weakness If Exclusivity Ends Without Resolution
Fraser Hospitality Trust (FHT SP): Scheme Vote on 15 August
Everything to Know About the Year-End CGT-Driven Retail Sell-Off & KOSPI Basis Move
Event Driven: Tilaknagar Ind ₹4,150 Cr Imperial Blue Acq.~Transformational Play or Leverage Trap?
[Japan M&A] Nikkei Reports Pacific Industrial (7250) To Go Private Via MBO at ¥110bn
Frasers Hospitality Trust (FHT SP): 15th August Vote On Frasers Prop/TCC Offer
Event Driven: Natco Pharma’s Strategic Acquisition of Adcock Ingram

StubWorld: CKH (1 HK) – Expect Near-Term Weakness If Exclusivity Ends Without Resolution

By David Blennerhassett

CK Hutchison Holdings (1 HK)‘s delicate dance continues as it juggles U.S and Beijing politics; and its fiduciary duty to shareholders, as the Blackrock exclusivity long stop date looms.
In a double dose of StubWorld this week, preceding my comments on CKH – and CK Infrastructure Holdings (1038 HK) – are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Fraser Hospitality Trust (FHT SP): Scheme Vote on 15 August

By Arun George

The Frasers Hospitality Trust (FHT SP) IFA opines that Frasers Property Ltd (FPL SP)’s scheme offer of S$0.71 cash and permitted distributions (estimated at S$0.0098) is fair and reasonable.
While the current offer is arguably light compared to the failed 2022 offer, the lack of vocal opposition and limited retail displeasure reduces the vote risk.
On balance, the scheme vote should pass. For a 30 September payment, the gross/annualised spread of the total offer (S$0.7198) is 2.8%/15.6%.

Everything to Know About the Year-End CGT-Driven Retail Sell-Off & KOSPI Basis Move

By Sanghyun Park

If the CGT threshold drops from ₩5B to ₩1B, year-end retail selling could surge—net sales were ₩14T in Nov–Dec 2023 versus just ₩2.5T in the same period of 2024.
Retail may react strongly this year due to higher unrealized gains and the ₩1B CGT threshold return; about 65% of KOSPI stocks still use year-end dividend record dates.
Odds are high for a classic year-end CGT-driven retail sell-off and a sharp KOSPI cash-futures basis move, fueled by dividend uncertainty we can capitalize on.

Event Driven: Tilaknagar Ind ₹4,150 Cr Imperial Blue Acq.~Transformational Play or Leverage Trap?

By Nimish Maheshwari

Tilaknagar Industries (TLNGR IN) acquires Pernod Ricard India’s Imperial Blue for INR 4,150 crore, diversifying its portfolio into whisky from dominance in brandy.
This acquisition will establish TI as a pan-India spirits player, significantly enhancing distribution and is expected to be accretive.
However, substantial deal size raises concerns about equity dilution, high leverage risks, and significant integration challenges for TI

[Japan M&A] Nikkei Reports Pacific Industrial (7250) To Go Private Via MBO at ¥110bn

By Travis Lundy

Overnight, the Nikkei carried an article saying Toyota valve supplier Pacific Industrial (7250 JP) would go private at a 40% premium in an MBO.
The implied price would match its ATH, but would remain far below book value, which is disappointing for a company with a very strong customer base and market share.
This is potentially blockable, but it would need to be activism from scratch I think. An activist or collection of them would need about 18-20% to block this deal.

Frasers Hospitality Trust (FHT SP): 15th August Vote On Frasers Prop/TCC Offer

By David Blennerhassett

Back on the 14th May 2025, S-REIT Frasers Hospitality Trust (FHT SP) entered into a Scheme with its current sponsor, Frasers Property Limited, @ S$0.71/share.
The Scheme Consideration is 1.11x the latest adjusted NAV estimate of S$0.63904/unit; and S$0.01/unit above Frasers/TCC’s S$0.70/unit failed Offer back in September 2022.
The Scheme Doc is now out, with a shareholder vote on the 13th August. The IFA says fair and reasonable.

Event Driven: Natco Pharma’s Strategic Acquisition of Adcock Ingram

By Nimish Maheshwari

Natco Pharma acquires a 35.75% stake in South Africa’s Adcock Ingram, marking its largest overseas expansion to date.
This move instantly gives Natco a strong foothold in Africa’s pharma market and diversifies its global revenue streams from current headwind of US market.
Natco transitions from a primarily India/US-focused player to a serious contender in strategic emerging markets, enhancing its growth outlook.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 25

Daily Brief Australia: REA Group Ltd, Fisher & Paykel Healthcare Cor, Macquarie Group, Sigma Healthcare, Coles Group , Bellevue Gold and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

Quiddity Leaderboard ASX Sep25: Exp ADDs Down Vs Exp DELs Since Methodology Change; Time to Reverse?
Fisher & Paykel Healthcare (FPH AU) Vs. ResMed (RMD AU): Dislocation in Healthcare
Macquarie Group Ltd – The Overnight Report: AI Fuels New Highs
Rudi’s View: Bega Cheese, Cettire, Harvey Norman, Sigma, SiteMinder & More
Coles Group Limited: Initiation of Coverage- Next-Level Efficiency & Data-Driven Retail Tactics Poised to Shake Up the Sector!
Bellevue Gold Ltd – In Case You Missed It – BC Extra Upgrades & Downgrades – 25-07-25

Quiddity Leaderboard ASX Sep25: Exp ADDs Down Vs Exp DELs Since Methodology Change; Time to Reverse?

By Janaghan Jeyakumar, CFA

In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the September 2025 index rebal event.
Currently, a market consultation is being conducted and there could be several significant changes made to the index selection process.
The official index changes will be announced after the close on Friday 5th September 2025.

Fisher & Paykel Healthcare (FPH AU) Vs. ResMed (RMD AU): Dislocation in Healthcare

By Gaudenz Schneider

Context: The Fisher & Paykel Healthcare (FPH AU) vs. ResMed (RMD AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: The long position is supported by higher growth aligning well with the statistical analysis. The trade faces some event risk due to an upcoming earnings announcement.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Macquarie Group Ltd – The Overnight Report: AI Fuels New Highs

The AI trade took the S&P500 and Nasdaq to new highs (again) with markets in Japan and Europe rallying also.
The Australian market stumbled on Governor Bullock’s hawish tone yesterday.
ASX200 futures are pointing to another day of net weakness.

Rudi’s View: Bega Cheese, Cettire, Harvey Norman, Sigma, SiteMinder & More

In today’s edition: -Ask FNArena -Review All-Weather Model Portfolio -Recent Updates On Expert Views -Best Buys & Conviction Calls

Coles Group Limited: Initiation of Coverage- Next-Level Efficiency & Data-Driven Retail Tactics Poised to Shake Up the Sector!

The Coles Group’s financial results for the first half of fiscal year 2025 present a mixed picture of robust revenue growth and cost management challenges.
The company reported a 3.7% increase in group sales revenue, reaching over $23 billion.
This growth was bolstered by their strategic focus on core business execution, value campaigns, and strong seasonal trade during events like Christmas and Halloween.

Bellevue Gold Ltd – In Case You Missed It – BC Extra Upgrades & Downgrades – 25-07-25