Daily Briefs

Since unwinding the Naspers (NPN SJ)/Prosus (PRX NA) circularity, Prosus has been selling Tencent shares, and buying back its share. Separately, Tencent is buying its shares to offset Prosus’ selling.
Prosus’ stake in Tencent has now edged below 23%, a little over seven months since dipping below 24%.
On an implied stub and relative value, Prosus is elevated to Tencent, suggesting an unwinding of the stub.

StubWorld: Japan Post Holdings (6178 JP) Is “Cheap”

By Special Situation Investments

As short-term rates rise, Japan Post Bank (7182 JP)‘s perceived superior fundamentals may be leading to a short squeeze on the stock versus Japan Post Holdings (6178 JP).
Preceding my comments on Japan Post – and Silicon Integrated Systems (2363 TT) – 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%.

TSI Holdings (3608) – YET ANOTHER Big Buyback, Still Good, Still Cheap, But B/S Restructuring Slow

By Travis Lundy

A bit over three years ago I re-wrote on Tsi Holdings (3608 JP). Then? EV/Revenue and EV/EBITDA of 0.03x and 0.5x respectively. I pounded the table.
My recommended trade: “Buy the stock (preferably from cross-holders interested in selling). Buy with both hands. Buy a lot. Buy more later. Pressure the company to go private.”
Since then, total return has been +295%. Today they announced another buyback. Tomorrow morning it gets done. Details details details!

CK Hutchison (1 HK): State of Limbo as Exclusivity Deadline Approaches

By Arun George

The 145-day exclusivity period between CK Hutchison Holdings (1 HK) and the BlackRock-TiL consortium for the politically charged ports deal ends on July 27.
The transaction is in limbo as China’s preferred pathway for approval (COSCO is included in the consortium as an equal partner) has several issues.
It is equally probable that the deal will be finalised in some shape or form or fall apart. With shares up 31% and nearing a five-year high, take profits.

Insignia Financial (IFL AU): CC Capital’s Binding Offer at A$4.80

By Arun George

On 22 July, Insignia Financial (IFL AU) entered a scheme implementation deed with CC Capital at A$4.80, a 4.0% discount to its previous non-binding offer of A$5.00.
The key conditions are regulatory (APRA, FIRB, ACCC, FCA) and shareholder approvals. Shareholders should be supportive as the offer resulted from an auction.
The offer is reasonable in comparison to historical trading ranges, peer multiples and precedent transaction multiples. The timing of regulatory approvals is the key risk.

Korea’s Div Tax Overhaul Playbook: Payout Growers Set for Momentum (Screened in Excel)

By Sanghyun Park

Korea’s first full-scale tax reform in 3 years sets the stage for rate tweaks and deduction shifts—follow-up amendment bills usually get fast-tracked with high legislative priority.
Dividend tax tweak could be the biggest near-term mover—eligibility widens, but tax cut shrinks. Focus shifts to names hiking payout, not just high-yielders—key for positioning.
I screened target names with FY1/FY2 payout data and narrowed to KRW 1T+ stocks showing ≥10% YoY payout growth—likely short-term momentum plays ahead of the tax overhaul.

Event Update: UniCredit Withdraws BPM Offer — End of the Line

By Jesus Rodriguez Aguilar

UniCredit ends pursuit of BPM: Facing firm resistance from BPM and Rome, UniCredit formally withdraws its bid — closing the door on a deal the market never priced as likely.
Persistent negative spread undermined credibility: The gross spread remained negative from day one, reflecting deep investor skepticism around deal viability, regulatory clearance, and BPM’s willingness to engage.
Strategic implications for both sides: BPM reverts to standalone trajectory amid sector consolidation chatter; UniCredit’s retreat highlights constraints on its inorganic strategy — both political and market-driven.

PMV Pharmaceuticals: Evaluating Cash Position and Strategic Options Amid Upcoming Trial Results and Shareholder Pressure

PMVP’s market cap is $72m, with $166m in cash as of Q1, offering substantial discount to net cash.
Interim trial results for rezatapopt, targeting p53 Y220C mutation, expected soon; ORR of 30%+ seen as success.
Shareholder pressure significant, with 36% voting against board compensation; potential for strategic review if results disappoint.

GCI Liberty Spin-off Deep Dive

By Richard Howe

In anticipation of its merger with Charter Communications (CHTR), Liberty Broadband (LBRDA/LBRDK) spun off its Alaska telecom business (GCI Liberty).
Liberty shareholders received 0.20 shares of GCI Liberty common stock per Liberty Broadband common share. Regular way trading starting on July 15, 2025.
GCI Liberty is the leading telecom provider in Alaska. The remoteness and harshness of the Alaskan landscape provides a moat around its business.

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Jul 24

Daily Brief Australia: Insignia Financial, Cleanspace Holdings Ltd, PointsBet Holdings , Virgin Australia Holdings, Aristocrat Leisure, BHP Group Ltd and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

Insignia Financial (IFL AU): CC Capital’s Binding Offer at A$4.80
Cleanspace Holdings Ltd – Innovator in a specialised global market
PointsBet Holdings Ltd – The Overnight Report: Trade Deals, New Highs
Can Virgin Succeed This Time?
Australian Broker Call *Extra* Edition – Jul 24, 2025
BHP Battling Rising Costs, Production Challenges

Insignia Financial (IFL AU): CC Capital’s Binding Offer at A$4.80

By Arun George

On 22 July, Insignia Financial (IFL AU) entered a scheme implementation deed with CC Capital at A$4.80, a 4.0% discount to its previous non-binding offer of A$5.00.
The key conditions are regulatory (APRA, FIRB, ACCC, FCA) and shareholder approvals. Shareholders should be supportive as the offer resulted from an auction.
The offer is reasonable in comparison to historical trading ranges, peer multiples and precedent transaction multiples. The timing of regulatory approvals is the key risk.

Cleanspace Holdings Ltd – Innovator in a specialised global market

By Research as a Service (RaaS)

CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables.
Specialising in powered air purifying respirators (PAPRs), CleanSpace is known for its compact, lightweight, ergonomic units that do away with the need for belts and hoses to provide filtered air to workers.
A scan through competitor websites reveals that belt and hose units remain the dominant design, providing CSX with a real opportunity to take market share (RaaS estimates CSX has ~1.2% of the global industrial market in FY25).

PointsBet Holdings Ltd – The Overnight Report: Trade Deals, New Highs

A global perspective on what happened overnight

Can Virgin Succeed This Time?

Virgin Australia ((VGN)) is back for another go (which brings the name into question), having entered administration as a result of covid before being revived under private equity ownership.
Australia’s second airline has returned to listed life with a simplified portfolio and strategy that, Ord Minnett believes, should resonate well with investors attracted to the relatively high quality/low risk Australian domestic aviation market.
The broker sees a compelling earnings outlook into FY26, with relatively stable fares, falling fuel expenses, and transformation benefits.

Australian Broker Call Extra Edition – Jul 24, 2025

Extra Edition of the Broker Call Report

BHP Battling Rising Costs, Production Challenges

BHP Group’s fourth quarter operational report resulted in record iron ore and copper production for FY25.
Weaker commodity pricing and delays at Jansen potash provided negative offsets

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Jul 24

Daily Brief Macro: UK Structurally Unemployed and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

UK Structurally Unemployed
BUY/SELL/HOLD: Hong Kong Market Update (JULY 21)
Real Asset Chartbook Week #15: Copper Stocks, Railroad Mergers, and the History of US Trade Policy
Crypto Week Unleashes a Bitcoin Blitz and Sparks the Altcoin Catch-Up
CX Daily: AI Foray Is Teaching China’s Edtech Firms a Valuable Lesson

UK Structurally Unemployed

By Phil Rush

Higher employment taxes can entirely explain the fall in payrolls as the tax wedge hits its highest since 1987, raising our structural unemployment rate estimate by 0.48pp.
That could understate the structural shift amid a substantial drop in the threshold, rise in the minimum wage (jobs ban) and benefit rates. Some will go ‘inactive’ on disability.
The unemployment rate must rise more than its natural rate to deliver disinflationary pressure sustainably. Our structural estimates suggest it won’t break excess inflation.

BUY/SELL/HOLD: Hong Kong Market Update (JULY 21)

By David Mudd

HSI poised to break 25k for first time since 2022. Next resistance 27100. Hong Kong market outperforming global markets by wide margin since our BUY was initiated in March 2024.
Financial, materials and healthcare sectors leading the market higher as tech sector consolidates. China shares still offer the best valuation metrics in Asia.
Alibaba Pictures (1060 HK) , renamed Damai Entertainment has seen increased analyst attention as the company becomes the Live Nation Entertainment, Inc (LYV US) of China.

Real Asset Chartbook Week #15: Copper Stocks, Railroad Mergers, and the History of US Trade Policy

By Massif Capital Research

Our commentary this week is more limited and slightly disjointed, as we are not seeing any clear narratives or themes to focus on.
Here are a few charts that caught our attention in flipping this week’s chartbook.
Our tactical breadth charts, specifically for metals and mining stocks, suggest that a reversal of the recent rise may be in the cards.

Crypto Week Unleashes a Bitcoin Blitz and Sparks the Altcoin Catch-Up

By Pranay Yadav

U.S. “Crypto Week”—GENIUS Act signed, CLARITY + anti-CBDC bills advanced—promises fresh stable-coin liquidity, yet practical impacts will lag the market’s rapid pricing.
Bitcoin touched a $123k ATH on $19 bn YTD ETF inflows, while ETH and SOL still sit 20–30 % below prior highs despite Q2 gains of +35% and +24%.
Altcoins caught up fast—XRP led the charge, ETH also outpaced BTC, while SOL trailed peers—showing a brisk, uneven rotation away from Bitcoin dominance.

CX Daily: AI Foray Is Teaching China’s Edtech Firms a Valuable Lesson

By Caixin Global

AI / In Depth: AI foray is teaching China’s edtech firms a valuable lesson
Wells Fargo /: Wells Fargo executive barred from leaving China amid criminal probe
Tax /: Chinese investors face 20% tax bill on offshore trading profits

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Jul 24

Daily Brief Singapore: DFI Retail Group Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

DFI Retail (DFI SP): Up 90% in a Year + Special Dividend. Cash Out or Hold Tight?

DFI Retail (DFI SP): Up 90% in a Year + Special Dividend. Cash Out or Hold Tight?

By Devi Subhakesan

DFI Retail’s strategic shift from portfolio investor to focused operator has unlocked over US$900 million, with US$600 million returned to shareholders via a US¢44.3 per share special dividend announced yesterday.
Underlying profit rose 39% in 1HFY2025, driven by lower financing costs and strong performance in the Health & Beauty segment.
On its investor call, DFI Retail Group Holdings (DFI SP) acknowledged sector headwinds and outlined plans for cost control, margin focus, and digital monetisation to offset weak revenue growth.

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Jul 24

Daily Brief United States: PLBY Group Inc, General Electric , Bullish US, Venture Global LNG, Kinder Morgan, 3M Co, Chevron Corp, Marsh & Mclennan, Fastenal Co, Carlsmed and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

The Bunny Returns: Playboy’s Market Comeback
GE Aerospace’s New Focus: How LEAP Engine Retrofits & $4B in Services Could Up Their Game!
Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform
Venture Global (VG) Six Month Summary: Failed IPO Shows How Fast Wall Street Love Can Fade
Kinder Morgan: Haynesville Gas Gathering Expansion for Robust Growth Potential In Pipeline Utilization!
3M’s Power Moves Against Tariffs & FX Shocks: What Is Its Survival Strategy!
Chevron Just Won Big: What Its $53 Billion Hess Acquisition & Legal Victory Over Exxon Really Mean!
Marsh & McLennan’s Latest Earnings: How Economic Agility & Analytics Are Fueling Resilience!
Fastenal Company: Will Its Expansion Of E-commerce Capabilities Help Them Up The Ante?
Carlsmed Inc. (CARL): MedTech Makes Uninspiring Debut, Opens Flat and Trades Below Issue

The Bunny Returns: Playboy’s Market Comeback

By Garvit Bhandari

Playboy, Inc. (Nasdaq: PLBY) is undergoing a transformation to an asset-light business model centered around its iconic brand, positioning the company for sustainable profitability
The strategy is starting to yield tangible improvements in profitability, as evidenced by its return to positive adjusted EBITDA in Q1 2025.
Playboy’s current valuation (2.7x EV/2025 sales) does not fully reflect its long-term earnings potential. As licensing continues to scale and margins expand, the company is poised for a meaningful re-rating.

GE Aerospace’s New Focus: How LEAP Engine Retrofits & $4B in Services Could Up Their Game!

General Electric Company (GE) Aerospace’s second quarter of 2025 earnings report reflects a robust performance and a constructive outlook characterized by growth in revenue, profits, and operational efficiencies.
The company continues to leverage its strong position within the aerospace industry, both in commercial and defense sectors, to sustain and enhance its performance metrics.
In the reported quarter, GE Aerospace exhibited solid growth across several financial parameters.

Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform

By IPO Boutique

The is an institutionally focused global digital asset platform that provides market infrastructure and information services.
Reflecting their strong market presence, the Bullish Exchange’s total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025.
The digital assets space, especially crypto-exchanges, is one that has the strong tailwind from legislation passed by lawmakers which is anticipated to increase adoption from a more institutional investor base.

Venture Global (VG) Six Month Summary: Failed IPO Shows How Fast Wall Street Love Can Fade

By IPO Boutique

Venture Global, Inc.’s IPO was one of the largest capital raises of the year, pulling in $1.75 billion through the sale of 70 million shares at $25.00 per share.
In the months following the IPO, the performance worsened. By April, Venture Global shares had plunged to a low of $6.75, marking a staggering 73% decline from its IPO price.
Regaining credibility will require not only strong quarterly results but also a sustained effort to rebuild institutional confidence.

Kinder Morgan: Haynesville Gas Gathering Expansion for Robust Growth Potential In Pipeline Utilization!

Kinder Morgan Inc. (KMI) delivered quarterly results that highlighted notable financial performance and forwardlooking business prospects, especially in the context of the growing international demand for natural gas.
Positively, Kinder Morgan reported strong financial growth, with adjusted EBITDA and EPS increasing by 6% and 12% respectively compared to the second quarter of 2024.
The company expects to exceed its budget for 2025, buoyed by the promising acquisition of Outrigger Energy.

3M’s Power Moves Against Tariffs & FX Shocks: What Is Its Survival Strategy!

3M Company’s recent earnings presentation highlighted a mixed performance across different metrics, reflecting both strides in operational efficiency and challenges from macroeconomic factors.
With an adjusted earnings per share of $2.16, up 12% year-over-year and surpassing expectations, 3M reported a solid quarter.
Organic sales growth of 1.5% showed a third consecutive quarter of growth across all business groups, demonstrating some resilience despite external challenges.

Chevron Just Won Big: What Its $53 Billion Hess Acquisition & Legal Victory Over Exxon Really Mean!

Chevron has officially closed its $53 billion acquisition of Hess Corporation following a decisive arbitration victory over ExxonMobil, marking one of the most consequential moves in the global oil and gas sector this decade.
The long-disputed deal had been mired in uncertainty due to Exxon’s contractual claims over Hess’s stake in the Guyana oil fields—a globally significant resource discovery with multi-decade production potential.
However, a panel of international arbitrators sided with Chevron and Hess, clearing the way for the transaction to proceed.

Marsh & McLennan’s Latest Earnings: How Economic Agility & Analytics Are Fueling Resilience!

Marsh & McLennan Companies reported a solid second quarter with a 12% increase in revenue, a 14% rise in adjusted operating income, and an 11% growth in adjusted EPS, aligning well with their expectations, despite challenging macroeconomic conditions.
Underlying revenue increased by 4%, with contributions from various business segments including Marsh, Guy Carpenter, Mercer, and Oliver Wyman.
The company continues to navigate a complex operating environment affected by geopolitical instability, trade wars, extreme weather, and emerging AI opportunities.

Fastenal Company: Will Its Expansion Of E-commerce Capabilities Help Them Up The Ante?

Fastenal Company’s Q2 2025 results demonstrated a notable blend of achievements and challenges.
The quarter marked a milestone with sales exceeding $2 billion for the first time, reflecting an 8.6% year-over-year increase.
This growth, the strongest since early 2023, primarily stemmed from strategic market share gains, effective execution of the company’s strategic plan, and incremental pricing actions aimed at countering supply chain cost pressures.

Carlsmed Inc. (CARL): MedTech Makes Uninspiring Debut, Opens Flat and Trades Below Issue

By IPO Boutique

Carlsmed, Inc. (CARL) priced a full-size deal of 6.7mm shares at $15.00 (midpoint of the range) and opened at $15.00.
There were concerns with the color coming from the book as the underwriters failed to provide price guidance to investors the day of pricing on the deal.
Given that the deal “broke” on day one, we believe investors “may” be turned off by the company in the short term.

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Jul 24

Daily Brief South Korea: Doosan Corp, Hyosung Corporation, Korea Fuel Tech and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Doosan Corp (000150 KS): Global Index Inclusion & A Relative Value Trade
Korea’s Div Tax Overhaul Playbook: Payout Growers Set for Momentum (Screened in Excel)
Korea Small Cap Gem #41: Korea Fuel Tech (FT) Corp

Doosan Corp (000150 KS): Global Index Inclusion & A Relative Value Trade

A doubling of the stock price over the last 3 months could lead to Doosan Corp (000150 KS) being included in a global index in August.
Doosan Corp (000150 KS) has outperformed its peers over the last few months and now trades at a huge valuation premium to its peer group.
The stock is 17% off its recent highs and that provides an opportunity for a relative value trade heading into the index inclusion event.

Korea’s Div Tax Overhaul Playbook: Payout Growers Set for Momentum (Screened in Excel)

By Sanghyun Park

Korea’s first full-scale tax reform in 3 years sets the stage for rate tweaks and deduction shifts—follow-up amendment bills usually get fast-tracked with high legislative priority.
Dividend tax tweak could be the biggest near-term mover—eligibility widens, but tax cut shrinks. Focus shifts to names hiking payout, not just high-yielders—key for positioning.
I screened target names with FY1/FY2 payout data and narrowed to KRW 1T+ stocks showing ≥10% YoY payout growth—likely short-term momentum plays ahead of the tax overhaul.

Korea Small Cap Gem #41: Korea Fuel Tech (FT) Corp

By Douglas Kim

Korea Fuel Tech (123410 KS) is the 41st company in our Korea Small Cap Gem Series.
Korea Fuel Tech (FT) Corp is a Korean automotive components manufacturer specializing in emissions control systems, fuel system parts, and other auto plastic parts.
Three key investment highlights include key beneficiary of growing demand for carbon canisters used in hybrid vehicles, compelling valuations, and sharp increase in operating margins/ROE.

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Jul 24

Most Read: Mazagon Dock Shipbuilders , Prosus NV, Waaree Energies, Maxio Technology Hangzhou, LIG Nex1 Co, Japan Post Holdings, Tsi Holdings, Doosan Corp, Cloud Village and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names
Prosus Is Elevated Vs. Tencent As The Accretion Trade Unfolds
Waaree Energies (WAAREEEN IN): Increased Float & Global Index Inclusion
STAR Chip Index Rebalance Preview: Forecast Changes for September
UK Structurally Unemployed
LIG Nex1 (079550 KS): Stock Soars; Momentum Stalls; Global Index Inclusion Next
StubWorld: Japan Post Holdings (6178 JP) Is “Cheap”
TSI Holdings (3608) – YET ANOTHER Big Buyback, Still Good, Still Cheap, But B/S Restructuring Slow
Doosan Corp (000150 KS): Global Index Inclusion & A Relative Value Trade
Netease Cloud Music (9899 HK): Stock Up; Short Interest Up; Global Index Inclusion

NIFTY NEXT50 Index Rebalance Preview: Potential Changes & Close Names

With the review period nearing completion, there could be 4 changes (including 1 migration) for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
There is one stock close to inclusion zone and one stock close to deletion zone and price movements over the rest of the month will determine the final changes.
Estimated one-way turnover is 7.8% resulting in a one-way trade of INR 30.06bn (US$350m). Six of the eight potential changes will have over 2x ADV to trade from passive trackers.

Prosus Is Elevated Vs. Tencent As The Accretion Trade Unfolds

Since unwinding the Naspers (NPN SJ)/Prosus (PRX NA) circularity, Prosus has been selling Tencent shares, and buying back its share. Separately, Tencent is buying its shares to offset Prosus’ selling.
Prosus’ stake in Tencent has now edged below 23%, a little over seven months since dipping below 24%.
On an implied stub and relative value, Prosus is elevated to Tencent, suggesting an unwinding of the stub.

Waaree Energies (WAAREEEN IN): Increased Float & Global Index Inclusion

An increase in the stock price and free float should result in Waaree Energies (WAAREEEN IN) being included in a global index in August.
Estimated passive buying is 8.2m shares (US$295m; 3x ADV; 10.8x delivery volume) at the close of trading on 26 August.
Waaree Energies (WAAREEEN IN) has outperformed Premier Energies (PREMIERE IN) over the last 3 months but still trades at a lower forward PE.

STAR Chip Index Rebalance Preview: Forecast Changes for September

There could be 2 constituent change for the STAR Chip Index at the September rebalance. There will also be a few capping changes.
Estimated one-way turnover is 1.4% resulting in a round-trip trade of CNY 983m (US$137m). Passives need to trade between 0.4-1.9x ADV in the potential changes.
Both forecast inclusions are newly eligible for index inclusion and the passive buying could provide some support following the drop in the stock price post listing.

UK Structurally Unemployed

By Phil Rush

Higher employment taxes can entirely explain the fall in payrolls as the tax wedge hits its highest since 1987, raising our structural unemployment rate estimate by 0.48pp.
That could understate the structural shift amid a substantial drop in the threshold, rise in the minimum wage (jobs ban) and benefit rates. Some will go ‘inactive’ on disability.
The unemployment rate must rise more than its natural rate to deliver disinflationary pressure sustainably. Our structural estimates suggest it won’t break excess inflation.

LIG Nex1 (079550 KS): Stock Soars; Momentum Stalls; Global Index Inclusion Next

LIG Nex1 Co (079550 KS)‘s stock price has doubled over the last 3 months, and the increased market cap could now result in a global index inclusion.
LIG Nex1 Co (079550 KS) has outperformed most of its peers over the last few months and now trades expensive on a range of metrics.
While momentum could take the stock higher, there is a risk of pullback as positioning in the stock is unwound.

StubWorld: Japan Post Holdings (6178 JP) Is “Cheap”

As short-term rates rise, Japan Post Bank (7182 JP)‘s perceived superior fundamentals may be leading to a short squeeze on the stock versus Japan Post Holdings (6178 JP).
Preceding my comments on Japan Post – and Silicon Integrated Systems (2363 TT) – 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%.

TSI Holdings (3608) – YET ANOTHER Big Buyback, Still Good, Still Cheap, But B/S Restructuring Slow

By Travis Lundy

A bit over three years ago I re-wrote on Tsi Holdings (3608 JP). Then? EV/Revenue and EV/EBITDA of 0.03x and 0.5x respectively. I pounded the table.
My recommended trade: “Buy the stock (preferably from cross-holders interested in selling). Buy with both hands. Buy a lot. Buy more later. Pressure the company to go private.”
Since then, total return has been +295%. Today they announced another buyback. Tomorrow morning it gets done. Details details details!

Doosan Corp (000150 KS): Global Index Inclusion & A Relative Value Trade

A doubling of the stock price over the last 3 months could lead to Doosan Corp (000150 KS) being included in a global index in August.
Doosan Corp (000150 KS) has outperformed its peers over the last few months and now trades at a huge valuation premium to its peer group.
The stock is 17% off its recent highs and that provides an opportunity for a relative value trade heading into the index inclusion event.

Netease Cloud Music (9899 HK): Stock Up; Short Interest Up; Global Index Inclusion

Cloud Village (9899 HK)‘s stock price has doubled over the last quarter and the increased market cap should lead to global index inclusion in August.
Short interest in Cloud Village (9899 HK) is at an all-time high and has increased in lockstep with the stock price.
Cloud Village (9899 HK) has outperformed Tencent Music Entertainment Group (1698 HK) and now trades at much higher valuations. A pair trade looks attractive here.

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Jul 24

Daily Brief Japan: Japan Post Holdings, Tsi Holdings, GNI Group, Topcon Corp, Shimojima and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

StubWorld: Japan Post Holdings (6178 JP) Is “Cheap”
TSI Holdings (3608) – YET ANOTHER Big Buyback, Still Good, Still Cheap, But B/S Restructuring Slow
GNI Placement: Easy to Digest but Not Without Small Cap Pharma Risks
[7732 JP] KKR–JIC Take-Private of Topcon: Strategic Bet on Digital Eye Care
Q4 Follow-Up – SHIMOJIMA (7482 JP) – July 22, 2025

StubWorld: Japan Post Holdings (6178 JP) Is “Cheap”