Daily Briefs

S&P DJI have proposed methodology changes to the S&P/ASX family of indices to enhance representativeness and more quickly reflecting changing market conditions.
The main changes are lowering the minimum float threshold, shortening the market cap calculation period and the liquidity calculation period, and including buffers for additions and deletions.
We currently forecast 47 changes to the S&P/ASX family of indices in September and the short market cap computation period could lead to more change over the next two months.

HDB Financial IPO: Valuation Insights

By Arun George

HDB Financial Services Ltd (0117739D IN) is India’s seventh-largest non-banking financial company (NBFC). It is seeking to raise Rs125 billion (US$1.4 billion).
I discussed the fundamentals in HDB Financial IPO: The Investment Case. The shares will be listed on 2 July.
My valuation analysis suggests the HDB is fully priced at the IPO price range of Rs 700- 740 per share. I would avoid the IPO.

HDB Financial Services IPO – Strong Franchise, Solid Backing, But Pricing Demands Delivery

Offer: ₹12,500 crore IPO (₹2,500 crore fresh issue + ₹10,000 crore OFS); price band ₹700–740 implies a ₹61,250 crore valuation.
Track Record & Use of Funds: 15% AUM CAGR and 41% PAT CAGR over FY21–25; proceeds to bolster Tier-1 capital and fund growth.
Valuation Caution: Backed by HDFC Bank with deep rural reach, but 3.9x P/BV implies a 27% ROE—well above current levels—leaving little margin for execution slippage.

Kospi200: Elevated Returns, Historical Extremes and Optionality Opportunity

By John Ley

We assess whether recent returns have been extreme and put yesterday’s sharp rally in context.
The evolution of volatility following past extreme states is examined.
Rationale for using optionality in this stretched price environment is outlined.

Hybridan Research: TMT Investments: Technology Delivering Value

By Hybridan

There are updates on three shares in TMT’s portfolio of globally diversified IT investments of over 50 companies The focus is primarily on AI, Big Data/Cloud, Ecommerce, Edtech, Mobility, FinTech and SaaS (Software-as-a-Service).
There is a revaluation uplift of 138% ($0.7m) in the fair value of TMT’s holding in its portfolio company Scale, compared to the value as at FY 31 December 2024.
Scale is a humanity-first GenAI company https://scale.com.

The Beat Ideas: Poonawalla Fincorp Ltd.- Leading the Charge in Digital-First Financial Services

By Sudarshan Bhandari

Poonawalla Fincorp is targeting a 5–6x AUM growth over five years, driven by new product launches, digital innovation, and branch expansion in the gold loan segment.
Backed by the Cyrus Poonawalla Group and led by seasoned professionals, the company’s low cost of borrowing and tech-first approach enhances its competitive positioning in the NBFC space.
The shift toward secured lending, digital underwriting, and MSME focus suggests a more resilient and scalable growth model, improving visibility on profitability and asset quality.

Region (RGN AU) Vs. Waypoint REIT (WPR AU) – Trade Exit and Take Profit

Context: This article provides an update on a previously identified pair trading opportunity between Waypoint REIT (WPR AU) and Region (RGN 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 It: 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.

Tech Talk: Solana DeFi Chain What? Why? And How Big?

By Water Tower Research

Solana is a high-performance blockchain platform that is designed to host decentralized, scalable applications.
It can process thousands of transactions per second, significantly more than many other blockchains, including Bitcoin or Ethereum (though Ethereum 2.0 aims to improve its scalability).
This high throughput makes it suitable for applications that require rapid processing, such as decentralized finance (DeFi) platforms, non-fungible token (NFT) marketplaces, and gaming.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 25

Daily Brief Crypto: Tech Talk: Solana DeFi Chain What? Why? And How Big? and more

By Smartkarma Daily Briefs | Crypto, Daily Briefs

In today’s briefing:

Tech Talk: Solana DeFi Chain What? Why? And How Big?

Tech Talk: Solana DeFi Chain What? Why? And How Big?

By Water Tower Research

Solana is a high-performance blockchain platform that is designed to host decentralized, scalable applications.
It can process thousands of transactions per second, significantly more than many other blockchains, including Bitcoin or Ethereum (though Ethereum 2.0 aims to improve its scalability).
This high throughput makes it suitable for applications that require rapid processing, such as decentralized finance (DeFi) platforms, non-fungible token (NFT) marketplaces, and gaming.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 25

Daily Brief Japan: Toyota Motor, ROHM Co Ltd, Kitazato, IHI Corp, Softbank Group, Stella Chemifa, Tekken Corp, AS ONE Corporation and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Toyota (7203 JP // TM US) Hits Oversold: Your High-Potential Options Strategy
Rohm (6964): Is the Wait Finally Over?
Kitazato IPO Trading – Demand Was Strong
IHI Corporation (TSE:7013) – Rebound in Aero Drives Multi-Year Upside
Rohm Co Ltd(6963 JP): Wake-Up Call After a Difficult Year, Reforms to Improve Profitability Ahead
SoftBank (9984 JP) Is Flying High, But It May Be Time to Take Some Off the Table
Full-Report – Stella Chemifa (4109 JP) – June 5, 2025
Q4 Follow-Up – TEKKEN CORPORATION (1815 JP) – May 28, 2025
As One Corp (7476 JP): Nothing Unscientific About the Growth Prospects, As One Precedes

Toyota (7203 JP // TM US) Hits Oversold: Your High-Potential Options Strategy

Context: After three consecutive down weeks, Toyota Motor (7203 JP) has entered oversold territory, triggering a potential upside signal in quantitative models.
Trade Idea: With signs pointing to a short-term reversal, a Bull Call Spread strategy offers high return potential (~12x premium) with limited upfront cost.
Why Read: This Insight presents a timely, actionable trade idea with a well-defined risk/reward profile—ideal for investors seeking tactical exposure. Details Provided.

Rohm (6964): Is the Wait Finally Over?

By Michael Allen

Rohm’s relative share price is trading above the 200-day moving average for the first time since August 2023.
Inventory de-stocking for SiC-based semiconductor suppliers is nearing its end, paving the way for order replenishment
Analysts expect Rohm’s margins to lag those of rivals in the recovery, but Rohm has done more to cut inventories than any other.

Kitazato IPO Trading – Demand Was Strong

By Sumeet Singh

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine
In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.

IHI Corporation (TSE:7013) – Rebound in Aero Drives Multi-Year Upside

Sharp turnaround from FY22–FY24, with revenue rising from ¥1.17 tn to ¥1.63 tn and operating profit swinging from losses to ¥143.5 bn, led by civil aero engines and defense.
The order backlog has grown to ¥1.6 tn (↑¥226 bn YoY), underpinned by defense orders and aftermarket demand, with management guiding continued top-line and margin expansion.
EPS is forecast to grow at a ~7% CAGR through FY27; at ~18x FY27E P/E and ~9x EV/EBITDA, valuations appear reasonable for a capital-efficient aero-led compounder.

Rohm Co Ltd(6963 JP): Wake-Up Call After a Difficult Year, Reforms to Improve Profitability Ahead

By Sreemant Dudhoria,CFA

Undergoing a multi-year transformation:After a very challenging FY2024, ROHM Co Ltd (6963 JP) is reassessing its capital strategy, production footprint, and depreciation methodologies, forming the core of the structural reforms.
ROHM targets a return to operating profitability in FY26, supported by cost optimization, analog IC growth, and a disciplined capital expenditure strategy.
It is available at significantly cheaper valuation versus peers of just 0.8x price to book. Also, it has been added to the Nikkei 225 Index recently

SoftBank (9984 JP) Is Flying High, But It May Be Time to Take Some Off the Table

By Nico Rosti

Softbank Group (9984 JP) is seeing solid short-term momentum, bolstered by asset sales and AI-led strategic narratives. Key triggers to monitor: deleveraging moves, AI investment updates, and broader macro sentiment.
The stock is very overbought according to our WEEKLY model, there could be a pullback soon.
Another perspective: what if this is just a bold rebound rally—and the next move takes SoftBank back down toward the 5,000 level? Just an hypothesis worth considering.

Full-Report – Stella Chemifa (4109 JP) – June 5, 2025

By Sessa Investment Research

Stella Chemifa Corporation (hereafter referred to as “the Company”) is a long-established business with a 109-year history and possesses competitiveness advantages in the manufacture and sale of hydrofluoric acid and fluorine-related compounds.
The Company is believed to be the world’s largest producer (in terms of production capacity) of high purity hydrofluoric acid used in semiconductor cleaning solutions and is highly regarded across the industry.
It also manufactures enriched boron used in nuclear reactor-related applications and has established a unique market position.

Q4 Follow-Up – TEKKEN CORPORATION (1815 JP) – May 28, 2025

By Sessa Investment Research

On May 13, TEKKEN CORPORATION (hereinafter, the Company) announced its full-year FY2025/3 consolidated financial results.
Net sales rose 0.8% YoY to JPY 185,114 mn, and operating profit surged 261% YoY to JPY 3,459 mn, almost in line with the Company’s revised estimate as of April 22, confirming its upward earnings momentum.
However, SIR believes the results indicate lingering challenges in profitability and financial dynamics, as actual ROE remained at 4.8%, falling short of the Company’s Medium-Term Management Plan scenario, which emphasizes ROE improvement.

As One Corp (7476 JP): Nothing Unscientific About the Growth Prospects, As One Precedes

By Tina Banerjee

AS ONE Corporation (7476 JP)‘s revenue rose 9% YoY to ¥104B as growth was witnessed across segments in FY25. Operating profit grew 11% YoY to ¥11.6B (margin: 11.2%, up 30bps).
E-Commerce revenue was ¥34B (up 22% YoY) contributing 33% of total sales. Product offering increased by 1.8M SKUs YoY to 12.4M SKUs.
For FY26, As One expects consistent growth in revenue and profits. The company unveiled new medium-term plan, with an aim to maintain an average annual growth rate of 7–8%.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 25

Daily Brief Equity Bottom-Up: Rohm (6964): Is the Wait Finally Over? and more

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

In today’s briefing:

Rohm (6964): Is the Wait Finally Over?
Kiri Industries (KIRI IN): Heads I Make 50%; Tails I Don’t Lose Much
IHI Corporation (TSE:7013) – Rebound in Aero Drives Multi-Year Upside
The Chinese Chip Giant That Could Be Nvidia’s Biggest Threat
HDB Financial Services IPO – Strong Franchise, Solid Backing, But Pricing Demands Delivery
Rohm Co Ltd(6963 JP): Wake-Up Call After a Difficult Year, Reforms to Improve Profitability Ahead
HBM Should Be as Attractive an Investment as Nvidia or TSMC but the Stocks Don’t Show That
Tianqi Lithium (002466.SZ / 9696.HK): Rebuilding Via Expansion, Valuations Appear Reasonable
COSCO Shipping Energy (1138 HK): A Viable Play on the Israel-Iran Conflict
10 in 10 with MoneyMax Financial Services – Modernising an old trade

Rohm (6964): Is the Wait Finally Over?

By Michael Allen

Rohm’s relative share price is trading above the 200-day moving average for the first time since August 2023.
Inventory de-stocking for SiC-based semiconductor suppliers is nearing its end, paving the way for order replenishment
Analysts expect Rohm’s margins to lag those of rivals in the recovery, but Rohm has done more to cut inventories than any other.

Kiri Industries (KIRI IN): Heads I Make 50%; Tails I Don’t Lose Much

By Himanshu Dugar

Dyes and pigments player Kiri Industries is set to realise $580mn post-taxes for its 37% stake in Singapore based DyStar Global; ~50% above its current marketcap of $370mn.
Adjusting for Debt repayment, we estimate that once proceeds have been recieived and pending warrants have been converted, cash in books will stand at INR ~600/share vs CMP: 570
The company’s core dyes business, its 40% stake in Lonsen Kiri Chemicals India and its copper investments could be worth 300+share taking SOTP to ~900

IHI Corporation (TSE:7013) – Rebound in Aero Drives Multi-Year Upside

Sharp turnaround from FY22–FY24, with revenue rising from ¥1.17 tn to ¥1.63 tn and operating profit swinging from losses to ¥143.5 bn, led by civil aero engines and defense.
The order backlog has grown to ¥1.6 tn (↑¥226 bn YoY), underpinned by defense orders and aftermarket demand, with management guiding continued top-line and margin expansion.
EPS is forecast to grow at a ~7% CAGR through FY27; at ~18x FY27E P/E and ~9x EV/EBITDA, valuations appear reasonable for a capital-efficient aero-led compounder.

The Chinese Chip Giant That Could Be Nvidia’s Biggest Threat

By Odd Lots

Huawei is a major player in the AI chip industry, challenging Nvidia’s dominance
The company’s European-style headquarters and aggressive sales tactics raise questions about its true nature
Ren Zhengfei’s rare interview with People’s Daily highlights Huawei’s central role in China’s tech industry and diplomatic relations

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

HDB Financial Services IPO – Strong Franchise, Solid Backing, But Pricing Demands Delivery

Offer: ₹12,500 crore IPO (₹2,500 crore fresh issue + ₹10,000 crore OFS); price band ₹700–740 implies a ₹61,250 crore valuation.
Track Record & Use of Funds: 15% AUM CAGR and 41% PAT CAGR over FY21–25; proceeds to bolster Tier-1 capital and fund growth.
Valuation Caution: Backed by HDFC Bank with deep rural reach, but 3.9x P/BV implies a 27% ROE—well above current levels—leaving little margin for execution slippage.

Rohm Co Ltd(6963 JP): Wake-Up Call After a Difficult Year, Reforms to Improve Profitability Ahead

By Sreemant Dudhoria,CFA

Undergoing a multi-year transformation:After a very challenging FY2024, ROHM Co Ltd (6963 JP) is reassessing its capital strategy, production footprint, and depreciation methodologies, forming the core of the structural reforms.
ROHM targets a return to operating profitability in FY26, supported by cost optimization, analog IC growth, and a disciplined capital expenditure strategy.
It is available at significantly cheaper valuation versus peers of just 0.8x price to book. Also, it has been added to the Nikkei 225 Index recently

HBM Should Be as Attractive an Investment as Nvidia or TSMC but the Stocks Don’t Show That

By Nicolas Baratte

Nvidia, AMD launch a new GPU every 2 years. At each generation, higher performance manufacturing (TSMC) and HBM (higher density, higher speed, thinner layers). Hence, cost increase at each generation.
Price and volumes are negotiated 1 year ahead. TSMC, SK Hynix expect AI / HBM revenues to double in 2025. Expect another 50-60% in 2026.
Why HBM attracts less interest than Foundry (TSMC) or Design (AMD, AVGO, Nvidia)? Mostly, investor still think this is a cyclical business – HBM isn’t.

Tianqi Lithium (002466.SZ / 9696.HK): Rebuilding Via Expansion, Valuations Appear Reasonable

After a blockbuster 2022 driven by lithium supercycle highs, Tianqi Lithium saw earnings swing into deep losses in 2024 amid price crashes.
Looking ahead, it plans to scale lithium chemical capacity to over 140,000 tons/year, deepen integration in China and Southeast Asia, and selectively invest in technologies like DLE.
While near-term profitability remains uncertain, current EV/EBITDA valuations below 5x suggest the downside may be priced in.

COSCO Shipping Energy (1138 HK): A Viable Play on the Israel-Iran Conflict

By Osbert Tang, CFA

Cosco Shipping Energy Transportation (1138 HK) will benefit from the oil supply worry as Israel and Iran are unlikely to reach a “real” peace agreement in the short term.
The worry, or actual, closure of Hormuz will raise VLCC rates by escalating reserve building, increasing demand for alternative routes, a higher risk premium, and panic chartering.
After yesterday’s retreat, CSET trades on an undemanding 5.8x PER and 8.8% yield for FY25F. With over 12% ROE, its 0.73x P/B is cheap, below the average since 2023.

10 in 10 with MoneyMax Financial Services – Modernising an old trade

MoneyMax Financial Services achieved a record profit after tax of S$41.6 million in FY24, a 65.4% increase.
Revenue grew 36.5% to S$390.1 million, driven by a 36.0% increase in gold and luxury items sales.
Pawnbroking revenue rose 47.3% to S$94.3 million, attributed to higher interest income from increased receivables.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 25

Daily Brief TMT/Internet: ROHM Co Ltd, Korea Stock Exchange KOSPI 200, Huawei Technology, Unisound AI Technology, SK Hynix, Softbank Group, Bilibili , ASML Holding NV and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Rohm (6964): Is the Wait Finally Over?
Kospi200: Where Implied Vol Stands After 33% Surge
The Chinese Chip Giant That Could Be Nvidia’s Biggest Threat
Rohm Co Ltd(6963 JP): Wake-Up Call After a Difficult Year, Reforms to Improve Profitability Ahead
Unisound AI Technology (9678 HK): Unambitious IPO & Global Index Inclusion
HBM Should Be as Attractive an Investment as Nvidia or TSMC but the Stocks Don’t Show That
SoftBank (9984 JP) Is Flying High, But It May Be Time to Take Some Off the Table
Unisound AI IPO (9678.HK): Premium Multiple Is Not Justified, Small Scale and High Cash Burn
[Bilibili (BILI US, BUY, TP US$22) Company Update]: Revenue Deceleration Is Still Likely to Happen
20-Day MA Supports Holding on SPX, QQQ, IWM; Bullish Outlook Intact

Rohm (6964): Is the Wait Finally Over?

By Michael Allen

Rohm’s relative share price is trading above the 200-day moving average for the first time since August 2023.
Inventory de-stocking for SiC-based semiconductor suppliers is nearing its end, paving the way for order replenishment
Analysts expect Rohm’s margins to lag those of rivals in the recovery, but Rohm has done more to cut inventories than any other.

Kospi200: Where Implied Vol Stands After 33% Surge

By John Ley

Kospi200 posted a strong weekly gain, advancing every day and extending a powerful rally off the April lows.
The percentage of positive trading days since early April reflects strong momentum.
A divergence is emerging, with implied volatility no longer reacting to spot moves as before.

The Chinese Chip Giant That Could Be Nvidia’s Biggest Threat

By Odd Lots

Huawei is a major player in the AI chip industry, challenging Nvidia’s dominance
The company’s European-style headquarters and aggressive sales tactics raise questions about its true nature
Ren Zhengfei’s rare interview with People’s Daily highlights Huawei’s central role in China’s tech industry and diplomatic relations

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

Rohm Co Ltd(6963 JP): Wake-Up Call After a Difficult Year, Reforms to Improve Profitability Ahead

By Sreemant Dudhoria,CFA

Undergoing a multi-year transformation:After a very challenging FY2024, ROHM Co Ltd (6963 JP) is reassessing its capital strategy, production footprint, and depreciation methodologies, forming the core of the structural reforms.
ROHM targets a return to operating profitability in FY26, supported by cost optimization, analog IC growth, and a disciplined capital expenditure strategy.
It is available at significantly cheaper valuation versus peers of just 0.8x price to book. Also, it has been added to the Nikkei 225 Index recently

Unisound AI Technology (9678 HK): Unambitious IPO & Global Index Inclusion

By Dimitris Ioannidis

Unisound AI Technology (9678 HK) is set to debut on the HKEX on 30 June 2025, at a market cap of ~$1.9bn, raising just ~$40m.
Current shareholders and cornerstone investors are locked for twelve months keeping the free float below the minimum threshold of Global Indices until 30 June 2026.
The security is forecasted to be added to Global indices at the August and September 2026 reviews following the 12-month lock-up expiry.

HBM Should Be as Attractive an Investment as Nvidia or TSMC but the Stocks Don’t Show That

By Nicolas Baratte

Nvidia, AMD launch a new GPU every 2 years. At each generation, higher performance manufacturing (TSMC) and HBM (higher density, higher speed, thinner layers). Hence, cost increase at each generation.
Price and volumes are negotiated 1 year ahead. TSMC, SK Hynix expect AI / HBM revenues to double in 2025. Expect another 50-60% in 2026.
Why HBM attracts less interest than Foundry (TSMC) or Design (AMD, AVGO, Nvidia)? Mostly, investor still think this is a cyclical business – HBM isn’t.

SoftBank (9984 JP) Is Flying High, But It May Be Time to Take Some Off the Table

By Nico Rosti

Softbank Group (9984 JP) is seeing solid short-term momentum, bolstered by asset sales and AI-led strategic narratives. Key triggers to monitor: deleveraging moves, AI investment updates, and broader macro sentiment.
The stock is very overbought according to our WEEKLY model, there could be a pullback soon.
Another perspective: what if this is just a bold rebound rally—and the next move takes SoftBank back down toward the 5,000 level? Just an hypothesis worth considering.

Unisound AI IPO (9678.HK): Premium Multiple Is Not Justified, Small Scale and High Cash Burn

By Andrei Zakharov

Unisound AI Technology, a Beijing-based AI solution provider with focus on conversational AI products, healthcare and daily life related application scenarios, is expected to IPO next week.
The offering is expected to be between HK$165.00 and HK$205.00, implying a market cap of ~HK$13B or ~$1.7B at the midpoint of price range.
Unisound AI Technology IPO valuation implies a premium relative to SenseTime, iFlytek and 4Paradigm. I would consider becoming more constructive on the name if its valuation came down.

[Bilibili (BILI US, BUY, TP US$22) Company Update]: Revenue Deceleration Is Still Likely to Happen

By Ying Pan

With our strong endorsement of BILI’s traffic and advertising story, we are constantly watching the development of its game pipeline, which is a near term drag.
The popularity of extraction shooter game <Escape from Duckov> on STEAM is unlikely to generate meaningful tractions.
The acceleration of game code approval still leaves the question of what kind of game BILI will be launching; We maintain BUY on BILI at TP of US$22.

20-Day MA Supports Holding on SPX, QQQ, IWM; Bullish Outlook Intact

By Joe Jasper

The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) continue to hold above short-term support at their respective 20-day MAs (currently 5966 on SPX, $526.50 on QQQ, $208.75 on IWM)
As long as 20-day MA supports hold, our near-term bullish outlook that we have had since our 4/22/25 Compass remains intact.
We will need to see breakdowns below 20-day MA supports in order to expect any meaningful near-term downside.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 25

Daily Brief Macro: Israel/Iran/US: Ten Pointers and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

Israel/Iran/US: Ten Pointers
India – Reasons To Overweight
CX Daily: Alibaba Fights Tencent for Dominance Over AI in China
Ivanhoe’s Massive Guide Down And Copper Supply Impacts
China to Reopen STAR Market to Loss-Making Tech Firms
Global base oils arb outlook: Week of 23 June
Asia base oils supply outlook: Week of 23 June
[US Nat Gas Options Weekly 2025/25] Henry Hub Rebounded on Better Weather Forecasts and LNG Exports
Americas/EMEA base oils supply outlook: Week of 23 June
Asia base oils demand outlook: Week of 23 June

Israel/Iran/US: Ten Pointers

By Alastair Newton

Recent events have highlighted the difficulty in predicting the progression of the Iran/Israel conflict.
Despite this, the volatility caused by these headlines has not significantly impacted market perspectives.
The supply/demand equation remains the primary influence on market thinking regarding oil.

India – Reasons To Overweight

By Sharmila Whelan

Overweight, Indian equities with a bias towards industrials, property and consumer stocks.
Trading Post hopes you took advantage of last year’s correction to buy into India, as recommended. If not, there is time.
Investing in India is ultimately about the domestic story. Business cycle indicators are improving, and the multi-year structural growth narrative remains compelling.

CX Daily: Alibaba Fights Tencent for Dominance Over AI in China

By Caixin Global

AI / Cover Story: Alibaba fights Tencent for dominance over AI in China
Flights /Iranian carrier resumes flights to China
Batteries /Korean, Japanese battery-makers launch legal offensive against Chinese rivals’ global ambitions

Ivanhoe’s Massive Guide Down And Copper Supply Impacts

By Sameer Taneja

In our note Post Results FY24: Mine-By-Mine Plan Production + Commentary on Copper From Global Listed Companies, we noted a mid-point guidance of 575,000 tons for Ivanhoe Mines (IVN CN).
The company revised this midpoint guidance down substantially to 400,000 tons following the discovery of Seismic activity in the Kakula mines (a 0.7% downward revision of global refined production).
The Kamoa-Kakula mine is the 4th largest mine in the world, and the mid-point guidance post 2027 was to ramp it beyond 700,000 tons.

China to Reopen STAR Market to Loss-Making Tech Firms

By Caixin Global

China’s Nasdaq-style STAR Market will reopen its doors to unprofitable companies as part of a broader set of measures announced Wednesday that aim to strengthen the stock market’s role in supporting high-tech and strategic emerging industries.
The measures include setting up a special sector for sci-tech growth companies on the Shanghai-based market, launching a pre-IPO review mechanism, and refining refinancing and strategic investor criteria, Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), said in a speech at the annual Lujiazui Forum in Shanghai.
“Establishing a sci-tech growth sector on the STAR Market and reinstating the fifth listing standard for unprofitable companies will provide more precise services to high-quality technology enterprises with major technological breakthroughs, promising commercial prospects, and a commitment to continuous investment in research and development,” Wu said.

Global base oils arb outlook: Week of 23 June

Global base oils price differentials fall sharply relative to feedstock/competing fuel prices in June 2025 following surge in crude oil prices.
Speed and size of fall in base oils margins reflects more the surge in crude oil prices rather than sudden, unexpected change in base oils supply-demand fundamentals.
Lack of any sudden, unexpected change in supply-demand fundamentals could support reversion of base oils margins closer to their higher levels in early-June 2025 before their slump in recent weeks.

Asia base oils supply outlook: Week of 23 June

Asia’s base oils price-premium to competing/feedstock prices extends fall to five-month low.
Lower margins coincide with improving supply in Asia as more plant-maintenance draws to a close.
Improving supply and seasonal slowdown in demand could curb refiners’ leverage to target higher prices to reverse recent drop in margins.

[US Nat Gas Options Weekly 2025/25] Henry Hub Rebounded on Better Weather Forecasts and LNG Exports

By Suhas Reddy

For the week ending 20/Jun, U.S. natural gas prices rose by 7.4% on the back of rising LNG exports, warmer weather forecasts, and Israel-Iran tensions.
For the week ending 13/Jun, the EIA reported that U.S. natural gas inventories rose by 95 Bcf, lower than analyst expectations of a 96 Bcf build.
Henry Hub OI PCR inched down by 0.85 on 20/Jun compared to 0.86 on 13/Jun. Call OI increased by 2% WoW, while put OI grew by 1.5%.

Americas/EMEA base oils supply outlook: Week of 23 June

US base oils prices fall relative to feedstock/competing fuel prices following recent surge in crude oil prices.
Dip in US export price-premium to vacuum gasoil in June 2025 contrasts with sustained surge of price-premium in Q2-Q3 2024.
Weaker price-premium points to softer supply-demand fundamentals at end-Q2 2025 compared with year earlier.

Asia base oils demand outlook: Week of 23 June

Asia’s base oils demand could be firmer than usual for the time of year as higher crude oil prices and growing concern about supply disruptions counter weaker supply-demand fundamentals.
Demand for Group I heavy neutrals and Group III base oils especially could get support from concern that any supply disruptions would have more direct impact on those products.
Concern about tighter supply of Group I heavy neutrals could support stronger demand for Group II heavy grades as an alternative.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 25

Daily Brief Industrials: SK Square , Singapore Post, IHI Corp, Fortive , DH Shipbuilding, Samyang Comtech, Cosco Shipping Energy Transportation Co. Ltd. (H), Tekken Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Fresh Low-PBR Policy Color Hitting the Local Tape Today
SingPost (SPOST SP): More Non-Core Divestments – Slowly But Surely
IHI Corporation (TSE:7013) – Rebound in Aero Drives Multi-Year Upside
Fortive Spins Off Ralliant: Big US and Global Index Implications Ahead
DH Shipbuilding IPO Preview
Samyang Comtech IPO Valuation Analysis
COSCO Shipping Energy (1138 HK): A Viable Play on the Israel-Iran Conflict
Q4 Follow-Up – TEKKEN CORPORATION (1815 JP) – May 28, 2025

Fresh Low-PBR Policy Color Hitting the Local Tape Today

By Sanghyun Park

The ruling party’s KOSPI 5,000 task force is now eyeing low PBR names with talk of direct penalties — a sharper shift from the prior admin’s soft-touch value-up approach.
Low PBR penalties may bypass the Assembly, fast-tracked via KRX or enforcement rule tweaks — rollout could follow swiftly post commercial code passage, possibly within 2–3 months.
Market’s zeroing in on low PBR, high ROE large caps — with 0.8x flagged as the penalty line, 56 KRW 1T+ names screen as potential re-rating plays.

SingPost (SPOST SP): More Non-Core Divestments – Slowly But Surely

By David Blennerhassett

After selling its Aussie-based logistics ops earlier this year, Singapore Post (SPOST SP) continues to divest non-core assets and businesses.
The latest is the sale and leaseback of 10 Housing & Development Board shophouses, which could net S$50mn.
SPOST has declared a S$0.09/share special dividend from the Aussie sale. Shareholders will vote on the dividend at the AGM on the 23rd July.

IHI Corporation (TSE:7013) – Rebound in Aero Drives Multi-Year Upside

Sharp turnaround from FY22–FY24, with revenue rising from ¥1.17 tn to ¥1.63 tn and operating profit swinging from losses to ¥143.5 bn, led by civil aero engines and defense.
The order backlog has grown to ¥1.6 tn (↑¥226 bn YoY), underpinned by defense orders and aftermarket demand, with management guiding continued top-line and margin expansion.
EPS is forecast to grow at a ~7% CAGR through FY27; at ~18x FY27E P/E and ~9x EV/EBITDA, valuations appear reasonable for a capital-efficient aero-led compounder.

Fortive Spins Off Ralliant: Big US and Global Index Implications Ahead

By Harry Kalfas

Fortive (FTV US) to spin off its Precision Technologies segment, under the name “Ralliant”.
Key details on dates, transaction rationale, structure and estimated market capitalisation of the spin-off company.
Significant index implications ahead, across US and Global indexes, on an intra-quarter basis.

DH Shipbuilding IPO Preview

By Douglas Kim

DH Shipbuilding is getting ready to complete its IPO in KOSPI in August. DH Shipbuilding would be the second largest IPO in Korea after LG CNS so far this year.
The IPO price range is 42,000 won to 50,000 won per share. At the high end of the IPO price range, it could raise as much as 500 billion won.
The bankers used four companies including HD Hyundai Heavy Industries, Hanwha Ocean, Samsung Heavy Industries, and HD Hyundai Mipo as comps for DH Shipbuilding.

Samyang Comtech IPO Valuation Analysis

By Douglas Kim

Our comparable companies valuation analysis suggests implied market cap of 557 billion won or target price of 13,187 won per share.
This represents a 71% upside from the high end of the IPO price range (7,700 won per share). Given the excellent upside, we have a Positive view of this IPO.
One could argue that valuation discount on Samyang Comtech may be too conservative mainly due to higher sales growth, ROE, and operating margins of Samyang Comtech relative to the comps.

COSCO Shipping Energy (1138 HK): A Viable Play on the Israel-Iran Conflict

By Osbert Tang, CFA

Cosco Shipping Energy Transportation (1138 HK) will benefit from the oil supply worry as Israel and Iran are unlikely to reach a “real” peace agreement in the short term.
The worry, or actual, closure of Hormuz will raise VLCC rates by escalating reserve building, increasing demand for alternative routes, a higher risk premium, and panic chartering.
After yesterday’s retreat, CSET trades on an undemanding 5.8x PER and 8.8% yield for FY25F. With over 12% ROE, its 0.73x P/B is cheap, below the average since 2023.

Q4 Follow-Up – TEKKEN CORPORATION (1815 JP) – May 28, 2025

By Sessa Investment Research

On May 13, TEKKEN CORPORATION (hereinafter, the Company) announced its full-year FY2025/3 consolidated financial results.
Net sales rose 0.8% YoY to JPY 185,114 mn, and operating profit surged 261% YoY to JPY 3,459 mn, almost in line with the Company’s revised estimate as of April 22, confirming its upward earnings momentum.
However, SIR believes the results indicate lingering challenges in profitability and financial dynamics, as actual ROE remained at 4.8%, falling short of the Company’s Medium-Term Management Plan scenario, which emphasizes ROE improvement.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 25

Daily Brief Consumer: Thakral Corp, Toyota Motor, Dickson Concepts Intl, CaoCao, Kent R O Systems, Viomi Technology Co Ltd, Unilever Nigeria, Build A Bear Workshop and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Gemlife (GLF AU): Index Inclusions Start Later This Year
Toyota (7203 JP // TM US) Hits Oversold: Your High-Potential Options Strategy
Dickson Concepts (113 HK): Scheme Vote on 18 July for a Below Net Cash Offer
Cao Cao IPO Trading: Weak Institutional Demand; Clawback Triggered
Kent R O Systems Ltd IPO- Purity at a Price
Dickson Concept (113 HK): 18th July Vote On Poon’s Low-Balled Offer
VIOT: Viomi hits a few speed bumps in the road. Adjusting our valuation target to 4.00
What’s News in Amsterdam – 24 June (Unilever)
BBW: Snapping the Store: Winning from Mini to Giant Sizes; Reiterate Buy, PT

Gemlife (GLF AU): Index Inclusions Start Later This Year

Gemlife (GLF AU) is looking to raise A$750m in a primary offering, valuing the company at A$1.58bn. The stock is expected to start trading on 3 July.
The Puljich family and Thakral Corp (THK SP) are escrowed on their shares till mid 2026 at the earliest.
Gemlife (GLF AU) could be added to global indexes in November and December this year, but S&P/ASX 300 Index inclusion could take place only in March 2026.

Toyota (7203 JP // TM US) Hits Oversold: Your High-Potential Options Strategy

By Small Cap Consumer Research

Context: After three consecutive down weeks, Toyota Motor (7203 JP) has entered oversold territory, triggering a potential upside signal in quantitative models.
Trade Idea: With signs pointing to a short-term reversal, a Bull Call Spread strategy offers high return potential (~12x premium) with limited upfront cost.
Why Read: This Insight presents a timely, actionable trade idea with a well-defined risk/reward profile—ideal for investors seeking tactical exposure. Details Provided.

Dickson Concepts (113 HK): Scheme Vote on 18 July for a Below Net Cash Offer

By Arun George

Dickson Concepts Intl (113 HK)’s IFA opines that the controlling shareholder (Sir Poon) at HK$7.20 to be fair and reasonable. The vote is on 18 July.
A low AGM minority participation rate and quiet retail forums are helpful. However, the offer is below the net cash, and Dickson is cash generative on an underlying basis.
Dickson shares traits similar to those of the Goldlion and Soundwill deal breaks, which showed that low-ball offers can be blocked. This situation warrants a safety-first approach.

Cao Cao IPO Trading: Weak Institutional Demand; Clawback Triggered

By Nicholas Tan

Cao Cao is a ride hailing platform in China that raised US$236m in its Hong Kong IPO.
As of 2024, it held a 5.4% market share as per Frost & Sullivan.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

Kent R O Systems Ltd IPO- Purity at a Price

By Nitin Mangal

Kent R O Systems (6592700Z IN) Kent R O Systems Ltd plans to come up with its IPO
The company is the second largest player in the Indian water purifier market with a market share of about 20%, behind Eureka Forbes.
We are concerned with the related party transactions of the company, especially with the promoters. The lease rental policy, coupled with some impairments, and trademark infringement matter also attracts attention.

Dickson Concept (113 HK): 18th July Vote On Poon’s Low-Balled Offer

By David Blennerhassett

Back on the 29th April, Dickson Concepts Intl (113 HK)‘s Chairman, Dickson Poon (& relatives), holding (now) 65.77%, tabled an Offer by way of a Scheme for shares not held.
The family offered HK$7.20/share (best & final). That compared to DC’s net cash (as at 31st Mar 2025) of HK$6.92/share. Plus financial assets comprise an additional ~HK$1.92/share.
The Scheme Document’s now out, with a Court Meeting on the 18th July, and expected payment around the 12th August. The IFA (Platinum) says “fair & reasonable”. It is not.

VIOT: Viomi hits a few speed bumps in the road. Adjusting our valuation target to 4.00

By Zacks Small Cap Research

Viomi recently launched a new filtration system that produces mineral water-like output, which could be a differentiated product in the market, enabling Viomi to gain a share in an increasingly crowded filtration market.
The company’s inability to file a timely 20-F with the SEC, combined with a recent change in auditors, will likely raise concerns among investors.
Viomi’s strong balance sheet could enable it to pursue multiple growth strategies (expansion, new products, M&A) over the next 3-5 years.

What’s News in Amsterdam – 24 June (Unilever)

By The IDEA!

In this edition: • Unilever | agrees to buy Dr. Squatch from Summit Partners

BBW: Snapping the Store: Winning from Mini to Giant Sizes; Reiterate Buy, PT

We are reiterating our Buy rating, projections and $58 price target for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island.
We believe, with compelling offerings, the ability to launch new exciting seasonal items and then further leverage the offerings via extensions into Mini (Beans) or Giant sized “furry friends,” the ability to drive upside from movie releases, to quickly capitalize on online trends and to expand key licensed franchises (Sanrio, Pokemon), Build-A-Bear is putting on a master class in how to drive incremental purchases and to achieve top and bottom line growth.
As such, we remain highly impressed and believe there remains upside to our top and bottom line projections and price target and reiterate our Buy rating and $58 price target.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 25

Most Read: Hygon Information Technology C, Amman Mineral Internasional, SK Square , Thakral Corp, Toyota Motor, Singapore Post, Contact Energy, Greatland Gold Plc, Interactive Brokers Group, Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Hygon/Sugon Merger: BIG Index Flows on Completion
Gold Miners ETF (GDX US): Impact of Benchmark Change – Update
Fresh Low-PBR Policy Color Hitting the Local Tape Today
Gemlife (GLF AU): Index Inclusions Start Later This Year
Toyota (7203 JP // TM US) Hits Oversold: Your High-Potential Options Strategy
SingPost (SPOST SP): More Non-Core Divestments – Slowly But Surely
Israel/Iran/US: Ten Pointers
Contact Energy/Manawa Energy: Index Flows as Deal Nears Completion
Greatland Resources (GGP AU): Big Index Inclusions for Recent IPO
[Quiddity Index] S&P500/600 Sep25 Rebal: Multiple Intra-Review Changes Possible

Hygon/Sugon Merger: BIG Index Flows on Completion

On 26 May, Hygon Information Technology (688041 CH) and Dawning Information Industry (603019 CH) announced a merger in a sign of consolidation in China’s chipmaking industry.
For each share of Dawning held, shareholders will receive 0.5525 shares of Hygon. With uncertainty on the timeline for merger completion, Dawning is trading at a 10% discount.
On completion of the merger, passive trackers will need to buy over US$1.1bn of Hygon Information Technology C (688041 CH) with nearly of that from local index trackers.

Gold Miners ETF (GDX US): Impact of Benchmark Change – Update

The VanEck Gold Miners ETF/USA (GDX US) has announced a benchmark change from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index.
The benchmark change will result in a bunch of constituent and weight changes in September. Estimated one-way turnover is 16.5% resulting in a one-way trade of US$3.15bn.
The flow and turnover numbers will change following constituent and capping changes for the MarketVector Global Gold Miners Index at the September rebalance.

Fresh Low-PBR Policy Color Hitting the Local Tape Today

By Sanghyun Park

The ruling party’s KOSPI 5,000 task force is now eyeing low PBR names with talk of direct penalties — a sharper shift from the prior admin’s soft-touch value-up approach.
Low PBR penalties may bypass the Assembly, fast-tracked via KRX or enforcement rule tweaks — rollout could follow swiftly post commercial code passage, possibly within 2–3 months.
Market’s zeroing in on low PBR, high ROE large caps — with 0.8x flagged as the penalty line, 56 KRW 1T+ names screen as potential re-rating plays.

Gemlife (GLF AU): Index Inclusions Start Later This Year

Gemlife (GLF AU) is looking to raise A$750m in a primary offering, valuing the company at A$1.58bn. The stock is expected to start trading on 3 July.
The Puljich family and Thakral Corp (THK SP) are escrowed on their shares till mid 2026 at the earliest.
Gemlife (GLF AU) could be added to global indexes in November and December this year, but S&P/ASX 300 Index inclusion could take place only in March 2026.

Toyota (7203 JP // TM US) Hits Oversold: Your High-Potential Options Strategy

Context: After three consecutive down weeks, Toyota Motor (7203 JP) has entered oversold territory, triggering a potential upside signal in quantitative models.
Trade Idea: With signs pointing to a short-term reversal, a Bull Call Spread strategy offers high return potential (~12x premium) with limited upfront cost.
Why Read: This Insight presents a timely, actionable trade idea with a well-defined risk/reward profile—ideal for investors seeking tactical exposure. Details Provided.

SingPost (SPOST SP): More Non-Core Divestments – Slowly But Surely

By David Blennerhassett

After selling its Aussie-based logistics ops earlier this year, Singapore Post (SPOST SP) continues to divest non-core assets and businesses.
The latest is the sale and leaseback of 10 Housing & Development Board shophouses, which could net S$50mn.
SPOST has declared a S$0.09/share special dividend from the Aussie sale. Shareholders will vote on the dividend at the AGM on the 23rd July.

Israel/Iran/US: Ten Pointers

By Alastair Newton

Recent events have highlighted the difficulty in predicting the progression of the Iran/Israel conflict.
Despite this, the volatility caused by these headlines has not significantly impacted market perspectives.
The supply/demand equation remains the primary influence on market thinking regarding oil.

Contact Energy/Manawa Energy: Index Flows as Deal Nears Completion

Contact Energy (CEN NZ) is acquiring Manawa Energy Ltd (MNW NZ) for NZ$1.12/share in cash and 0.583 Contact Energy shares for each share of Manawa Energy.
Manawa Energy (MNW NZ) is expected to stop trading after the close on 7 July. There will be passive inflows for Contact Energy (CEN NZ) due to increased index shares.
As a replacement for Manawa Energy Ltd (MNW NZ), there will be an ad hoc inclusion to the S&P/NZX 50 Index at the close of 7 July.

Greatland Resources (GGP AU): Big Index Inclusions for Recent IPO

Greatland Resources (GGP AU) started trading on the ASX Ltd (ASX AU) on 24 June after selling shares worth A$504m in a primary and secondary offering across Australia/UK.
Greatland has a full market cap of A$4.9bn and a high free float since Greatland Gold Plc (GGP LN) was listed on the AIM market of the London Stock Exchange.
Given the large market cap and high float, the stock could be added to multiple indices over the next few months.

[Quiddity Index] S&P500/600 Sep25 Rebal: Multiple Intra-Review Changes Possible

By Travis Lundy

The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.
We expect two regular changes in September 2025. There are also multiple live M&A events which are likely to trigger intra-review index changes.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Analytics and News
✓ Events & Webinars

Jun 24

Daily Brief Singapore: IFBH, SGX Rubber Future TSR20, Singapore Airlines, PetroChina , OUE REIT, Sunmoon Food Company and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

IFBH Ltd IPO: Heavy on Coconut and Light on Asset Makes the IPO Juicy
IFBH IPO – Leading Position in a High Growth F&B Segment Driving Valuations
Wintering, Labour Shifts Cripple Malaysian Rubber Output In April
Singapore Airlines (SIA): Losing from Higher Crude Oil Price
Expanded HK and Thai SDR suite now track around 50% of the Hang Seng Index and SET50 Index
REIT Watch – Most S-REITs with Singapore retail assets record double digit positive rent reversions despite softer retail outlook
SunMoon Food’s Zhang Ye Boosts Interests

IFBH Ltd IPO: Heavy on Coconut and Light on Asset Makes the IPO Juicy

By Tina Banerjee

IFBH Ltd launched its Hongkong IPO aiming to raise up to HK$1,160 million. The company plans to sell 41.7 million shares at HK$25.3–27.8 per share.
IFBH is a ready-to-consume beverage and food company based in Thailand. It enjoys market leader position in the ready to drink coconut water segment in Mainland China.
The growth momentum is expected to continue in the near term. IFBH’s leadership position would help garner volume strength. We would recommend the investors to subscribe to the issue.

IFBH IPO – Leading Position in a High Growth F&B Segment Driving Valuations

By Akshat Shah

IFBH (IFBH HK) is looking to raise about US$148m in its HK IPO.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.

Wintering, Labour Shifts Cripple Malaysian Rubber Output In April

By Vinod Nedumudy

April NR production plunges 37.3% month-on-month
Exports fall sharply; glove shipments dip 19.2% to US$258.9 mn
Imports too decline despite tapering NR production

Singapore Airlines (SIA): Losing from Higher Crude Oil Price

By Henry Soediarko

Singapore Airlines (SIA SP) may be losing some of its earnings from the continuing crisis in the Middle East.
Its rather high dividend yield may provide support in the near term
But a higher crude oil price may send its earnings downhill as it counts up to 30% of the total cost.

Expanded HK and Thai SDR suite now track around 50% of the Hang Seng Index and SET50 Index

Six new SDRs on SGX include Hong Kong’s SMIC, JD.com, PetroChina, and Thailand’s BDMS, CP Foods, Gulf.
SDRs provide cost-effective, convenient access to Hong Kong and Thai stocks, with 11 HK and 10 Thai SDRs.
SMIC, JD.com, and PetroChina SDRs have underlying ratios of 5:1, 10:1, and 1:2, respectively.

REIT Watch – Most S-REITs with Singapore retail assets record double digit positive rent reversions despite softer retail outlook

Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy rates.
CICT, FCT, and LREIT achieved positive rent reversions, with CICT’s retail portfolio seeing 17.5% growth in tenant sales.
MPACT, OUE REIT, Starhill Global REIT, and Suntec REIT reported high occupancy rates and varying rent reversions, with VivoCity achieving significant sales milestones.

SunMoon Food’s Zhang Ye Boosts Interests