Category

Daily Briefs

Aug 24
0

Daily Brief Equity Bottom-Up: Intel’s Historic Agreement Or Moment Of Surrender? and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Intel’s Historic Agreement Or Moment Of Surrender?
  • DKSH Malaysia : 2nd Quarter Results
  • Honda Motor Fights Back in China With EVs & Competitive Pricing Power; Too Little Too Late?
  • KT&G: Increasing Probability of a Cigarette Price Hike in the Next 6-12 Months
  • BeOne Medicines: Initiation of Coverage- 20 expected R&D milestones In The Next 18 Months Signalling A Massive Upside? – Major Drivers
  • Guess Goes Private In $1.4 Billion Authentic Brands Deal — What It Means For Investors!
  • Global Payments: Expanding Boldly Into International Markets With Genius Platform Push!
  • Fortinet’s Product Pipeline Surges—Can Its Growth Outpace Rivals?
  • Apple Is Falling Behind: Is Google Winning The Smartphone AI War?
  • RB Global: Initiation of Coverage- Navigating Automotive Industry Challenges & Upping Their Game!

Intel’s Historic Agreement Or Moment Of Surrender?

By William Keating

  • Intel has agreed to convert US CHIPs Act funding (past & future) & Secure Enclave contracts into a 10% equity stake for the US Administration.
  • The equity stake will comprise 433.3 million primary shares of Intel common stock at a price of $20.47 per share, a roughly 16% discount to their market value yesterday
  • In his commentary on the deal, President Trump referred to Intel CEO Lip-Bu Tan as a victim, stating he came to the White House to save his job. Wow!

DKSH Malaysia : 2nd Quarter Results

By Punit Khanna

  • Revenues are up 7% yony & down 10% qonq and net profits are down 10%
  • Historically 2nd quarter is weak quarter as 1st quarter sales are influenced by festival seasons
  • Reason for improvement in margin is higher raw material on own brands, increased labour cost and FX losses.

Honda Motor Fights Back in China With EVs & Competitive Pricing Power; Too Little Too Late?

By Baptista Research

  • Honda Motor Company Limited’s recent financial results for the first fiscal quarter of 2025 and forecasts for the entire year reveal various factors influencing the company’s performance.
  • The operating profit for Q1 was JPY 244.1 billion, a significant decline compared to the same period last year, impacted by several nonrecurring expenses related to electric vehicles (EVs) and tariffs.
  • Despite challenges, notably in the automobile segment with operating losses, the company revised its full-year forecast upward, anticipating an operating profit of JPY 700 billion — a JPY 200 billion increase from previous projections.

KT&G: Increasing Probability of a Cigarette Price Hike in the Next 6-12 Months

By Douglas Kim

  • A cigarette price hike has been long overdue in Korea. The last time there was cigarette price hike in Korea was more than 10 years ago.
  • We believe that the Korean government could raise cigarette prices to about 7,000 won to 8,000 won per pack from current price of 4,500 won in the next 6-12 months.
  • Raising cigarette prices could improve the sharp shortfall in government tax revenues.

BeOne Medicines: Initiation of Coverage- 20 expected R&D milestones In The Next 18 Months Signalling A Massive Upside? – Major Drivers

By Baptista Research

  • BeOne Medicines recently announced its financial results for the second quarter of fiscal year 2025.
  • The company reported significant financial and strategic progress, reinforcing its position in the market.
  • Breaking down the results, BeOne’s revenue reached $1.3 billion, reflecting a robust 42% year-over-year growth.

Guess Goes Private In $1.4 Billion Authentic Brands Deal — What It Means For Investors!

By Baptista Research

  • Guess?
  • Inc. has announced it will go private in a $1.4 billion transaction with Authentic Brands Group, marking a pivotal moment in the denim retailer’s four-decade history.
  • The buyout, which offers shareholders $16.75 per share in cash—a 26% premium to the closing stock price on the day prior to the announcement—signals a new chapter for the company amid operational headwinds and evolving consumer behavior.

Global Payments: Expanding Boldly Into International Markets With Genius Platform Push!

By Baptista Research

  • Global Payments Inc. has reported its second quarter 2025 earnings, showcasing progress across several business segments and initiatives.
  • The company’s earnings for the quarter slightly surpassed expectations, with adjusted net revenue reaching $2.36 billion, marking a 5% constant currency growth when excluding dispositions.
  • The adjusted operating margin improved by 130 basis points to 44.6%, with adjusted EPS increasing by 11%.

Fortinet’s Product Pipeline Surges—Can Its Growth Outpace Rivals?

By Baptista Research

  • Fortinet’s second quarter of 2025 financial results reflect a strong and balanced performance, driven by its strategic focus on unified cybersecurity solutions and robust customer growth.
  • Fortinet saw a 15% increase in billings to $1.78 billion, with revenue growing 14% to $1.63 billion, primarily fueled by its expanding market presence in unified Secure Access Service Edge (SASE) and AI-driven security operations.
  • The company maintained a solid non-GAAP operating margin of 33%, indicating operational efficiency despite increased investment activities.

Apple Is Falling Behind: Is Google Winning The Smartphone AI War?

By Baptista Research

  • As of August 2025, the smartphone war has shifted—hardware takes a backseat, and AI drives the battle.
  • Google’s Pixel 10 has emerged as the AI leader, showcasing real-time voice translation, proactive features like Magic Cue, and intelligent photo tools.
  • These aren’t experimental; they’re already in users’ hands.

RB Global: Initiation of Coverage- Navigating Automotive Industry Challenges & Upping Their Game!

By Baptista Research

  • RB Global presented its financial and operational performance for the second quarter of 2025 with a focus on disciplined execution and strategic expansion.
  • The company continues to exhibit growth, particularly within the automotive sector, complemented by strategic acquisitions and partnerships aimed at enhancing its market position in both the automotive and commercial construction and transportation sectors.
  • A key highlight of the quarter was a 2% increase in total gross transactional value (GTV), with the automotive sector GTV increasing by 8%, driven by a 9% rise in unit volumes.

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Aug 24
0

Daily Brief Consumer: Dongfeng Motor, Pop Mart, DKSH Holdings Malaysia, Honda Motor Co Ltd (Adr), KT&G Corporation, Guess? Inc, TSE Tokyo Price Index TOPIX and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Dongfeng Motor (489 HK): DFM’s Attractive Privatisation Offer
  • HSCEI Index Rebalance: Pop Mart Pops Ahead of Double Index Inclusion
  • DKSH Malaysia : 2nd Quarter Results
  • Honda Motor Fights Back in China With EVs & Competitive Pricing Power; Too Little Too Late?
  • KT&G: Increasing Probability of a Cigarette Price Hike in the Next 6-12 Months
  • Guess Goes Private In $1.4 Billion Authentic Brands Deal — What It Means For Investors!
  • Recent Stock Price Rise May Be Due to Expectation for Greater Shareholder Returns Rather than Growth

Dongfeng Motor (489 HK): DFM’s Attractive Privatisation Offer

By Arun George

  • Dongfeng Motor (489 HK) disclosed a pre-conditional privatisation by merger by absorption by Dongfeng Motor Corporation, along with a proposed distribution and listing of VOYAH shares.
  • The offer comprises HK$6.68 + 0.3552608 VOYAH H Shares per H Share, which is valued at HK$10.85 per H Share, a 81.7% premium to the last close price. 
  • The vote is low risk as the offer is attractive. It values the remaining business at a premium multiple, and the appraised value of HK$11.735 per VOYAH share is conservative. 

HSCEI Index Rebalance: Pop Mart Pops Ahead of Double Index Inclusion

By Brian Freitas

DKSH Malaysia : 2nd Quarter Results

By Punit Khanna

  • Revenues are up 7% yony & down 10% qonq and net profits are down 10%
  • Historically 2nd quarter is weak quarter as 1st quarter sales are influenced by festival seasons
  • Reason for improvement in margin is higher raw material on own brands, increased labour cost and FX losses.

Honda Motor Fights Back in China With EVs & Competitive Pricing Power; Too Little Too Late?

By Baptista Research

  • Honda Motor Company Limited’s recent financial results for the first fiscal quarter of 2025 and forecasts for the entire year reveal various factors influencing the company’s performance.
  • The operating profit for Q1 was JPY 244.1 billion, a significant decline compared to the same period last year, impacted by several nonrecurring expenses related to electric vehicles (EVs) and tariffs.
  • Despite challenges, notably in the automobile segment with operating losses, the company revised its full-year forecast upward, anticipating an operating profit of JPY 700 billion — a JPY 200 billion increase from previous projections.

KT&G: Increasing Probability of a Cigarette Price Hike in the Next 6-12 Months

By Douglas Kim

  • A cigarette price hike has been long overdue in Korea. The last time there was cigarette price hike in Korea was more than 10 years ago.
  • We believe that the Korean government could raise cigarette prices to about 7,000 won to 8,000 won per pack from current price of 4,500 won in the next 6-12 months.
  • Raising cigarette prices could improve the sharp shortfall in government tax revenues.

Guess Goes Private In $1.4 Billion Authentic Brands Deal — What It Means For Investors!

By Baptista Research

  • Guess?
  • Inc. has announced it will go private in a $1.4 billion transaction with Authentic Brands Group, marking a pivotal moment in the denim retailer’s four-decade history.
  • The buyout, which offers shareholders $16.75 per share in cash—a 26% premium to the closing stock price on the day prior to the announcement—signals a new chapter for the company amid operational headwinds and evolving consumer behavior.

Recent Stock Price Rise May Be Due to Expectation for Greater Shareholder Returns Rather than Growth

By Aki Matsumoto

  • P/B was highly correlated with P/E, so it’ll be effective for individual companies to announce/implement measures to increase EPS or profits in order to attract the attention of overseas investors.
  • From April 2022 to June 2025, overseas investors have been focusing on companies with significant potential for shareholder returns, as the TOPIX has the highest correlation with BPS.
  • The recent rise in stock prices may be due to expectations for increased shareholder returns rather than growth expectations, as EPS and BPS have risen while P/B and P/E haven’t.

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Aug 24
0

Daily Brief TMT/Internet: Swiggy, Horizon Robotics, Alibaba, Intel Corp, Fortinet Inc, Global Payments, Apple , Zillow Group Inc A, Cdw Corp/De, Novanta and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow
  • Hang Seng Internet & IT Index (HSIII) Rebalance: 3 Changes; Big FAF Increase for Horizon Robotics
  • Volatility Cones: Opportunities Across 8 Hong Kong Stocks
  • Intel’s Historic Agreement Or Moment Of Surrender?
  • Fortinet’s Product Pipeline Surges—Can Its Growth Outpace Rivals?
  • Global Payments: Expanding Boldly Into International Markets With Genius Platform Push!
  • Apple Is Falling Behind: Is Google Winning The Smartphone AI War?
  • Zillow Group: Initiation of Coverage- Riding a 56% Rentals Revenue Surge—Will Partnerships Unlock Even Bigger Gains?
  • CDW Expands End-to-End IT Solutions—But Where Does It Stand In The Digital Race?
  • Novanta Inc.: Expansion into High-Growth Markets…

NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

By Brian Freitas

  • There are 13 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with flows from passive trackers of other indices.
  • Estimated one-way turnover is 7.8% resulting in a round-trip trade of INR 18.23bn (US$209m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
  • The adds to the index have outperformed the deletes over the last 5 months and there has been noticeable outperformance in the last couple of weeks.

Hang Seng Internet & IT Index (HSIII) Rebalance: 3 Changes; Big FAF Increase for Horizon Robotics

By Brian Freitas

  • There will be 3 changes for the Hang Seng Internet & Information Technology Index (HSIII Index) at the September rebalance. 
  • Estimated one-way turnover at the rebalance is 10.3% resulting in a round-trip trade of HK$6.4bn (US$818m). There are a bunch of stocks with over 0.5x ADV to trade.
  • There is a huge FAF increase for Horizon Robotics and that will bring passive buying from the HSTECH trackers too. The stock is being added to a global index on Tuesday.

Volatility Cones: Opportunities Across 8 Hong Kong Stocks

By Gaudenz Schneider

  • Context: Volatility cones chart implied volatility against historical percentiles across the term structure, providing a clear framework to evaluate whether options are trading cheap or rich.
  • Highlight: Several high-profile HK stocks currently show historically cheap implied volatility. With some of them trading near 52-week highs, now may be an opportune time to hedge.
  • Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.

Intel’s Historic Agreement Or Moment Of Surrender?

By William Keating

  • Intel has agreed to convert US CHIPs Act funding (past & future) & Secure Enclave contracts into a 10% equity stake for the US Administration.
  • The equity stake will comprise 433.3 million primary shares of Intel common stock at a price of $20.47 per share, a roughly 16% discount to their market value yesterday
  • In his commentary on the deal, President Trump referred to Intel CEO Lip-Bu Tan as a victim, stating he came to the White House to save his job. Wow!

Fortinet’s Product Pipeline Surges—Can Its Growth Outpace Rivals?

By Baptista Research

  • Fortinet’s second quarter of 2025 financial results reflect a strong and balanced performance, driven by its strategic focus on unified cybersecurity solutions and robust customer growth.
  • Fortinet saw a 15% increase in billings to $1.78 billion, with revenue growing 14% to $1.63 billion, primarily fueled by its expanding market presence in unified Secure Access Service Edge (SASE) and AI-driven security operations.
  • The company maintained a solid non-GAAP operating margin of 33%, indicating operational efficiency despite increased investment activities.

Global Payments: Expanding Boldly Into International Markets With Genius Platform Push!

By Baptista Research

  • Global Payments Inc. has reported its second quarter 2025 earnings, showcasing progress across several business segments and initiatives.
  • The company’s earnings for the quarter slightly surpassed expectations, with adjusted net revenue reaching $2.36 billion, marking a 5% constant currency growth when excluding dispositions.
  • The adjusted operating margin improved by 130 basis points to 44.6%, with adjusted EPS increasing by 11%.

Apple Is Falling Behind: Is Google Winning The Smartphone AI War?

By Baptista Research

  • As of August 2025, the smartphone war has shifted—hardware takes a backseat, and AI drives the battle.
  • Google’s Pixel 10 has emerged as the AI leader, showcasing real-time voice translation, proactive features like Magic Cue, and intelligent photo tools.
  • These aren’t experimental; they’re already in users’ hands.

Zillow Group: Initiation of Coverage- Riding a 56% Rentals Revenue Surge—Will Partnerships Unlock Even Bigger Gains?

By Baptista Research

  • Zillow Group’s recent quarterly performance highlights several strategic advancements and operational successes alongside some challenges that offer a comprehensive view of its current and future growth trajectory.
  • Zillow Group reported a 15% year-over-year increase in total revenue, reaching $655 million for the second quarter, surpassing their predicted outlook.
  • This growth is an encouraging sign, especially when paired with the attainment of a positive net income for the second consecutive quarter.

CDW Expands End-to-End IT Solutions—But Where Does It Stand In The Digital Race?

By Baptista Research

  • CDW Corporation’s second quarter financial results for 2025 showcased a balance of solid performance alongside the challenges posed by a dynamic market landscape.
  • The company reported consolidated net sales of $6 billion, marking a 10% increase over the same period last year.
  • Gross profit rose by 5% to $1.2 billion, and non-GAAP net income per share increased 4% to $2.60.

Novanta Inc.: Expansion into High-Growth Markets…

By Baptista Research

  • Novanta Inc. reported its second-quarter 2025 earnings, reflecting solid operational performance amidst a challenging macroeconomic and trade environment.
  • The company achieved revenue of $241 million, marking 2% reported growth but indicating a slight 2% decline in organic revenue.
  • Notably, sales from newly launched products surged by over 50%, and customer orders saw a significant uptick sequentially, highlighting a strengthening market outlook.

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Aug 24
0

Daily Brief Financials: Sony Financial Holdings, Krungthai Card and more

By | Daily Briefs, Financials

In today’s briefing:

  • [Quiddity Index] The Sony Financial Spinoff – What To Do?
  • Last Week In Event SPACE: Shibaura Electronics, Krungthai Card, Wilmar, First Pac, Fonterra

[Quiddity Index] The Sony Financial Spinoff – What To Do?

By Travis Lundy

  • Sony Financial Group (perhaps 8729 JP) will be spun off from SONY on 29 September 2025. The nominal share price will be “low” – likely 4-6% of Sony’s price.
  • Index treatment is largely known with the exception of a market cap trigger to stay in or get the boot from one major global index provider’s set of large-midcap indices.
  • There is a buyback to come which will offset global active manager “I don’t want this” overhang. There are technical trades to do here too but overall I am positive.

Last Week In Event SPACE: Shibaura Electronics, Krungthai Card, Wilmar, First Pac, Fonterra

By David Blennerhassett

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Aug 24
0

Top 10 Highlights from the APAC PE, VC and Startup Ecosystem this Week – 24 Aug 2025

By | Private Markets, Smartkarma Newswire

Top ten highlights from the APAC PE, VC, and startup ecosystem this week:

  1. Sky Mavis, a Vietnam-founded blockchain game developer, triples its net profit to $13.4 million in FY
  3. 315 Holding Pte Ltd, parent firm of Nhi Dong 315 clinic operator in Vietnam, reports a net loss of $460,380 in FY
  5. Believe Pte Ltd and subsidiaries swing to a net loss of $3.9 million in FY2024 due to weaker sales.
  6. SoftBank-backed Eruditus cuts losses by 33% in FY2024, with revenue rising 10.5% to $447.9 million.
  7. HealthifyMe, an Indian digital health platform, turns a profit of $31.6 million in FY2024 despite a revenue decline.
  8. FreshToHome Ltd reduces losses in FY2024 with a fourfold surge in revenue.
  9. Zepto doubles revenue and reduces net loss in FY2024 despite higher expenses.
  10. Top Toy, owned by Miniso, reaches a valuation of HK$10 billion after strategic financing from Temasek Holdings.
  11. Akulaku divests from Bank Neo Commerce in Indonesia as it considers a full exit by next year.
  12. Weaver Services, an Indian housing finance platform, raises $170 million in a funding round led by Lightspeed and Premji Invest.

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Disclaimer:This article by is general in nature and based on publicly available information and not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material. While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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