Daily Briefs

In recent months, Nvidia has quietly transformed from the undisputed leader in AI semiconductors into a formidable new player in cloud computing.
What began with DGX Cloud—launched two years ago as an infrastructure offering focused on AI workloads—has evolved into a full-fledged attempt to reshape how cloud services are consumed and delivered.
The latest development is the launch of DGX Cloud Lepton, a marketplace designed to aggregate unused GPU capacity across a network of Nvidia-aligned cloud providers, including CoreWeave, Lambda, and Crusoe.

Buy International Gaming Technologies

By Richard Howe

International Gaming Technologies (IGT) is in the process of selling its Global Gaming and PlayDigital segments.
The merger arbitrage market implies a high likelihood that this deal closes soon ($14.23 share price for EVRI vs. acquisition price of $14.25).
Guidance is the deal could close as soon as July 1, 2025.

Global FX: Mid-Year Outlook – Tell me something new

By At Any Rate

Dollar decoupled from US rates and equities, investors expected to chase dollar lower
Dollar positioning not as crowded as perceived, global holdings of US equities still large
Unlikely for significant repatriation of Japanese foreign bond investments, focus on rebalancing rather than one-way repatriation; implications of upcoming election on Yen uncertain

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Hims & Hers Stock Nosedives: The Real Reason Behind the Novo Nordisk Breakup!

Hims & Hers Health has found itself at the center of investor turmoil after its high-profile collaboration with Novo Nordisk on FDA-approved weight loss drug Wegovy abruptly ended.
The Danish pharmaceutical titan terminated the pact, accusing Hims & Hers of misleading marketing practices and non-compliance with regulations governing compounded drugs—actions it deemed a threat to patient safety.
Hims & Hers CEO Andrew Dudum fired back, insisting the company’s compounding approach is legal under FDA rules and accusing Novo Nordisk of leveraging its market dominance to pressure patients toward branded Wegovy.

Weekly Update (AMRZ, UNTC, MEDXF, IGT)

By Richard Howe

This week, I recommended a new idea: Buy International Gaming Technologies.
If you are interested in buying IGT, I would recommend doing so on Monday.
IGT is in the process of selling its Gaming division for $4BN, and the transaction could close as soon as Tuesday, July 1.

MIRA: Data Shows Weight Drop Without Muscle Loss

By Zacks Small Cap Research

MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

Euronet: Accelerating Money Transfer Growth with 31% Digital Surge & 22 New Market Wins!

Euronet Worldwide concluded its first quarter of 2025 with several notable achievements and strategic moves that highlight both the strengths and challenges of the company’s diverse business model.
The company reported double-digit growth in both operating income and adjusted EBITDA, an 18% increase in operating income compared to the previous year.
The growth spanned across all segments, driven by robust performance in transaction processing and foreign exchange activities.

Carter’s Inc – Carter’s Inc.: Can Retail Strategy Revamp Win Over New Shoppers?

Carter’s, Inc. recently held its first quarter fiscal 2025 earnings call, revealing a mixed performance marked by both challenges and strategic initiatives intended to bolster long-term growth.
Under Doug Palladini, the new CEO, Carter’s is gearing towards a reinvigorated strategy aimed at sustainable and accretive growth.
His prior experience with brand expansion at Vans suggests an inclination towards focusing on enduring consumer connections and brand loyalty, elements he deems critical for Carter’s path forward.

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Jul 01

Daily Brief India: Mazagon Dock Shipbuilders , Canara Bank, RPSG Ventures Limited, Aditya Birla Fashion and Retail Ltd, Edelweiss Financial Services, HDB Financial Services Ltd, Nesco Ltd, Nuvama Wealth Management, Rajshree Polypack and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows
Relative Value Roundup: Opportunities and Performance Recap of Pair Trades in Asia-Pacific
RPSG Ventures: BPO Business Doing Well | Holding Company Discount at 82%
Event Driven: ABFRL~ Value Unlocking Through Strategic Demerger
Edelweiss: Last 3Y Have Seen Tremendous Shift, Next 2Y Should Be Even Better
HDB Financial Services: Float Cap Expansion Sets Stage for Global Index Inclusion
Nesco: Weak Q4FY25 Due to Underwhelming Performance in BEC
Nuvama: FY25 Ends To Be a Breakout Year
RPPL: Strong Q4FY25 | Next 2Y Look Promising

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.
From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for global indices, NIFTY Index, NSE Nifty Next 50 Index and/or Nifty Midcap 150 Index in September.

Relative Value Roundup: Opportunities and Performance Recap of Pair Trades in Asia-Pacific

By Gaudenz Schneider

Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
Highlight: Three pair trade opportunities across three markets and two sectors persist.
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

RPSG Ventures: BPO Business Doing Well | Holding Company Discount at 82%

RPSG Ventures reported a strong Q4FY25 led by the BPO business that has been growing well. BPO revenues grew 3%+ QoQ and 30%+ YoY. EBIT margin has sustained at 11%+.
The FMCG business after posting INR 550cr+ annualized revenue run-rate for the past few quarters saw a dip in Q4FY25 with annualized revenue at INR 520cr.
The Sports segment reported similar revenue YoY at INR 135cr+, led by part revenue recognition from IPL 2025 that began at end of March, similar to that in 2024.

Event Driven: ABFRL~ Value Unlocking Through Strategic Demerger

By Nimish Maheshwari

Aditya Birla Fashion and Retail Ltd (ABFRL IN) demerged its business into two focussed entities, ABLBL(Stable Business) and ABFRL(High growth Business).
The separation aligns capital with business maturity isolating cash-generating lifestyle brands from high-growth, capital-hungry verticals like ethnic, luxury, and digital-first.
The two entities are targeting a combined INR 30,000 Cr in revenue and 3x cash profit by FY30 through unlocking sharper execution, better capital efficiency, and distinct investor appeal.

Edelweiss: Last 3Y Have Seen Tremendous Shift, Next 2Y Should Be Even Better

Edelweiss has executed well over the past three years led by its pivot towards fee-based model. Its asset management businesses have grown rapidly, contributing significantly to the fee income.
The credit businesses are still struggling in terms of growth, but they have been pivoted successfully towards the co-lending model and the next couple of years could see significant growth.
The insurance businesses are also on track to breakeven over the next couple of years in line with the management’s prior guidance.

HDB Financial Services: Float Cap Expansion Sets Stage for Global Index Inclusion

By Dimitris Ioannidis

The free float is estimated to gradually increase from ~15% up to 30% over six months due to the lock-up expiries of Anchor Investors and pre-IPO Shareholders.
HDB Financial Services is forecasted to be added to Global All-World in December 2025 following the lock-up expiry of the Anchor Investors.
HDB Financial Services has a chance of inclusion in Global Standard in February 2026 following the lock-up expiry of pre-IPO shareholders which can increase free float up to 30%.

Nesco: Weak Q4FY25 Due to Underwhelming Performance in BEC

Nesco reported a weak Q4FY25 led by weak performance in the exhibition segment (“BEC”). Revenue in the BEC segment was down -25% YoY and -30% QoQ.
On the other hand, the IT Parks segment performed strong. IT Parks segment’s Q4FY25 revenue grew 2% QoQ and 15%+ YoY, led by improved occupancy and rise in rental rates.
Typically, the Foods business is linked to the BEC business. However, in Q4FY25, despite weak BEC revenues, the Foods business did well led by the catering business.

Nuvama: FY25 Ends To Be a Breakout Year

Nuvama Wealth Management (“Nuvama”) has consistently outperformed expectations throughout FY25 and Q4FY25 was no exception. In particular, the Asset Services sub-segment has been the outlier.
The Wealth Management and Asset Management segments continued to perform steadily providing resilience to the platform, despite cyclicality. They saw net inflows despite challenging market conditions during 2HFY25.
Due to market volatility, certain pockets of the investment bank and institutional equities sub-segments saw somewhat muted performance, however, Nuvama fared much better relative to its peers.

RPPL: Strong Q4FY25 | Next 2Y Look Promising

Rajshree Polypack (“RPPL”) reported excellent Q4FY25 led by strong growth in injection molding and exports revenue. Exports quarterly revenue grew to INR 20cr vs INR 10cr+ run-rate earlier.
Injection molding segment has grown well. It clocked INR 15cr+ in revenue in Q4FY25 vs INR 8cr YoY. For FY25, revenue from injection molding more than doubled to INR 40cr+.
Led by growing mix of high-value segments like injection molding, barrier packaging and exports in Q4FY25, EBITDA margin improved to 13.7% vs 13.5% YoY and 12.5% QoQ.

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Jul 01

Daily Brief Japan: BayCurrent Consulting , Nippon Concept, Ana Holdings, Sanyo Shokai and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes
Nippon Concept (9386 JP): J-STAR-Sponsored MBO a Done Deal
Quiddity JPX-Nikkei 400 Rebal 2025: End-June 2025 Ranks (FINAL EXPECTATIONS)
Sanyo Shokai (8011 JP): Q1 FY02/26 flash update

Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes

The review period for the Nikkei 225 (NKY INDEX) September rebalance ends in 4 weeks. There could be one outright change and one or two others driven by sector balance.
There will be passive buying in BayCurrent Consulting as the PAF moves from 0.5 to 1. Fast Retailing (9983 JP)‘s index weight is below the 10% cap for now.
ROHM Co Ltd (6963 JP) replaces NTT Data Corp (9613 JP) later this week and there will be a lot of focus on those names.

Nippon Concept (9386 JP): J-STAR-Sponsored MBO a Done Deal

Nippon Concept (9386 JP) has recommended a J-STAR-sponsored MBO at JPY3,060, a 37.2% premium to the last close price.
The offer is attractive as it represents an all-time high and is above the midpoint of the IFA DCF valuation range.
An attractive offer and irrevocables pave the way for deal completion. The tender runs from July 1 to August 13, with payment due on August 20.

Quiddity JPX-Nikkei 400 Rebal 2025: End-June 2025 Ranks (FINAL EXPECTATIONS)

By Janaghan Jeyakumar, CFA

JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-June 2025.

Sanyo Shokai (8011 JP): Q1 FY02/26 flash update

By Shared Research

Revenue decreased by 5.7% YoY to JPY14.5bn, with operating profit declining by 95.2% YoY to JPY36m.
Net income attributable to owners fell 93.9% YoY to JPY36m, with recurring profit down 96.6% YoY to JPY25m.
Despite reducing SG&A expenses by JPY400m, cost-control efforts failed to offset gross profit decline from lower revenue.

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Jul 01

Daily Brief ECM: Lens Technology A/H Listing – Pricing Looks Decent and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Lens Technology A/H Listing – Pricing Looks Decent
Lens Technology H Share Listing (6613 HK): The Investment Case
Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round
Wuhan Dazhong Dental Medical IPO: Shine Revival Will Take a Few Sessions
Pre-IPO Genuine Biotech – The Current Pipeline Hardly Supports High Valuation

Lens Technology A/H Listing – Pricing Looks Decent

By Sumeet Singh

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

Lens Technology H Share Listing (6613 HK): The Investment Case

Lens Technology (6613 HK), an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.
In terms of revenue in 2024, Lens is a global leader in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicle interaction systems.
The investment case is based on a well-performing core business, limited tariff impact, reduced reliance on Apple, strong margins, and robust cash generation.

Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round

By Nicholas Tan

Geek+ (1678559D CH) is looking to raise up to $300m in its upcoming Hong Kong IPO.
It is a leader in the global autonomous mobile robots (AMR) market.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Wuhan Dazhong Dental Medical IPO: Shine Revival Will Take a Few Sessions

By Tina Banerjee

Wuhan Dazhong Dental Medical launched IPO aiming to raise up to HK$232 million (US$30 million). The company plans to sell 10.8 million shares at HK$20–HK$21.4 per share.
Wuhan Dazhong Dental Medical is a private dental services provider in Central China providing dental services under the direct chain model.
The IPO price is set at a premium (23%) to the price realized during Series B funding. Valuation looks attractive. But there are a few concerns to take into account.

Pre-IPO Genuine Biotech – The Current Pipeline Hardly Supports High Valuation

By Xinyao (Criss) Wang

Essentially, Genuine‘s pipeline and commercialization strategy are centered around azvudine. However, the commercialization would still rely on the indications of HIV infection and COVID-19 in the short term.
The COVID-19 has passed, so future revenue contribution of this indication will gradually shrink. Considering the unsustainability of its future performance, we suggest excluding COVID-19 projects when considering long-term valuation.
The post-investment valuation after Series B financing was RMB3.56 billion. However, we are conservative about Genuine’s outlook, and we think reasonable valuation could be below RMB2 billion.

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Jul 01

Daily Brief China: Lens Technology , Lens Technology, Chow Tai Fook Jewellery, Geek+, Zijin Mining Group , Tencent Music, Midea Group, 3SBio Inc, JD.com , Wuhan Dazhong Dental Medical and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Lens Technology A/H Listing – Pricing Looks Decent
Lens Technology H Share Listing (6613 HK): The Investment Case
Shortlist Of High Conviction Ideas Across China, Japan, India – June 2025
Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round
Zijin Mining (601899.SS): Acquires Kazakhstan’s Raygorodok Gold Mine for USD 1.2 Billion
Tencent Music (TME): Quick Note – Acquisition of Ximalaya
Midea Group(300 HK): Upcoming Spin-Off & IPO of ‘Annto’,Ongoing and Proposed Buyback, Strong Outlook
3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?
JD.com (9618 HK) Top Option Trades: Bullish Butterfly Stands Out Amond Bearish Sentiment
Wuhan Dazhong Dental Medical IPO: Shine Revival Will Take a Few Sessions

Lens Technology A/H Listing – Pricing Looks Decent

By Sumeet Singh

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

Lens Technology H Share Listing (6613 HK): The Investment Case

Lens Technology (6613 HK), an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.
In terms of revenue in 2024, Lens is a global leader in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicle interaction systems.
The investment case is based on a well-performing core business, limited tariff impact, reduced reliance on Apple, strong margins, and robust cash generation.

Shortlist Of High Conviction Ideas Across China, Japan, India – June 2025

By Sreemant Dudhoria,CFA

We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.
Our top in China are Chow Tai Fook Jewellery (1929 HK) , Midea Group (300 HK) and Dongfeng Motor (489 HK)
Our top picks in Japan are Denso Corp (6902 JP),ROHM Co Ltd (6963 JP) and in India Auto it is Mahindra & Mahindra (MM IN) & Ashok Leyland (AL IN)

Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round

By Nicholas Tan

Geek+ (1678559D CH) is looking to raise up to $300m in its upcoming Hong Kong IPO.
It is a leader in the global autonomous mobile robots (AMR) market.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Zijin Mining (601899.SS): Acquires Kazakhstan’s Raygorodok Gold Mine for USD 1.2 Billion

By Rahul Jain

Zijin has acquired one of Kazakhstan’s largest gold mines, Raygorodok, adding 3.2 Moz in reserves and 193 koz in annual production.
He asset is highly profitable (USD 202m net profit in 2024) with low costs (USD 796/oz), lifting Zijin’s output by 8% and reserves by 4%.
5.9x P/E and 3.3x EV/EBITDA, the deal looks attractively priced and enhances the scale, margins, and IPO narrative for Zijin Gold International.

Tencent Music (TME): Quick Note – Acquisition of Ximalaya

By Ming Lu

TME proposed to acquire 100% shares of Ximalaya, a long audio app.
TME has been exploring the long audio market since 2020.
We believe Ximalaya has advantages in monthly active users and car radio.

Midea Group(300 HK): Upcoming Spin-Off & IPO of ‘Annto’,Ongoing and Proposed Buyback, Strong Outlook

By Sreemant Dudhoria,CFA

Annto IPO: Midea Group (300 HK)plans to spin off its subsidiary Annto Logistics via a domestic IPO to unlock value in its fast-growing logistics platform.
Share Buyback:Midea Group Co Ltd A (000333 CH) announced a RMB 5–10 billion A-share buyback in June 2025, signaling confidence and supporting shareholder returns through disciplined capital allocation.
B2B Transition: Shifting from a B2C appliance maker to a tech-led B2B solution provider. With B2B contribution over 30% of revenue, it positions it for long-term, higher-margin, solution-led global growth

3SBio Inc (1530 HK): Licensing Deal a Market Hit; Will It Continue?

By Tina Banerjee

3SBio Inc (1530 HK) signed an outlicensing deal worth more than $6B with Pfizer for its PD-1/VEGF bispecific antibody, SSGJ-707. Since signing the deal, 3SBio shares rallied more than 55%.
Considering deals signed with Chinese companies for bispecific antibody drug candidates in recent times, 3SBio seems to have secured best valuation for its asset.
Initiation of global trial of SSGJ-707 and data readout from its ongoing China trials for additional indications, continued strong financial performance, and new approvals are upcoming catalysts.

JD.com (9618 HK) Top Option Trades: Bullish Butterfly Stands Out Amond Bearish Sentiment

By Gaudenz Schneider

Context: Over the past five trading days, JD.com (9618 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
Highlights: Diagonal Spreads continue to enjoy popularity. Plus, an out of the money butterfly at near zero premium demonstrates a creative application of this popular option combination.
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,

Wuhan Dazhong Dental Medical IPO: Shine Revival Will Take a Few Sessions

By Tina Banerjee

Wuhan Dazhong Dental Medical launched IPO aiming to raise up to HK$232 million (US$30 million). The company plans to sell 10.8 million shares at HK$20–HK$21.4 per share.
Wuhan Dazhong Dental Medical is a private dental services provider in Central China providing dental services under the direct chain model.
The IPO price is set at a premium (23%) to the price realized during Series B funding. Valuation looks attractive. But there are a few concerns to take into account.

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Jul 01

Daily Brief Credit: Asian Bond Monitor: Asian Bonds for the Upcoming Recession and more

By Smartkarma Daily Briefs | Credit, Daily Briefs

In today’s briefing:

Asian Bond Monitor: Asian Bonds for the Upcoming Recession
Lucror Analytics – Morning Views Asia

Asian Bond Monitor: Asian Bonds for the Upcoming Recession

By Warut Promboon

Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.
We believe fixed rate bonds should be the instrument of choice toward the end of this year.
Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy
UST yields rose 3-4 bps across the curve on Friday, after US President Donald Trump cut off trade talks with Canada.
This unwound yield declines earlier in the day, on the back of weaker than expected personal spending and income data. The yield on the 2Y and 10Y UST advanced 3 bps to 3.75% and 4.28%, respectively.

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Jul 01

Daily Brief Utilities: APA Group and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

APA Group – Australian Broker Call *Extra* Edition – Jun 30, 2025

APA Group – Australian Broker Call Extra Edition – Jun 30, 2025

By FNArena

Extra Edition of the Broker Call Report

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Jul 01

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Nasdaq Jumped More than 6% in June and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Nasdaq Jumped More than 6% in June
Japan Morning Connection: Japan Set for Wobbly Start on Tariff Threats but Impact Likely Short Lived
Australia’s Cyclical Recovery: Value Opportunities in Undervalued Office and Retail REITs
Monday Delight: 30/06/25
Thematic Report: India’s Steel Industry ~ GOI Initiatives Enough to Stabilize The Structural Stress?
Podcast EP294: An Overview of the Momentum and Breadth of the RISC-V Movement with Andrea Gallo

Ohayo Japan | Nasdaq Jumped More than 6% in June

By Mark Chadwick

U.S. stocks closed at record highs Monday, capping a volatile first half as optimism over trade negotiations lifted markets.
Takashimaya and Line Yahoo Japan announce fresh share buyback plans
Honda has postponed production of its next-generation fuel cell system due to high costs

Japan Morning Connection: Japan Set for Wobbly Start on Tariff Threats but Impact Likely Short Lived

By Andrew Jackson

Wolfspeed formally goes into Chapter 11, but the upside for Renesas makes its recent write off look excessive.
Short interest for some Japanese autos has surged which points to a squeeze once US trade deal reached.
Space names should be back in focus ahead of next week’s ‘Space Tide Conference’ in Tokyo. Watch iQPS, Synspective and Sky Perfect JSAT for upside.

Australia’s Cyclical Recovery: Value Opportunities in Undervalued Office and Retail REITs

By Jacob Cheng

RBA has recently shifted its monetary policy, and is expected to continue its easing over the future. Real estate assets will benefit
The office sector in Australia is impacted by the “flight to quality” trend, while the retail sector is under pressure, with slowing retail sales growth
We see value in DEXUS and Dexus Convenience Retail REIT, driven by both top down macro tailwinds and structural bottom up drivers

Monday Delight: 30/06/25

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!

Thematic Report: India’s Steel Industry ~ GOI Initiatives Enough to Stabilize The Structural Stress?

By Nimish Maheshwari

India’s steel sector faced severe margin compression and trade imbalances due to a surge in low-cost imports and collapsing exports.
To combat structural stress, the Government of India imposed a 12% safeguard duty and expanded quality norms to shield domestic producers.
While short-term recovery is visible, the long-term outlook depends on global oversupply resolution and India’s shift from curbs to core reforms.

Podcast EP294: An Overview of the Momentum and Breadth of the RISC-V Movement with Andrea Gallo

By SemiWiki.com

New CEO of RISC V International focusing on continuity with previous CEO’s roadmap
Prioritizing commercialization of RISC V in key industries like HPC, Data center, AI, Automotive, and Space
Key takeaways from RISC V Summit Europe include engagement from global attendees, important panels with industry leaders, and upgrades in software ecosystem membership.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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Jul 01

Daily Brief Industrials: BayCurrent Consulting , Nippon Concept, Ana Holdings, Mazagon Dock Shipbuilders , Geek+, Fortive , Asia High Yield Bond Index, Deutsche Lufthansa , Hensoldt AG, Kirby Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes
Nippon Concept (9386 JP): J-STAR-Sponsored MBO a Done Deal
Quiddity JPX-Nikkei 400 Rebal 2025: End-June 2025 Ranks (FINAL EXPECTATIONS)
AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows
Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round
Fortive or Its Spin-Off Ralliant – Which One Is a Better Buy?
Asian Bond Monitor: Asian Bonds for the Upcoming Recession
Deutsche Lufthansa: Initiation of Coverage-Massive Turnaround Sparks Bold Profit Revival!
Hensoldt AG: Initiation of Coverage- Soaring Ahead with Next-Gen Sensor Breakthroughs!
Kirby Corporation Positioned to Win Big as Onshoring Trends Ignite Domestic Transport Demand; What’s The Expected Revenue Impact?

Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes

The review period for the Nikkei 225 (NKY INDEX) September rebalance ends in 4 weeks. There could be one outright change and one or two others driven by sector balance.
There will be passive buying in BayCurrent Consulting as the PAF moves from 0.5 to 1. Fast Retailing (9983 JP)‘s index weight is below the 10% cap for now.
ROHM Co Ltd (6963 JP) replaces NTT Data Corp (9613 JP) later this week and there will be a lot of focus on those names.

Nippon Concept (9386 JP): J-STAR-Sponsored MBO a Done Deal

Nippon Concept (9386 JP) has recommended a J-STAR-sponsored MBO at JPY3,060, a 37.2% premium to the last close price.
The offer is attractive as it represents an all-time high and is above the midpoint of the IFA DCF valuation range.
An attractive offer and irrevocables pave the way for deal completion. The tender runs from July 1 to August 13, with payment due on August 20.

Quiddity JPX-Nikkei 400 Rebal 2025: End-June 2025 Ranks (FINAL EXPECTATIONS)

By Janaghan Jeyakumar, CFA

JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-June 2025.

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.
From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for global indices, NIFTY Index, NSE Nifty Next 50 Index and/or Nifty Midcap 150 Index in September.

Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round

By Nicholas Tan

Geek+ (1678559D CH) is looking to raise up to $300m in its upcoming Hong Kong IPO.
It is a leader in the global autonomous mobile robots (AMR) market.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Fortive or Its Spin-Off Ralliant – Which One Is a Better Buy?

By Garvit Bhandari

Fortive and Ralliant began when-issued trading on June 25, 2025 under the ticker ‘FTV WI’ and ‘RAL WI’.
The regular-way trading will begin on June 30, 2025. Ralliant will trade under the ticker ‘RAL’ and Fortive (ex Ralliant) will continue to trade under the ticker ‘FTV’.
As part of the transaction, FTV (ex RAL) will receive $1.15 billion in dividend from Ralliant Corp. RAL will assume debt to pay the cash dividend to FTV.

Asian Bond Monitor: Asian Bonds for the Upcoming Recession

By Warut Promboon

Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.
We believe fixed rate bonds should be the instrument of choice toward the end of this year.
Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.

Deutsche Lufthansa: Initiation of Coverage-Massive Turnaround Sparks Bold Profit Revival!

Lufthansa Group’s Q1 2025 financial performance illustrated both challenges and progress within a complex operating environment.
Revenues surpassed €8 billion for the first time in a first quarter, marking a 10% year over-year increase—a notable achievement as Q1 typically represents the weakest period for the airline industry.
The growth was driven by robust demand, increased capacity, and higher yields, particularly in the North Atlantic market, a region where traveler numbers increased by 7% and yields rose by the same percentage.

Hensoldt AG: Initiation of Coverage- Soaring Ahead with Next-Gen Sensor Breakthroughs!

Hensoldt AG has demonstrated a strong performance for the first quarter of 2025, capitalizing on the shifting geopolitical landscape and increased defense spending in Europe.
The company has reported a solid order intake of EUR 701 million, driven by contracts like the Eurofighter Mk1 rebaselining and the Spanish Eurofighter Halcon program.
This performance underscores Hensoldt’s strategic alignment with the increased defense budget initiatives, particularly in Germany, aimed at boosting self-sufficiency in defense capabilities.

Kirby Corporation Positioned to Win Big as Onshoring Trends Ignite Domestic Transport Demand; What’s The Expected Revenue Impact?