Daily Briefs

By Shifara Samsudeen, FCMA, CGMA

Lens Technology is getting ready to complete its IPO in Hong Kong. Lens Technology is planning to raise as much as HK$4.77 billion (US$608 million) in this IPO.
If the offer size adjustment and overallotment options are exercised, the IPO gross proceeds could increase to HK$6.3 billion (US$803 million).
In 2024, the company held a 13% share of the global market for precision structural parts and modules for consumer electronics and a 20.9% share of smart vehicle interaction systems.

Beijing Geek IPO: Not Worth It

Chinese Autonomous Mobile Robotics player, Geekplus Technology (2590 HK) plans to raise US$300m through its HKEx IPO at a valuation of around US$2.5bn.
Top line growth has slowed down while there also has been a decline in the no. of newly acquired customers. Exports to US accounts for a significant share of revenues.
Our valuation analysis suggests that the company’s IPO is significantly overvalued compared to global robotic players.

Lens Technology IPO (Hong Kong) Valuation Analysis

Our base case valuation of Lens Technology is market cap of 146 billion CNY based on P/E of 24.9x our estimated net profit of 5.8 billion CNY in 2026.
The company’s current market cap is 120.7 billion CNY. Thus, our base case valuation represents a 21% upside from current levels.
Lens Technology is well positioned to be one of the first companies to undertake large-scale production of key components and complete device assembly for humanoid robots and AI glasses.

Lepu Biopharma (2157 HK): Placing Shares As ADC Pipeline Products Entering Harvesting Stage

By Tina Banerjee

Lepu Biopharma (2157 HK) is placing 93.8M shares at the placing price of HK$5.02 per H Share. The net proceeds from the placing are expected to be approximately HK$463M.
The company intends to use the proceeds for conducting clinical trial, commercialization, and marketing of the core products, and to fund R&D of new products.
Lepu ended 2024 with a cash balance of RMB401M, which has been augmented by the upfront payment from recent BD deal. The company need not raise fund in near-term.

Coosea Smart Technology Co., Ltd. Pre-IPO Tearsheet

By Troy Wong

Coosea Smart Technology Co., Ltd. (CST) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
According to Frost & Sullivan, in 2024, CST was the world’s second largest end-to-end solution provider for local smartphone brands by shipment volume, and rose to first place in 1Q25.
During the Track Record Period, CST generated revenue from over 70 countries or regions, mainly focusing on Asia and Americas.

[IO Technicals 2025/27] Bullish Momentum Gains Traction

By Umang Agrawal

Reduced shipments and increased hot metal output buoyed iron ore prices. However, long-term demand faces pressure from Chinese steel stagnation and looming supply from Simandou.
Analysts foresee a balanced iron ore market in 2025, but warn that trade tensions and shifting Chinese policies could undermine demand and price stability.
Prices are trading above short-term moving averages, suggesting ongoing upside momentum, while the MACD above its signal line confirms the prevailing bullish trend.

Hong Kong Single Stock Options Weekly (June 30 – July 04): Narrowing Breadth and Rising Put Activity

By John Ley

Hong Kong single stocks traded lower in a holiday-shortened week.
Breadth pulled back sharply from the previous week’s extremes and Put activity picked up noticeably across single stock options.
Intervention in HKD continues to ramp steadily higher with HKD bumping along top of the range.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

Treasury yields jumped yesterday, led by the short-end, as a stronger than expected nonfarm payrolls report drove traders to exit bets on a July rate cut.
As of yesterday, Fed-dated OIS were pricing in an almost zero chance of a rate decrease in July, along with 51 bps of cuts by year-end (vs. 65 bps as of Wednesday).
The yield on the 2Y UST rose 10 bps to 3.88%, while the yield on the 10Y UST was up 7 bps at 4.35%.

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Jul 05

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By Smartkarma Daily Briefs | Credit, Daily Briefs

In today’s briefing:

Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

Treasury yields jumped yesterday, led by the short-end, as a stronger than expected nonfarm payrolls report drove traders to exit bets on a July rate cut.
As of yesterday, Fed-dated OIS were pricing in an almost zero chance of a rate decrease in July, along with 51 bps of cuts by year-end (vs. 65 bps as of Wednesday).
The yield on the 2Y UST rose 10 bps to 3.88%, while the yield on the 10Y UST was up 7 bps at 4.35%.

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Jul 05

Daily Brief India: Vodafone Idea , Nuvama Wealth Management, Capri Global Capital, Credila Financial Services Ltd, Patanjali Foods, SeedWorks International Ltd, SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

VIL’s Revival Impossible or a State-Backed Turnaround Feasible?
Nuvama Wealth: The “Blessing in Disguise” Amidst Market Jitters in Jane Street Case
The Beat Ideas: Capri Global Capital: Small-Ticket Loans, Big-Ticket Growth
Credila Financial Services Pre-IPO Tearsheet
Can Patanjali’s Foray Into the Underpenetrated Insurance Market Drive Growth Via This Acquisition?
SeedWorks International Ltd Pre-IPO – Sowing Seeds Amid Sluggish Bottomline
Tire Giants Redraw India Playbooks; Indian Firms Rework Overseas

VIL’s Revival Impossible or a State-Backed Turnaround Feasible?

Vodafone Idea (IDEA IN) faces severe financial distress due to INR 83,400 crore in mounting Adjusted Gross Revenue (AGR) dues and substantial deferred payment obligations.
Management warns Vi cannot operate beyond Financial Year 2026 without timely government support for AGR dues, halting crucial bank funding. market.
Vi proposes payment plans and seeks substantial funding, while ARPU is growing, and the government supports a three-player

Nuvama Wealth: The “Blessing in Disguise” Amidst Market Jitters in Jane Street Case

Nuvama Wealth Management (NUVAMA IN)‘s stock fell sharply due to SEBI barring Jane Street, its domestic trading partner, over alleged market manipulation, despite no direct accusations against Nuvama.
This dip is an overreaction; Nuvama’s strong wealth/asset management (74% revenue) and robust FY26 growth guidance insulate it from Capital Markets segment impact (26%). PAG’s ongoing exit also signals value.
The market correction presents a “blessing in disguise,” opportunity into a fundamentally strong, diversified Indian financial services firm.

The Beat Ideas: Capri Global Capital: Small-Ticket Loans, Big-Ticket Growth

Capri Global’s foray into merchant banking, investment banking, and wealth management signals a major shift towards becoming a full-spectrum financial services provider, broadening its business model.
With a target of reaching INR 50,000 crore AUM in the next three years, CGCL is positioning itself for significant expansion in India’s underserved financial segments, highlighting strong growth potential.
By integrating AI, data science, and machine learning into its operations, Capri Global is enhancing underwriting, improving customer acquisition, and streamlining business processes, positioning itself for sustained competitive advantage.

Credila Financial Services Pre-IPO Tearsheet

By Akshat Shah

Credila Financial Services Ltd (3452223Z IN) is looking to raise about US$584m in its upcoming India IPO. The deal will be run by Axis, Citi, IIFL, Jefferies and GS.
Credila Financial Services (CFSL) is an Indian education finance company focused on providing education loans to Indian students pursuing higher education in India and overseas.
It was the largest education-focused non-banking financial company (NBFC) in India, in terms of net loans and net profit in FY25, according to a Redseer Report.

Can Patanjali’s Foray Into the Underpenetrated Insurance Market Drive Growth Via This Acquisition?

Patanjali Ayurved (holding company of Patanjali Foods (PATANJAL IN)) acquired a 73.555% majority stake in Magma General Insurance for approximately INR 4,500 crore.
Patanjali seeks to diversify, leveraging its brand and distribution network to tap India’s underpenetrated insurance market, aligning with IRDAI’s “Insurance for All by 2047” vision.
Magma General brings established operations, a 26% GWP CAGR, and a network of 18,000 agents, providing an immediate platform for market expansion and growth.

SeedWorks International Ltd Pre-IPO – Sowing Seeds Amid Sluggish Bottomline

By Rosita Fernandes

SeedWorks International Ltd (1441147D IN) (SIL) is planning to raise about US$115m in its upcoming India IPO.
SIL is a seed research and development organization engaged in the research, production, and marketing of hybrid seeds.
As per F&S Report, in FY24, the company ranked 3rd in cotton seeds, 4th in hybrid rice and pearl millet seeds, in terms of volume of seeds sold in India.

Tire Giants Redraw India Playbooks; Indian Firms Rework Overseas

By Vinod Nedumudy

Continental, Michelin, Bridgestone pivot to premium with local focus
MRF expands in EV, defence, and export markets amid capacity growth
Apollo restructures in Europe, bolstering premium bicycle

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Jul 05

Daily Brief ECM: Lens Technology IPO Preview and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Lens Technology IPO Preview
Beijing Geek IPO: Not Worth It
Lens Technology IPO (Hong Kong) Valuation Analysis
Credila Financial Services Pre-IPO Tearsheet
Lepu Biopharma (2157 HK): Placing Shares As ADC Pipeline Products Entering Harvesting Stage
Coosea Smart Technology Co., Ltd. Pre-IPO Tearsheet
SeedWorks International Ltd Pre-IPO – Sowing Seeds Amid Sluggish Bottomline

Lens Technology IPO Preview

By Shifara Samsudeen, FCMA, CGMA

Lens Technology is getting ready to complete its IPO in Hong Kong. Lens Technology is planning to raise as much as HK$4.77 billion (US$608 million) in this IPO.
If the offer size adjustment and overallotment options are exercised, the IPO gross proceeds could increase to HK$6.3 billion (US$803 million).
In 2024, the company held a 13% share of the global market for precision structural parts and modules for consumer electronics and a 20.9% share of smart vehicle interaction systems.

Beijing Geek IPO: Not Worth It

Chinese Autonomous Mobile Robotics player, Geekplus Technology (2590 HK) plans to raise US$300m through its HKEx IPO at a valuation of around US$2.5bn.
Top line growth has slowed down while there also has been a decline in the no. of newly acquired customers. Exports to US accounts for a significant share of revenues.
Our valuation analysis suggests that the company’s IPO is significantly overvalued compared to global robotic players.

Lens Technology IPO (Hong Kong) Valuation Analysis

By Shifara Samsudeen, FCMA, CGMA

Our base case valuation of Lens Technology is market cap of 146 billion CNY based on P/E of 24.9x our estimated net profit of 5.8 billion CNY in 2026.
The company’s current market cap is 120.7 billion CNY. Thus, our base case valuation represents a 21% upside from current levels.
Lens Technology is well positioned to be one of the first companies to undertake large-scale production of key components and complete device assembly for humanoid robots and AI glasses.

Credila Financial Services Pre-IPO Tearsheet

By Akshat Shah

Credila Financial Services Ltd (3452223Z IN) is looking to raise about US$584m in its upcoming India IPO. The deal will be run by Axis, Citi, IIFL, Jefferies and GS.
Credila Financial Services (CFSL) is an Indian education finance company focused on providing education loans to Indian students pursuing higher education in India and overseas.
It was the largest education-focused non-banking financial company (NBFC) in India, in terms of net loans and net profit in FY25, according to a Redseer Report.

Lepu Biopharma (2157 HK): Placing Shares As ADC Pipeline Products Entering Harvesting Stage

By Tina Banerjee

Lepu Biopharma (2157 HK) is placing 93.8M shares at the placing price of HK$5.02 per H Share. The net proceeds from the placing are expected to be approximately HK$463M.
The company intends to use the proceeds for conducting clinical trial, commercialization, and marketing of the core products, and to fund R&D of new products.
Lepu ended 2024 with a cash balance of RMB401M, which has been augmented by the upfront payment from recent BD deal. The company need not raise fund in near-term.

Coosea Smart Technology Co., Ltd. Pre-IPO Tearsheet

By Troy Wong

Coosea Smart Technology Co., Ltd. (CST) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
According to Frost & Sullivan, in 2024, CST was the world’s second largest end-to-end solution provider for local smartphone brands by shipment volume, and rose to first place in 1Q25.
During the Track Record Period, CST generated revenue from over 70 countries or regions, mainly focusing on Asia and Americas.

SeedWorks International Ltd Pre-IPO – Sowing Seeds Amid Sluggish Bottomline

By Rosita Fernandes

SeedWorks International Ltd (1441147D IN) (SIL) is planning to raise about US$115m in its upcoming India IPO.
SIL is a seed research and development organization engaged in the research, production, and marketing of hybrid seeds.
As per F&S Report, in FY24, the company ranked 3rd in cotton seeds, 4th in hybrid rice and pearl millet seeds, in terms of volume of seeds sold in India.

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Jul 05

Daily Brief Japan: Yukiguni Maitake, Bike O & Co Ltd, SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Yukiguni Factory (1375 JP) – Preview Report
Bike O & Co Ltd (3377 JP): 1H FY11/25 flash update
Tire Giants Redraw India Playbooks; Indian Firms Rework Overseas

Yukiguni Factory (1375 JP) – Preview Report

By Sessa Investment Research

YUKIGUNI FACTORY CO., LTD. (hereinafter, “the Company”) produces, processes, and sells Maitake, which was the first in the world to be successfully mass- produced (with approximately 52% of the domestic production share), as well as a range of mushrooms (Eryngii, Buna-shimeji, Button Mushrooms, etc.).
In recent years, the Company has also pursued the development of mushroom-based alternative meats as part of its efforts to create new value from mushrooms.
1) Through a vertically integrated value chain covering production, processing, and sales of mushrooms, the Company ensures strict quality control and stable year-round supply.

Bike O & Co Ltd (3377 JP): 1H FY11/25 flash update

By Shared Research

In 1H FY11/25, revenue was JPY18.7bn (+13.2% YoY), with operating profit of JPY321mn and net income of JPY186mn.
Wholesale unit sales increased, retail unit sales declined, but higher average unit prices boosted revenue and gross profit.
SG&A expenses decreased by 3.3% YoY, contributing to improved profitability, with a workforce of 1,037 employees.

Tire Giants Redraw India Playbooks; Indian Firms Rework Overseas

By Vinod Nedumudy

Continental, Michelin, Bridgestone pivot to premium with local focus
MRF expands in EV, defence, and export markets amid capacity growth
Apollo restructures in Europe, bolstering premium bicycle

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Jul 05

Daily Brief Event-Driven: Jilin Jiutai Bank (6122 HK): Another Hobson’s Choice and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Jilin Jiutai Bank (6122 HK): Another Hobson’s Choice

Jilin Jiutai Bank (6122 HK): Another Hobson’s Choice

By David Blennerhassett

After Jilin Jiutai Bank (6122 HK) was suspended, again, I mused in Jilin Jiutai Bank (6122 HK): Now Is The Time To Be Delisted an expected Offer from Jilin Province Trust.
Jilin Province has now made a voluntary Offer at HK$0.70/share (~0.2x P/B!), below my HK$0.80/share estimate. Apart from a Scheme-like vote, this Offer has an onerous 90% acceptance condition.
And IF the Offer fails and IF Jilin Jiutai cannot resume trading, in accordance with Rule 6.01A(2)(b) of the Listing Rules, Jilin Jiutai may be delisted.

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Jul 05

Daily Brief Industrials: Geekplus Technology, Samsung Heavy Industries, Krones AG and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Beijing Geek IPO: Not Worth It
Samsung’s Vietnam Pivot: Small Deal, Big Signal
Krones AG: Initiation of Coverage- Turbocharging Global Expansion Through Smart Tariff Defense and Localized Production!

Beijing Geek IPO: Not Worth It

Chinese Autonomous Mobile Robotics player, Geekplus Technology (2590 HK) plans to raise US$300m through its HKEx IPO at a valuation of around US$2.5bn.
Top line growth has slowed down while there also has been a decline in the no. of newly acquired customers. Exports to US accounts for a significant share of revenues.
Our valuation analysis suggests that the company’s IPO is significantly overvalued compared to global robotic players.

Samsung’s Vietnam Pivot: Small Deal, Big Signal

By Rahul Jain

SHI has signed an MoU with PetroVietnam Shipyard to build two Suezmax and two LR2 tankers, marking its first move into Vietnam.
With Geoje running at 117% utilization, SHI has outsourced over 12 Suezmax tankers to PaxOcean Zhoushan and holds ~$3–3.5 billion in tanker backlog.
While modest in scale, the Vietnam deal could reshape SHI’s outsourcing model—diversifying away from China and laying the groundwork for a longer-term shift in global production strategy.

Krones AG: Initiation of Coverage- Turbocharging Global Expansion Through Smart Tariff Defense and Localized Production!

Krones AG, a leading provider of filling and packaging technologies, reported its Q1 2025 earnings, showcasing a positive start to the fiscal year.
The company’s revenue reached €1.410 billion, marking a 13.1% growth compared to the same period in 2024.
This growth is partially attributed to the inclusion of Netstal, adding approximately €60 million to the revenue.

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Jul 05

Daily Brief Equity Bottom-Up: VIL’s Revival Impossible or a State-Backed Turnaround Feasible? and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

VIL’s Revival Impossible or a State-Backed Turnaround Feasible?
Nuvama Wealth: The “Blessing in Disguise” Amidst Market Jitters in Jane Street Case
Samsung’s Vietnam Pivot: Small Deal, Big Signal
The Beat Ideas: Capri Global Capital: Small-Ticket Loans, Big-Ticket Growth
Verint Systems: Why Thoma Bravo May Be Eyeing This Flat-Growth AI Play!
Netflix Is Going Unscripted: Music Shows, Live Events & Reality TV Shake-Up Its Strategy!
Can Patanjali’s Foray Into the Underpenetrated Insurance Market Drive Growth Via This Acquisition?
Top Glove Corp (TOPG MK): Competition in Europe Along With ASP Softness to Remain a Concern
REA Group (REA AU) Vs. News Corp (NWS AU): Owner Diverges From Its Growth Engine
Perseus Mining (PRU AU) Vs. Capricorn Metals (CMM AU): Statistical Gold Trade Hits Target

VIL’s Revival Impossible or a State-Backed Turnaround Feasible?

Vodafone Idea (IDEA IN) faces severe financial distress due to INR 83,400 crore in mounting Adjusted Gross Revenue (AGR) dues and substantial deferred payment obligations.
Management warns Vi cannot operate beyond Financial Year 2026 without timely government support for AGR dues, halting crucial bank funding. market.
Vi proposes payment plans and seeks substantial funding, while ARPU is growing, and the government supports a three-player

Nuvama Wealth: The “Blessing in Disguise” Amidst Market Jitters in Jane Street Case

Nuvama Wealth Management (NUVAMA IN)‘s stock fell sharply due to SEBI barring Jane Street, its domestic trading partner, over alleged market manipulation, despite no direct accusations against Nuvama.
This dip is an overreaction; Nuvama’s strong wealth/asset management (74% revenue) and robust FY26 growth guidance insulate it from Capital Markets segment impact (26%). PAG’s ongoing exit also signals value.
The market correction presents a “blessing in disguise,” opportunity into a fundamentally strong, diversified Indian financial services firm.

Samsung’s Vietnam Pivot: Small Deal, Big Signal

By Rahul Jain

SHI has signed an MoU with PetroVietnam Shipyard to build two Suezmax and two LR2 tankers, marking its first move into Vietnam.
With Geoje running at 117% utilization, SHI has outsourced over 12 Suezmax tankers to PaxOcean Zhoushan and holds ~$3–3.5 billion in tanker backlog.
While modest in scale, the Vietnam deal could reshape SHI’s outsourcing model—diversifying away from China and laying the groundwork for a longer-term shift in global production strategy.

The Beat Ideas: Capri Global Capital: Small-Ticket Loans, Big-Ticket Growth

Capri Global’s foray into merchant banking, investment banking, and wealth management signals a major shift towards becoming a full-spectrum financial services provider, broadening its business model.
With a target of reaching INR 50,000 crore AUM in the next three years, CGCL is positioning itself for significant expansion in India’s underserved financial segments, highlighting strong growth potential.
By integrating AI, data science, and machine learning into its operations, Capri Global is enhancing underwriting, improving customer acquisition, and streamlining business processes, positioning itself for sustained competitive advantage.

Verint Systems: Why Thoma Bravo May Be Eyeing This Flat-Growth AI Play!

Verint Systems Inc. presented its Q1 2026 earnings results, showcasing a strong beginning to the fiscal year.
The company reported accelerated annual recurring revenue (ARR) growth of 6%, with total revenue of $208 million and non-GAAP diluted earnings per share (EPS) of $0.29, both surpassing guidance expectations.
This positive performance was primarily attributed to the company’s expanding AI momentum, led by its AI-powered bots and CX automation platform.

Netflix Is Going Unscripted: Music Shows, Live Events & Reality TV Shake-Up Its Strategy!

Netflix, once the poster child for prestige TV and high-budget scripted series, is now rewriting its own playbook.
In a strategic pivot to broaden its appeal, the streaming giant is aggressively moving into unscripted entertainment, including music competitions, celebrity interviews, global live events, and talent shows.
Among the most notable developments, Netflix is set to debut Building the Band, a reality competition blending the secrecy of Love Is Blind with the structure of The Voice, hosted by Backstreet Boys’ AJ McLean.

Can Patanjali’s Foray Into the Underpenetrated Insurance Market Drive Growth Via This Acquisition?

Patanjali Ayurved (holding company of Patanjali Foods (PATANJAL IN)) acquired a 73.555% majority stake in Magma General Insurance for approximately INR 4,500 crore.
Patanjali seeks to diversify, leveraging its brand and distribution network to tap India’s underpenetrated insurance market, aligning with IRDAI’s “Insurance for All by 2047” vision.
Magma General brings established operations, a 26% GWP CAGR, and a network of 18,000 agents, providing an immediate platform for market expansion and growth.

Top Glove Corp (TOPG MK): Competition in Europe Along With ASP Softness to Remain a Concern

By Tina Banerjee

Top Glove Corp (TOPG MK) revenue grew 30% YoY to RM 830M in 3QFY25. Revenue dropped 6% QoQ despite sales volume increasing 4%, due to lower ASP and weaker USD.
The revenue in Europe (contributes 37% of total revenue) softened further in 3QFY25 due to heightened competition. North America region (26% of revenue) witnessed 24% QoQ sales growth in 3QFY25.
Decline in raw material prices in 3QFY25 coupled with competitive pressure led to the ASPs being adjusted downwards.

REA Group (REA AU) Vs. News Corp (NWS AU): Owner Diverges From Its Growth Engine

By Gaudenz Schneider

Context: The REA Group Ltd (REA AU) vs. News Corp (NWS AU) 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 going long REA Group Ltd (REA AU) and short News (NWS AU). A target return is provided. News Corp is the majority owner of REA.
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.

Perseus Mining (PRU AU) Vs. Capricorn Metals (CMM AU): Statistical Gold Trade Hits Target

By Gaudenz Schneider

Context: This article provides an update on a previously identified pair trading opportunity between Perseus Mining (PRU AU) and Capricorn Metals (CMM AU), based on statistical mean reversion analysis.
Key Insights: The trade has now reached its exit signal as the price ratio reverted to its one-standard deviation band, yielding a positive return.
Why Read: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.

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Jul 05

Daily Brief Energy/Materials: Iron Ore, Perseus Mining, Crude Oil, FUCHS , SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

[IO Technicals 2025/27] Bullish Momentum Gains Traction
Perseus Mining (PRU AU) Vs. Capricorn Metals (CMM AU): Statistical Gold Trade Hits Target
[ETP 2025/27] WTI Volatile on Supply Risks; Henry Hub Slips on Softer Demand Outlook
FUCHS SE – Strategic Acquisitions Set the Stage for High-Margin Market Takeover!
Tire Giants Redraw India Playbooks; Indian Firms Rework Overseas

[IO Technicals 2025/27] Bullish Momentum Gains Traction

By Umang Agrawal

Reduced shipments and increased hot metal output buoyed iron ore prices. However, long-term demand faces pressure from Chinese steel stagnation and looming supply from Simandou.
Analysts foresee a balanced iron ore market in 2025, but warn that trade tensions and shifting Chinese policies could undermine demand and price stability.
Prices are trading above short-term moving averages, suggesting ongoing upside momentum, while the MACD above its signal line confirms the prevailing bullish trend.

Perseus Mining (PRU AU) Vs. Capricorn Metals (CMM AU): Statistical Gold Trade Hits Target

By Gaudenz Schneider

Context: This article provides an update on a previously identified pair trading opportunity between Perseus Mining (PRU AU) and Capricorn Metals (CMM AU), based on statistical mean reversion analysis.
Key Insights: The trade has now reached its exit signal as the price ratio reverted to its one-standard deviation band, yielding a positive return.
Why Read: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.

[ETP 2025/27] WTI Volatile on Supply Risks; Henry Hub Slips on Softer Demand Outlook

By Suhas Reddy

For the week ending 27/Jun, U.S. crude inventories rose by 3.8m barrels (vs. expectations of a 3.5m barrel decline). Gasoline stockpiles rose more than expected.
The EIA reported a 55 Bcf storage build, while analysts forecasted a 48 Bcf increase. Storage levels are 6.2% above the five-year average but 5.6% below year-ago levels.
BlackRock may offload its gas pipeline stake back to Aramco, while JP Morgan cut its 12-month PT on SLB and Goldman Sachs did the same for Halliburton.

FUCHS SE – Strategic Acquisitions Set the Stage for High-Margin Market Takeover!

Fuchs SE reported its financial results for the first quarter of 2025, highlighting both positive developments and challenges.
Sales saw a year-over-year growth of 5%, driven by both internal and external factors.
The internal growth was largely attributed to major volume increases and new contracts with prominent customers.

Tire Giants Redraw India Playbooks; Indian Firms Rework Overseas

By Vinod Nedumudy

Continental, Michelin, Bridgestone pivot to premium with local focus
MRF expands in EV, defence, and export markets amid capacity growth
Apollo restructures in Europe, bolstering premium bicycle

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Jul 05

Daily Brief TMT/Internet: Lens Technology, Vodafone Idea , Verint Systems, Coosea Smart Technology Company, Hang Seng Index, Pinterest , Peraso , Core Scientific, Ambarella Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Lens Technology IPO Preview
VIL’s Revival Impossible or a State-Backed Turnaround Feasible?
Lens Technology IPO (Hong Kong) Valuation Analysis
Verint Systems: Why Thoma Bravo May Be Eyeing This Flat-Growth AI Play!
Coosea Smart Technology Co., Ltd. Pre-IPO Tearsheet
Hong Kong Single Stock Options Weekly (June 30 – July 04): Narrowing Breadth and Rising Put Activity
Pinterest’s Hidden Comeback: Why This Social Stock May Still Surprise Wall Street
Why Mobix Labs Wants Peraso: The Surprising Value Behind a Loss-Making mmWave Pioneer!
Core Scientific’s $3.7 Billion Puzzle: Why CoreWeave Might Be Ready to Buy a Loss-Making Giant
Ambarella in Play? Why This AI Chipmaker Is Suddenly on Every Rival’s Radar

Lens Technology IPO Preview

Lens Technology is getting ready to complete its IPO in Hong Kong. Lens Technology is planning to raise as much as HK$4.77 billion (US$608 million) in this IPO.
If the offer size adjustment and overallotment options are exercised, the IPO gross proceeds could increase to HK$6.3 billion (US$803 million).
In 2024, the company held a 13% share of the global market for precision structural parts and modules for consumer electronics and a 20.9% share of smart vehicle interaction systems.

VIL’s Revival Impossible or a State-Backed Turnaround Feasible?

Vodafone Idea (IDEA IN) faces severe financial distress due to INR 83,400 crore in mounting Adjusted Gross Revenue (AGR) dues and substantial deferred payment obligations.
Management warns Vi cannot operate beyond Financial Year 2026 without timely government support for AGR dues, halting crucial bank funding. market.
Vi proposes payment plans and seeks substantial funding, while ARPU is growing, and the government supports a three-player

Lens Technology IPO (Hong Kong) Valuation Analysis

Our base case valuation of Lens Technology is market cap of 146 billion CNY based on P/E of 24.9x our estimated net profit of 5.8 billion CNY in 2026.
The company’s current market cap is 120.7 billion CNY. Thus, our base case valuation represents a 21% upside from current levels.
Lens Technology is well positioned to be one of the first companies to undertake large-scale production of key components and complete device assembly for humanoid robots and AI glasses.

Verint Systems: Why Thoma Bravo May Be Eyeing This Flat-Growth AI Play!

Verint Systems Inc. presented its Q1 2026 earnings results, showcasing a strong beginning to the fiscal year.
The company reported accelerated annual recurring revenue (ARR) growth of 6%, with total revenue of $208 million and non-GAAP diluted earnings per share (EPS) of $0.29, both surpassing guidance expectations.
This positive performance was primarily attributed to the company’s expanding AI momentum, led by its AI-powered bots and CX automation platform.

Coosea Smart Technology Co., Ltd. Pre-IPO Tearsheet

By Troy Wong

Coosea Smart Technology Co., Ltd. (CST) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
According to Frost & Sullivan, in 2024, CST was the world’s second largest end-to-end solution provider for local smartphone brands by shipment volume, and rose to first place in 1Q25.
During the Track Record Period, CST generated revenue from over 70 countries or regions, mainly focusing on Asia and Americas.

Hong Kong Single Stock Options Weekly (June 30 – July 04): Narrowing Breadth and Rising Put Activity

By John Ley

Hong Kong single stocks traded lower in a holiday-shortened week.
Breadth pulled back sharply from the previous week’s extremes and Put activity picked up noticeably across single stock options.
Intervention in HKD continues to ramp steadily higher with HKD bumping along top of the range.

Pinterest’s Hidden Comeback: Why This Social Stock May Still Surprise Wall Street

Pinterest, once seen as an also-ran in the social media race, is quietly engineering one of the most data-driven comebacks in the digital advertising world.
With its Q1 2025 results showing a 16% year-over-year revenue increase to $855 million and monthly active users (MAUs) hitting a record 570 million (+10% YoY), Pinterest is demonstrating clear traction.
The platform’s focused evolution—from a passive pinboard to an AI-powered visual discovery engine with deep commerce integrations—is attracting attention across investor circles.

Why Mobix Labs Wants Peraso: The Surprising Value Behind a Loss-Making mmWave Pioneer!

Peraso Inc. reported its financial performance for the first quarter of 2025, unveiling a combination of significant advancements and continuing challenges faced by the company.
The firm’s revenues reached $3.9 million, up from $2.8 million in the same quarter of the previous year, showing a clear year-over-year growth.
This expansion was driven primarily by increased shipments of millimeter wave (mmWave) products, indicating their growing market acceptance.

Core Scientific’s $3.7 Billion Puzzle: Why CoreWeave Might Be Ready to Buy a Loss-Making Giant

Core Scientific’s first quarter fiscal year 2025 results highlight its strategic pivot towards high-density colocation infrastructure, driven largely by its significant agreements with CoreWeave.
This strategic focus is shaped by the growing demand for advanced computing capabilities informed by AI-driven infrastructures, representing both opportunities and challenges for the company’s future.
A pivotal point in Core Scientific’s strategy is its collaboration with CoreWeave, which underpins its expansion into AI-focused datacenter infrastructure.

Ambarella in Play? Why This AI Chipmaker Is Suddenly on Every Rival’s Radar