Category

Daily Briefs

Jun 21
0

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (Jun 20th): Tencent and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (Jun 20th): Tencent, Chow Tai Fook Jewellery, AIA

Hong Kong Buybacks Weekly (Jun 20th): Tencent, Chow Tai Fook Jewellery, AIA

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 20th based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Chow Tai Fook Jewellery (1929 HK), AIA (1299 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Chow Tai Fook Jewellery (1929 HK).

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Jun 21
0

Most Read: NTT Data Corp, BayCurrent Consulting , Jiangsu Hengrui Pharmaceuticals, Live Nation Entertainment, Inc, Seven Bank Ltd, HDB Financial Services Ltd, Samsung Electronics, Saint Bella and more

By | Daily Briefs, Most Read

In today’s briefing:

  • [Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way
  • [Quiddity Index] Nikkei 225 Sep25 Rebal: One ADD/DEL? Kokusai a Question, but 2 Ad Hoc Events Coming
  • HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September 2025
  • Select Sector Indices and S&P Equal Weight Rebalance: US$12.7bn Round-Trip Trade Post Capping
  • [Japan Event] Seven Bank (8410) To Buy Back Up to 17.0% of Shares Out Tomorrow
  • HDB Financial IPO: Offer Details & Index Entry Timing
  • Fresh Intel on Samsung’s Foundry Spin-Off Plan
  • BoE Still Seeking Evidence
  • Saint Bella IPO (2508.HK): Cornerstone Investors Have Agreed To Take ~52% of the Offer Shares
  • HEW: Playing For Time

[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way

By Travis Lundy

  • The NTT Data Corp (9613 JP) Tender Offer closed today. Results will come out tomorrow. I expect it will have been successful. 
  • That will mean some US$8bn+ of passive tracking flows to sell and $8bn+ to buy related to this event alone in the next 3 months. 
  • And there are some very interesting dynamics to consider in the meantime. 

[Quiddity Index] Nikkei 225 Sep25 Rebal: One ADD/DEL? Kokusai a Question, but 2 Ad Hoc Events Coming

By Travis Lundy

  • The March 2025 Nikkei 225 review came out with a sparse set of changes. That gives us hints for the September 2025 review.
  • For the moment, that leads me to believe we get ONE ADD and ONE DELETE though up to three of each is possible.
  • For now, Fast Retailing (9983 JP) capping is off, but there’s an ad hoc coming in late Q3 or early Q4 and the Sony Financial spinoff to look forward to.

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September 2025

By Brian Freitas

  • We see 21 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.
  • There have been some big listings in the last couple of months and those stocks should be added to the index in September. That increases the number of potential deletions.
  • There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.

Select Sector Indices and S&P Equal Weight Rebalance: US$12.7bn Round-Trip Trade Post Capping

By Brian Freitas

[Japan Event] Seven Bank (8410) To Buy Back Up to 17.0% of Shares Out Tomorrow

By Travis Lundy

  • Today after the close, Seven Bank Ltd (8410 JP) announced a MASSIVE ToSTNeT-3 transaction to buy back up to 200,000,000 shares (17.0% of shares out) for ¥52.4bn. Tomorrow AM. 
  • There is a complex iterative calculation on the part of Seven Eleven Japan to figure out how many shares they should put into the buyback.
  • I see a minimum buyback of 10.8%. 17% would be great. But there is a potential issue on the back end of which investors should be aware.

HDB Financial IPO: Offer Details & Index Entry Timing

By Brian Freitas

  • HDB Financial Services Ltd (0117739D IN) is looking to list on the exchanges by selling up to INR125bn (US$1.46bn) of stock at a valuation of around INR 620bn (US$7.2bn).
  • The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in December.
  • HDB Financial Services Ltd‘s peers have traded well over the last 6 months and that could spill over into demand for the stock. Grey market premium is pretty high.

Fresh Intel on Samsung’s Foundry Spin-Off Plan

By Sanghyun Park

  • Insiders say Google’s fast-growing phone biz now overlaps Samsung’s, sparking serious rivalry fears. This “Google shock” has become a major topic among Samsung’s top execs lately.
  • Sammy’s crisis plan involves carving out System LSI from foundry, with a likely spin-off of the foundry biz as a separate entity—insiders say that’s the favored move now.
  • Samsung’s restructuring sparks a tug-of-war between shareholder value erosion and foundry re-rating. A spin-off looks likely, with recent stock moves showing investor optimism.

BoE Still Seeking Evidence

By Phil Rush

  • Guidance around an unsurprisingly unchanged BoE rate preserved the necessary uncertainty about when it might ease again, albeit with a broad bias to do more later.
  • Dave Ramsden joined the dovish dissent, taking it to three for a 25bp cut, but none of them are in the MPC majority revealed in May as leaning towards a slower pace of cuts.
  • We believe the August decision remains finely balanced for the majority. Ongoing data resilience, discouraging the Fed and ECB from easing, should also keep the BoE on hold.

Saint Bella IPO (2508.HK): Cornerstone Investors Have Agreed To Take ~52% of the Offer Shares

By Andrei Zakharov

  • Saint Bella, a luxury maternity and baby care brand, has announced the fixed offer price of HK$6.58 per share for its IPO in Hong Kong.  
  • The company is expected to IPO next week and initial fixed offer price implies a market cap of ~HK$3.9B. Saint Bella is set to start trading on June 26, 2025.
  • Cornerstone investors have agreed to invest ~$42M in this offering. China Asset Management, JKKB and SS Morgan are among the cornerstone investors.  

HEW: Playing For Time

By Phil Rush

  • US diplomacy with Iran has been given two weeks, bringing it close to the reciprocal tariff deferral date. Both may roll later, while central bankers wait to see the impact.
  • Unsurprising UK and EA inflation data offered little direction, nor did the BoE or Fed. Brazil and Norway delivered opposite surprises outside a flood of cautious statements.
  • Next week is much quieter for data and decisions (TH and MX). The flash PMIs are the main global highlight, although some HICP and PCE data are notable on Friday.

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Jun 21
0

Daily Brief ECM: Medtide (泰德医药) IPO: Aggressive Valuation and more

By | Daily Briefs, ECM

In today’s briefing:

  • Medtide (泰德医药) IPO: Aggressive Valuation
  • Orkla India Ltd. Pre-IPO Tearsheet
  • Oswal Pumps IPO Trading – Decent Anchor; Strong Overall Demand
  • Lalithaa Jewellery Mart Ltd Pre-IPO Tearsheet

Medtide (泰德医药) IPO: Aggressive Valuation

By Ke Yan, CFA, FRM

  • Medtide, a Chinese headquartered CDMO company, launched its IPO to raise up to US$66m via a Hong Kong listing.
  • We have previously covered the company’s fundamentals. We highlighted potential corporate governance issues despite its superior financials compared to peers.
  • In this note, we look at the deal term. We think the valuation and broker guidance is aggressive.

Orkla India Ltd. Pre-IPO Tearsheet

By Troy Wong

  • Orkla India Ltd. (OI) is looking to raise about US$300mn in its upcoming India IPO. The deal will be run by ICICI, Citi, JPM, and Kotak.
  • It’s a multi-category Indian food company offering a diverse range of products that cater to every meal occasion, from breakfast and lunch to dinner, snacks and beverages and desserts.
  • OI was one of the top four companies in terms of revenue from operations among select leading species and convenience foods peers in FY24, as per Technopak Report.

Oswal Pumps IPO Trading – Decent Anchor; Strong Overall Demand

By Akshat Shah

  • Oswal Pumps (1019841D IN) raised about US$162m in its India IPO.
  • Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
  • We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Lalithaa Jewellery Mart Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Lalithaa Jewellery Mart Ltd (1607844D IN)  (LJML) is looking to raise about US$200m in its upcoming India IPO. The bookrunners for the deal are AnandRathi and Equirius.
  • LJML is a jewellery retailer operating under the brand name “Lalithaa”, offering a range of gold, silver, and diamond jewellery tailored to regional preferences in southern India.
  • As per the CRISIL Report, the company recorded the highest operating revenue per store among key organised jewellery players in India during FY22-9M25.

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Jun 21
0

Daily Brief ESG: A Dialogue with a Skilled Outside Director Will Create Value. This Premise Is Important and more

By | Daily Briefs, ESG

In today’s briefing:

  • A Dialogue with a Skilled Outside Director Will Create Value. This Premise Is Important

A Dialogue with a Skilled Outside Director Will Create Value. This Premise Is Important

By Aki Matsumoto

  • The reason why many companies have previously rejected requests by overseas investors to meet with outside directors is that they’ve prioritized information control over constructive dialogue with shareholders and investors.
  • The fact that companies begun to provide opportunities for communication with outside directors will hopefully lead to shifts in value-creating management, but it’ll not easy to spread to many companies.
  • Even if more companies provide opportunities for communication between outside directors and investors in the future, dialogue with unskilled outside directors will not be fruitful.

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Jun 21
0

Daily Brief Thematic (Sector/Industry): Japan Strategy Weekly | The Nikkei Is Back in Fashion and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Japan Strategy Weekly | The Nikkei Is Back in Fashion
  • AUCTUS ON FRIDAY – 20/06/2025
  • [Blue Lotus Daily-TMT Update]:3690 HK/JD US/1439927D CH/4689 JP/4755 JP/4385 JP/700 HK/NTESUS/BABAUS

Japan Strategy Weekly | The Nikkei Is Back in Fashion

By Mark Chadwick

  • A 1.5% gain last week lifted the benchmark to 38,403, its highest in four months; Semiconductor stocks surged
  • Japan’s 10-year government bond yield dipped to 1.39%, while the yen fell 1.1% to ¥145.32 against the dollar – its weakest in three weeks.
  • Sega Sammy surged 18% this week following a well-received management meeting that emphasized clear strategic direction and strong shareholder engagement.

AUCTUS ON FRIDAY – 20/06/2025

By Auctus Advisors

  • AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Focus on the shallow gas prospects – ADX has initiated the farm-out process for the GOLD cluster of shallow gas prospects in ADX-AT-II.
  • This cluster includes the GOLD (A&C), GOLD (B), GRAB, and ZAUN prospects, with a combined P50 prospective resource estimate of 12.1 bcf (13.3 bcf on a mean basis).
  • GOLD accounts for 7.5 bcf, while ZAUN and GRAB hold 2.7 bcf and 1.9 bcf, respectively.

[Blue Lotus Daily-TMT Update]:3690 HK/JD US/1439927D CH/4689 JP/4755 JP/4385 JP/700 HK/NTESUS/BABAUS

By Ying Pan

  • 3690 HK: Meituan Food Delivery Daily Orders Reach 90 Million (+)
  • JD US: JD Officially Launches OTA Hotel and Travel Business with Three-Year Zero Commission Policy(+/-/-)
  • 1439927D CH/4689 JP/4755 JP/4385 JP: TikTok Announces Launch of Japan E-commerce Business as Early as This Month (+/-/-/-)

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Jun 21
0

Daily Brief Utilities: Naturgy Energy Group SA and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Naturgy: Auto-OPA Arbitrage Outcomes and Path to Index Reweighting

Naturgy: Auto-OPA Arbitrage Outcomes and Path to Index Reweighting

By Jesus Rodriguez Aguilar

  • Naturgy’s auto-OPA was oversubscribed, leading to a low 10.27% proration and diminished arbitrage fill for public investors.
  • Share price recovery post-offer (€27.30) boosted returns above modeled expectations.
  • Planned treasury share placements may significantly increase free float and MSCI/FTSE index weights by 2026.

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Jun 21
0

Daily Brief TMT/Internet: Samsung Electronics, Nationz Technologies Inc A, Japan Business Systems , Vanguard Intl Semiconductor, Blackline Inc, CyberArk Software Ltd, Cargurus , Cap-XX, Blackbaud Inc and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Fresh Intel on Samsung’s Foundry Spin-Off Plan
  • Samsung Electronics (005930 KS) Outlook as Foundry Spin-Off Gains Momentum
  • Quiddity Leaderboard CSI All Share Semiconductors Dec25: Early Preview; Multiple Changes Possible
  • Japan Business System (5036 JP) – Cloud Integration Profitability Recovering Sharply
  • Vanguard (5347.TT): The 3Q25 Outlook Is Expected to Improve by Around 5% QoQ.
  • BlackLine Inc.: Can Its New Platform Pricing Model & Its AI Agents Become Key Growth Catalysts?
  • CyberArk Software Doubles Down on Machine Identity—Is This the Next Big Cybersecurity Goldmine?
  • CarGurus Triples Dealer Conversions—Is This the Future of Auto Sales?
  • Friday Take Away: 13 June 2025
  • Blackbaud Transforms Revenue Model with Game-Changing 3-Year Contracts; What’s The Revenue Impact?

Fresh Intel on Samsung’s Foundry Spin-Off Plan

By Sanghyun Park

  • Insiders say Google’s fast-growing phone biz now overlaps Samsung’s, sparking serious rivalry fears. This “Google shock” has become a major topic among Samsung’s top execs lately.
  • Sammy’s crisis plan involves carving out System LSI from foundry, with a likely spin-off of the foundry biz as a separate entity—insiders say that’s the favored move now.
  • Samsung’s restructuring sparks a tug-of-war between shareholder value erosion and foundry re-rating. A spin-off looks likely, with recent stock moves showing investor optimism.

Samsung Electronics (005930 KS) Outlook as Foundry Spin-Off Gains Momentum

By Nico Rosti

  • Sanghyun Park has reported in detail about what seems to be going on behind closed doors at Samsung in regard to the foundry spin-off: read his insight – highly recommended.
  • We maintain our BUY recommendation for Samsung Electronics (005930 KS) and although we have not yet seen a strong rally, we see the stock slowly drifting upward from its bottom.
  • Our short-term tactical perspective covering the next 2–3 weeks is presented in this insight.

Quiddity Leaderboard CSI All Share Semiconductors Dec25: Early Preview; Multiple Changes Possible

By Janaghan Jeyakumar, CFA

  • CSI All Share Semiconductors & Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
  • In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
  • We expect up to six ADDs and two DELs for the CSI All Share Semiconductors index during this index review event based on the latest available data.

Japan Business System (5036 JP) – Cloud Integration Profitability Recovering Sharply

By Sessa Investment Research

  • In Q2 FY24/9 financial results reported exactly one year ago, profit attributable to owners of parent declined -74.1% due to recording an impairment loss of JPY 1,720mn in the 2Q as an extraordinary loss for the entire unamortized balance of goodwill associated with the acquisition of consolidated subsidiary NEXTSCAPE Inc.
  • In SIR’s follow-up report, we wrote “management promptly recognizing the impairment and withdrawing the FY25/9 OP MTP target effectively minimizes future down-side risk.
  • In the meantime, core business performance continues to grow at double-digits. ”

Vanguard (5347.TT): The 3Q25 Outlook Is Expected to Improve by Around 5% QoQ.

By Patrick Liao

  • Vanguard Intl Semiconductor (5347 TT)’s 3Q25 outlook shows slight improvement over 2Q25, potentially around +5%.  
  • Vanguard Intl Semiconductor (5347 TT) overall utilization expected to reach around 75–80% in 3Q25, with 0.18µm loading is nearly full.
  • Progress on Vanguard’s Singapore 12” fab is still in early stages, with the main constraint being the equipment move-in schedule.  

BlackLine Inc.: Can Its New Platform Pricing Model & Its AI Agents Become Key Growth Catalysts?

By Baptista Research

  • BlackLine, a leader in financial automation solutions, recently announced its Q1 2025 earnings results, highlighting both opportunities and challenges as the company navigates its ongoing journey towards growth and market expansion.
  • The company reported a total revenue increase of 6% year-over-year, reaching $167 million, with strong subscription and services revenue performance.
  • However, the financial results are a mix of positives and certain areas that might require attention.

CyberArk Software Doubles Down on Machine Identity—Is This the Next Big Cybersecurity Goldmine?

By Baptista Research

  • CyberArk Software Ltd has reported its first quarter 2025 earnings, demonstrating a strong financial performance that exceeded the company’s guided metrics.
  • The company achieved an Annual Recurring Revenue (ARR) of $1.215 billion, with total revenue amounting to $318 million.
  • An operating margin of 18% was recorded, alongside a free cash flow generation of $96 million.

CarGurus Triples Dealer Conversions—Is This the Future of Auto Sales?

By Baptista Research

  • CarGurus, Inc. demonstrated solid performance in the first quarter of 2025, characterized by significant growth in its Marketplace revenue and strategic advancements across its product offerings.
  • The company focused on three key value creation drivers: expanding data-driven solutions for dealers, refining consumer experiences, and enhancing online transaction capabilities.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Friday Take Away: 13 June 2025

By Hybridan

  • CapXX’s high-power density and high energy storage capacity superconductors are used in portable and smallscale electronic devices, as well as in larger applications such as automotive and renewable energy.
  • This is a $1bn market and forecast to grow at 18% per annum between 2023 and 2030. The recent Trading Update reported on the restructuring progress over the last five months to May 2o25.
  • CapXX’s cash remained robust at AUD$4.2m (£2m) compared to AUD$5m as a result of cost-saving initiatives, an ongoing emphasis on efficient operational performance and a slowing rate of cash use.

Blackbaud Transforms Revenue Model with Game-Changing 3-Year Contracts; What’s The Revenue Impact?

By Baptista Research

  • Blackbaud, Inc. recently reported its first-quarter 2025 financial results, demonstrating a measured performance.
  • Revenue for the quarter was $271 million, marking 5.8% organic growth.
  • The company achieved a non-GAAP adjusted EBITDA margin of 34.3% and non-GAAP diluted earnings per share of $0.96.

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Jun 21
0

Daily Brief Industrials: Oswal Pumps, Towa Corp, Wesco International, HEICO Corp, Matson Inc, Boeing Co, Parsons Corp, Sensata Technologies Holding P, Nippon Aqua, Fluor Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Oswal Pumps IPO Trading – Decent Anchor; Strong Overall Demand
  • Towa (6315): Buy for Orders Rebound
  • WESCO International Powers Utility Rebound with Grid Modernization & Strategic Contracts!
  • HEICO Corporation: Robust Defense Segment Performance & Other Factors Driving our Optimism!
  • Matson Inc.: Diversification of Catchment Basin in Asia To Hedge Against Geopolitical Uncertainties & Economic Volatility!
  • Boeing’s Dreamliner Nightmare: Is AI171 the Beginning of the End?
  • Parsons Corporation Surges With Record Backlog & $55 Billion Opportunity Pipeline; A Potential Game Changer?
  • Sensata Technologies: The Top 6 Influences on Its Performance for 2025 & the Future!
  • Nippon Aqua (1429 JP) – Innovator in Living Environments
  • Fluor Corporation Dominates with $20B Urban Backlog & Solid Project Pipeline; What Lies Ahead?

Oswal Pumps IPO Trading – Decent Anchor; Strong Overall Demand

By Akshat Shah

  • Oswal Pumps (1019841D IN) raised about US$162m in its India IPO.
  • Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
  • We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Towa (6315): Buy for Orders Rebound

By Scott Foster

  • After nearly two years of decline, TOWA’s new orders appear to have hit bottom this quarter and should start to recover in the three months to September.
  • Sales and profits should follow a similar trajectory with management expecting nearly 60% of FY Mar-26 sales and more than 80% of operating profit to be recorded in 2H.
  • Rising demand for AI-related high-bandwidth memory (HBM) and GPU packaging should drive growth for the next 2-3 years, bringing the projected P/E ratio for FY Mar-28 down to 12X.

WESCO International Powers Utility Rebound with Grid Modernization & Strategic Contracts!

By Baptista Research

  • Wesco International, Inc. presented its first quarter 2025 financial results and outlook and reported a 6% organic sales growth for the first quarter, primarily fueled by a 70% increase in its data center business, along with notable surpluses in their OEM and Broadband segments.
  • These results exceeded initial forecasts and reflect the company’s ability to capitalize on high-demand areas within technology infrastructure.
  • The firm achieved a stable gross margin sequentially, a strategic play given potential global tariff impacts.

HEICO Corporation: Robust Defense Segment Performance & Other Factors Driving our Optimism!

By Baptista Research

  • HEICO Corporation delivered a robust second quarter financial performance for fiscal 2025, demonstrating strong organic growth and successful integration of acquisitions.
  • The company saw record increases in both consolidated operating income and net sales, which rose by 19% and 15% respectively compared to the same period in fiscal 2024.
  • The Flight Support Group (FSG) set all-time quarterly records with a 19% net sales increase and a 24% increase in operating income reflecting a 14% organic growth.

Matson Inc.: Diversification of Catchment Basin in Asia To Hedge Against Geopolitical Uncertainties & Economic Volatility!

By Baptista Research

  • Matson Inc.’s recent financial earnings for the first quarter of 2025 provided a nuanced view of the company’s current standing and its challenges ahead.
  • The report reflects a mixed performance across various metrics and presents a cautious outlook for the remainder of the year.
  • The positives from the call include a significant year-over-year increase in consolidated operating income for the first quarter, driven largely by continued elevated freight rates from China and robust demand post-Lunar New Year.

Boeing’s Dreamliner Nightmare: Is AI171 the Beginning of the End?

By Baptista Research

  • The crash of Air India Flight AI171 has jolted the global aviation industry and once again cast a long shadow over Boeing’s safety record.
  • The Dreamliner, once heralded as a revolutionary leap in aviation technology with a flawless fatality record, now lies at the center of a growing storm.
  • The flight, a Boeing 787-8 en route to the U.K., crashed shortly after takeoff from Ahmedabad, killing 241 of the 242 onboard.

Parsons Corporation Surges With Record Backlog & $55 Billion Opportunity Pipeline; A Potential Game Changer?

By Baptista Research

  • Parsons Corporation’s latest financial results for the first quarter of 2025 showcased both strong performance and certain challenges.
  • The company achieved record highs in several key financial metrics, including total revenue of $1.6 billion, net income, earnings per share, and adjusted EBITDA.
  • This indicates strong underlying business performance amidst a challenging environment, particularly involving a confidential federal contract that continues to operate at a lower volume due to external political factors.

Sensata Technologies: The Top 6 Influences on Its Performance for 2025 & the Future!

By Baptista Research

  • Sensata Technologies reported a robust first quarter for 2025, with earnings exceeding their initial guidance, despite facing a challenging tariff environment.
  • The company achieved a revenue of $911 million, slightly down from $1.007 billion in Q1 2024, but this was largely due to the divestment of lower-margin products, and sales were flat year-over-year when adjusted.
  • Adjusted operating income stood at $167 million, representing an 18.3% margin.

Nippon Aqua (1429 JP) – Innovator in Living Environments

By Sessa Investment Research

  • Nippon Aqua Co., Ltd. (hereinafter, “the Company”) is a high-growth enterprise listed on the Prime Market of the Tokyo Stock Exchange.
  • Guided by its management philosophy—“Contribution to society through the creation of living environments that are friendly to people and the earth”—the Company leverages insulation and waterproofing technologies to drive energy efficiency and support a sustainable society.
  • It holds the leading domestic share in on-site urethane foam insulation installation and operates its business through three key divisions: Single-family homes , Buildings, and Waterproofing.

Fluor Corporation Dominates with $20B Urban Backlog & Solid Project Pipeline; What Lies Ahead?

By Baptista Research

  • Fluor Corporation’s recent quarterly financial performance offers a nuanced perspective showcasing both strengths and areas requiring attention.
  • The company’s revenue for the first quarter was $4 billion, with a strong inflow of new awards amounting to $5.8 billion.
  • The book-to-burn ratio of 1.5 indicates a healthy intake of new projects relative to the services rendered, pointing towards sustained future revenue streams.

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Jun 21
0

Daily Brief Energy/Materials: Kobe Steel Ltd, Iron Ore, Kinross Gold Corp, Nicola Mining, Nutrien , Plains All American Pipeline, L.P., SGX Rubber Future TSR20, Cleveland-Cliffs Inc , Sherwin Williams Co, Eni SpA and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Kobelco (5406.T) – Diversified Industrial at Deep Value
  • [IO Technicals 2025/25] Bearish Momentum Strengthens
  • Kinross Gold Corporation Unlocks 680,000 Ounces in Bold Expansion Drive Across Key Projects!
  • NIM: Launching Drill Campaign at New Craigmont Copper Project
  • Nutrien Seizes Global Crop Boom—Can Potash & Phosphates Fuel A Revenue Surge?
  • Plains GP Holdings: Resilient Crude Oil Has Become A Critical Factor Driving Growth!
  • Indian NR Production Marginally Improves, Consumption Down
  • Cleveland-Cliffs Abandons Weirton Plant—What’s Behind This Bold Pivot?
  • Sherwin-Williams Is Painting Over Housing Market Woes With Strategy & Scale; Will It Work?
  • Eni Taps Cyprus for Next Big Gas Play—Is Egypt the Key to Europe’s Energy Future?

Kobelco (5406.T) – Diversified Industrial at Deep Value

By Rahul Jain

  • Earnings stable over 3 years as machinery and power offset weak steel margins; ROIC gradually improving.
  • Focus on KOBEMAG®, machinery expansion, and carbon-neutral projects with disciplined capex.
  • Trades at ~5x P/E due to low ROIC, past governance issues, and misperception as a pure steel cyclical.

[IO Technicals 2025/25] Bearish Momentum Strengthens

By Umang Agrawal

  • Iron ore prices declined due to weakening demand from China, driven by a slump in its property sector, which has kept iron ore demand for steel subdued.
  • China’s steel production dropped 6.9% YoY in May amid capacity cuts, with blast furnace utilisation and pig iron output declining, though some furnace restarts may boost production soon.
  • Prices remain below key moving averages, indicating continued downward pressure, and the MACD below its signal line reinforces the current bearish trend.

Kinross Gold Corporation Unlocks 680,000 Ounces in Bold Expansion Drive Across Key Projects!

By Baptista Research

  • Kinross Gold has reported its first-quarter results for 2025, showing a robust performance that follows a strong 2024.
  • The company produced 512,000 gold equivalent ounces and achieved notable output from its Tasiast and Paracatu mines, which contributed significantly to cash flow.
  • Strong grades and recoveries supported Tasiast’s production, although a fire led to a mill shutdown in April.

NIM: Launching Drill Campaign at New Craigmont Copper Project

By Atrium Research

  • What you need to know: • Nicola has officially commenced its 2025 diamond drilling campaign at the New Craigmont Copper Project near Merritt, BC.
  • • The program includes 4,000–5,000m of drilling across multiple porphyry and skarn-style copper targets, including two new, undrilled zones.
  • • The campaign builds on 2024 results from the MARB-CAS corridor and follows the discovery of the Draken copper showing in 2023.

Nutrien Seizes Global Crop Boom—Can Potash & Phosphates Fuel A Revenue Surge?

By Baptista Research

  • Nutrien presented its first-quarter 2025 results amidst a dynamic market landscape influenced by geopolitical events and trade disruptions.
  • The results indicate a nuanced performance across its business segments, underscored by both opportunities and challenges.
  • For investors analyzing Nutrien, these results provide a layered view of current operations and future prospects.

Plains GP Holdings: Resilient Crude Oil Has Become A Critical Factor Driving Growth!

By Baptista Research

  • Plains All American Pipeline, LP reported its first-quarter 2025 results with an adjusted EBITDA of $754 million.
  • This performance was achieved amidst a volatile market environment influenced by ongoing trade tariff uncertainties and dissension among OPEC members, which has affected economic forecasts and commodity pricing.
  • From a strategic standpoint, Plains All American continues to focus on efficient growth initiatives, with significant attention paid to generating free cash flow and sustaining a flexible balance sheet.

Indian NR Production Marginally Improves, Consumption Down

By Vinod Nedumudy

  •  FY 2024-25 NR production at 875,000 tons, consumption 1.41 mn tons  
  •  Compound rubber imports go up by 44.5% to 245,407 tons in FY 24-25  
  •  Replanting supported primarily by pineapple farming contractors

Cleveland-Cliffs Abandons Weirton Plant—What’s Behind This Bold Pivot?

By Baptista Research

  • Cleveland-Cliffs reported a challenging first quarter of 2025, grappling with lower-than-expected performance metrics, particularly in terms of EBITDA and cash flow.
  • The company attributed these underwhelming results predominantly to low steel prices lingering from late 2024 into early 2025 and the lagging performance of non-core assets.
  • The federal tariffs on foreign steel, imposed under Section 232, were highlighted as critical to mitigating unfair competition—a policy supported by the Trump administration that aims to bolster domestic production.

Sherwin-Williams Is Painting Over Housing Market Woes With Strategy & Scale; Will It Work?

By Baptista Research

  • Sherwin-Williams has emerged as one of the more resilient players in a housing market mired by high mortgage rates, weak affordability, and sluggish turnover.
  • Despite the macroeconomic headwinds, the company’s stock has surged nearly 23% over the past 12 months and is outperforming the S&P 500 in 2025.
  • This performance is backed not by housing strength, but by Sherwin-Williams’ ability to execute on pricing, grow market share, and deliver operational efficiencies amidst volatility.

Eni Taps Cyprus for Next Big Gas Play—Is Egypt the Key to Europe’s Energy Future?

By Baptista Research

  • Eni’s recent results and strategic updates reveal both strengths and challenges that should be considered in an investment thesis.
  • The quarter showcased significant strides in line with the company’s strategic objectives, focused on expanding upstream capabilities and enhancing its transition business.
  • Positively, Eni reported an increase in net income to EUR 1.4 billion, reflecting a notable 60% rise quarter-on-quarter.

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Jun 21
0

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

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

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: Seazen Group
  • The US market was closed for Juneteenth yesterday.
  • US President Donald Trump has indicated that he will decide whether to attack Iran within the next two weeks, according to White House Press Secretary Karoline Leavitt.

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