Category

Daily Briefs

Jul 24
0

Daily Brief India: Vishal Mega Mart, DLF Ltd and more

By | Daily Briefs, India

In today’s briefing:

  • Vishal Mega Mart (VMM IN): Increased Float & Global Index Inclusion
  • DLF’s Mumbai Re-Entry: A New Era for Premium Real Estate?
  • India Real Estate: Domestic Demand & Infrastructure Boom – LONG DLF

Vishal Mega Mart (VMM IN): Increased Float & Global Index Inclusion

By Brian Freitas

  • An increase in the stock price and free float should result in Vishal Mega Mart (VMM IN)‘s inclusion in a global index in August.
  • Estimated passive buying is 191m shares (US$312m; 5.8x ADV; 15.4x delivery volume) at the close of trading on 26 August.
  • The index inclusion could take the stock higher in the short-term but buyers in the June placement could be looking for an exit.

DLF’s Mumbai Re-Entry: A New Era for Premium Real Estate?

By Sudarshan Bhandari

  • DLF Ltd (DLFU IN) re-entered Mumbai after a decade with ‘The Westpark’, a luxury project in Andheri West, featuring 416 apartments and INR 800-900 crore investment
  • Company launched a Mumbai luxury project targeting INR 2,000-2,300 crore revenue from phase one, with broader market expansion and new launch plans
  • This signals a strategic shift for debt-free DLF towards high-margin luxury developments, leveraging Mumbai’s booming market and demand for premium homes

India Real Estate: Domestic Demand & Infrastructure Boom – LONG DLF

By Jacob Cheng

  • As the second largest population in the world, India real estate is on a transformational path,  driven by economic growth and domestic demand
  • In particular, we think the rapid urbanization, rising disposable income, infrastructure demand as well as capital inflow from NRI provided further boost to the sector
  • We like DLF, which is one of the largest real estate developers in the country, on the back of its product positioning and strong fundamentals

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Jul 24
0

Daily Brief China: Prosus NV, CK Hutchison Holdings, Cloud Village, Hang Seng Index, NetEase , JD.com Inc (ADR), Taste Gourmet, Gcl Poly Energy Holdings Limited, Beijing Sinotau International Pharmaceutical Technology, iShares MSCI China ETF and more

By | China, Daily Briefs

In today’s briefing:

  • Prosus Is Elevated Vs. Tencent As The Accretion Trade Unfolds
  • CK Hutchison (1 HK): State of Limbo as Exclusivity Deadline Approaches
  • Netease Cloud Music (9899 HK): Stock Up; Short Interest Up; Global Index Inclusion
  • HSI Index Tactical View: How Much Further Can the Rally Run?
  • Tencent/Netease: Zero Approval in July
  • [JD.com, Inc (JD US, SELL, TP US$24) TP Change]: C2Q25 Preview: Near Term Loss Pressure Imminent
  • Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – July 2025
  • GCL Tech (3800): Why Wait?
  • Sinotau (先通医药) Pre-IPO: A Niche Radiopharmaceutical Player
  • More Breakouts and Risk-On Developments; Monitoring Rotations: Miners, Retail, Lithium, China

Prosus Is Elevated Vs. Tencent As The Accretion Trade Unfolds

By David Blennerhassett

  • 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.

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. 

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

By Brian Freitas

HSI Index Tactical View: How Much Further Can the Rally Run?

By Nico Rosti

  • The Hang Seng Index (HSI INDEX) has reached new highs (25538). Our quantitative model says the index has reached a 75% probability of reversal.
  • Let’s break down the model’s info: PRICE MODEL 75%, TIME MODEL 75%, combined prob. of reversal is 75%. The fact that both model’s factors are overbought is “bearish”.
  • Can the index climb higher? Our detailed analysis is in the insight below, together with screenshots from the model.

Tencent/Netease: Zero Approval in July

By Ke Yan, CFA, FRM

  • China announced game approval for the July batch. The number of games approved remained at a higher level than 2023.
  • The pace of China game approval appears to have accelerated to the same level as pre-tightening.
  • In July, 7 listed companies that we tracked received zero domestic game approval. Having said that, overall sentiment is improving and gaming names have performed well YTD.

[JD.com, Inc (JD US, SELL, TP US$24) TP Change]: C2Q25 Preview: Near Term Loss Pressure Imminent

By Ying Pan

  • We expect JD.com to report C2Q25 revenue/adjusted operating profit growth of 16%/(63%) YoY, which is 2%/(50%) vs. cons. due to the takeout subsidies.
  • Despite the surge in new users, we remain skeptical on the ST effectiveness of food delivery (FD) cross-selling. We expect 2025 FD losses at RMB29bn.
  • We keep JD as SELL and cut TP from US$25 to US$24.

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – July 2025

By Sameer Taneja

GCL Tech (3800): Why Wait?

By Henry Soediarko

  • Suffering from overcapacity for a while, the company is a beneficiary of the Chinese government policy to consolidate the solar industry. 
  • At 0.6x PBR and a share price at HKD 1.3, far from its high at HKD 4, sounds like a bargain. 
  • Management has conducted one share buy back this year and share price rallied afterwards. 

Sinotau (先通医药) Pre-IPO: A Niche Radiopharmaceutical Player

By Ke Yan, CFA, FRM

  • Sinotau, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The book runner is CICC.
  • In this insight, we look at the company’s core products, XTR008, XTR006, XTR004, and XTR003, including its mechanism and clinical data.
  • We also look at the company’s pre-IPO investors and management team.

More Breakouts and Risk-On Developments; Monitoring Rotations: Miners, Retail, Lithium, China

By Joe Jasper

  • We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
  • Short-Term supports on the SPX include the 20-day MA (currently 6233), 6200, 6100-6150, and 6028-6059, with additional supports at 5804-5854 and 5700-5785. Buy pullbacks to these areas.
  • SPX has not closed below its 20-day MA for two months, but even when it does, all we would expect to happen is for a new, less-steep uptrend to form.

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Jul 23
0

Daily Brief Quantitative Analysis: KRX Short Interest Weekly (Jul 18th): Kakaopay and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • KRX Short Interest Weekly (Jul 18th): Kakaopay, Korzinc, SK Hynix, Samsung Sds, Hanwha Aerospace

KRX Short Interest Weekly (Jul 18th): Kakaopay, Korzinc, SK Hynix, Samsung Sds, Hanwha Aerospace

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of KRX stocks as of Jul 18th. The aggregated short interest was USD9.4bn.
  • We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Kakaopay, Korzinc, SK Hynix, Samsung Sds, Hanwha Aerospace, Woori Financial, Alteogen, Samsung H.I..

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Jul 23
0

Daily Brief ESG: Proxy Voting at AGMs Is Good Opportunity for Investors to Think if Managers Fulfill Fiduciary Duties and more

By | Daily Briefs, ESG

In today’s briefing:

  • Proxy Voting at AGMs Is Good Opportunity for Investors to Think if Managers Fulfill Fiduciary Duties

Proxy Voting at AGMs Is Good Opportunity for Investors to Think if Managers Fulfill Fiduciary Duties

By Aki Matsumoto

  • Although corporate governance in Japan has gradually improved over the past decade, many listed companies have failed to achieve their management goal of sustainable growth in corporate value.
  • TSE seems to believe that the underlying problem is that management does not recognize “capital costs” and is therefore unable to concentrate resources on businesses that can secure sufficient margins.
  • I believe that the problem stems from a lack of awareness that free cash flow belongs to shareholders and that companies have a fiduciary duty to shareholders.

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Jul 23
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | S&P 500 Notches Record Amid Mixed Tech Earnings and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | S&P 500 Notches Record Amid Mixed Tech Earnings
  • Monday Delight: 21/07/25
  • [Wafer Watch] Top Chipmakers Drive the Index, Broader Market Stalls
  • Japan Morning Connection: Trump Announces 15% Tariffs on Japan but Details Remain Scarce
  • What Happens to China Healthcare? – The Soaring Shares, the Turning Point, and the Top Picks
  • What’s New(s) in Amsterdam
  • WTR Healthcare Spotlight Recap – July 21, 2025
  • WTR Symposium Series Podcast Recap – July 21, 2025

Ohayo Japan | S&P 500 Notches Record Amid Mixed Tech Earnings

By Mark Chadwick

  • The Nasdaq fell 0.4%, its first decline in seven sessions, dragged down by chipmakers after reports of delays in SoftBank and OpenAI’s $500 billion AI initiative
  • Treasury Secretary Scott Bessent indicated a likely extension of the China deal deadline, while Trump announced a tariff agreement with the Philippines
  • Prime Minister Shigeru Ishiba’s Cabinet approval rating fell to a record-low 23% following the Liberal Democratic Party’s significant losses in the House of Councillors election

Monday Delight: 21/07/25

By Contrarian Cashflows

  • Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.
  • Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.
  • If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!

[Wafer Watch] Top Chipmakers Drive the Index, Broader Market Stalls

By Raghav Vashisht

  • SOXX rose 1.3% as AMD, Nvidia, and Broadcom rallied on China access and upgrades, while Micron and ASML lagged on memory and High-NA concerns.
  • ASML warned on 2026 as TSMC and Samsung delay High-NA EUV; newer designs instead boost demand for etch players over lithography.
  • $136M ETF outflows and a 25% drop in options activity show gains remain narrow, with investors waiting on tariffs and real tech catalysts.

Japan Morning Connection: Trump Announces 15% Tariffs on Japan but Details Remain Scarce

By Andrew Jackson

  • Stargate delays hitting semi-caps, while Texas Instruments cautious tone hitting power-semi’s after hours.
  • Medical tech solution names IQVIA and Medpace surge may aid M3.
  • DR Hortons’s numbers beat sparking enormous short squeeze for Home Builders – Sumitomo Forestry to follow.

What Happens to China Healthcare? – The Soaring Shares, the Turning Point, and the Top Picks

By Xinyao (Criss) Wang

  • China biotech has become the biggest valuation driver for the entire healthcare sector based on strong expectations on licensing cooperations. Other subsectors may still underperform due to lack of logic.
  • The primary market still lacks confidence in long-term outlook. Some founders/shareholders have already reduced holdings and cash out. Valuation bubble may burst when turning point occurs.We analyzed the possible scenarios.
  • At this stage, stock picking logic may need to focus on three directions. The next stage of the rise may come more from A-share market. We shared our top picks.

What’s New(s) in Amsterdam

By The IDEA!

  • Currency factors took their toll on AkzoNobel’s 2Q25 results. On a pure organic basis, sales were flat, which was the balance of lower volumes (-/-1%), higher prices (+2%) and a negative mix effect (-/-1%).
  • Currency factors were -/-5% and in combination with hyperinflation accounting, this resulted in an almost 6% drop in reported revenue.
  • Adjusted EBITDA was impacted by currency headwinds too. On a reported basis, adj. EBITDA came in at EUR 393m, or EUR 10m lower than the consensus average estimate. 

WTR Healthcare Spotlight Recap – July 21, 2025

By Water Tower Research

  • Introducing Dr. David Mazzo and Dr. Kristen Buck.
  • Both of our guests carry impressive résumés. Dr. Mazzo, a PhD-trained chemist, is a 40-year veteran of the pharmaceutical industry, of which a significant portion has been spent in R&D executive roles in big and emerging pharma companies that develop products across all therapeutic areas and development stages.
  • Dr. Mazzo joined Lisata as its CEO in 2015. Dr. Buck, a physician by training, spent several years as an FDA medical officer before filling various senior and leadership roles in clinical R&D in the pharma industry across multiple therapeutic indications. She joined Lisata in her current role in 2021.

WTR Symposium Series Podcast Recap – July 21, 2025

By Water Tower Research

  • Unusual Machines’ CEO Allan Evans highlighted a significant market shift in the drone industry, driven by geopolitical restrictions on Chinese manufacturers, creating a “market vacuum” for non-Chinese, Made-in-the-USA drone components.
  • Unusual Machines aims to be a crucial Tier 1 supplier for backpack-sized, specialty, and FPV drones by leveraging a consumer channel to achieve competitive pricing and quality for US-made parts.
  • Evans anticipates rapid growth and consolidation in the US drone market, fueled by upcoming defense budgets and existing legislation, with the primary challenge being the ability to match the price performance expectations set by Chinese companies.

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Jul 23
0

Daily Brief ECM: Innogen (银诺医药) Pre-IPO Update: New Data Points and more

By | Daily Briefs, ECM

In today’s briefing:

  • Innogen (银诺医药) Pre-IPO Update: New Data Points
  • Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns
  • McGraw Hill IPO: Legacy Publisher to an EdTech Play. Key Facts, Financials and Valuation
  • Pine Labs Pre-IPO – The Negatives – …some Segments Slowing, Lots Unexplained
  • Veritas Finance Pre-IPO: Fast Growing Lender to the Un/Under-Banked

Innogen (银诺医药) Pre-IPO Update: New Data Points

By Ke Yan, CFA, FRM

  • Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
  • In this note, we look at changes to the company’s refiled application proof.
  • We also did a comparison between the company’s product and PegBio’s PB-119. PegBio was listed on HKEx in May. We also check its products’ online listing.

Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

By Akshat Shah

  • Prestige Hospitality Ventures Ltd (1831338D IN) is looking to raise about US$317m in its upcoming India IPO.
  • Prestige Hospitality Ventures Ltd (PHVL) is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.
  • In this note, we talk about the company’s historical performance.

McGraw Hill IPO: Legacy Publisher to an EdTech Play. Key Facts, Financials and Valuation

By Devi Subhakesan

  • McGraw Hill (MH US) , a leading name in educational publishing, is offering 24.39 mn shares to raise up to USD537 mn targeting an equity valuation of USD4.2 billion.
  • McGraw Hill is a global provider of educational content and digital learning solutions, serving the K-12, higher education, and professional learning markets. Digital segment accounted for 65% of its revenues.
  • McGraw Hill’s transition from print to predominantly digital positions the company to benefit from several structural shifts in the education sector.

Pine Labs Pre-IPO – The Negatives – …some Segments Slowing, Lots Unexplained

By Sumeet Singh

  • Pine Labs is looking to raise up to US$1bn in its upcoming India IPO.
  • Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
  • In this note, we talk about the not-so-positive aspects of the deal.

Veritas Finance Pre-IPO: Fast Growing Lender to the Un/Under-Banked

By Nicholas Tan

  • Veritas Finance Ltd (1392490D IN) is looking to raise up to US$323m in its upcoming Indian IPO.
  • It was established in 2015, and is a non-deposit taking non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI), classified as an ‘NBFC-Middle Layer’.
  • In this note, we look at the firm’s past performance.

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Jul 23
0

Daily Brief Event-Driven: HD Merger: Overblown Policy Risk Creates a Convergence Play Opportunity and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • HD Merger: Overblown Policy Risk Creates a Convergence Play Opportunity
  • Makus: A Textbook Case Study of How Improving Shareholder Value Leads to Surging Share Price
  • M&A of Hyundai Hyms – Who Will Buy Controlling Stake?

HD Merger: Overblown Policy Risk Creates a Convergence Play Opportunity

By Sanghyun Park

  • NAV sets the floor under the proposed bill. That’d cut the swap ratio from 1:0.162 to 1:0.128 — meaning Infracore holders get fewer CE shares than under market pricing.
  • Unlike the Doosan deal, this one’s unlikely to get walked back. With wide spreads and HD setting a 10% SO cap, the dislocation looks tradable despite appraisal right overhang.
  • Top holders/NPS hold ~50%, local instos 20%, foreigners 15% and retail the rest. Sentiment’s cautious but not hostile; appraisal risk looks manageable, making this spread a potential convergence play.

Makus: A Textbook Case Study of How Improving Shareholder Value Leads to Surging Share Price

By Douglas Kim

  • Makus Inc (093520 KS) is a textbook case study in Korea of how improving shareholder value leads to surging share price. Its example is simple and beautiful.
  • Makus announced that it will cancel a total of 6 million treasury shares (37% of outstanding shares) in the next three years  until 2027 to increase shareholder value. 
  • Applying a 15x P/E on EPS of 2,788 won (2027E) results in implied target price of 41,820 won per share, which would be a 67% further upside from current levels.

M&A of Hyundai Hyms – Who Will Buy Controlling Stake?

By Douglas Kim

  • The management ownership stake of Hyundai Hyms is up for sale. J&P Private Equity firm which owns 52.88% stake in Hyundai Hyms has sent out teaser letters to potential buyers. 
  • Including a management premium ranging from 30% to 50%, the potential acquisition price (including management premium) could be worth about 481 billion won to 555 billion won.
  • Since the second largest shareholder, HD Korea Shipbuilding & Offshore Engineering (HD KSOE) (20.89% stake), has the right of first negotiation, the selling side must first negotiate with HD KSOE.

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Jul 23
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: Road King Infrastructure, Continuum Green, Softbank Group
  • UST yields declined for a second straight day yesterday. There were no major macro catalysts, albeit the move was in line with gains across most European government bonds.
  • The UST curve bull flattened, with the yield on the 2Y UST falling 1 bp to 3.86%, while that on the 10Y UST was down 4 bps at 4.38%. Equities climbed to fresh record highs, with the S&P 500 advancing 0.1% to 6,306 and the Nasdaq up 0.4% at 20,974.

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Jul 23
0

Daily Brief Crypto: Sidekick: Building the LiveFi Infrastructure for Real-Time Trading and more

By | Crypto, Daily Briefs

In today’s briefing:

  • Sidekick: Building the LiveFi Infrastructure for Real-Time Trading

Sidekick: Building the LiveFi Infrastructure for Real-Time Trading

By Animoca Brands Research

  • Sidekick is a Web3-native livestreaming platform that blends TikTok-style content flow, Huya-style monetization, and on-chain execution into a single experience. Within livestreams, users can tip, and participate in airdrops directly, effectively transforming content creators into real-time asset distributors.
  • As crypto attention markets grow increasingly saturated, promotional methods like shill tweets and leaderboard campaigns are showing diminishing impact. Livestreaming presents a more trusted, higher-conversion format that aligns with how both meme tokens and VC backed projects now build visibility and credibility.
  • The platform has gained strong early traction in Asia, onboarding over 1000 livestream focused KOLs. Sidekick now aims to broaden its content verticals and encourage deeper community engagement. 

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Jul 23
0

Daily Brief Equity Bottom-Up: Kawasaki Heavy (7012 JP): Recovery Done and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Kawasaki Heavy (7012 JP): Recovery Done, Eyes on Hydrogen, Aerospace, and Margin Upside
  • Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman ‘Jokes’ About Buying 100x More GPUs
  • Sona Comstar’s China JV: Tapping into the World’s Largest EV Market
  • Chow Tai Fook(1929 HK) – What’s Clicking in Q1FY26? Brand Revamp, Cost Focus and SSS Recovery
  • UCO Bank (UCO IN) Vs. IOB (IOB IN): Catch-Up Potential
  • Woolworths Group Limited: Initiation of Coverage- Inside the Bold Push to Reinvent Grocery with W Living and Private Labels!
  • NXP 2Q25: Slowly Getting Out of the Hole
  • WiseTech Global: Initiation of Coverage: Can The Ramp-Up of New Products & Innovations Up Their Game?
  • [Earnings Preview] Chevron Faces the Heat as Earnings Projected to Slide and Traders Turn Defensive
  • [Earnings Preview] Exxon Braces for Weakest Quarter Since 2021 But Markets Bet on a Surprise

Kawasaki Heavy (7012 JP): Recovery Done, Eyes on Hydrogen, Aerospace, and Margin Upside

By Rahul Jain

  • Past Performance: KHI has rebounded from FY21 losses to record-high revenues and profits in FY25, driven by aerospace recovery and energy systems strength.
  • Future Growth: Orderbook visibility of ~¥3 trillion supports 5–6% annual growth, led by hydrogen, commercial engines, and automation.
  • Valuations: At 7.6x EV/EBITDA and 14x PE (NTM), KHI trades at a discount to peers like MHI and Komatsu, reflecting lower ROE and execution risk on long-cycle capex bets.

Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman ‘Jokes’ About Buying 100x More GPUs

By Vincent Fernando, CFA

  • TSMC’s Most Advanced Node — 5x Growth to 200K Wafers a Month? Upcoming 2nm Node Capacity Ramp Could Be Much Bigger Than Many Think
  • OpenAI’s Sam Altman ‘Jokes’ About Owning US$3 Trillion Worth of GPUs One Day…
  • AI PC Delay — Nvidia-MediaTek Push AI PC Chip Launch to 2026

Sona Comstar’s China JV: Tapping into the World’s Largest EV Market

By Sudarshan Bhandari

  • On July 20, 2025, Sona Blw Precision Forgings Lt (SONACOMS IN) announced a $20 million joint venture with China’s JNT to enter the world’s largest EV market.
  • The move aims to capture growth in China’s dominant EV market, aligning with the company’s new strategy to expand into eastern markets
  • An EV slowdown is expected in FY26 while the China JV and railway business, despite driving future growth from FY27 onwards, are expected to lower margins.

Chow Tai Fook(1929 HK) – What’s Clicking in Q1FY26? Brand Revamp, Cost Focus and SSS Recovery

By Sreemant Dudhoria,CFA

  • Chow Tai Fook Jewellery (1929 HK) saw lowest degrowth in retail sales value(RSV) in Q1FY26 among last few quarters.
  • Same-Store sales growth showed a clear sequential improvement across key regions. Mainland China self-operated stores saw the decline narrow sharply.
  • Driven by store optimization and brand transformation, earnings quality should sustain. At 16.9x P/E valuation on FY26e EPS, we believe investors will increasingly view CTF as a long-term structural winner.

UCO Bank (UCO IN) Vs. IOB (IOB IN): Catch-Up Potential

By Gaudenz Schneider

  • Context: The Indian Overseas Bank (IOB IN) vs. UCO Bank (UCO IN) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
  • Highlights: Statistical mean reversion suggests short-term outperformance of UCO Bank (UCO IN), also supported by more attractive valuations.
  • 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.

Woolworths Group Limited: Initiation of Coverage- Inside the Bold Push to Reinvent Grocery with W Living and Private Labels!

By Baptista Research

  • Woolworths Group’s half-year financial performance for FY 2025 exhibits a mix of achievements and challenges, emphasizing the competitive and dynamic retail landscape.
  • The company’s diverse portfolio, including Australian Food, New Zealand Food, BIG W, and other segments, reflected varied growth patterns influenced by external and internal factors.
  • Starting with the positives, Woolworths Group achieved a 3.7% increase in group sales, reaching $35.9 billion, with eCommerce sales showcasing robust growth of 20%.

NXP 2Q25: Slowly Getting Out of the Hole

By Nicolas Baratte

  • Bold statement by Management: early stage of cyclical recovery, new upcycle beginning. 2Q result and 3Q guidance show a smaller pace of YoY decline, converging slowly to 0. 
  • Other than an increasing order book, Management not forthcoming on details. In Automotive NXP has outperformed its peers during this latest downcycle with a smaller pace of decline.
  • Stock valuations at 20x 2025 EPS, 16.8x 2026 EPS, which are almost +1 standard deviation above average PEx. No room for error here.

WiseTech Global: Initiation of Coverage: Can The Ramp-Up of New Products & Innovations Up Their Game?

By Baptista Research

  • WiseTech Global Limited, a developer of cloud-based software solutions for the international and domestic logistics industries, recently released its first half of 2025 financial results.
  • The company reported revenue of $381 million, marking a 17% increase compared to the same period in 2024, with an organic revenue growth rate of 15%.
  • CargoWise, their flagship logistics platform, exhibited strong performance with organic revenue growth of 20% and recurring revenue contributing 99% of total CargoWise revenue.

[Earnings Preview] Chevron Faces the Heat as Earnings Projected to Slide and Traders Turn Defensive

By Suhas Reddy

  • Chevron’s Q2 2025 revenue is expected to drop 8% QoQ and 14.5% YoY. Its EPS is projected to drop 21.6% QoQ and 32.9% YoY.
  • Chevron’s Q2 earnings are expected to fall to their lowest level since 2021, primarily due to weak crude oil and natural gas prices.
  • Bearish sentiment dominates options positioning, with elevated put-call ratios and heavy put open interest near key support levels.

[Earnings Preview] Exxon Braces for Weakest Quarter Since 2021 But Markets Bet on a Surprise

By Suhas Reddy

  • Exxon’s Q2 2025 revenue is expected to drop 3% QoQ and 13.4% YoY. Its EPS is projected to drop 11.4% QoQ and 27.1% YoY.
  • Exxon’s Q2 earnings are expected to hit their lowest since Q3 2021, driven by weak crude and gas prices despite stronger refining margins.
  • Options market positioning shows a bullish bias, suggesting traders are betting on a potential upside surprise.

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