Daily Briefs

As Kinatico transitions to a new compliance SaaS solution, the legacy business provides funding for the new service development and a pool of potential customers

Rio Tinto: Status Quo New CEO and Q2/25 Operations

By Graeme Cunningham

The company reported Q2/25 production, with decent growth for iron ore, copper, aluminum and precious metals as expected, and guidance maintained for all divisions
A new CEO announced yesterday, Mr. Simon Trott, is head of Rio’s iron ore segment with 20 years at the company, not indicating any major shake-up of the corporate culture
We remain cautious given potential for a reversal of recent jumps in iron ore and copper, and a weak medium-term outlook for the former, while Rio’s valuation remains moderate

Rio Tinto Q2 2025 Production Update: Copper Leads, Iron Ore Rebounds

By Rahul Jain

Copper strength continues, driven by the Oyu Tolgoi ramp-up and Arcadium integration, with volumes trending toward the higher end of guidance.
Rio Tinto is gradually shifting its portfolio toward copper and lithium to reduce reliance on iron ore and align with energy transition demand.
FY25 guidance remains intact across key commodities, with improved operating momentum and diversified growth positioning the company for a resilient second half.

Endeavour Group Ltd/Australia – The Overnight Report: Powell Tango Continues

A global perspective on what happened overnight

Legacy Business Fuels Kinatico’s SaaS Ambition

As Kinatico transitions to a new compliance SaaS solution, the legacy business provides funding for the new service development and a pool of potential customers

Coles Group Ltd – ESG Focus: The Little Big Things – 14-07-2025

The sustainability industry and ESG protocols took some major steps forward in Europe while the US unravels decarbonisation efforts at home

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Jul 17

Daily Brief Thailand: Krungthai Card and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Krungthai Card (KTC TB): Buy With Both Hands As Pledged Shares Rollover

Krungthai Card (KTC TB): Buy With Both Hands As Pledged Shares Rollover

Late last month, shares in Krungthai Card (KTC TB), XSpring Capital (XPG TB), BEC World Public (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
As discussed in Krungthai Card (KTC TB): Buying Opportunity After Margin Call, Mongkol Prakitchaiwattana had pledged his shares in all four companies, reportedly leading to margin calls.
Yesterday, the SET released an updated list of securities pledged in margin accounts. Notably, pledged shares in KTC has fallen to 3.8% of shares outstanding from 16.3% the previous month.

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Jul 17

Daily Brief South Korea: Kum Yang and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Will A Saudi Arabian Investment Company Save Kum Yang From Delisting?

Will A Saudi Arabian Investment Company Save Kum Yang From Delisting?

By Douglas Kim

In this insight, we discuss whether a Saudi Arabian investment company (SKAEEB) could save Kum Yang (001570 KS) from delisting.
There are several aspects of this deal with SKAEEB that are a bit fishy.
1) A 50% Market Premium is Not Justified; 2) Does SKAEEB have enough money? 3) Control does not change

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Jul 17

Daily Brief Singapore: Jardine Matheson Holdings, Seatrium and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive
kopi-C with Seatrium Limited – How Seatrium is Building a Global Engineering Brand from a Singapore Dock

Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive

Jardine Matheson Holdings (JM SP) is up ~10% this week and ~30% YTD. 53.3%-held Hongkong Land (HKL SP), JMH’s largest holding, is up 41% YTD and 85% over the year.
HKL has been on a tear since CEO Michael Smith started on the 1st April 2024, as HKL focused on capital allocation and portfolio management – read deleveraging.
The recent appointment of PAG’s Lincoln Pan at the helm of JMH, has the street upbeat he will bring about similar positive developments. That’s not unreasonable.

kopi-C with Seatrium Limited – How Seatrium is Building a Global Engineering Brand from a Singapore Dock

By Geoff Howie

Seatrium, formed in 2023 from Keppel Offshore & Marine and Sembcorp Marine, focuses on global integration and energy infrastructure.
Seatrium achieved a full-year profit of S$157 million in FY2024, reversing a S$2.0 billion loss in FY2023.
As of 1Q 2025, Seatrium’s net order book stood at S$21.3 billion, with 26 projects until 2031.

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Jul 17

Daily Brief India: State Bank Of India, Jubilant Pharmova, Tata Consultancy Svcs, HDFC Bank, Zee Entertainment Enterprises, Oswal Pumps, ICICI Prudential AMC, P N Gadgil Jewellers and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

SBI US$3bn QIP – No Surprises – Not the World’s Best Kept Secret
The Beat Ideas: Jubilant Pharmova – Turning Capex Into Catalysts for Long-Term Value
TCS – Fighting on All Fronts: Gen AI, Competition & Macro Uncertainty. Underperformance Ahead
HDFC Bank (HDFCB IN) Outlook: Any Rally From Here May End Quickly
Zee Entertainment: A Forensic Perspective
Oswal Pumps Ltd- IPO to the Rescue
ICICI Pru AMC Pre-IPO Tearsheet
The Beat Ideas: P N Gadgil Jewellers- Betting Big on High-Margin Lightweight Jewellery

SBI US$3bn QIP – No Surprises – Not the World’s Best Kept Secret

By Sumeet Singh

State Bank Of India (SBIN IN) plans to raise around US$3bn via a QIP. The deal is very well flagged and we wrote on it last week.
Although the stock has been running up a bit going into the deal and the previous deal didn’t do well.
In this note, we will talk about the placement and run the deal through our ECM framework.

The Beat Ideas: Jubilant Pharmova – Turning Capex Into Catalysts for Long-Term Value

By Sudarshan Bhandari

Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27).
These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.
A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.

TCS – Fighting on All Fronts: Gen AI, Competition & Macro Uncertainty. Underperformance Ahead

By Sreemant Dudhoria,CFA

Broad-based Weakness:Tata Consultancy Svcs (TCS IN) ‘s revenue declined 3.1% YoY in CC; domestic business fell sharply due to BSNL, while international demand remained soft across key verticals.
GenAI Pivot Amid Margin Pressure: TCS is shifting from GenAI pilots to scaled deployments, investing heavily in AI skilling, while margins face pressure from underutilization and delayed deal ramps.
Outlook Cautious Despite TCV Growth: TCV rose 13.2% YoY to $9.4 Bn, but mega deals are missing; execution delays and macro concerns cloud near-term visibility.

HDFC Bank (HDFCB IN) Outlook: Any Rally From Here May End Quickly

By Nico Rosti

HDFC Bank (HDFCB IN) has been rallying strongly since early January 2025, a rally we predicted back then. After 2 weeks down, the stock this week is rising.
However, according to our model the current uptrend pattern does not lead to long-lasting rallies, but rather to new, short-term corrections.
The time horizon for this rally is 1-2 weeks, when this trend pattern is encountered, so we could expect the stock to rally briefly and then pull back again.

Zee Entertainment: A Forensic Perspective

By Nimish Maheshwari

Shareholders recently rejected Zee’s promoter-led capital infusion, limiting the founding family’s stake increase and influence.
The failed fundraise underscores persistent questions about financial transparency and management’s past conduct. This decision further impacts market perception and investor confidence.
This insight covers the whole story from the beginning of the allegations to the current status of the allegations and fundraising.

Oswal Pumps Ltd- IPO to the Rescue

By Nitin Mangal

Oswal Pumps (1019841D IN) came out with an IPO in June to raise fresh equity of INR 8.9 bn and offer for sale of 8.1 mn shares.
They are among the few fully integrated Turnkey Solar Pumping System providers in India, manufacturing solar pumps, modules, controllers, and offering complete installation services for agricultural applications.
Forensic takeaways include misstatement of cash flow, absence of details on the order book, possible margin and growth concerns and certain violations of regulations and regular delay in filing dues.

ICICI Pru AMC Pre-IPO Tearsheet

By Akshat Shah

ICICI Prudential AMC (570643Z IN) (IPru AMC) is looking to raise about US$1bn in its upcoming India IPO. The deal will be run by a consortium of banks.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
The IPO is entirely an offer for sale by one of the promoters, Prudential Corporation Holdings Limited.

The Beat Ideas: P N Gadgil Jewellers- Betting Big on High-Margin Lightweight Jewellery

By Nimish Maheshwari

P N Gadgil Jewellers (1742652D IN) is a 190-year-old legacy brand evolving into a modern retail powerhouse with 55 stores, innovative formats, and nationwide expansion plans.
Key growth drivers include 20–25 planned new stores in FY26, a 41.6% YoY jump in studded jewellery share, and a complete exit from INR 700 crore bullion sales.
With 5-year PAT CAGR of 52% and a PEG ratio of 0.71, PNGJL stands out among peers as a high-growth, efficiently valued player in organized jewellery retail.

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Jul 17

Daily Brief United States: ZEEKR, NVIDIA Corp, Adobe Systems, ArcelorMittal , Delta Air Lines, Ambiq Micro, Casey’s General Stores, Simply Good Foods Co, Copa Holdings Sa Class A, Ensysce Biosciences and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

ZEEKR (ZK US): Geely Firms Low-Balled Offer. It Is What It Is
Strategic Trade-Offs Define Chipmakers’ Limited China Reopening
Adobe Has The Potential To Turn AI Into Billions—Can Firefly & GenStudio Redefine Creative Monetization?
ArcelorMittal: Initiation of Coverage- Why Its EAF Ramp-Up & Trade Tailwinds Are Fueling a Steel Revival!
Delta Air Lines: Its Positive Outlook On Corporate Travel & Sector Demand May Not Be ENOUGH To Warrant Optimism!
Ambiq Micro, Inc. (AMBQ): Peeking at the IPO Prospectus of the Next Semiconductor Solutions Company
Casey’s General Stores Is Quietly Expanding Across America with Savvy Acquisitions & Culinary Upgrades!
The Simply Good Foods Company: Addressing Distribution Challenges with Atkins to Stabilize & Potentially Restore Growth!
Copa Holdings Just Locked in 57 New Aircrafts—Is This the Smartest Fleet Move in Emerging Markets?
ENSC: Game-changing Pain Reliever Begins Phase 3

ZEEKR (ZK US): Geely Firms Low-Balled Offer. It Is What It Is

Back on the 7th May, Geely Auto (175 HK), China’s second-largest carmaker, made a US$25.66/ADS non-binding proposal for 62.8%-held ZEEKR (ZK US), a premium Chinese electric vehicle manufacturer
Yesterday, Geely tweaked and firmed terms at US$26.87/ADS, a 4.7% bump to the original NBIO, and ~3.4% below ZEEKR’s last close. ZEEKR promptly gained 2.4% on the news.
ZEEKR shareholders also have the option to receive Geely scrip. Given Geely’s and Li Shufu’s (10.61%) holdings – neither are required to abstain on voting – this Offer is done.

Strategic Trade-Offs Define Chipmakers’ Limited China Reopening

By Raghav Vashisht

Nvidia and AMD are set to resume scaled-down AI chip exports to China, marking a partial reversal of earlier U.S. export bans.
China retains a near-monopoly on REE refining, controlling roughly 90% of global capacity, and its March 2025 export halt highlighted the leverage it holds over high-tech and defence supply chains.
While markets rallied on the chip announcements, IV data suggests diverging risk expectations across Nvidia, AMD, and MP Materials, reflecting broader uncertainty around the durability and scope of this reopening.

Adobe Has The Potential To Turn AI Into Billions—Can Firefly & GenStudio Redefine Creative Monetization?

Adobe Inc.’s second quarter financial results for fiscal year 2025 demonstrate a strong performance, marked by significant revenue growth and strategic advancements in its core business segments.
The company’s total revenue reached $5.87 billion, an 11% increase year-over-year, with a noteworthy contribution from its Digital Media sector, which achieved $4.35 billion in revenue.
This sector’s annual recurring revenue (ARR) grew to $18.09 billion, reflecting a 12.1% increase.

ArcelorMittal: Initiation of Coverage- Why Its EAF Ramp-Up & Trade Tailwinds Are Fueling a Steel Revival!

ArcelorMittal’s first quarter 2025 performance presents a mixed bag of accomplishments and ongoing challenges.
Safety remains a major priority, with the company focusing on implementing strategic changes to achieve zero fatalities and serious injuries, aiming for complete transformation over a three-year period.
Financially, the quarter exhibited robust operational performance with strong cash flows, particularly highlighted by exceptional results from the company’s Mining segment in Liberia.

Delta Air Lines: Its Positive Outlook On Corporate Travel & Sector Demand May Not Be ENOUGH To Warrant Optimism!

Delta Air Lines’ recent financial results for the June quarter of 2025 present a mixed picture of performance, underscored by robust operational execution and challenging market dynamics.
The company reported a pretax income of $1.8 billion, or earnings of $2.10 per share, on record quarterly revenue of $15.5 billion, which was in line with its April guidance.
Despite economic uncertainties, the airline achieved an operating margin of 13.2% and generated $700 million in free cash flow, indicating effective cost management and operational efficiency.

Ambiq Micro, Inc. (AMBQ): Peeking at the IPO Prospectus of the Next Semiconductor Solutions Company

By IPO Boutique

The company describes itself as a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute.
For the three months ended March 31, 2025 and 2024, they generated net sales of $15.7 million and $15.2 million, respectively.
The sector in which this company operates is one that is in favor. Powering the AI trade is one that investors are highly engaged in at the moment.

Casey’s General Stores Is Quietly Expanding Across America with Savvy Acquisitions & Culinary Upgrades!

Casey’s General Stores’ performance in Q4 and the fiscal year 2025 showed promising growth along with some challenges.
Positively, the company reported record earnings per share for the year, reaching $14.64, a 9% increase over the previous year.
Net income also increased to a record $547 million, with EBITDA hitting $1.2 billion, reflecting strong financial health.

The Simply Good Foods Company: Addressing Distribution Challenges with Atkins to Stabilize & Potentially Restore Growth!

The Simply Good Foods Company reported strong third-quarter fiscal year 2025 performance, bolstered by its strategic acquisition of Only What You Need, Inc. (OWYN) and continued organic growth.
Total net sales increased by 13.8% to $381 million, primarily driven by the inclusion of OWYN, which contributed $33.6 million, and Quest’s organic growth of 15%.
However, the decline in Atkins sales countered this advancement, as the brand’s consumption decreased by 12.7%.

Copa Holdings Just Locked in 57 New Aircrafts—Is This the Smartest Fleet Move in Emerging Markets?

Copa Holdings reported strong financial results for the first quarter, highlighted by a significant operating margin of 23.8%.
The company’s performance was characterized by growth in passenger traffic and an increase in capacity.
Additionally, the load factor improved to 86.4%, indicating efficient utilization of available capacity.

ENSC: Game-changing Pain Reliever Begins Phase 3

By Zacks Small Cap Research

Ensysce Biosciences is committed to finding a solution to the opioid crisis plaguing the US and other developed countries around the world.
Through its proprietary TAAP technology Ensysce is in the process of receiving approval for an abuse-resistant yet still pain-relieving opioid.
The company announced that it has initiated its pivotal Phase 3 study of PF614.

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Jul 17

Daily Brief Japan: Nikkei 225, Toyota Motor Corp Spon Adr, Sony Corp, Nissan Motor (ADR), Serverworks, Demae-Can Co., Ltd., TSE Tokyo Price Index TOPIX, FP Partner, J Frontier Co Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Nikkei225 and Election: Hedging Activity and Implieds Flag Opportunity
Toyota Motor Corporation: An Insight Into Its Recent Electrification Efforts
Sony Corporation: Evolution in Game & Network Services to Strengthen Leadership In Gaming Industry!
Lucror Analytics – Morning Views Asia
Serverworks (4434 JP): Q1 FY02/26 flash update
Demae-Can Co., Ltd. (2484 JP): Q3 FY08/25 flash update
Gender Inequality in Politics Is Preventing Implementation of Measures to Achieve Gender Equality
FP Partner (7388 JP): 1H FY11/25 flash update
J Frontier Co Ltd (2934 JP): Full-year FY05/25 flash update

Nikkei225 and Election: Hedging Activity and Implieds Flag Opportunity

By John Ley

Upper House elections are drawing increased scrutiny due to heightened focus on fiscal finances.
We examine how risk is being priced across Japanese markets and in particular in Nikkei225 options.
Volatility risk appears asymmetric, and we outline ways to mitigate or potentially profit from it.

Toyota Motor Corporation: An Insight Into Its Recent Electrification Efforts

Toyota Motor Corporation’s latest financial results present a mixed bag of data for investors to consider.
For the fiscal year ending March 2025, the company reported a robust operating income of JPY 4.8 trillion, primarily driven by revised pricing strategies and value chain profit expansion.
However, this figure represents a decline from the previous year’s results, which were buoyed by one-time favorable effects.

Sony Corporation: Evolution in Game & Network Services to Strengthen Leadership In Gaming Industry!

Sony Group Corporation’s recent earnings underscore a strategic pivot towards a more entertainment-centric business model, emphasizing the importance of content creation and technological innovation.
The company’s repositioning towards entertainment is highlighted by its 51% contribution to consolidated sales, showcasing the segment’s resilience, especially during economic downturns like the COVID-19 pandemic.
The focus on expanding IP presence in gaming, music, film, and anime demonstrates a coherent vision aligning with its longterm creative goals.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

In today’s Morning Views publication we comment on developments of the following high yield issuers: Nissan Motor
UST yields jumped 4-6 bps across the curve yesterday, as the benign core CPI data pared market expectations for Fed easing. Feddated OIS are now pricing in 43 bps of rate cuts this year (vs. 49 bps as of Monday), with the first cut expected in October. The yield on the 2Y UST rose 4 bps to 3.94%, while the yield on the 10Y UST climbed 5 bps to 4.48%.
Equities were mixed. The S&P 500 declined 0.4% to 6,244, although the Nasdaq rose 0.2% to 20,678. In the US, the June CPI inched up to 2.7% y-o-y (2.6% e / 2.4% p) and 0.3% m-o-m (0.3% e / 0.1% p).

Serverworks (4434 JP): Q1 FY02/26 flash update

Revenue reached JPY9.2bn (+6.8% YoY), with operating profit at JPY200mn (-55.0% YoY) and net income JPY114mn (+59.0% YoY).
Resale services revenue was JPY8.3bn (+7.9% YoY), driven by increased AWS usage and strong proprietary service sales.
Cloud Integration revenue was JPY526mn (-5.5% YoY), with average project unit price at JPY2.2mn (+9.5% YoY).

Demae-Can Co., Ltd. (2484 JP): Q3 FY08/25 flash update

Revenue reached JPY30.2bn, a 20.8% YoY decline, with operating, recurring, and net losses each at JPY3.1bn.
Gross merchandise value (GMV) was JPY126.3bn, a 12.5% YoY decrease, with 45.82mn orders and 4.76mn active users.
Revised FY08/25 forecast anticipates JPY39.5bn revenue, JPY4.8bn operating loss, and no dividend payment.

Gender Inequality in Politics Is Preventing Implementation of Measures to Achieve Gender Equality

By Aki Matsumoto

Japan’s overall gender gap index for 2025 remained unchanged from 2024 (118th place), with only slight improvements. The tendency toward significant gender disparities in politics and economics remains unchanged.
Gender wage gaps are caused by the low percentage of women in managerial positions, and the reason for this is that women bear the brunt of childcare and housework.
Political leadership is necessary to reform traditional gender inequality values and implement measures that allow women to continue working after giving birth and raising children.

FP Partner (7388 JP): 1H FY11/25 flash update

In 1H FY11/25, revenue was JPY16.4bn (-4.1% YoY), with operating profit at JPY1.5bn (-45.0% YoY).
Full-year forecasts revised downward: revenue JPY32.6bn, operating profit JPY2.1bn, net income JPY1.3bn, EPS JPY58.20.
Dividend forecast remains unchanged at JPY94 per share, despite downward revision of full-year net income forecast.

J Frontier Co Ltd (2934 JP): Full-year FY05/25 flash update

In FY05/24, the company reported revenue of JPY21.5bn (+21.4% YoY) and net income of JPY88mn.
The company forecasts FY05/26 revenue of JPY23.6bn (+9.7% YoY) and net income of JPY100mn (+14.2% YoY).
The Healthcare Marketing business achieved revenue of JPY9.7bn (+53.0% YoY) with an operating profit of JPY127mn.

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Jul 17

Daily Brief China: Dream International, Alibaba Group Holding , Guangzhou Xiao Noodles Catering Management, Sino Biopharmaceutical, Unisplendour Guhan Group A and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Dream International (1126 HK): Riding the Popmart Bubble
Asian Buybacks Accelerating; Consistent Share Repurchasers Offer Safety
Pre-IPO Guangzhou Xiao Noodles Catering Management – Pain Points in Operation Mode and Profit Margin
Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence
Unisplendour Corp A/H Listing – Growth Slowing, Margins Dropping

Dream International (1126 HK): Riding the Popmart Bubble

By Sameer Taneja

We believe that toymakers are experiencing a bubble like rally led by Pop Mart International Group L (9992 HK) and Hasbro Inc (HAS US) which raised forecasts recently.
Dream International (1126 HK) has returned >200% since liberation day tariffs were declared on April 2nd 2025 and now trades at 12.7x trailing earnings (vs 3.7x when we initiated).
“Never look a gift horse in the mouth” ! .We would take some money off the table here as toy stocks go through periods of cyclicality due restocking/destocking.

Asian Buybacks Accelerating; Consistent Share Repurchasers Offer Safety

By Manishi Raychaudhuri

Asian buybacks, dominated by HK, China and Korea, are skyrocketing. In H125, buybacks more than doubled from their full year 2024 levels in HK/China and increased 40% in Korea.
We screen companies repurchasing consistently, with total buyback of minimum $1bn and buyback over 2024-25 of at least 2% of present market cap, yielding companies in HK(11), Korea(6), Philippines(2), Singapore(1).
Top five repurchasers are Alibaba, Tencent, China Communication Construction, AIA, Netease. These, barring the third, are up more than 20% this year. Share price support from buybacks do seem solid.

Pre-IPO Guangzhou Xiao Noodles Catering Management – Pain Points in Operation Mode and Profit Margin

By Xinyao (Criss) Wang

Although the revenue is growing, net profit margin is low, which is due to Xiao Noodles’ operational model, high costs, products and brand positioning. Key performance indicators declined in 2024.
If competition becomes increasingly fierce and Xiao Noodles’ price reduction strategy continues, the investment return period would be longer, which will affect the Company’s future expansion plans and performance growth.
Based on our forecast, pre-IPO valuation of RMB3 billion is expensive. If Xiao Noodles is unable to reverse the trend of declining performance, it will face valuation discounts after IPO.

Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

By Tina Banerjee

Sino Biopharmaceutical (1177 HK) is acquiring the balance 95% equity interests in LaNova Medicines for net consideration of $500M to be funded by internal resources and bank borrowings.
With focus on oncology and differentiated capability spanning monoclonal antibodies, bispecific antibody, and ADC drug, LaNova is a strategic fit for Sino Biopharma.
The acquisition will enhance Sino Biopharma’s reputation and image in the global pharmaceutical industry, and promote the conclusion of potential international transactions in the future.

Unisplendour Corp A/H Listing – Growth Slowing, Margins Dropping

By Sumeet Singh

Unisplendour Corporation Limited (000938 CH), an ICT infrastructure products provider, aims to raise around US$1bn in its H-share listing.
UC designs and sells a diverse portfolio of ICT infrastructure products, covering the entire digital solutions industry chain.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

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Jul 17

Daily Brief ESG: Gender Inequality in Politics Is Preventing Implementation of Measures to Achieve Gender Equality and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Gender Inequality in Politics Is Preventing Implementation of Measures to Achieve Gender Equality

Gender Inequality in Politics Is Preventing Implementation of Measures to Achieve Gender Equality

By Aki Matsumoto

Japan’s overall gender gap index for 2025 remained unchanged from 2024 (118th place), with only slight improvements. The tendency toward significant gender disparities in politics and economics remains unchanged.
Gender wage gaps are caused by the low percentage of women in managerial positions, and the reason for this is that women bear the brunt of childcare and housework.
Political leadership is necessary to reform traditional gender inequality values and implement measures that allow women to continue working after giving birth and raising children.

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Jul 17

Daily Brief Industrials: Jardine Matheson Holdings, Delta Air Lines, GFL Environmental , Kinik Company, J Com Holdings, Copa Holdings Sa Class A, Oswal Pumps and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive
Delta Air Lines: Its Positive Outlook On Corporate Travel & Sector Demand May Not Be ENOUGH To Warrant Optimism!
GFL Environmental: A Focus On Profitability with Smart Buyouts, EPR Expansion & A Renewable Push!
TechChain Insights: Kinik – The Hidden Enabler Behind TSMC’s Sub-2nm Push
J Com Holdings (2462 JP): Full-year FY05/25 flash update
Copa Holdings Just Locked in 57 New Aircrafts—Is This the Smartest Fleet Move in Emerging Markets?
Oswal Pumps Ltd- IPO to the Rescue

Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive

Jardine Matheson Holdings (JM SP) is up ~10% this week and ~30% YTD. 53.3%-held Hongkong Land (HKL SP), JMH’s largest holding, is up 41% YTD and 85% over the year.
HKL has been on a tear since CEO Michael Smith started on the 1st April 2024, as HKL focused on capital allocation and portfolio management – read deleveraging.
The recent appointment of PAG’s Lincoln Pan at the helm of JMH, has the street upbeat he will bring about similar positive developments. That’s not unreasonable.

Delta Air Lines: Its Positive Outlook On Corporate Travel & Sector Demand May Not Be ENOUGH To Warrant Optimism!

Delta Air Lines’ recent financial results for the June quarter of 2025 present a mixed picture of performance, underscored by robust operational execution and challenging market dynamics.
The company reported a pretax income of $1.8 billion, or earnings of $2.10 per share, on record quarterly revenue of $15.5 billion, which was in line with its April guidance.
Despite economic uncertainties, the airline achieved an operating margin of 13.2% and generated $700 million in free cash flow, indicating effective cost management and operational efficiency.

GFL Environmental: A Focus On Profitability with Smart Buyouts, EPR Expansion & A Renewable Push!

GFL Environmental Inc.’s latest quarterly results present a nuanced picture of its current financial standing and strategic direction.
The company reported a 12.5% year-over-year increase in revenue, which totaled $1.56 billion for the first quarter.
This outperformed the company’s initial 2025 guidance and is attributed to several factors, including effective pricing strategies that achieved a price increase of 5.7%, surpassing their planned estimates.

TechChain Insights: Kinik – The Hidden Enabler Behind TSMC’s Sub-2nm Push

By Vincent Fernando, CFA

We Engaged with Kinik Recently to Get Insight on Activity Strength for TSMC’s Expansion into Nodes 2nm and Below
Diamond Tooling: Quietly Powering Advanced Logic; Kinik Recently Running at Max Capacity for Key DBU Business Segment… also at 100% for SBU Segment
Takeaways — Kinik as a Concentrated Play on Advanced Node Transitions… Also, We Believe Signs Remain Positive for TSMC’s Recent Activity Momentum

J Com Holdings (2462 JP): Full-year FY05/25 flash update

Revenue increased by 3.1% YoY to JPY62.3bn, while operating profit decreased by 11.5% YoY to JPY3.0bn.
Child-Rearing Support Service revenue rose 8.6% YoY to JPY33.0bn, but operating profit fell 11.3% YoY.
Comprehensive Human Resources Service revenue declined 5.6% YoY to JPY20.6bn, yet operating profit increased by 1.0% YoY.

Copa Holdings Just Locked in 57 New Aircrafts—Is This the Smartest Fleet Move in Emerging Markets?