Category

Daily Briefs

Jun 09
0

Daily Brief ECM: Sanhua Intelligent Controls H Share Listing: The Investment Case and more

By | Daily Briefs, ECM

In today’s briefing:

  • Sanhua Intelligent Controls H Share Listing: The Investment Case
  • Sichuan Kelun-Biotech Biopharm (6990.HK) Placement – Thoughts The Pipeline and Valuation Outlook
  • ECM Weekly (9 June 2025) – Haitian, Sanhua, Virgin Aus, Primo, Kitazato, Wistron, Kelun Bio, Mao Gep
  • Zhou Liu Fu Pre-IPO: Business Is Deteriorating Despite Rosy Gold Prices

Sanhua Intelligent Controls H Share Listing: The Investment Case

By Arun George

  • Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH), the world’s largest refrigeration and air-conditioning control component manufacturer, has filed its PHIP for a H Share listing to raise US$1.0-1.5 billion.     
  • Sanhua’s market share in the global refrigeration and air-conditioning control component market was 45.5% in terms of revenue in 2024, according to Frost & Sullivan.
  • The fundamentals are good, with the positives (refrigeration and aircon rising growth, stable margin, and cash generation) outweighing the negatives (automotive declining growth, US tariffs overhang). 

Sichuan Kelun-Biotech Biopharm (6990.HK) Placement – Thoughts The Pipeline and Valuation Outlook

By Xinyao (Criss) Wang

  • Kelun Bio announced US$250 million placement, making it the largest follow-on offering in the biopharma industry in HK market over the past 12 months, but HK$331.8/share Placing Price is expensive.
  • SKB264 has demonstrated the ability to compete head-to-head with the world’s best therapies in TNBC and NSCLC. It is reasonable for Kelun Bio’s valuation to be higher than Akeso.
  • We recommend to buy when market value falls in the range of US$2.5-5.25 billion.If SKB264 fails to deliver good clinical data in future critical clinical trials, valuation would face pullback.

ECM Weekly (9 June 2025) – Haitian, Sanhua, Virgin Aus, Primo, Kitazato, Wistron, Kelun Bio, Mao Gep

By Sumeet Singh

Zhou Liu Fu Pre-IPO: Business Is Deteriorating Despite Rosy Gold Prices

By Nicholas Tan

  • Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH) is looking to raise $US200m in its upcoming Hong Kong IPO. 
  • It is a leading and fast growing jewellery franchise in China offering a diverse range of products through offline and online sales channels.
  • In this note, we provide updates on the firm’s past performance.

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Jun 09
0

Daily Brief Thailand: Berli Jucker and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Berli Jucker (BJC TB) – Packaged Consumerism

Berli Jucker (BJC TB) – Packaged Consumerism

By Angus Mackintosh

  • Berli Jucker (BJC TB) remains one of the most interesting consumer plays in Thailand through Big C, glass and aluminium cans, and its consumer supply chain segment. 
  • The company booked a strong start to 2025 across all segments from a profit growth perspective, with package sales being impacted by lower raw material prices, but that improved margins.
  • 2Q has seen a slower start due to poor weather, slower tourism, partly due to the earthquake, but May has seen a turnaround, and management is confident in annual guidance

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Jun 09
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Stocks up on Jobs Data and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Stocks up on Jobs Data
  • Japan Morning Connection: Meta’s $10bn Scale AI Investment to Buoy Sentiment for SPE

Ohayo Japan | Stocks up on Jobs Data

By Mark Chadwick

  • US stocks rallied Friday after stronger-than-expected nonfarm payrolls data eased slowdown fears
  • Fifty Japanese companies received activist proposals at June shareholder meetings, the highest number on record,
  • Takeda Pharmaceutical faces opposition from Institutional Shareholder Services (ISS) against reappointing CEO

Japan Morning Connection: Meta’s $10bn Scale AI Investment to Buoy Sentiment for SPE

By Andrew Jackson

  • NFP beat sends yields higher, sending US homebuilders down, positive JP banks.
  • Big week for Renesas should also see more upside for Rohm and Fuji Elec with Auto/industrial inflection.
  • Capcom announced its latest Resident Evil installment at the SGF, but further upside looks limited.

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Jun 09
0

Daily Brief Quantitative Analysis: HK Connect Flows Weekly (Jun 6th): Meituan and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • HK Connect Flows Weekly (Jun 6th): Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi
  • A-H Premium Weekly (Jun 6th): Jiangsu Expressway, Sichuan Expressway, CICC
  • HK Short Interest Weekly: Catl, Horizonrobot, ICBC
  • TWSE Foreign Holding Weekly (Jun 6th): First Financial, Mediatek, Asia Vital Components
  • Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card
  • TWSE Short Interest Weekly (Jun 6th): Cathay Financial, Ctbc Financial, Fubon Financial
  • Bursa Short Interest Weekly (Jun 6th): Sime Darby Property, Ytl, Genting Malaysia, Tenaga Nasional
  • Hong Kong Buybacks Weekly (Jun 6th): Tencent, AIA, Kuaishou
  • KRX Foreign Holding Weekly (Jun 6th): SK Hynix

HK Connect Flows Weekly (Jun 6th): Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi

By Ke Yan, CFA, FRM

  • We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 6th.
  • The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
  • We highlight flows for Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi.

A-H Premium Weekly (Jun 6th): Jiangsu Expressway, Sichuan Expressway, CICC

By Ke Yan, CFA, FRM

  • We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 78.0% as of Jun 6th.
  • The average A-H premium changed by -0.8ppt week-on-week, led by consumer staples, industrials, utilities and offset by real estate, information technology, energy.
  • We highlight weekly changes in A-H premium for Jl Mag Rare-Earth, Jiangsu Expressway, Sichuan Expressway, CICC.

HK Short Interest Weekly: Catl, Horizonrobot, ICBC

By Ke Yan, CFA, FRM

  • We analyzed the latest HK SFC report for aggregate short position as of May 30th.
  • Top short increases and decreases were tabulated for one week and four week period.
  • We highlight short changes in Catl, Horizonrobot, ICBC, Fl2 Csop Hsi, Fi2 Csop Hsi.

TWSE Foreign Holding Weekly (Jun 6th): First Financial, Mediatek, Asia Vital Components

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 6th. The aggregated holding was USD1,016.4bn.
  • We estimate that foreign flows to be outflows of USD4,467mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
  • We highlight changes of foreign holdings in First Financial, Mediatek, Asia Vital Components, Novatek Microelectronics, Jinan Acetate Chemical, Cathay Financial, TSMC, Ctbc Financial, Yang Ming Marine, Fubon Financial.

Thailand Short Interest Weekly (Jun 6th): Delta Electronics, Advanced Info Service, Krungthai Card

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Stock Exchange of Thailand as of Jun 6th. We estimate that they had an aggregated short interest worth USD1.9bn.
  • We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Delta Electronics, Advanced Info Service, Krungthai Card, CP ALL, Ptt.

TWSE Short Interest Weekly (Jun 6th): Cathay Financial, Ctbc Financial, Fubon Financial

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of TWSE Stocks as of Jun 6th. The aggregated short interest was USD24.1bn.
  • We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Cathay Financial, Ctbc Financial, Fubon Financial, Yang Ming Marine, Catcher Technology, Novatek Microelectronics, Gigabyte Technology, SCSB, Ase Industrial, Inventec.

Bursa Short Interest Weekly (Jun 6th): Sime Darby Property, Ytl, Genting Malaysia, Tenaga Nasional

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Bursa stocks as of Jun 6th. The aggregated short interest is USD362m.
  • We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Sime Darby Property, Ytl, Genting Malaysia, Tenaga Nasional, Petronas Chemicals.

Hong Kong Buybacks Weekly (Jun 6th): Tencent, AIA, Kuaishou

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 6th 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), AIA (1299 HK), Kuaishou (1024 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), Cosco Shipping (1919 HK).

KRX Foreign Holding Weekly (Jun 6th): SK Hynix

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of KRX stocks as of Jun 6th. The aggregated holding was USD571.3bn.
  • We estimate that foreign flows to be inflows of USD829mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
  • We highlight changes of foreign holdings in SK Hynix (000660 KS).

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Jun 09
0

Daily Brief ECM: Sanhua Intelligent Controls H Share Listing: The Investment Case and more

By | Daily Briefs, ECM

In today’s briefing:

  • Sanhua Intelligent Controls H Share Listing: The Investment Case
  • Sichuan Kelun-Biotech Biopharm (6990.HK) Placement – Thoughts The Pipeline and Valuation Outlook
  • ECM Weekly (9 June 2025) – Haitian, Sanhua, Virgin Aus, Primo, Kitazato, Wistron, Kelun Bio, Mao Gep
  • Zhou Liu Fu Pre-IPO: Business Is Deteriorating Despite Rosy Gold Prices

Sanhua Intelligent Controls H Share Listing: The Investment Case

By Arun George

  • Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH), the world’s largest refrigeration and air-conditioning control component manufacturer, has filed its PHIP for a H Share listing to raise US$1.0-1.5 billion.     
  • Sanhua’s market share in the global refrigeration and air-conditioning control component market was 45.5% in terms of revenue in 2024, according to Frost & Sullivan.
  • The fundamentals are good, with the positives (refrigeration and aircon rising growth, stable margin, and cash generation) outweighing the negatives (automotive declining growth, US tariffs overhang). 

Sichuan Kelun-Biotech Biopharm (6990.HK) Placement – Thoughts The Pipeline and Valuation Outlook

By Xinyao (Criss) Wang

  • Kelun Bio announced US$250 million placement, making it the largest follow-on offering in the biopharma industry in HK market over the past 12 months, but HK$331.8/share Placing Price is expensive.
  • SKB264 has demonstrated the ability to compete head-to-head with the world’s best therapies in TNBC and NSCLC. It is reasonable for Kelun Bio’s valuation to be higher than Akeso.
  • We recommend to buy when market value falls in the range of US$2.5-5.25 billion.If SKB264 fails to deliver good clinical data in future critical clinical trials, valuation would face pullback.

ECM Weekly (9 June 2025) – Haitian, Sanhua, Virgin Aus, Primo, Kitazato, Wistron, Kelun Bio, Mao Gep

By Sumeet Singh

Zhou Liu Fu Pre-IPO: Business Is Deteriorating Despite Rosy Gold Prices

By Nicholas Tan

  • Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH) is looking to raise $US200m in its upcoming Hong Kong IPO. 
  • It is a leading and fast growing jewellery franchise in China offering a diverse range of products through offline and online sales channels.
  • In this note, we provide updates on the firm’s past performance.

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Jun 09
0

Daily Brief Australia: Mayne Pharma and more

By | Australia, Daily Briefs

In today’s briefing:

  • Merger Arb Mondays (09 June) – Mayne, Tam Jai, OneConnect, Toyota Industries, Makino, Fuji Corp

Merger Arb Mondays (09 June) – Mayne, Tam Jai, OneConnect, Toyota Industries, Makino, Fuji Corp

By Arun George

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Jun 09
0

Daily Brief ESG: A Reluctance to Confront Shareholders Is at the Root of Many Problems and more

By | Daily Briefs, ESG

In today’s briefing:

  • A Reluctance to Confront Shareholders Is at the Root of Many Problems

A Reluctance to Confront Shareholders Is at the Root of Many Problems

By Aki Matsumoto

  • Until now, listed companies have been reluctant to even lower the minimum shareholder purchase amount for reasons of economic rationality and administrative costs.
  • The same issues underlie reluctance of companies in lowering amount to purchase shares, online AGMs, electronic delivery of text in notice of convocations, and pre-AGM disclosure of annual securities reports.
  • Companies have been focused on controlling AGM rather than facing shareholders to increase their interests. This practice is problem that can lead to slower ROE and excessive cash on hand.

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Jun 09
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Stocks up on Jobs Data and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Stocks up on Jobs Data
  • Japan Morning Connection: Meta’s $10bn Scale AI Investment to Buoy Sentiment for SPE

Ohayo Japan | Stocks up on Jobs Data

By Mark Chadwick

  • US stocks rallied Friday after stronger-than-expected nonfarm payrolls data eased slowdown fears
  • Fifty Japanese companies received activist proposals at June shareholder meetings, the highest number on record,
  • Takeda Pharmaceutical faces opposition from Institutional Shareholder Services (ISS) against reappointing CEO

Japan Morning Connection: Meta’s $10bn Scale AI Investment to Buoy Sentiment for SPE

By Andrew Jackson

  • NFP beat sends yields higher, sending US homebuilders down, positive JP banks.
  • Big week for Renesas should also see more upside for Rohm and Fuji Elec with Auto/industrial inflection.
  • Capcom announced its latest Resident Evil installment at the SGF, but further upside looks limited.

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

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Jun 09
0

Daily Brief Thailand: Berli Jucker and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Berli Jucker (BJC TB) – Packaged Consumerism

Berli Jucker (BJC TB) – Packaged Consumerism

By Angus Mackintosh

  • Berli Jucker (BJC TB) remains one of the most interesting consumer plays in Thailand through Big C, glass and aluminium cans, and its consumer supply chain segment. 
  • The company booked a strong start to 2025 across all segments from a profit growth perspective, with package sales being impacted by lower raw material prices, but that improved margins.
  • 2Q has seen a slower start due to poor weather, slower tourism, partly due to the earthquake, but May has seen a turnaround, and management is confident in annual guidance

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Jun 09
0

Daily Brief South Korea: Aurora World, Ecopro Co Ltd, HD Hyundai Mipo and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Curator’s Cut: The Next Labubu, Crypto Equities and Tracking APAC Buybacks
  • Clarifying the KOSDAQ Global Index and SSF Reshuffle
  • Friday’s Cap Reversion in the SOL Shipbuilding Top 3 ETF Sets up a Clean Flow Trade Opportunity

Curator’s Cut: The Next Labubu, Crypto Equities and Tracking APAC Buybacks

By Pranav Rao

  • Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma
  • In this cut, we look at an Asian toy manufacturer not named Pop Mart or Dream Int’l, the mashup between crypto and equity markets and the takeaways from tracking buybacks
  • Want to dig deeper? Comment or message on the themes you think should be highlighted next

Clarifying the KOSDAQ Global Index and SSF Reshuffle

By Sanghyun Park

  • KOSDAQ Global rebalances annually in June with unique, fundamentals-based screening, unlike cap-weighted peers. Its results are now a key lead indicator for upcoming SSF inclusion.
  • New SSF listings often trigger short-term volume spikes, especially in KOSDAQ names, leading to consistent spot outperformance from listing to expiry—most pronounced near the midpoint.
  • With more traders now tuned into the SSF pattern and fewer names rotating, early positioning and amplified price action are more likely this time around.

Friday’s Cap Reversion in the SOL Shipbuilding Top 3 ETF Sets up a Clean Flow Trade Opportunity

By Sanghyun Park

  • Top 3 stays unchanged — HD KSOE beats HHI on consolidated sales, and index rules push HHI to the Plus side since a group sibling’s already in the Top 3.
  • Plus Universe also looks stable, but HD Hyundai Mipo’s weight drops from 14.12% to 10% Friday — triggering ~₩40B in passive outflows, a key flow trade setup.
  • ₩40B sell vs. ₩60–90B daily turnover, all hitting via one ETF desk (Shinhan SOL) Friday afternoon — flow size could move the tape. Should keep it on our radar.

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