Category

Daily Briefs

Jun 13
0

Daily Brief Industrials: Hino Motors Ltd, Zhejiang Sanhua Intellignt Controls Co., Ltd., Hyundai Elevator Co, Dalrymple Bay Infrastructure L, Oswal Pumps, GiG Works and more

By | Daily Briefs, Industrials

In today’s briefing:

  • [Japan M&A] Hino & Mitsubishi-Fuso Truck to Join; Bagholding Ugly for Minorities, and a Re-IPO
  • Zhejiang Sanhua Intelligent Controls (2050 HK): Big Raise Supported by Cornerstones
  • Emergence of North Korea Reconciliation Related Stocks Starting to Outperform
  • Dalrymple Bay Infra Placement – Good Track Record but Might Be Too Chunky
  • Oswal Pumps IPO – RHP Updates & Thoughts on Peer Comp and Valuation
  • GiG Works (2375 JP): 1H FY10/25 flash update

[Japan M&A] Hino & Mitsubishi-Fuso Truck to Join; Bagholding Ugly for Minorities, and a Re-IPO

By Travis Lundy

  • On the 10th of June, Toyota Motor (7203 JP) subsidiary Hino Motors Ltd (7205 JP) and Mitsubishi-Fuso Truck & Bus Company announced their long-awaited integration plans. We have a deal.
  • An agreement was signed in 2023, but Hino got in big trouble for falsifying testing data on gasoline engine emissions/efficiency. Hino took a hit in 2023, then 2025. Talks advanced. 
  • The deal announced suggests Toyota has thrown itself and Hino minorities under the proverbial Fuso bus. It’s VERY odd. But… it deserves a look because 2026 will see a re-IPO.

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.

Emergence of North Korea Reconciliation Related Stocks Starting to Outperform

By Douglas Kim

  • In this insight, we discuss the emergence of the North Korea reconciliation related stocks that are starting to outperform. We have seen this playbook before.
  • With the new President Lee Jae-Myung, there is likely to be an outperformance of some of these stocks once again.
  • Among the 6 stocks listed above, we believe Hyundai Elevator is one of best stocks to capitalize on the increased reconciliation with North Korea.

Dalrymple Bay Infra Placement – Good Track Record but Might Be Too Chunky

By Sumeet Singh

Oswal Pumps IPO – RHP Updates & Thoughts on Peer Comp and Valuation

By Akshat Shah

  • Oswal Pumps (1019841D IN) is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.
  • 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 in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.

GiG Works (2375 JP): 1H FY10/25 flash update

By Shared Research

  • GiG Works reported a recurring loss due to decreased revenue and JPY115mn crypto asset valuation losses, despite higher net income from share sales gains.
  • The On-demand Economy business saw a decline in revenue and profit, while the Sharing Economy business experienced growth in both.
  • The FY10/25 forecast anticipates revenue growth in System Solutions and Sharing Economy, with a dividend of JPY2 per share.

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Jun 13
0

Daily Brief Financials: Sui, Chime Financial, Molten Ventures , PRS REIT, Safestore Holdings, Target Healthcare REIT PLC and more

By | Daily Briefs, Financials

In today’s briefing:

  • Sui (SUI): High Valuation, Early‑Stage Adoption
  • Chime Financial, Inc. (CHYM): Rips 59% at Open, IPO Dips the Rest of the Day
  • Molten Ventures — FY25 results: Staying resilient
  • Mind the NAV: Long Harbour’s Lowball Pitch for PRS
  • Safestore H1 earnings
  • Target Healthcare REIT — Meeting social needs with inflation-safe returns

Sui (SUI): High Valuation, Early‑Stage Adoption

By Tatja Karkkainen

  • Sui commands an ~US$11 bn market cap (FDV US$34 bn) barely two years after launch, yet real‑world usage is still embryonic. 
  • Claimed throughput of 297 k TPS contrasts with currently observed ~48 TPS (peak 335). 
  • A restrictive validator set, modest staking yields, looming token unlocks, and limited developer traction undermine the decentralisation and growth narrative.

Chime Financial, Inc. (CHYM): Rips 59% at Open, IPO Dips the Rest of the Day

By IPO Boutique

  • Chime Financial, Inc. (CHYM) priced a full-size deal of 32.0mm shares at $27.00 ($1 Above the $24-$26 range) and opened at $43.00 for a gain of 59.2% at first trade.
  • The debut is a major win for IPO investors but a disappointment for aftermarket traders as the stock closed nearly six points below the open.
  • Chime’s order book finished north of 20-times oversubscribed with the top ten accounts taking 60% of the deal and the top 20 being allocated 85% of the transaction. 

Molten Ventures — FY25 results: Staying resilient

By Edison Investment Research

Molten Ventures confirmed the key highlights from its FY25 trading statement published in April, including a positive uptick in portfolio valuations and, in turn, a 4% NAV per share total return in H225 (1.4% in FY25 to end-March 2025), strong cash realisations of c £135m in FY25 (ahead of the original guidance of £100m) and a robust cash balance of £89m at end-March 2025. Molten has collected a further £30m in proceeds so far in FY26 from the exits of Lyst and Freetrade. The company earmarked £30m of its FY25 proceeds for share buybacks amid a continued wide discount to NAV (c 53% at present), of which £24m has been executed to date.

Mind the NAV: Long Harbour’s Lowball Pitch for PRS

By Jesus Rodriguez Aguilar

  • PRS trades near offer price; market expects completion, but IRR is low unless pullback entry.
  • Revised offer or interloper could unlock material upside versus deep NAV discount.
  • Scheme route likely adds time, but brings execution certainty—watch for end-June updates.

Safestore H1 earnings

By Ben Jones Investments

  • Safestore (LSE: SAFE) is a UK-based leading self-storage company with 209 stores across the UK, France, Netherlands, Belgium and Spain.

Target Healthcare REIT — Meeting social needs with inflation-safe returns

By Edison Investment Research

Target Healthcare REIT operates in a structurally supported market with a growing elderly population and the need to improve the existing estate, driving demand for modern, high-quality residential facilities. This demographic-backed demand underpins the company’s core proposition of generating long-term, sustainable, income-driven returns. Its focus on asset quality is central to this and strongly enhances the social impact that the company generates. With 100% of the homes EPC rated A or B, they are compliant with minimum energy efficiency standards anticipated to apply from 2030, while effectively all rents are inflation-linked (typically capped and collared between 2% and 4% pa) with a weighted average unexpired lease term (WAULT) of 25.8 years. High-quality assets and inflation protection provide good income visibility and resilience.

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Jun 13
0

Daily Brief Consumer: Geely Auto, CaoCao Inc, Chow Tai Fook Jewellery, Eternal Beauty Holdings Limited, Shandong Fengxiang, Liuliu Orchard Group, Denso Corp, JAKKS Pacific , Meituan and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Quiddity Leaderboard HSTECH Sep25: 1 Low-Conviction Change + 1 FAF Revision; US$1.3bn One-Way
  • CaoCao IPO: The Bull Case
  • Chow Tai Fook (1929 HK): A Decent Rebound
  • Eternal Beauty Pre-IPO – PHIP Updates – Perfumes Growing, Challenges Remain
  • Fengxiang (9977 HK): PAG Invites Dissent After Scrapping Scrip Alternative
  • Fengxiang (9977 HK): No Share Alternative Offer
  • Liuliu Orchard Group Co Ltd Pre-IPO – Category Leader Scaling Direct Channels in Fragmented Market
  • Denso Corp(6902 JP)–Value Zone, Upgraded Growth Outlook, Sooner Resolution of Cross-Holding Overhang
  • JAKK: Further Tariff Proofing the Model Post Mgmt. Meetings; Reiterate Buy
  • Meituan (3690 HK) Options: Unpacking the Top Trades of the Week

Quiddity Leaderboard HSTECH Sep25: 1 Low-Conviction Change + 1 FAF Revision; US$1.3bn One-Way

By Janaghan Jeyakumar, CFA

  • The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
  • In this insight, we take a look at the potential index changes and the resultant capping flows for HSTECH index rebal event in September 2025.
  • We see one low-conviction ADD/DEL and one significant float percentage revision which could collectively trigger roughly US$1.3bn in one-way index flows in September 2025.

CaoCao IPO: The Bull 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.   
  • CaoCao was incubated by Geely Auto (175 HK). Geely founder Li Shufu owns 83.9% of CaoCao.
  • The bull case rests on accelerating GTV growth, the improving fundamentals of the core business, reducing losses and shifting to cash generation. 

Chow Tai Fook (1929 HK): A Decent Rebound

By Osbert Tang, CFA

  • While Chow Tai Fook Jewellery (1929 HK) has a stellar share price performance YTD, it still lags the HSI since 2023. The solid 2H FY25 result should support further upside. 
  • SSS growth has recovered sharply in Apr-May 2025 (the first two months of 1Q FY26), and CTF should reap further benefits from cost management and product transformation.
  • FY26F ROE may reach 27.2%. While its current yield is only 4.6%, it is possible to declare special dividend this year, easily pushing it to over 10%.

Eternal Beauty Pre-IPO – PHIP Updates – Perfumes Growing, Challenges Remain

By Sumeet Singh

  • Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. 
  • Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
  • We have looked at the company’s past performance in our previous note. In this note we talk about the PHIP updates.

Fengxiang (9977 HK): PAG Invites Dissent After Scrapping Scrip Alternative

By David Blennerhassett

  • In an unusual move, the Offeror, PAG, and 59.42% shareholder of Shandong Fengxiang (9977 HK), has opted not to provide a scrip alternative, despite satisfying conditions to do so. 
  • The scrip option condition – not less than 0.5% of shares out expressing interest – was satisfied on the 12th May. Therefore at least 7.9mn shares got snubbed.
  • Evidently PAG reckons the support for the scrip is not worth the trouble. Nor critical in mass to disrupt the Offer. 

Fengxiang (9977 HK): No Share Alternative Offer

By Arun George

  • PAG has decided not to introduce the share alternative offer. Therefore, its offer for Shandong Fengxiang (9977 HK) will be all-cash at HK$2.00 per H share.
  • The recent Goldlion and Soundwill deal breaks have undoubtedly increased the vote risk, particularly as the blocking stake is below the HKEx substantial shareholder disclosure threshold. 
  • The decision not to introduce the share alternative offer underscores PAG’s confidence in the vote. The lack of protest votes at the recent AGM is helpful for the scheme vote. 

Liuliu Orchard Group Co Ltd Pre-IPO – Category Leader Scaling Direct Channels in Fragmented Market

By Troy Wong

  • Liuliu Orchard Group Co Ltd (LOGCL) is planning to raise about US$100m in its upcoming Hong Kong IPO.
  • LOGCL is China’s leading plum-based snack player, benefiting from strong consumer demand, brand leadership, and favorable health trends.
  • Despite operating in a fragmented market, LOGCL has consistently grown revenue through successful offline expansion, increased direct sales penetration, and effective cost control even amid raw material cost pressures.

Denso Corp(6902 JP)–Value Zone, Upgraded Growth Outlook, Sooner Resolution of Cross-Holding Overhang

By Sreemant Dudhoria,CFA

  • Cross-Holding Overhang Easing:Denso Corp (6902 JP) accelerates exit from Toyota Industries stake via tender offer, unlocking capital and aligning with capital efficiency and governance reforms.
  • Profitability Set to Improve: FY2026 profit outlook strong, driven by reduced quality-related costs, better operating leverage, and ongoing cost controls post fuel pump recall.
  • Valuation Comfort with Growth Drivers: Stock trades below historical average P/E; SDV, electrification, and semiconductor focus positions Denso well for re-rating amid sector tailwinds.

JAKK: Further Tariff Proofing the Model Post Mgmt. Meetings; Reiterate Buy

By Small Cap Consumer Research

  • We are reiterating our Buy rating and $40 price target, but lowering our 2025 and 2026 projections after meeting with JAKKS management and contemplating the near and longer term impact of China tariffs on the company.
  • In the very near term, while only a short period (approximately 30 day) the impact of 100%+ tariffs on China goods created a virtual stop in sales at JAKKS, and with a business model focused on freight on board (“FOB”) shipping, necessitated a ramp period thereafter.
  • Further, the current 30% tariff will mean that, yes, there will be a Halloween and Xmas, but it could be more cautious in terms of retailers placing product bets and, will obviously hurt returns for manufacturers and the entire toy supply chain.

Meituan (3690 HK) Options: Unpacking the Top Trades of the Week

By Gaudenz Schneider

  • Discover sophisticated, live, multi-leg options strategies on Meituan (3690 HK), executed over the period from 5 June to 11 June on the Hong Kong exchange.
  • Highlights: A range of strategies, spanning time-horizons from just a few days to several months. Including a low-cost call spread with the potential to return approximately 8x the invested premium.
  • 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,

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Jun 12
0

Daily Brief Utilities: Rubis SCA and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Rubis — Well diversified global energy distributor
  • Rubis — Well diversified global energy distributor

Rubis — Well diversified global energy distributor

By Edison Investment Research

Rubis is a diversified energy distributor operating across more than 40 countries and three continents. Its flexible and agile business model allows it to absorb most of the commodity price volatility, benefiting from relatively stable gross margins across cycles. While energy distribution remains at the core of its operations, the recent expansion into solar power will see a growing earnings contribution from renewables, providing additional diversification and margin stability. We value Rubis at €37.4/share using a DCF approach. The shares trade at 2025e EV/EBITDA of 6.1x, yielding 7%.

Rubis — Well diversified global energy distributor

By Edison Investment Research

Rubis is a diversified energy distributor operating across more than 40 countries and three continents. Its flexible and agile business model allows it to absorb most of the commodity price volatility, benefiting from relatively stable gross margins across cycles. While energy distribution remains at the core of its operations, the recent expansion into solar power will see a growing earnings contribution from renewables, providing additional diversification and margin stability. We value Rubis at €37.4/share using a DCF approach. The shares trade at 2025e EV/EBITDA of 6.1x, yielding 7%.

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Jun 12
0

Daily Brief Industrials: Voyager Technologies, Bharat Coking Coal Limited (BCCL), Sinfonia Technology, Tekken Corp, CoreCivic , GMexico Transportes SAB de CV and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open
  • Bharat Coking Coal Ltd Pre-IPO Tearsheet
  • Sinfonia (6507) | A Moment to Take Stock
  • Tekken Corporation (1815 JP) – Responding to Social Infrastructure Demands…
  • CXW: Pending Acquisition of Farmville Facility – Raising Estimates, Valuation
  • GMexico Transportes SAB de CV – Actinver Research

Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open

By IPO Boutique

  • Voyager Technologies priced 12.3mm shares (upsized from 11.0mm) at $31.00 ($2 Above the Range) and opened at $69.75 for a gain of 125.0% at first trade.
  • The offering finished north of 20-times oversubscribed (on the new size) with the top 10 accounts taking 60% of the deal and the top 20 getting 80% of the transaction.
  • The volume of VOYG was nearly 2x the float making this stock one that could potentially find buyers in days to come.

Bharat Coking Coal Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Bharat Coking Coal Limited (BCCL) (7535956Z IN) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are IDBI, ICICI.
  • BCCL is a subsidiary of Coal India Limited engaged primarily in the mining of coking coal. It produces various grades of coking coal, non-coking coal, and washed coal.
  • According to the CRISIL Report, BCCL was the largest producer of coking coal in India in FY25, contributing 58.50% to the country’s total domestic coking coal production.

Sinfonia (6507) | A Moment to Take Stock

By Mark Chadwick

  • Strong fundamentals priced in: Sinfonia’s sharp share price rally reflects robust FY3/25 results, but modest FY3/26 guidance limits near-term upside potential.
  • Conservative outlook despite tailwinds: Management’s cautious projections for semiconductor and defense segments appear understated given ongoing structural growth in both industries.
  • Valuation fair at current levels: Updated DCF suggests shares are reasonably valued; premium to peers justified by dual exposure to secular growth in aerospace and semiconductors.

Tekken Corporation (1815 JP) – Responding to Social Infrastructure Demands…

By Sessa Investment Research

  • TEKKEN CORPORATION (hereafter, “the Company”) is a construction firm centered on railroad construction, with operations spanning civil engineering, architectural construction, and real estate.
  • As an equity-method affiliate of JR East, which holds a 19.6% stake, the Company secures stable, long-term orders for key projects such as the improvement work of major stations and the new Haneda Airport access line.
  • Railroad construction accounts for approximately 40% of consolidated net sales. 

CXW: Pending Acquisition of Farmville Facility – Raising Estimates, Valuation

By Zacks Small Cap Research

  • CXW had liquidity of about $331m at 1Q25-end & plans to fund the $67.0m purchase using cash on hand and its revolving credit facility.
  • Farmville is expected to produce annual incremental revenue of about $40.0m for CXW & we have revised our model.
  • We believe the transaction also underscores CXW’s strong relationship with ICE, its largest government partner, and need for capacity.

GMexico Transportes SAB de CV – Actinver Research

By Actinver

  • The company is calling for an extraordinary shareholders meeting to be held on June 27 to approve the delisting of GMXT’s shares in the Mexican Stock Exchange (BMV) and the RNV (Registro Nacional de Valores).
  • No further details were provided and we are expecting to have more information after the shareholders meeting in order to have a sense of a potential delisting offering.
  • Our current rating on GMXT is Market Perform with a 12M PT of P$36.0 / share.

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Jun 12
0

Daily Brief Industrials: Voyager Technologies, Bharat Coking Coal Limited (BCCL), Sinfonia Technology, Tekken Corp, CoreCivic , GMexico Transportes SAB de CV and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open
  • Bharat Coking Coal Ltd Pre-IPO Tearsheet
  • Sinfonia (6507) | A Moment to Take Stock
  • Tekken Corporation (1815 JP) – Responding to Social Infrastructure Demands…
  • CXW: Pending Acquisition of Farmville Facility – Raising Estimates, Valuation
  • GMexico Transportes SAB de CV – Actinver Research

Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open

By IPO Boutique

  • Voyager Technologies priced 12.3mm shares (upsized from 11.0mm) at $31.00 ($2 Above the Range) and opened at $69.75 for a gain of 125.0% at first trade.
  • The offering finished north of 20-times oversubscribed (on the new size) with the top 10 accounts taking 60% of the deal and the top 20 getting 80% of the transaction.
  • The volume of VOYG was nearly 2x the float making this stock one that could potentially find buyers in days to come.

Bharat Coking Coal Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Bharat Coking Coal Limited (BCCL) (7535956Z IN) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are IDBI, ICICI.
  • BCCL is a subsidiary of Coal India Limited engaged primarily in the mining of coking coal. It produces various grades of coking coal, non-coking coal, and washed coal.
  • According to the CRISIL Report, BCCL was the largest producer of coking coal in India in FY25, contributing 58.50% to the country’s total domestic coking coal production.

Sinfonia (6507) | A Moment to Take Stock

By Mark Chadwick

  • Strong fundamentals priced in: Sinfonia’s sharp share price rally reflects robust FY3/25 results, but modest FY3/26 guidance limits near-term upside potential.
  • Conservative outlook despite tailwinds: Management’s cautious projections for semiconductor and defense segments appear understated given ongoing structural growth in both industries.
  • Valuation fair at current levels: Updated DCF suggests shares are reasonably valued; premium to peers justified by dual exposure to secular growth in aerospace and semiconductors.

Tekken Corporation (1815 JP) – Responding to Social Infrastructure Demands…

By Sessa Investment Research

  • TEKKEN CORPORATION (hereafter, “the Company”) is a construction firm centered on railroad construction, with operations spanning civil engineering, architectural construction, and real estate.
  • As an equity-method affiliate of JR East, which holds a 19.6% stake, the Company secures stable, long-term orders for key projects such as the improvement work of major stations and the new Haneda Airport access line.
  • Railroad construction accounts for approximately 40% of consolidated net sales. 

CXW: Pending Acquisition of Farmville Facility – Raising Estimates, Valuation

By Zacks Small Cap Research

  • CXW had liquidity of about $331m at 1Q25-end & plans to fund the $67.0m purchase using cash on hand and its revolving credit facility.
  • Farmville is expected to produce annual incremental revenue of about $40.0m for CXW & we have revised our model.
  • We believe the transaction also underscores CXW’s strong relationship with ICE, its largest government partner, and need for capacity.

GMexico Transportes SAB de CV – Actinver Research

By Actinver

  • The company is calling for an extraordinary shareholders meeting to be held on June 27 to approve the delisting of GMXT’s shares in the Mexican Stock Exchange (BMV) and the RNV (Registro Nacional de Valores).
  • No further details were provided and we are expecting to have more information after the shareholders meeting in order to have a sense of a potential delisting offering.
  • Our current rating on GMXT is Market Perform with a 12M PT of P$36.0 / share.

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Jun 12
0

Daily Brief Energy/Materials: Iron Ore, SGX Rubber Future TSR20, Capitan Silver , Uni-Fuels Holdings and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • [IO Fundamentals 2025/23] Deflation Concerns and Declining Portside Inventories
  • Cambodian Tire Sector Propels Domestic Rubber Amid Price Rally
  • CAPT: Completes Purchase of Antiplano Royalty
  • Uni-Fuels Holdings: Initiation of Fast Growing Marine Fuels Supplier Entering a New Growth Phase

[IO Fundamentals 2025/23] Deflation Concerns and Declining Portside Inventories

By Umang Agrawal

  • China’s CPI plunged 0.1% YoY in May-25, while producer prices declined by 3.3% driven by softening domestic demand and US tariff tensions. 
  • China’s iron ore imports declined due to seasonal factors and early clearances, while strong steel exports may pressure prices amid front-loaded global supply.
  • Iron ore portside inventories fell further in early June, but weakening demand and slower pick-up volumes may soon reverse the trend and pressure prices.

Cambodian Tire Sector Propels Domestic Rubber Amid Price Rally

By Vinod Nedumudy

  • Rubber exports fetch US$148 million despite volume decline  
  • Two big tire factories bring $335 million investment  
  • Local tire demand is reshaping rubber supply priorities  

CAPT: Completes Purchase of Antiplano Royalty

By Atrium Research

  • What you need to know: • Capitan Silver announced it has completed the purchase of the Altiplano Royalty at the Cruz de Plata Silver-Gold Project.
  • • The royalty was eliminated through a series of cash and share payments which totalled US$1.0M.
  • • On Monday (June 9th) Capitan announced an LOI to acquire 100% ownership of the remaining land surrounding the Cruz de Plata Project, read our note on this here.

Uni-Fuels Holdings: Initiation of Fast Growing Marine Fuels Supplier Entering a New Growth Phase

By Zacks Small Cap Research

  • Uni-Fuels (NASDAQ: UFG) is a fast-growing global provider of marine fuels solutions, helping shipping companies optimize fuel procurement across various international markets and time zones.
  • The company currently operates in Singapore, Dubai and Seoul and plans to expand globally including new offices in Asia, Europe and the Americas.
  • The company went public in January 2025 raising $9.7 million in gross proceeds including February overallotment.

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Jun 12
0

Daily Brief ESG: The Reality of the Concentration of AGM Dates Has Not Changed and more

By | Daily Briefs, ESG

In today’s briefing:

  • The Reality of the Concentration of AGM Dates Has Not Changed

The Reality of the Concentration of AGM Dates Has Not Changed

By Aki Matsumoto

  • In 2024, 69.7% of AGMs concentrated on the last three days of June, but in 2025, 79.9% of companies will hold AGMs on the last four days of June.
  • Most companies have established that they provide electronic convocation notices up to three weeks in advance. Meanwhile, only 1/3 of Prime companies provide English translations of all convocation notices.
  • Over 80% of companies hold AGMs in formats that require attendance at the venue to have a say. Only 1.6% hold AGMs where a shareholder can attend and speak online.

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Jun 12
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Oil Surges on Mideast Tensions and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Oil Surges on Mideast Tensions
  • Japan Morning Connection: Rumors Micron May Lift DDR4 Prices Lifts Sentiment for All Things Memory
  • China’s Banks: The Quiet Bull Market No One’s Watching
  • #161 India Insights: India Eyes Rare Earth Push; IndusInd’s Prerequisites from RBI, Insulin Scale Up
  • [Blue Lotus Daily]:1211 HK/LI US/ NIO US/XPEV US/1810 HK/CHA US/2589 HK/2555 HK/Macro
  • Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry
  • [Blue Lotus Daily-TMT Update]:700 HK/1439927D CH/1024 HK/BABA US/1211 HK/3690 HK/1519 HK/E-Commerce

Ohayo Japan | Oil Surges on Mideast Tensions

By Mark Chadwick

  • Stocks ended lower Wednesday as the S&P 500 slipped 0.27% to 6,022; weaker-than-expected May inflation data
  • U.S. crude surged over 5% following reports of a planned partial evacuation of the U.S. embassy in Iraq amid growing Middle East tensions.
  • Treasury Secretary Bessent said the U.S. will likely extend tariff pause for countries negotiating in good faith, amid ongoing trade talks and deals.

Japan Morning Connection: Rumors Micron May Lift DDR4 Prices Lifts Sentiment for All Things Memory

By Andrew Jackson

  • Intel relief rally didn’t last, but Broadcom rebounded after a week of selling despite Apple weakness.
  • Oracle is 7% in late-trading after posting very bullish cloud and cloud infra guidance.
  • Record sales for Nintendo’s Switch2 console not enough to keep stock moving higher.

China’s Banks: The Quiet Bull Market No One’s Watching

By Rikki Malik

  • The stealth bull market in HK listed Chinese banks continues.
  • While the negatives are well known, the positives are underappreciated
  • We tweak the basket of bank stocks after they report Q1 results

#161 India Insights: India Eyes Rare Earth Push; IndusInd’s Prerequisites from RBI, Insulin Scale Up

By Sudarshan Bhandari

  • India aims to localize rare earth magnet production to protect its EV and tech sectors, reduce import reliance, and support long-term industrial and investment growth.
  • Hinduja Group must meet key conditions set by RBI for capital infusion in Indusind Bank (IIB IN) , including revocation of pledged shares and appointing board representatives.
  • Biocon Ltd (BIOS IN) , Eris Lifesciences (ERIS IN) , Wockhardt Ltd (WPL IN) scale up insulin output and capturing new growth in diabetes and obesity care markets.

[Blue Lotus Daily]:1211 HK/LI US/ NIO US/XPEV US/1810 HK/CHA US/2589 HK/2555 HK/Macro

By Eric Wen

  • Macro: Central Government Focuses on Improving People’s Livelihoods to Stimulate Consumption, But Short-term Impact Unlikely(+)
  • Macro: Our Take on the Chinese Government Housing Provident Fund 2024 Annual Report(/)
  • 1211 HK/LI US/ NIO US/XPEV US/1810 HK: 2025 June 2 – June 8 NEV Delivery Rankings(/)

Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry

By Nimish Maheshwari

  • India’s automotive sector is facing a new external risk: China’s recent tightening of rare earth element (REE) export restrictions.
  • While the short-term impact appears contained, particularly for ICE 2Ws/3Ws, passenger vehicles—both ICE and EV—are the most exposed
  • Indian OEMs are actively engaging with Chinese authorities and India’s Ministry of External Affairs to seek interim solutions, and a resolution is expected within 2–3 weeks.

[Blue Lotus Daily-TMT Update]:700 HK/1439927D CH/1024 HK/BABA US/1211 HK/3690 HK/1519 HK/E-Commerce

By Ying Pan

  • 700 HK: Tencent First Reveals Its Open-World ACGN Game <Return to the Loop>(+)
  • 1439927D CH/1024 HK:ByteDance to Launch New DouBao Video Generation Model Tomorrow (+/-)
  • 1439927D CH: ByteDance Announces Expansion of TikTok Investment in the UK (+)

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Jun 12
0

Daily Brief TMT/Internet: Horizon Robotics, Samsung Electronics, Taiwan Semiconductor (TSMC), Nippo Ltd, Taiwan Semiconductor (TSMC) – ADR, RealReal Inc, Alphawave IP Group, i-mobile Co Ltd, Frontier Developments, Koninklijke KPN and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Horizon Robotics Placement – Momentum Is Strong but Raising Seems Opportunistic
  • Is Samsung Electronics (005930 KS) Quietly Starting to Take Off?
  • TSMC News: Kumamoto Postponed, Maybe Germany Too. Arizona Accelerating. N2 Yield Rates.
  • Nippo Ltd. (9913 JP): Research Update
  • TSMC (2330.TT; TSM.US): Is the Cost of Advanced Wafers a Concern? We Believe It Isn’t.
  • Worry About Fake Fakes Makes RealReal a Bad Bet
  • Qualcomm’s Offer for Alphawave IP Group Plc
  • i-mobile Co Ltd (6535 JP): Q3 FY07/25 flash update
  • Frontier Developments — FY25 results strong, all eyes now on October
  • What’s News in Amsterdam – 11 June (KPN | InPost / Allegro | DHL)

Horizon Robotics Placement – Momentum Is Strong but Raising Seems Opportunistic

By Sumeet Singh

  • Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. It’s back again to raise another US$600m via a placement.
  • Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
  • In this note we talk about the deal dynamics and run the deal through our ECM framework.

Is Samsung Electronics (005930 KS) Quietly Starting to Take Off?

By Nico Rosti

  • Samsung Electronics (005930 KS) has been range-bound since October 2024, its chart pattern echoing a flat EKG with brief spikes… we suggested to BUY on May 20th, now up +7%….
  • Still, maybe something is changing, the stock is about to reach a reversal point, it will pullback soon, but it may be a brief, buy-the-dip opportunity, possibly before a rally.
  • Our price and time models currently indicate there is considerable resistance to rally higher: this week may be the last one up before the pullback.

TSMC News: Kumamoto Postponed, Maybe Germany Too. Arizona Accelerating. N2 Yield Rates.

By Nicolas Baratte

  • Kumamoto 2nd Fab delayed because of bad traffic? Sure, bad traffic, but legacy Fab utilization is 70%, who needs additional capacity now and in 2026? Legacy demand remains weak. 
  • Arizona construction is accelerating, highlighting the dichotomy that I’ve been mentioning : demand for AI / Data Center is booming, demand for Legacy (specially auto & industrial) remains weak. 
  • 2nm yield reached 90%. True, but that’s the yield of SRAM test cell. This is not a production yield. SRAM is a very small cell used to qualify volume ramp. 

Nippo Ltd. (9913 JP): Research Update

By Nippon Investment Bespoke Research UK

  • Nippo produced record earnings in FY24, with OP of ¥1,970mil (+2.7% YoY) on sales of ¥44,890mil (+7.1% YoY).
  • Thanks primarily to solid growth in order for print circuit boards [PCBs] used in generative AI servers and wafer polishing jigs manufactured in Nippo’s Okinawa factory, sales landed above the firm’s guidance of ¥42,000mil.
  • FY25 is the final year of Nippo’s medium-term plan [MTP] which calls for an OP target of ¥2,000mil.

TSMC (2330.TT; TSM.US): Is the Cost of Advanced Wafers a Concern? We Believe It Isn’t.

By Patrick Liao

  • There is speculation that the cost of Taiwan Semiconductor (TSMC) – ADR (TSM US) 1.4nm wafers is more than 30% higher than that of 2nm wafers.  
  • In semiconductor node migration, newly introduced solutions are generally more advanced and therefore more valuable—which naturally means higher costs.
  • Apple (AAPL US)’s iPhone consistently adopts TSMC’s most advanced technology, ensuring its products maintain industry-leading operational efficiency.

Worry About Fake Fakes Makes RealReal a Bad Bet

By J Capital Research

  • Product authentication and legitimacy are paramount for The RealReal (NASDAQ: REAL), which sells used luxury items.
  • But our research indicates that REAL’s authentication lets through many counterfeits, and that has enraged both buyers and sellers, undermining the sense of trust.
  • REAL has applied AI to the authentication problem to speed things up, but we see no evidence of effectiveness.

Qualcomm’s Offer for Alphawave IP Group Plc

By Jesus Rodriguez Aguilar

  • The offer provides a 2.7% gross spread with a 7.7% annualized return, supported by board approval, firm structure, and high market-implied probability of success near 92%.
  • Downside risk is significant if the deal breaks, but the structured offer, regulatory clarity, and low interloper risk support a small-to-moderate position in diversified event-driven portfolios.
  • Further upside depends on unexpected bid competition, ticking fees, or faster-than-expected settlement; otherwise, the return is modest but acceptable in stable arbitrage environments.

i-mobile Co Ltd (6535 JP): Q3 FY07/25 flash update

By Shared Research

  • Cumulative Q3 FY07/25 revenue was JPY18.7bn (+14.2% YoY), operating profit JPY4.0bn (+6.5% YoY), net income JPY2.9bn (+11.5% YoY).
  • Consumer Service segment revenue reached JPY16.8bn (+18.2% YoY), with a segment profit of JPY3.9bn (+11.3% YoY).
  • Online Advertising segment revenue was JPY1.8bn (-13.3% YoY), segment profit JPY121mn (-61.7% YoY), with promotion costs JPY319mn (-14.7% YoY).

Frontier Developments — FY25 results strong, all eyes now on October

By Edison Investment Research

Frontier Developments’ shares reacted strongly to the May update announcing that FY25 revenues would be slightly ahead of consensus expectations of £85–89m. Today’s FY25 update builds on this, adding a growing cash position and confidence in ‘further annual growth in FY26’. All eyes will be on the 21 October launch of Jurassic World Evolution 3, with the franchise’s very modest 4% y-o-y revenue decline in FY25 illustrating the strength of the title.

What’s News in Amsterdam – 11 June (KPN | InPost / Allegro | DHL)

By The IDEA!

  • In today’s edition: • KPN | ODF scales back fiber ambitions • InPost / Allegro | antitrust office starts investigation regarding Allegro’s delivery methods • DHL | Evri plans to increase its number of couriers by 5,000

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