Daily Briefs

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”

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!

GNI Placement: Easy to Digest but Not Without Small Cap Pharma Risks

By Nicholas Tan

GNI Group (2160 JP) is looking to raise around US$100m from a primary placement (after upsize).
The deal is a small one, representing 2.4 days of the stock’s three month ADV, despite being 9.0% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

[7732 JP] KKR–JIC Take-Private of Topcon: Strategic Bet on Digital Eye Care

By Rahul Jain

KKR and JIC Capital launched a ¥348B (~$2.3B) MBO for Topcon (7732 JP) at ¥3,300/share, offering an ~88% premium.
The deal implies ~78x FY25 P/E and ~37x FY26E P/E—pricing in Eye Care’s high-margin growth while Positioning remains a cyclical drag.
Long term, Eye Care is well-positioned to scale globally as AI diagnostics and SaaS platforms unlock sustained double-digit growth.

Q4 Follow-Up – SHIMOJIMA (7482 JP) – July 22, 2025

By Sessa Investment Research

Since this is the final year of the current 5-year MTP, focus growth initiatives for FY26/3 are shifting out with a view toward the next MTP.
Regarding cash allocation for investments and shareholder returns, in addition to FY26/3 capex plans for IT investment in various key systems, as well as renovation work on the Company’s head office, management announced a new 3-year plan to construct a new mother distribution center in Hyogo Prefecture to cover Western Japan at a total estimated cost of JPY 15bn (internal funds plus bank loans, see P6 for details).
At the same time, it added DOE > 3.0% in addition to targeting a consolidated payout ratio of ≥ 50% to its policy on shareholder returns.

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Jul 24

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

By Smartkarma Daily Briefs | 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

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

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 Smartkarma Daily Briefs | 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

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

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.

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

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

We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.
We add Asian Terminals (ATI PM) to our value conviction list. Read Asian Terminals Inc (ATI PM): Steady And Cheap Container Port Terminal Operator
Our top picks are Asian Terminals (ATI PM), The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).

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

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

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

By Smartkarma Daily Briefs | 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

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

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

By Smartkarma Daily Briefs | 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

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

By Smartkarma Daily Briefs | 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

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

By Smartkarma Daily Briefs | 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