Category

Daily Briefs

Jun 16
0

Daily Brief Health Care: Mayne Pharma, Kitazato, Shanghai Junshi Biosciences , Bayzed Health Group, Inventurus Knowledge Solutions and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Merger Arb Mondays (16 June) – Mayne, Pointsbet, Fengxiang, HKBN, Seven & I, Shibaura, Smartpay
  • Kitazato (368A JP): Greenshoe Nudges It Closer to Global Index Inclusion, but Shortfall Remains
  • Shanghai Junshi Bioscience (1877 HK): Placement Good, A Long Term Bet for Sure
  • Pre-IPO Bayzed Health Group (PHIP Updates) – Some Points Worth the Attention
  • Inventurus IPO Lockup: US$2.4bn Lockup Release; Pre-IPO Investors May Monetize

Merger Arb Mondays (16 June) – Mayne, Pointsbet, Fengxiang, HKBN, Seven & I, Shibaura, Smartpay

By Arun George

Kitazato (368A JP): Greenshoe Nudges It Closer to Global Index Inclusion, but Shortfall Remains

By Dimitris Ioannidis

  • Kitazato (368A JP) is forecasted to fail the market cap and float cap threshold of Global-F SmallCap even with the full exercise of the greenshoe.
  • Kitazato (368A JP) is expected to come close but miss the float cap threshold of Global-M SmallCap.
  • The full exercise of the greenshoe increases the probability of inclusion in Global-M SmallCap at the November 2025 review.

Shanghai Junshi Bioscience (1877 HK): Placement Good, A Long Term Bet for Sure

By Tina Banerjee

  • Shanghai Junshi Biosciences (1877 HK) is placing 41M H shares for subscription at HK$25.35 per H Share.
  • Shanghai Junshi intends to use 70% of the net proceeds from the placement for innovative drug development and balance 30% for general corporate purposes such as replenishment of working capital.
  • Early green shoots in the form of lower R&D expenses and narrowing losses. Junshi offers for a good long-term bet as the company turning profitable will take some time.

Pre-IPO Bayzed Health Group (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

  • The positioning of Bayzed is just “a supplement to public hospitals system”, with limited scale and competitiveness, which is a point that investors may need to be aware of.
  • A big problem in the operation of Bayzed is the loss status/weak profitability. At current gross margin level, it would be difficult for Bayzed to deliver good returns for investors.
  • Valuation of Bayzed should be lower than Inkon Life Technology and Hygeia. The Pre-IPO valuation is not cheap, and the valuation upside potential may be limited considering weak profitability.  

Inventurus IPO Lockup: US$2.4bn Lockup Release; Pre-IPO Investors May Monetize

By Nicholas Tan

  • Inventurus Knowledge Solutions (IKSINCD IN) raised around US$295m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
  • It is a technology-enabled healthcare solutions provider, assisting physician enterprises in US, Canada and Australia, with a core focus in the US.
  • In this note, we will talk about the lockup dynamics and possible placement.

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

Sign Up for Free

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
Sign Up for Free


Jun 16
0

Daily Brief Consumer: Pop Mart International Group L, Chow Tai Fook Jewellery, Abc Mart Inc, CaoCao Inc, Walmart and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Pop Mart (9992 HK): Beyond Blind Boxes -Jewellery Debut. Stock Up 200% YTD. Is It Still a Buy?
  • Chow Tai Fook(1929 HK) – Firing on All Cylinders, Strong Outlook For FY26
  • ABC Mart Extends Lead in Japan’s Footwear Market as Competitors Contract
  • CaoCao IPO: The Bear Case
  • Walmart Raises Alarm on Tariffs: What Shoppers Need to Brace For!

Pop Mart (9992 HK): Beyond Blind Boxes -Jewellery Debut. Stock Up 200% YTD. Is It Still a Buy?

By Devi Subhakesan

  • Pop Mart International Group (9992 HK)  opened its first dedicated jewellery concept store, POPOP, in Shanghai last Friday, featuring accessories based on its best-selling characters like Labubu, Molly, and Skullpanda.
  • The jewellery line represents a natural, high-return extension of Pop Mart’s brand. If scaled successfully, it could support overall revenue growth, enhance group margins, and contribute to higher returns.
  • Expect high margin, high return casual jewellery business to support growth and uplift margins going forward and  lead to analyst upgrades to future revenues/earnings. 

Chow Tai Fook(1929 HK) – Firing on All Cylinders, Strong Outlook For FY26

By Sreemant Dudhoria,CFA

  • Resilient FY25 Margins: Despite a 17.5% revenue drop, Chow Tai Fook Jewellery (1929 HK) expanded operating margins by 400bps through cost control and premium product mix.
  • Brand-Led Recovery in FY26: Signature launches, digital sales, and store optimization to drive Same Store Sales Growth (SSSG) recovery and sustain high operating leverage.
  • Valuation Supported by Fundamentals: Valuation at 20.8x P/E (TTM) valuation justified by strong ROE (>20%), margin leadership, and stable dividend payout (~88%) versus regional jewellery peers.

ABC Mart Extends Lead in Japan’s Footwear Market as Competitors Contract

By Michael Causton

  • The footwear retail sector is a one horse race, with that horse being ABC Mart.
  • It continues to grow at a respectable rate while increasingly diminutive rivals contract.
  • ABC Mart is expanding further into the apparel category too, providing more room for future growth.

CaoCao IPO: The Bear Case

By Arun George

  • CaoCao Inc (1646553D CH) is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.
  • In CaoCao IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
  • The bear case rests on low net take rates, unfavourable trends of key cost items, expected losses in the current year and a stretched balance sheet.

Walmart Raises Alarm on Tariffs: What Shoppers Need to Brace For!

By Baptista Research

  • Walmart reported a solid first quarter for fiscal 2026, with results exceeding analysts’ expectations and reflecting resilience amid a volatile economic environment.
  • The company posted adjusted earnings of 61 cents per share, surpassing the 58-cent consensus estimate, and saw revenue grow 2.5% year over year to $165.6 billion.
  • U.S. same-store sales rose 4.5%, outpacing the projected 3.9% increase.

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

Sign Up for Free

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
Sign Up for Free


Jun 16
0

Daily Brief Industrials: Cgn Mining, Samsung Heavy Industries and more

By | Daily Briefs, Industrials

In today’s briefing:

  • MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining
  • Samsung Heavy Industries (010140.KQ) – Offshore Momentum, LNG Tailwinds Justify Premium

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining

By Brian Freitas

  • There is 1 add/delete for each of the MVIS Global Uranium & Nuclear Energy Index and the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.
  • Cgn Mining (1164 HK) is an add to both indices. Endesa SA is a delete from the Uranium&Nuclear Energy Index, Encore Energy is a delete from the Uranium&Nuclear Energy Infrastructure Index.
  • The net round-trip trade across both indices is US$560m with capping changes resulting in much bigger flow for the MVIS Global Uranium & Nuclear Energy Index.

Samsung Heavy Industries (010140.KQ) – Offshore Momentum, LNG Tailwinds Justify Premium

By Rahul Jain

  • SHI reported robust Q1 2025 results with revenue of KRW 2.49T (+6% YoY) and operating profit of KRW 123B (+58% YoY), reflecting improved offshore project execution and margin expansion.
  • Management reiterated FY2025 guidance of KRW 10.5T revenue and KRW 630B operating profit, with offshore accounting for ~40% of new orders and a USD 9.8B full-year target
  • With LNG carrier replacement demand, FLNG ramp-up, and leadership in eco-vessels, SHI’s earnings trajectory supports its 22x FY27E P/E, despite execution and competition risks.

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

Sign Up for Free

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
Sign Up for Free


Jun 16
0

Daily Brief United States: BILL Holdings , Walmart, Warner Music Group and more

By | Daily Briefs, United States

In today’s briefing:

  • 2024 High Conviction Update: BILL Holdings, Attractive Valuation Levels To Unwind Bearish Positions
  • Walmart Raises Alarm on Tariffs: What Shoppers Need to Brace For!
  • Warner Music Group Is Fighting AI With the NO FAKES Act—Why It Could Change the Industry Forever!

2024 High Conviction Update: BILL Holdings, Attractive Valuation Levels To Unwind Bearish Positions

By Andrei Zakharov

  • BILL Holdings shares have materially underperformed year-to-date and fell ~51%. Shares saw selling pressure post 2QFY25 earnings as results indicated weak outlook.
  • I see limited room for downside given current valuation of ~3x 2025E EV/Revenue (with ~13% growth) and recent acquisition of AvidXchange at a higher multiple.
  • I believe BILL’s current attractive valuation levels can be viewed as opportunity to unwind bearish positions and valuation looks more reasonable vs. peers, especially AvidXchange.

Walmart Raises Alarm on Tariffs: What Shoppers Need to Brace For!

By Baptista Research

  • Walmart reported a solid first quarter for fiscal 2026, with results exceeding analysts’ expectations and reflecting resilience amid a volatile economic environment.
  • The company posted adjusted earnings of 61 cents per share, surpassing the 58-cent consensus estimate, and saw revenue grow 2.5% year over year to $165.6 billion.
  • U.S. same-store sales rose 4.5%, outpacing the projected 3.9% increase.

Warner Music Group Is Fighting AI With the NO FAKES Act—Why It Could Change the Industry Forever!

By Baptista Research

  • Warner Music Group (WMG) reported its fiscal second-quarter results for the period ended March 31, 2025.
  • The company’s financial performance during this period was relatively stable, although it faced a variety of challenges impacting growth.
  • Total revenue increased by a modest 1%, with Recorded Music revenue also growing by 1% and Music Publishing revenue by 3%.

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

Sign Up for Free

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
Sign Up for Free


Jun 16
0

Daily Brief China: Cgn Mining, Wanguo International Mining, Pop Mart International Group L, Chow Tai Fook Jewellery, HKEX, CaoCao Inc, Shanghai Junshi Biosciences , Bayzed Health Group and more

By | China, Daily Briefs

In today’s briefing:

  • MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining
  • MV Global Junior Gold Miners Index Rebalance: Stocks at Their Highs
  • Pop Mart (9992 HK): Beyond Blind Boxes -Jewellery Debut. Stock Up 200% YTD. Is It Still a Buy?
  • Chow Tai Fook(1929 HK) – Firing on All Cylinders, Strong Outlook For FY26
  • HKEX (388 HK) Options: Unpacking the Top Trades of the Week
  • CaoCao IPO: The Bear Case
  • Shanghai Junshi Bioscience (1877 HK): Placement Good, A Long Term Bet for Sure
  • Pre-IPO Bayzed Health Group (PHIP Updates) – Some Points Worth the Attention

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining

By Brian Freitas

  • There is 1 add/delete for each of the MVIS Global Uranium & Nuclear Energy Index and the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.
  • Cgn Mining (1164 HK) is an add to both indices. Endesa SA is a delete from the Uranium&Nuclear Energy Index, Encore Energy is a delete from the Uranium&Nuclear Energy Infrastructure Index.
  • The net round-trip trade across both indices is US$560m with capping changes resulting in much bigger flow for the MVIS Global Uranium & Nuclear Energy Index.

MV Global Junior Gold Miners Index Rebalance: Stocks at Their Highs

By Brian Freitas

  • There are no constituent changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in June but there are plenty of float and capping changes.
  • Estimated one-way turnover is 4.1% resulting in a round-trip trade of US$528m. There are 5 stocks with over 1x ADV to trade from passive trackers.
  • The sell flows in Evolution Mining (EVN AU) will partially offset the buying from the passive S&P/ASX 50 Index trackers.

Pop Mart (9992 HK): Beyond Blind Boxes -Jewellery Debut. Stock Up 200% YTD. Is It Still a Buy?

By Devi Subhakesan

  • Pop Mart International Group (9992 HK)  opened its first dedicated jewellery concept store, POPOP, in Shanghai last Friday, featuring accessories based on its best-selling characters like Labubu, Molly, and Skullpanda.
  • The jewellery line represents a natural, high-return extension of Pop Mart’s brand. If scaled successfully, it could support overall revenue growth, enhance group margins, and contribute to higher returns.
  • Expect high margin, high return casual jewellery business to support growth and uplift margins going forward and  lead to analyst upgrades to future revenues/earnings. 

Chow Tai Fook(1929 HK) – Firing on All Cylinders, Strong Outlook For FY26

By Sreemant Dudhoria,CFA

  • Resilient FY25 Margins: Despite a 17.5% revenue drop, Chow Tai Fook Jewellery (1929 HK) expanded operating margins by 400bps through cost control and premium product mix.
  • Brand-Led Recovery in FY26: Signature launches, digital sales, and store optimization to drive Same Store Sales Growth (SSSG) recovery and sustain high operating leverage.
  • Valuation Supported by Fundamentals: Valuation at 20.8x P/E (TTM) valuation justified by strong ROE (>20%), margin leadership, and stable dividend payout (~88%) versus regional jewellery peers.

HKEX (388 HK) Options: Unpacking the Top Trades of the Week

By Gaudenz Schneider

  • Be inspired by sophisticated, live, multi-leg options strategies on HKEX (388 HK), executed over the period from 9 to 13 June.
  • Highlights: Discover a range of noteworthy strategies, for example a self-financing Diagonal Put Spread using weekly options, or a Diagonal Call Spread generating 3.9% upfront yield.
  • Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,

CaoCao IPO: The Bear Case

By Arun George

  • CaoCao Inc (1646553D CH) is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.
  • In CaoCao IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
  • The bear case rests on low net take rates, unfavourable trends of key cost items, expected losses in the current year and a stretched balance sheet.

Shanghai Junshi Bioscience (1877 HK): Placement Good, A Long Term Bet for Sure

By Tina Banerjee

  • Shanghai Junshi Biosciences (1877 HK) is placing 41M H shares for subscription at HK$25.35 per H Share.
  • Shanghai Junshi intends to use 70% of the net proceeds from the placement for innovative drug development and balance 30% for general corporate purposes such as replenishment of working capital.
  • Early green shoots in the form of lower R&D expenses and narrowing losses. Junshi offers for a good long-term bet as the company turning profitable will take some time.

Pre-IPO Bayzed Health Group (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

  • The positioning of Bayzed is just “a supplement to public hospitals system”, with limited scale and competitiveness, which is a point that investors may need to be aware of.
  • A big problem in the operation of Bayzed is the loss status/weak profitability. At current gross margin level, it would be difficult for Bayzed to deliver good returns for investors.
  • Valuation of Bayzed should be lower than Inkon Life Technology and Hygeia. The Pre-IPO valuation is not cheap, and the valuation upside potential may be limited considering weak profitability.  

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

Sign Up for Free

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
Sign Up for Free


Jun 16
0

Daily Brief Japan: Abc Mart Inc, Kitazato, Kioxia Holdings and more

By | Daily Briefs, Japan

In today’s briefing:

  • ABC Mart Extends Lead in Japan’s Footwear Market as Competitors Contract
  • Kitazato (368A JP): Greenshoe Nudges It Closer to Global Index Inclusion, but Shortfall Remains
  • ECM Weekly (16 June 2025) – Haitian, Sanhua, Kitazato, Primo, Kioxia, Xtalpi, Horizon, Keymed, Wuxi

ABC Mart Extends Lead in Japan’s Footwear Market as Competitors Contract

By Michael Causton

  • The footwear retail sector is a one horse race, with that horse being ABC Mart.
  • It continues to grow at a respectable rate while increasingly diminutive rivals contract.
  • ABC Mart is expanding further into the apparel category too, providing more room for future growth.

Kitazato (368A JP): Greenshoe Nudges It Closer to Global Index Inclusion, but Shortfall Remains

By Dimitris Ioannidis

  • Kitazato (368A JP) is forecasted to fail the market cap and float cap threshold of Global-F SmallCap even with the full exercise of the greenshoe.
  • Kitazato (368A JP) is expected to come close but miss the float cap threshold of Global-M SmallCap.
  • The full exercise of the greenshoe increases the probability of inclusion in Global-M SmallCap at the November 2025 review.

ECM Weekly (16 June 2025) – Haitian, Sanhua, Kitazato, Primo, Kioxia, Xtalpi, Horizon, Keymed, Wuxi

By Sumeet Singh

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

Sign Up for Free

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
Sign Up for Free


Jun 16
0

Daily Brief India: Inventurus Knowledge Solutions and more

By | Daily Briefs, India

In today’s briefing:

  • Inventurus IPO Lockup: US$2.4bn Lockup Release; Pre-IPO Investors May Monetize

Inventurus IPO Lockup: US$2.4bn Lockup Release; Pre-IPO Investors May Monetize

By Nicholas Tan

  • Inventurus Knowledge Solutions (IKSINCD IN) raised around US$295m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
  • It is a technology-enabled healthcare solutions provider, assisting physician enterprises in US, Canada and Australia, with a core focus in the US.
  • In this note, we will talk about the lockup dynamics and possible placement.

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

Sign Up for Free

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
Sign Up for Free


Jun 15
0

Most Read: KE Holdings , Zhejiang Sanhua Intellignt Controls, Nexon, Hyundai Rotem Company, HLB Inc, Guangzhou Automobile Group, Genesis Minerals, Vingroup Jsc, FnGuide Inc and more

By | Daily Briefs, Most Read

In today’s briefing:

  • CSI Hong Kong Connect Internet Index Rebalance: 10 Changes & Big Impact
  • Zhejiang Sanhua Intelligent Controls (2050 HK): Big Raise Supported by Cornerstones
  • Tencent To Acquire Nexon? Time and Price Lining Up for a Final Deal?
  • [Quiddity Index] MV Global Defense Jun25 Rebalance Results: Flow Expectations
  • HLB Merger Arb’s Unique Timing Dynamics for a Juicy 8% Swap Spread
  • A/H Premium Tracker (To 13 June 2025):  HUGE H-Share Outperf Across The Board, “Beautiful Skew Move”
  • HEW: Geopolitics Blow Hot And Warm
  • MV Australia Resources Index Rebalance: Two Adds, Float & Capping Changes
  • MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes
  • Korea Small Cap Gem #36: FnGuide [Increasing Moat for Its Index Business]

CSI Hong Kong Connect Internet Index Rebalance: 10 Changes & Big Impact

By Brian Freitas

  • There are 5 constituent changes for the CSI Hong Kong Connect Internet Index in June. Plus there are capping changes for some stocks.
  • A lot of the adds have moved significantly in the last couple of days, so the impact over the next couple of days will be smaller.
  • There could be opportunities to trade the reversion strategy. Getting borrow may not be easy on some names.

Zhejiang Sanhua Intelligent Controls (2050 HK): Big Raise Supported by Cornerstones

By Brian Freitas

  • Zhejiang Sanhua Intellignt Controls Co. (002050 CH)‘s global offering opens today and the raise could reach up to US$1.4bn if the offer-size adjustment option and the overallotment option are exercised.  
  • There is a large allocation to cornerstone investors. The discount of around 22.7% to the A-shares is attractive given the recent trend for Midea (300 HK) and CATL (3750 HK). 
  • The H-shares should be added to Southbound Stock Connect in July, to the HSCI in September, and to a global index in December.

Tencent To Acquire Nexon? Time and Price Lining Up for a Final Deal?

By Douglas Kim

  • Tencent has been interested in acquiring Nexon for more than six years. However, the timing and price were not right for such a deal to take place in the past.
  • The higher probability scenario is for Kim’s family members to sell when the timing and price is right. This time around, a $15 billion could be the right price. 
  • Late founder Kim’s family members own a 44.4% stake in Nexon through NXC Corp and its affiliate NXMB BV. Kim’s wife and daughters own a 67.6% stake in NXC Corp. 

[Quiddity Index] MV Global Defense Jun25 Rebalance Results: Flow Expectations

By Travis Lundy

  • The MV Global Defense Industry Index represents the performance of companies in national defense industries.
  • There will be 3 ADDs for the MV Global Defense Index in June 2025. 
  • We expect one-way flow of US$505mn for June 2025, which translates to a turnover of 8.8%. 

HLB Merger Arb’s Unique Timing Dynamics for a Juicy 8% Swap Spread

By Sanghyun Park

  • Some local desks think the company pushed the timeline back to align with a potential FDA Class 1 approval for Rivoceranib expected by July.
  • No word yet if it’s Class 1 or 2; Class 2 means November decision. Despite risks, local hedge desks are building arb plays, betting on the July FDA timing dynamics.
  • No FDA decision by July means Class 2 and a sell-off, hitting HLB Co. hardest. Class 1 approval boosts both stocks, cuts cancellation risk, and sets the 8% spread floor.

A/H Premium Tracker (To 13 June 2025):  HUGE H-Share Outperf Across The Board, “Beautiful Skew Move”

By Travis Lundy

  • AH spreads are SHARPLY narrower. The effect is dramatic across the “skew” i.e. very wide AH premia contracted more than very narrow premia. BYD is on its own.
  • This smells very much like someone knows something. I expect RMB dual counters may be in the works. Caixin had an article Friday.
  • The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

HEW: Geopolitics Blow Hot And Warm

By Phil Rush

  • Israel’s attack on Iran squeezes supply in an unwelcome shock that is harder for central bankers to look through post-pandemic. Warming US-China relations had less impact.
  • Avoidance measures have helped mitigate the tariff shock so far, with US CPI holding steady. The importance of recent disappointing UK demand data is easy to overstate.
  • The BoE is set to hold rates, probably with two dovish dissents and no commitment to August. UK inflation should slow with airfares normalising and a vehicle tax correction.

MV Australia Resources Index Rebalance: Two Adds, Float & Capping Changes

By Brian Freitas

MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes

By Brian Freitas

  • BAF Viet Nam Agriculture JSC (BAF VN) will be added to the MarketVector Vietnam Local Index at the close on 20 June.
  • Estimated one-way turnover is 9% and that results in a round-trip trade of US$74m. There are 5 stocks with more than 1x ADV to trade from passives.
  • Vingroup Jsc (VIC VN) and Vinhomes (VHM VN) stock prices have soared over the last few months and capping results in selling at this rebalance.

Korea Small Cap Gem #36: FnGuide [Increasing Moat for Its Index Business]

By Douglas Kim

  • FnGuide has been able to capitalize on its excellent brand name in the financial industry (especially for research used in equity trading) to profitably expand into the index development business.
  • Although the index business accounted for 25% of its sales in 2024, it has been the fastest growing business in the past six years. 
  • Valuations are reasonable and it is trading at 27% below four year historical EV/EBITDA basis. We like FnGuide as a long-term investment story. 

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

Sign Up for Free

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
Sign Up for Free



Jun 15
0

Daily Brief ESG: One of the Clues to Know How Serious a Company Is About Shifting to Management that Creates Value and more

By | Daily Briefs, ESG

In today’s briefing:

  • One of the Clues to Know How Serious a Company Is About Shifting to Management that Creates Value

One of the Clues to Know How Serious a Company Is About Shifting to Management that Creates Value

By Aki Matsumoto

  • The driver of higher stock valuations is overseas investors, and engagement by overseas investors is likely to have a positive effect on return on capital and stock valuations.
  • In many aspects, companies seem to be unwilling to face shareholders. If they don’t confront shareholders and proceed with management reforms, they will not be able to implement serious initiatives.
  • It can be hypothesized that the behavior of prioritizing control over the AGM over engaging with shareholders provides a clue as to the seriousness of a company’s efforts.

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

Sign Up for Free

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
Sign Up for Free


Jun 15
0

Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (June 15)- CSPC and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • APAC Healthcare Weekly (June 15)- CSPC, Wuxi Bio, Samsung Bio, Daiichi Sankyo, SanBio, Cochlear

APAC Healthcare Weekly (June 15)- CSPC, Wuxi Bio, Samsung Bio, Daiichi Sankyo, SanBio, Cochlear

By Tina Banerjee

  • CSPC entered research collaboration with AstraZeneca for oral small molecule drug discovery utilizing CSPC’s AI-driven drug discovery platform. Wuxi Biologics kicked off construction of new microbial manufacturing site in China.
  • Samsung Biologics signed a CDMO contract worth more than KRW100B (~$73M) with an unnamed European pharmaceutical company. Daiichi Sankyo initiates Phase 3 trial of Enhertu in first-line breast cancer.
  • SanBio has completed filing a partial change application of marketing approval of Akuugo. Cochlear introduces Nucleus Nexa system, the world’s first and only smart cochlear implant system.

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

Sign Up for Free

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
Sign Up for Free