Category

Daily Briefs

Jul 21
0

Daily Brief Quantitative Analysis: A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene
  • HK Connect Flows Weekly (Jul 18th): Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi
  • HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng
  • Thailand Short Interest Weekly (Jul 18th): Airports of Thailand, Intouch, Gulf Energy Development
  • TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components
  • TWSE Short Interest Weekly (Jul 18th): Unimicron Technology, Jinan Acetate Chemical, Ctbc Financial
  • Bursa Short Interest Weekly (Jul 18th): Top Glove, Axiata, Sunway, NationGate, Supermax
  • KRX Foreign Holding Weekly (Jul 18th): Samsung Electronics, Sksquare, SK Hynix, Naver

A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene

By Ke Yan, CFA, FRM

  • We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.8% as of Jul 18th.
  • The average A-H premium changed by -3.1ppt week-on-week, led by health care, information technology, financials and offset by real estate, consumer staples.
  • We highlight weekly changes in A-H premium for Livzon Pharmaceutical, Cosco Shipping Development, Beigene, China Railway Construction, CIMC, Innocare Pharma.

HK Connect Flows Weekly (Jul 18th): Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi

By Ke Yan, CFA, FRM

  • We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 18th.
  • The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
  • We highlight flows for Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi, Pop Mart Intl, ABC, Xpeng.

HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng

By Ke Yan, CFA, FRM

  • We analyzed the latest HK SFC report for aggregate short position as of Jul 11th.
  • Top short increases and decreases were tabulated for one week and four week period.
  • We highlight short changes in Henderson Land, Giant Biogene, Innovent Bio, Xpeng.

Thailand Short Interest Weekly (Jul 18th): Airports of Thailand, Intouch, Gulf Energy Development

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 18th. We estimate that they had an aggregated short interest worth USD2.2bn.
  • We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Airports of Thailand, Intouch, Gulf Energy Development, Home Product Center, Advanced Info Service, Airports Of Thailand, Gulf Energy Development, Advanced Info Service.

TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 18th. The aggregated holding was USD1,172.9bn.
  • We estimate that foreign flows to be inflows of USD2,885mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
  • We highlight changes of foreign holdings in TSMC, Alchip Technologies, UMC, Asia Vital Components, Hon Hai Precision.

TWSE Short Interest Weekly (Jul 18th): Unimicron Technology, Jinan Acetate Chemical, Ctbc Financial

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of TWSE Stocks as of Jul 18th. The aggregated short interest was USD25.8bn.
  • We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Unimicron Technology, Jinan Acetate Chemical, Ctbc Financial.

Bursa Short Interest Weekly (Jul 18th): Top Glove, Axiata, Sunway, NationGate, Supermax

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Bursa stocks as of Jul 18th. The aggregated short interest is USD386m.
  • We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Top Glove, Axiata, Sunway, NationGate, Supermax.

KRX Foreign Holding Weekly (Jul 18th): Samsung Electronics, Sksquare, SK Hynix, Naver

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of KRX stocks as of Jul 18th. The aggregated holding was USD636.7bn.
  • We estimate that foreign flows to be inflows of USD758mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
  • We highlight changes of foreign holdings in Samsung Electronics, Sksquare, SK Hynix, Naver.

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Jul 21
0

Daily Brief ESG: Rather than “Technical Guidance and more

By | Daily Briefs, ESG

In today’s briefing:

  • Rather than “Technical Guidance,” What Is Needed Is Thorough Fiduciary Duty to Shareholders

Rather than “Technical Guidance,” What Is Needed Is Thorough Fiduciary Duty to Shareholders

By Aki Matsumoto

  • While very few companies allocate cash appropriately, many companies simply announce small-scale share buybacks, resulting in cash being used in a half-hearted manner for both growth and shareholder returns.
  • The problem is that many managers lack awareness of their fiduciary responsibility to make sincere decisions on cash allocation based on the idea that free cash flow belongs to shareholders.
  • Even for listed companies, the time has come to discuss the role of managers who are unable to thoroughly fulfill their fiduciary duties to shareholders.

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Jul 21
0

Daily Brief Industrials: Reece Ltd, Asian Terminals, MMC Port Holdings Berhad and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Reece (REH AU): Positioning Increases as Global Index Deletion Nears
  • Asian Terminals (ATI PM)
  • MMC Ports Pre-IPO – The Positives – Port Tariff Hike Beneficiary

Reece (REH AU): Positioning Increases as Global Index Deletion Nears

By Brian Freitas

  • Reece Ltd (REH AU)‘s stock price has dropped a lot over the last year, and the significantly lower market cap could result in global index deletion in August. 
  • Short interest started to pick up early this year and has accelerated over the last couple of months. There are indications of positioning in the stock.
  • Reece Ltd (REH AU) has underperformed its peers but still trades at a higher EV/EBITDA and forward PE compared to most of its peer group.

Asian Terminals (ATI PM)

By Michael Fritzell

  • Asian Terminals (ATI PM — US$941 million) is a Philippines-based port operator.
  • It’s owned by Eusebio (“Yosi”) Tanco, recently famous for having hit a jackpot with online bingo operator DigiPlus and school operator STI Education.
  • Asian Terminals has also done exceptionally well. It was set up in the 1980s and managed to acquire the Manila South Harbor port in the early 1990s.

MMC Ports Pre-IPO – The Positives – Port Tariff Hike Beneficiary

By Nicholas Tan

  • MMC Port Holdings Berhad (2436494D MK) is looking to raise up to US$2bn in its upcoming Malaysian IPO.
  • It is principally involved in port operations in Malaysia. The firm operates five sea ports and a solid product jetty terminal, and conducts ship-to-ship (STS) services at an offshore port.
  • In this note, we talk about the positive aspects of the deal. 

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Jul 21
0

Daily Brief Energy/Materials: Adnoc Gas , Tokai Carbon, Resonac Holdings , JSW Steel Ltd, Provaris Energy , Copper, Regis Resources and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • ADNOC Gas (ADNOCGAS UH): Global Index Inclusion Following $2.8B Offering
  • Tokai Carbon (5301.T) – Portfolio Shift Underway; Margin Recovery Key to Re-Rating
  • Resonac Holdings (TSE: 4004) – Strategic Pivot Toward Semiconductor Materials
  • JSW Steel (NSE: JSWSTEEL) – Strong Q1 Beat, Confident FY26 Guidance, Premium Valuation
  • Provaris Energy (ASX:PV1) RaaS Interview Transcript 21 July 2025
  • Bullish Copper: Comex-LME Spreads Off The Charts + Positive China TSF Data
  • Regis Resources Ltd – The Monday Report – 21 July 2025

ADNOC Gas (ADNOCGAS UH): Global Index Inclusion Following $2.8B Offering

By Dimitris Ioannidis

  • Adnoc Gas (ADNOCGAS UH) had been omitted from both global indices due to insufficient float cap despite a market cap of over $60bn.
  • On 21 February 2025, the company completed a Secondary Offering of $2.8bn, resulting in a free float increase from 5% to 9%.
  • Adnoc Gas (ADNOCGAS UH) is expected to be added to Global All-World at the September 2025 review due to an increased float cap.

Tokai Carbon (5301.T) – Portfolio Shift Underway; Margin Recovery Key to Re-Rating

By Rahul Jain

  • Revenue peaked in FY23 but margins have declined due to cost pressures and impairments.
  • The company is exiting underperforming assets and expanding in fine carbon, furnaces, and carbon black.
  • At ¥1,010, it trades at ~19.6x FY25e P/E, in line with peers but below book at 0.8x P/B.

Resonac Holdings (TSE: 4004) – Strategic Pivot Toward Semiconductor Materials

By Rahul Jain

  • Past Performance: Revenues stable; margins improved due to semiconductor growth, despite weak performance in legacy chemicals and graphite electrodes.
  • Strategy & Shutdown: Shutting 30% electrode capacity; refocusing on high-margin semiconductor, SiC, and packaging materials with ¥330 bn capex planned by FY25.
  • Valuation: Trades at 8x EV/EBITDA and 14x P/E FY25E; re-rating possible with higher margins and semiconductor mix.

JSW Steel (NSE: JSWSTEEL) – Strong Q1 Beat, Confident FY26 Guidance, Premium Valuation

By Rahul Jain

  • Recent Results: Q1 EBITDA surged 38% YoY to ₹7,576 Cr, driven by volume ramp-up, improved product mix, and lower coking coal costs.
  • FY26 Guidance: Company maintains production at 30.5 mt and sales at 29.2 mt, reflecting confidence in its ramp-up and downstream expansion roadmap.
  • Valuation & Growth: Trading at ~18× FY27E P/E and ~7× EV/EBITDA—above global peers—justified by projected 20% EBITDA and 23% EPS growth into FY27.

Provaris Energy (ASX:PV1) RaaS Interview Transcript 21 July 2025

By Research as a Service (RaaS)

  • RaaS Research’s Finola Burke and Andrew Williams interview Provaris Energy Managing Director/CEO Martin Carolan on the company’s strategy, its partnerships with Yinson and K Line and path to a FID.

Bullish Copper: Comex-LME Spreads Off The Charts + Positive China TSF Data

By Sameer Taneja

  • In our previous insight, Trump 50% Import Tariff Could Send Copper Into Stratosphere Short-Term: LME Can Breach 11k USD/Ton, we highlighted upside risk to the LME price.
  • Comex-LME spreads remain elevated at $ 2,500/ton levels, reflecting the impact of tariffs that haven’t yet been imposed, amid ongoing supply disruptions. Inventories, though, have stopped depleting on the LME. 
  • We remain bullish on copper in the countdown to August 1st, where it is likely that tariffs of 50% are imposed on copper. 

Regis Resources Ltd – The Monday Report – 21 July 2025

By FNArena

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

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Jul 21
0

Daily Brief TMT/Internet: SK Hynix, Tencent and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • SK Hynix Single-Stock ETF Scheduled for 3Q: Watch for a Repeat of the Samsung ETF Playbook
  • ECM Weekly (21 July 2025) – Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

SK Hynix Single-Stock ETF Scheduled for 3Q: Watch for a Repeat of the Samsung ETF Playbook

By Sanghyun Park

  • When the SK Hynix ETF drops, expect meaningful physical buying shaking up supply-demand. Arb desks and alpha shops could pile in early, pushing the stock higher on flow.
  • Going long Hynix near listing could pay off if demand mirrors Samsung’s—ETF flows, NAV arb, and delta hedging drove a 4% jump with a noticeable increase in program buying.
  • Get in around the listing, watch flows, and take profits quickly. This is a short 2–3 day tactical play, with sharper front-running expected based on the Samsung ETF template.

ECM Weekly (21 July 2025) – Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

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, filings and listings have cooled off going into the general summer lull.
  • On the placements front, State Bank Of India (SBIN IN) pulled the trigger on its long touted QIP.

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Jul 21
0

Daily Brief Utilities: ENN Energy and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Merger Arb Mondays (21 Jul) – ENN Energy, HEC Pharma, Shibaura, Abacus Storage, Insignia, Zeekr

Merger Arb Mondays (21 Jul) – ENN Energy, HEC Pharma, Shibaura, Abacus Storage, Insignia, Zeekr

By Arun George

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Jul 21
0

Daily Brief Health Care: Sichuan Kelun-Biotech Biopharm, Max Healthcare Institute, Anthem Biosciences, Next Science Ltd, Shoulder Innovations, Ono Pharmaceutical and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Sichuan Kelun Biotech (6990 HK): Price Surge & Global Index Inclusion
  • NIFTY50 Index Rebalance Preview: Forecast Changes, Impact, Positioning
  • Anthem Biosciences IPO: Lists Today; Index Inclusion Timing
  • Asset Sales, Mergers, and Regulatory Developments: Key Updates from SSI Weekly Newsletter
  • Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem
  • Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

Sichuan Kelun Biotech (6990 HK): Price Surge & Global Index Inclusion

By Brian Freitas

  • The recent placement and price surge in Sichuan Kelun-Biotech Biopharm (6990 HK) could result in the stock being added to a global index in August.
  • Sichuan Kelun-Biotech Biopharm has outperformed its peers as the entire industry has been trading well. There is a small increase in short interest in the stock.
  • Positioning has increased steadily over the last month. Momentum in the stock and its peers could lead to further upside before profit taking kicks in.

NIFTY50 Index Rebalance Preview: Forecast Changes, Impact, Positioning

By Brian Freitas

Anthem Biosciences IPO: Lists Today; Index Inclusion Timing

By Brian Freitas

  • Anthem Biosciences raised INR 34bn (US$394m) in its IPO valuing the company at INR 320bn (US$3.7bn). The stock lists today.
  • The grey market premium is INR 132/share, so the stock could list 23.2% higher than the IPO price. That will help in getting larger index flows.
  • Anthem Biosciences could be added to one global index in November while the stock price gain will determine whether the stock is added to the other global index in December.

Asset Sales, Mergers, and Regulatory Developments: Key Updates from SSI Weekly Newsletter

By Special Situation Investments

  • Next Science (NXS:AX) plans a large capital return after selling assets to Demetra Holdings, with a 13% spread to expected distribution.
  • Cantor Equity Partners I (CEPO) merges with BSTR, becoming a major Bitcoin treasury, exiting with a 17% gain.
  • Banxa’s (BNXA:V) spread widens to 30% amid shareholder sales and pending acquisition by OSL Group, with Genius Act tailwinds.

Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

By Andrei Zakharov

  • Shoulder Innovations Inc., high-growth and pure-play shoulder arthroplasty device company, filed for an IPO in the United States.
  • Their flagship product, InSet Glenoid, is the first and only FDA cleared device that solves glenoid loosening. The company has raised ~$115M in equity according to the S-1.
  • I believe there is good near-term visibility for growth as Shoulder Innovations drives commercial expansion and achieves greater domestic reach.

Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

By Tina Banerjee

  • Ono Pharmaceutical (4528 JP) guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.
  • Opdivo in combination with Yervoy (from Bristol Myers Squibb) was approved in Europe, US, South Korea, and Japan for the first-line treatment of patients with unresectable or metastatic hepatocellular carcinoma.
  • In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.

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Jul 21
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Japan Ruling Coalition Loses Majority and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Japan Ruling Coalition Loses Majority
  • Bank Margins Under Pressure: Navigating the Rate Cut Ripple

Ohayo Japan | Japan Ruling Coalition Loses Majority

By Mark Chadwick

  • U.S. stocks ended mixed Friday as tariff tensions weighed on the Dow, earnings remained strong overall, and consumer sentiment improved with easing inflation fears.
  • The Magnificent Seven megacap technology companies are set to begin reporting earnings this week, starting with Alphabet and Tesla,
  • Japan’s ruling coalition lost its re-election majority in the Upper House, with PM Ishiba vowing to continue talks amid pressure from ongoing U.S. tariff negotiations.

Bank Margins Under Pressure: Navigating the Rate Cut Ripple

By Nimish Maheshwari

  • The 100bp rate cut cycle is transmitting unevenly, with Private Banks raising loan spreads to 415bp while PSBs cut more sharply, compressing margins. 
  • This divergence is reshaping profitability, with NIMs under pressure through Q2–Q3 FY26 and relief delayed by slow deposit rate repricing.
  • Margin recovery now hinges on H2FY26 onwards, aided by CRR liquidity, easing funding costs, and credit cost normalization.

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Jul 21
0

Daily Brief Industrials: Reece Ltd, Asian Terminals, MMC Port Holdings Berhad and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Reece (REH AU): Positioning Increases as Global Index Deletion Nears
  • Asian Terminals (ATI PM)
  • MMC Ports Pre-IPO – The Positives – Port Tariff Hike Beneficiary

Reece (REH AU): Positioning Increases as Global Index Deletion Nears

By Brian Freitas

  • Reece Ltd (REH AU)‘s stock price has dropped a lot over the last year, and the significantly lower market cap could result in global index deletion in August. 
  • Short interest started to pick up early this year and has accelerated over the last couple of months. There are indications of positioning in the stock.
  • Reece Ltd (REH AU) has underperformed its peers but still trades at a higher EV/EBITDA and forward PE compared to most of its peer group.

Asian Terminals (ATI PM)

By Michael Fritzell

  • Asian Terminals (ATI PM — US$941 million) is a Philippines-based port operator.
  • It’s owned by Eusebio (“Yosi”) Tanco, recently famous for having hit a jackpot with online bingo operator DigiPlus and school operator STI Education.
  • Asian Terminals has also done exceptionally well. It was set up in the 1980s and managed to acquire the Manila South Harbor port in the early 1990s.

MMC Ports Pre-IPO – The Positives – Port Tariff Hike Beneficiary

By Nicholas Tan

  • MMC Port Holdings Berhad (2436494D MK) is looking to raise up to US$2bn in its upcoming Malaysian IPO.
  • It is principally involved in port operations in Malaysia. The firm operates five sea ports and a solid product jetty terminal, and conducts ship-to-ship (STS) services at an offshore port.
  • In this note, we talk about the positive aspects of the deal. 

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Jul 21
0

Daily Brief ECM: Pre-IPO 52TOYS Development – The Business Model and the Concerns Behind and more

By | Daily Briefs, ECM

In today’s briefing:

  • Pre-IPO 52TOYS Development – The Business Model and the Concerns Behind
  • MMC Ports Pre-IPO – The Positives – Port Tariff Hike Beneficiary
  • ECM Weekly (21 July 2025) – Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage
  • Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

Pre-IPO 52TOYS Development – The Business Model and the Concerns Behind

By Xinyao (Criss) Wang

  • For IP toy, the ability to provide a variety of categories is valuable,which means brands have access to diverse/creative designs/production based on IP characteristics, highlighting/interpreting the core of each IP.
  • Driven by top-tier licensed IPs, 52TOYS achieved solid growth, but its revenue scale/profit margin are inferior to peers. Due to intense competition, 52TOYS’s market share may be further squeezed.
  • The post-money valuation after Series C+ Financing is RMB4.27 billion. Based on the analysis, we think valuation of 52TOYS should be lower than Pop Mart (9992 HK), Bloks (325 HK).

MMC Ports Pre-IPO – The Positives – Port Tariff Hike Beneficiary

By Nicholas Tan

  • MMC Port Holdings Berhad (2436494D MK) is looking to raise up to US$2bn in its upcoming Malaysian IPO.
  • It is principally involved in port operations in Malaysia. The firm operates five sea ports and a solid product jetty terminal, and conducts ship-to-ship (STS) services at an offshore port.
  • In this note, we talk about the positive aspects of the deal. 

ECM Weekly (21 July 2025) – Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

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, filings and listings have cooled off going into the general summer lull.
  • On the placements front, State Bank Of India (SBIN IN) pulled the trigger on its long touted QIP.

Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

By Andrei Zakharov

  • Shoulder Innovations Inc., high-growth and pure-play shoulder arthroplasty device company, filed for an IPO in the United States.
  • Their flagship product, InSet Glenoid, is the first and only FDA cleared device that solves glenoid loosening. The company has raised ~$115M in equity according to the S-1.
  • I believe there is good near-term visibility for growth as Shoulder Innovations drives commercial expansion and achieves greater domestic reach.

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