Category

Daily Briefs

Jul 14
0

Daily Brief Health Care: Baige Online Digital Technology, Hisamitsu Pharmaceutical Co, Mani Inc and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Baige Online Digital Technology – The Business Model and the Risks Behind
  • Hisamitsu Pharmaceutical (4530 JP): Guidance Reiterated Amid Seemingly Temporary Hiccup in Q1FY26
  • Mani Inc (7730 JP): Dental Recalls Still a Pain Point, Guidance Revised Downwards

Baige Online Digital Technology – The Business Model and the Risks Behind

By Xinyao (Criss) Wang

  • Baige’s business model is B2B2C, connecting insurance companies/channel partners and C-end users.By mining long-tail needs of end-customers and customizing small/refined/fragmented insurance products according to personalized needs, Baige significantly boost sales.
  • High customer acquisition costs (referral fees, commissions/service fees) are the pain points, putting pressure on profit margin. The trend of “disintermediation” in the industry is becoming increasingly evident.
  • The post-money valuation after Series C financing reached about RMB2 billion. Due to smaller revenue scale and lower profitability, we think valuation of Baige should be lower than peers.

Hisamitsu Pharmaceutical (4530 JP): Guidance Reiterated Amid Seemingly Temporary Hiccup in Q1FY26

By Tina Banerjee

  • Hisamitsu Pharmaceutical Co (4530 JP) Q1FY26 revenue of ¥34.7B down 3% YoY, mainly driven by subdued performance in Salonpas focused OTC pharmaceutical products.
  • Rx business revenues grew 7% as Zicthoru, Apohide, Combipatch,Vivelle-Dot etc clocked healthy numbers excepting Mohrus product line.
  • Hisamitsu reiterated FY26 guidance expecting revenue to be ¥165B with profits growth expected to decelerate on higher cost.

Mani Inc (7730 JP): Dental Recalls Still a Pain Point, Guidance Revised Downwards

By Tina Banerjee

  • Mani Inc (7730 JP) 9MFY25 revenue increased 3% YoY to ¥22.3B mainly due to strong sales of Surgical products and Eyeless Needle products, while Dental segment sales dipped on recall.
  • Operating margin deteriorated to 27.5% in 9MFY25, down 260bps. Segment wise, dental segment reported the worst operating margin decline from 19.6% to 10.4%.
  • Management revised FY25 guidance downwards, now expecting revenue to be ¥29.6B (previous guidance ¥30.2B), up 3.8% YoY. Profits and margins also witnessed a downward revision.

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Jul 14
0

Daily Brief TMT/Internet: Shibaura Electronics, Mediatek Inc, Kinatico and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Merger Arb Mondays (14 Jul) – Shibaura, Topcon, Nissin, OneConnect, Insignia, PointsBet, ENN Energy
  • MediaTek (2454.TT): 3Q25 Outlook Is Expected to Decline by Approximately 0–6%.
  • Kinatico RaaS Interview Transcript 14 July 2025
  • Kinatico Ltd – Q4 SaaS revenue surpasses 50%, RaaS forecasts beat

Merger Arb Mondays (14 Jul) – Shibaura, Topcon, Nissin, OneConnect, Insignia, PointsBet, ENN Energy

By Arun George

MediaTek (2454.TT): 3Q25 Outlook Is Expected to Decline by Approximately 0–6%.

By Patrick Liao

  • For Mediatek Inc (2454 TT)’s 3Q25 outlook, its revenue is expected to decline by approximately 0–6% quarter-over-quarter, reflecting a relative low seasonal factors and order adjustments.  
  • Regarding Mediatek Inc (2454 TT)’s partnership with Alphabet (GOOGL US), the TPU v7e is expected to begin tape-out in September 2025.  
  • Based on current project developments using TSMC’s 2nm process, MediaTek is highly likely to co-develop the next-generation MTIA v4 ASIC with Meta (META US).

Kinatico RaaS Interview Transcript 14 July 2025

By Research as a Service (RaaS)

  • Kinatico (ASX:KYP) CEO Michael Ivanchenko discusses the company’s Q4 trading update with RaaS director Finola Burke.

Kinatico Ltd – Q4 SaaS revenue surpasses 50%, RaaS forecasts beat

By Research as a Service (RaaS)

  • Kinatico Ltd (ASX:KYP) is a ‘Know Your People’ regtech company providing workforce compliance monitoring and management technology and services.
  • The company has announced that total revenue in Q4 increased 15% to $8.5m, with higher-margin SaaS (Software-as-a-Service) revenue making up 52% of the total, compared with 38% of total Q4 revenue in FY24.
  • SaaS revenue grew 57% in the quarter on the previous corresponding period (pcp) to $4.4m and is tracking at $17.5m on an annualised basis.

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Jul 14
0

Daily Brief Financials: NTT DC REIT, Shinyoung Securities, Abacus Storage King, NSDL, Hang Seng Index, National Storage REIT, Coinbase Global and more

By | Daily Briefs, Financials

In today’s briefing:

  • NTT DC REIT IPO: Trading Debut
  • Mandatory Cancellation of Existing Treasury Shares: A Historic Stock Market Event in the Making
  • Abacus Storage (ASK AU): Kirsh/Public Storage Bump And Afforded Due Diligence
  • NTT DC REIT IPO Trading – Decent Demand, High Yield and Discount Should Help
  • NSDL IPO: The Bear Case
  • Global Markets Tactical Outlook: Week of July 14 – July 19
  • National Storage REIT – The Monday Report – 14 July 2025
  • Coinbase 2025 High Conviction Call Update: Limited Near-Term Upside from Current Valuation

NTT DC REIT IPO: Trading Debut

By Arun George

Mandatory Cancellation of Existing Treasury Shares: A Historic Stock Market Event in the Making

By Sanghyun Park

  • The bill’s side notes clearly state that the mandatory cancellation rule applies retroactively to existing treasury shares without any exemptions.
  • If this passes the Assembly as-is, it’ll trigger a historic forced cancellation of treasury stock across ~1,660 companies—about three-quarters of the K-equities market.
  • Watch if this punchy bill clears committee and floor without cuts. Dems plan to fast-track it Sept 1, holding the majority to push it solo, aiming for year-end rollout.

Abacus Storage (ASK AU): Kirsh/Public Storage Bump And Afforded Due Diligence

By David Blennerhassett

  • Two months ago, Abacus Storage King (ASK AU) announced, and subsequently rejected, a A$1.47/share NBIO, by way of a Scheme, from Nathan Kirsh’s Ki Corporation and Public Storage (PSA US)
  • The Kirsh-led consortium has now bumped non-binding terms 14.7% to A$1.65/share, and has been granted six weeks of due diligence.  
  • Nathan Kirsh directly/indirectly holds a 59.47% stake in ASK. Abacus has never closed above A$1.60/share. 

NTT DC REIT IPO Trading – Decent Demand, High Yield and Discount Should Help

By Sumeet Singh

  • NTT DC REIT (NTTDCR SP), a data center REIT, raised around US$772m in its Singapore IPO.
  • The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn
  • We have looked at the past performance in our earlier notes. In this note, we will talk about the trading dynamics.

NSDL IPO: The Bear Case

By Arun George

  • National Securities Depository Limited/NSDL (NSDL IN) is the largest depository in India. It is seeking to raise US$400 million.
  • In NSDL IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
  • The bear case rests on the core business’s lower growth and margins compared to its key peer and the banking services’ weak performance.

Global Markets Tactical Outlook: Week of July 14 – July 19

By Nico Rosti

National Storage REIT – The Monday Report – 14 July 2025

By FNArena

  • Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead

Coinbase 2025 High Conviction Call Update: Limited Near-Term Upside from Current Valuation

By Alec Tseung

  • Using SOTP is likely the best way to value COIN going forward as its subscription and services revenue is now more substantial and Circle has just gone public.
  • Non-Transaction revenue is being valued at a much higher multiple than transaction revenue. SOTP valuation indicates limited near-term upside from COIN’s current market capitalization.
  • Circle’s impact on Coinbase is now twofold: 1) driving its revenue mix shift toward non-transaction revenue; 2) acting as a key benchmark for its non-transaction revenue valuation.

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Jul 14
0

Daily Brief Consumer: Guangzhou Automobile Group, Casio Computer, Toyota Industries, Meituan, Geely Auto, Liberty Broadband A and more

By | Consumer, Daily Briefs

In today’s briefing:

  • A/H Premium Tracker (To 11 July 2025):  “Beautiful Skew” Continues – BIG AH Premia Compression
  • Japan Activism Briefs | Casio, Nittoku
  • Weekly Deals Digest (13 Jul) – Toyota Industries, OneConnect, Great Eastern, Johns Lyng, NTT DC REIT
  • ECM Weekly (14 July 2025) – Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD
  • HK Connect SOUTHBOUND Flows (To 11 July 2025); Volumes Up, Net Buying Up, Non-Bank Financials Hot
  • Weekly Update (GCI, IGT/BRSL, Greenblatt)

A/H Premium Tracker (To 11 July 2025):  “Beautiful Skew” Continues – BIG AH Premia Compression

By Travis Lundy

  • AH premia flat among liquid names but “beautiful skew” of wide premia converging more than narrow premia continues bigly. It has paid well to be long wide H discounts.
  • Weeks ago I said, “It has paid to be long the H on those H/A pairs with the biggest H discounts. I would continue to ride that trend.” Ride on.
  • The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers. 

Japan Activism Briefs | Casio, Nittoku

By Mark Chadwick

  • Oasis Management disclosed a 5.2% stake, increasing pressure on Casio to improve capital efficiency and strategic clarity.
  • City Index disclosed a 5.1% stake, signalling intent to drive value at Nittoku via capital return and improved governance.
  • 3D Investment continue to add to Square Enix position. 3D and Dalton likely to target weak margins, bloated cash, and capital inefficiency – lots to work with.

Weekly Deals Digest (13 Jul) – Toyota Industries, OneConnect, Great Eastern, Johns Lyng, NTT DC REIT

By Arun George

ECM Weekly (14 July 2025) – Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

By Sumeet Singh

  • Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
  • On the IPO front, the previous week was another busy week for listings, with mixed results.
  • On the placements front, we looked at the possible placements for Meituan (3690 HK) and State Bank Of India (SBIN IN).

HK Connect SOUTHBOUND Flows (To 11 July 2025); Volumes Up, Net Buying Up, Non-Bank Financials Hot

By Travis Lundy

  • Gross SOUTHBOUND volumes up to US$17+bn a day this past 5-day week. Net buying strong at +US$700mm a day.
  • Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. Again. Neither INFO TECH nor Tencent were the big sells this week.
  • The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers. 

Weekly Update (GCI, IGT/BRSL, Greenblatt)

By Richard Howe

  • In November 2024, Liberty Broadband (Nasdaq: LBRDA/LBRDK) agreed to be acquired by Charter Communications (CHTR) in an all‑stock deal.

  • Under the merger agreement, each Liberty Broadband common share will convert into 0.236 share of Charter common stock (plus cash for fractional shares), and each Liberty preferred share will convert to a new Charter preferred share.

  • As part of the deal, Liberty Broadband will spin off its fully owned Alaska telecom business (GCI, LLC) to Liberty shareholders before the Charter merger closes.

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Jul 14
0

Most Read: Taishin Financial Holding, NTT DC REIT, Shibaura Electronics, Perenti Global, Shinyoung Securities, Meituan, Guangzhou Automobile Group, Casio Computer, Zijin Mining Group and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Taishin (2887 TT)/Shin Kong (2888 TT) Merger: Index Flows in July
  • NTT DC REIT IPO: Trading Debut
  • Merger Arb Mondays (14 Jul) – Shibaura, Topcon, Nissin, OneConnect, Insignia, PointsBet, ENN Energy
  • ASX200 Index AdHoc Rebalance Preview: Potential Replacement for Spartan Resources (SPR AU)
  • Mandatory Cancellation of Existing Treasury Shares: A Historic Stock Market Event in the Making
  • Ohayo Japan | Tariff Tensions Rise, Markets Hold Steady
  • Last Week In Event SPACE: Meituan/Prosus, China Medical System, Japanese Banks, New World Dev.
  • A/H Premium Tracker (To 11 July 2025):  “Beautiful Skew” Continues – BIG AH Premia Compression
  • Japan Activism Briefs | Casio, Nittoku
  • Zijin Mining: Strong H1 Guidance, FY25 Upgrades Likely, Gold Listing Adds Catalyst

Taishin (2887 TT)/Shin Kong (2888 TT) Merger: Index Flows in July

By Brian Freitas

NTT DC REIT IPO: Trading Debut

By Arun George

Merger Arb Mondays (14 Jul) – Shibaura, Topcon, Nissin, OneConnect, Insignia, PointsBet, ENN Energy

By Arun George

ASX200 Index AdHoc Rebalance Preview: Potential Replacement for Spartan Resources (SPR AU)

By Brian Freitas

  • There will be an ad hoc inclusion for the S&P/ASX 200 (AS51 INDEX) at the close on 22 July following Spartan Resources (SPR AU)‘s acquisition by Ramelius Resources (RMS AU). 
  • There are a couple of stocks that are trading neck and neck on average free float market cap and one of them is likely to be added to the index.
  • Both stocks have seen a big increase in cumulative excess volume over the last few weeks, indicative of positioning in the stock.

Mandatory Cancellation of Existing Treasury Shares: A Historic Stock Market Event in the Making

By Sanghyun Park

  • The bill’s side notes clearly state that the mandatory cancellation rule applies retroactively to existing treasury shares without any exemptions.
  • If this passes the Assembly as-is, it’ll trigger a historic forced cancellation of treasury stock across ~1,660 companies—about three-quarters of the K-equities market.
  • Watch if this punchy bill clears committee and floor without cuts. Dems plan to fast-track it Sept 1, holding the majority to push it solo, aiming for year-end rollout.

Ohayo Japan | Tariff Tensions Rise, Markets Hold Steady

By Mark Chadwick

  • US equities declined following Trump’s tariff threats; Dow fell 0.6%, S&P 500 down 0.3%, Nasdaq slipped 0.2%
  • Trump proposed 35% tariffs on Canadian imports, and on Saturday, announced 30% tariffs on Mexico and the EU.
  • Ryohin Keikaku projects a net profit of ¥47 billion for the fiscal year ending August 2025, marking a ¥1.5 billion upward revision from prior guidance and a 13% increase year-on-year.

Last Week In Event SPACE: Meituan/Prosus, China Medical System, Japanese Banks, New World Dev.

By David Blennerhassett

  • The benefits of China Medical System (867 HK) China Medical System (867 HK)’s secondary listing on the SGX are more apparent than real. 
  • Should Meituan (3690 HK) continue its Brazil market launch, Prosus NV (PRX NA) will have little reason to continue to hold on to its Meituan stake.
  • Look for value to be realised for Japanese banks with low PBRs and PERs, AND high cross-holdings as a percentage of market cap or book value through better capital allocation.

A/H Premium Tracker (To 11 July 2025):  “Beautiful Skew” Continues – BIG AH Premia Compression

By Travis Lundy

  • AH premia flat among liquid names but “beautiful skew” of wide premia converging more than narrow premia continues bigly. It has paid well to be long wide H discounts.
  • Weeks ago I said, “It has paid to be long the H on those H/A pairs with the biggest H discounts. I would continue to ride that trend.” Ride on.
  • The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers. 

Japan Activism Briefs | Casio, Nittoku

By Mark Chadwick

  • Oasis Management disclosed a 5.2% stake, increasing pressure on Casio to improve capital efficiency and strategic clarity.
  • City Index disclosed a 5.1% stake, signalling intent to drive value at Nittoku via capital return and improved governance.
  • 3D Investment continue to add to Square Enix position. 3D and Dalton likely to target weak margins, bloated cash, and capital inefficiency – lots to work with.

Zijin Mining: Strong H1 Guidance, FY25 Upgrades Likely, Gold Listing Adds Catalyst

By Rahul Jain

  • Zijin has guided for a 54% YoY rise in H1 FY2025 net profit to RMB 23.2 billion, driven by strong copper and gold pricing and volume gains.
  • Based on this, we see scope to revise our FY2025 PAT and EPS estimates up by 16–19%, and EBITDA by 35–50%.
  • The proposed listing of Zijin Gold International in Hong Kong could unlock value from its high-margin overseas gold assets and enhance investor visibility.

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Jul 13
0

Daily Brief Australia: Johns Lyng and more

By | Australia, Daily Briefs

In today’s briefing:

  • (Mostly) Asia-Pac M&A: Johns Lyng, New World Resources, Oneconnect, Great Eastern, VIOL

(Mostly) Asia-Pac M&A: Johns Lyng, New World Resources, Oneconnect, Great Eastern, VIOL

By David Blennerhassett

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Jul 13
0

Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (July 13) – Chugai and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • APAC Healthcare Weekly (July 13) – Chugai, JCR, Cochlear, CStone, Celltrion, Glenmark, Lupin

APAC Healthcare Weekly (July 13) – Chugai, JCR, Cochlear, CStone, Celltrion, Glenmark, Lupin

By Tina Banerjee

  • Chugai Pharmaceutical enters inlicensing agreement with Gero to develop novel therapies for age-related diseases. JCR Pharmaceuticals stuck outlicening deal with Alexion for its proprietary JUST-AAV capsids to develop genomic medicines.
  • Cochlear got FDA approval for new product, which will be launched in 1Q26. CStone Pharmaceuticals entered exclusive partnership with Istituto Gentili to commercialize sugemalimab across Western Europe and UK.
  • Glenmark signed exclusive licensing agreement with AbbVie for their oncology drug candidate ISB 2001. Lupin entered license and supply agreement for commercialization of its biosimilar Certolizumab Pegol in global markets.

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Jul 13
0

Daily Brief South Korea: Samsung Electronics, Meta Biomed and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Field-Checking Samsung HBM4 1c Yield Buzz & Samsung Life Law Play Inside Look
  • Korea Small Cap Gem #40: Meta Biomed (#1 Player Globally in Root Canal Filling Materials)

Field-Checking Samsung HBM4 1c Yield Buzz & Samsung Life Law Play Inside Look

By Sanghyun Park

  • Local intel says Samsung’s 1c-based 12-high HBM4 is basically locked in to sample to NVIDIA by end of this month or early next.
  • No hard proof Samsung hit 70% yield, but inside chatter’s bullish, internal mood’s upbeat, and that’s what’s driving the local market to chase the 1c HBM4 hype.
  • With the Samsung Life Law quietly sidelined in recent reform talks, Samsung seems to have read the room and is now going full throttle on the HBM push.

Korea Small Cap Gem #40: Meta Biomed (#1 Player Globally in Root Canal Filling Materials)

By Douglas Kim

  • Meta Biomed is the number one player in the world for root canal filling materials. It also produces other dental products, including bio-absorbable sutures and cosmetic medical products.
  • Six major reasons why we like Meta Biomed include number one player for root canal filling materials, solid sales growth, strong export growth, improving ROE and operating margins, and valuations.
  • We are introducing a new section (Major Factors of Business Operations and Valuations) for all our Korea Small Cap Gem Series from now on (see below).

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Jul 13
0

Daily Brief Singapore: IFBH and more

By | Daily Briefs, Singapore

In today’s briefing:

  • China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

By Xinyao (Criss) Wang

  • The policy turning point of high-value consumables/medical device industry is not far away. When a mature pricing mechanism is formed, it’s the time when industry expectations reverse and stabilize.
  • There’s rumor that AstraZeneca is in discussions for a US$15 billion partnership focused on ivonescimab. Although we understand that investors have been anticipating a big deal, we remain cautious.
  • After the outstanding IPO debut, IFBH’s share price continued to fall. The capital frenzy has led to the valuation to deviate seriously from the fundamentals. The outlook is not optimistic.

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Jul 13
0

Daily Brief ESG: Does Introducing Incentive into Remuneration of Independent Directors Compromise Their Independence? and more

By | Daily Briefs, ESG

In today’s briefing:

  • Does Introducing Incentive into Remuneration of Independent Directors Compromise Their Independence?

Does Introducing Incentive into Remuneration of Independent Directors Compromise Their Independence?

By Aki Matsumoto

  • Some companies adopt policy of not granting performance-based compensation to outside directors to ensure independence. Given this, outside directors may have little incentive to leverage skills and knowledge in value-creation.
  • Most independent board members also serve as board members of other companies, but very few companies have set clear standards for the number of concurrent positions that may be held.
  • Although few companies disclose the criteria for the tenure of independent directors, the longest term was 12 years. ISS has set this as the standard in its voting guidelines.

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