Category

Daily Briefs

May 06
0

Daily Brief TMT/Internet: NetEase , Tencent, MongoDB , Taiwan Semiconductor (TSMC) – ADR, SmartPay Holdings, Etoro Group, Smarttech247 Group, Simplex Holdings, Nemetschek SE and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Hang Seng Indexes: ADR Depositary Holding Changes; Round-Trip Trade Is US$5.1bn; NetEase Outperforms
  • HK Connect SOUTHBOUND Flows (To 2 May 2025); Tech Selling in a Quiet Week
  • MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025
  • Taiwan Dual-Listings Monitor: Market Volatility Has Opened Up Multiple Spread Trading Levels
  • Smartpay (SPY NZ/SMP AU) Enters Exclusivity With Shift4 (?) As Tyro Walks
  • EToro Group Ltd (ETOR): Retail Trading Platform Eyeing $4b Valuation; BlackRock in on the IPO
  • Smarttech247 Group PLC – Hybridan Small Cap Feast: 28/04/2025
  • Simplex Holdings (4373 JP) – Disciplined Delivery and Expecting Sales Growth Acceleration
  • Nemetschek (NEM GR): Strengthening the AI Roadmap with Google Cloud

Hang Seng Indexes: ADR Depositary Holding Changes; Round-Trip Trade Is US$5.1bn; NetEase Outperforms

By Brian Freitas

  • Most Secondary-listed companies have announced the number of shares that underlie ADRs and are held by the ADR depositaries as of end-March (or around that time).
  • There are some significant increases in the number of shares held by the ADR depositaries. That changes the free float for the stocks and consequently the estimated flows.
  • NetEase (9999 HK), Trip.com Group (9961 HK), Baidu (9888 HK) and Weibo (9898 HK) will have passives buying, while NIO (9866 HK) switches to a sell.

HK Connect SOUTHBOUND Flows (To 2 May 2025); Tech Selling in a Quiet Week

By Travis Lundy

  • Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous 2021Q1 record by >HK$100bn. The first three weeks in April were HK$168bn. The next two weeks flat.
  • Two weeks ago saw SOEs sold quite heavily in somewhat weaker volume. This past week saw only 3 days of SOUTHBOUND trading and saw net selling of big internet names.
  • This week threatens to be quiet as well, as tariff news moves away from China for a little while, and towards foreign auto exporters, Canada, Mexico, and “trade frameworks.”

MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025

By Dimitris Ioannidis

Taiwan Dual-Listings Monitor: Market Volatility Has Opened Up Multiple Spread Trading Levels

By Vincent Fernando, CFA

  • TSMC: +15% Premium; Trading Near Level to Go Long the ADR Spread
  • UMC: -1.8% Discount; Also Near a Level to Go Long the Spread
  • CHT: -2.2% Discount; Good Level to Go Long the Spread

Smartpay (SPY NZ/SMP AU) Enters Exclusivity With Shift4 (?) As Tyro Walks

By David Blennerhassett

  • On the 17th March, eftpos terminal provider Smartpay (SPY NZ/SMP AU) announced the receipt of two NBIOs
  • One from Tyro (TYR AU) (@ NZ$1.00/share) and one from a third party (believed to be Shift4 (FOUR US)). Both parties were granted a limited period of commercial due diligence. 
  • After Shift4 (if indeed them) bumped terms to NZ$1.20/share/A$1.12/share, it was granted exclusivity on the 2nd May. Tyro has now walked. 

EToro Group Ltd (ETOR): Retail Trading Platform Eyeing $4b Valuation; BlackRock in on the IPO

By IPO Boutique

  • The company set terms with a F-1/A putting 10 million shares for sale at a range of $46-$50 which would value the company as high as $4.05b.
  • BlackRock and funds managed by BlackRock placed a 20-percent cornerstone investment order and is on the cover of the prospectus. 
  • The blueprint to getting an IPO out the door during this time is to shrink the size of the transaction, bring in a cornerstone investor and provide an attractive valuation.

Smarttech247 Group PLC – Hybridan Small Cap Feast: 28/04/2025

By Hybridan

  • Our daily digest of news from UK Small Caps 28th April 2025 @HybridanLLP * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Dish of the day Admissions: Last Friday (25th April), The Smarter Web Company (AQSE:SWC), announced its first day of dealings on the on the Aquis Stock Exchange.
  • The Smarter Web Company is a UK-based web design agency, specialising in creating bespoke, mobile-friendly websites and offers a range of online marketing strategies to help businesses enhance their online presence.
  • Services include various web design packages, logo design, Search Engine Optimisation, animation and custom development.

Simplex Holdings (4373 JP) – Disciplined Delivery and Expecting Sales Growth Acceleration

By Astris Advisory Japan

  • Results in line, demonstrating resilience – FY3/25 results were in line with guidance, as Simplex responded effectively in driving a notable earnings recovery in H2 FY3/25.
  • Orders and backlog growth were robust, denoting high earnings visibility.
  • Management provided clarity over the insurance business, which will continue as part of Financial Retail, and FY3/26 guidance points to sustained sales and earnings growth YoY in the high teens. 

Nemetschek (NEM GR): Strengthening the AI Roadmap with Google Cloud

By Gregory Ramirez

  • Nemetschek has partnered with Google Cloud to embed AI into its AEC/O and media software, expand global market access through digital marketplaces, and promote sustainability in design and construction workflows.   
  • For Q1 2025, it reported better-than-expected revenue growth, though EBITDA was temporarily impacted by the insolvency of a payment service provider; underlying margins remain strong, and full-year guidance was reaffirmed.   
  • Nemetschek remains one of Europe’s fastest-growing software firms, driven by a successful transition to subscriptions, with strong visibility through 2027–2028.

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May 06
0

Daily Brief Consumer: Guangzhou Automobile Group, PDD Holdings, Ather Energy, Mahindra & Mahindra, MGM China Holdings, Kayou, JNBY Design Ltd and more

By | Consumer, Daily Briefs

In today’s briefing:

  • A/H Premium Tracker (To 2 May 2025):  AH Premia Fall Small; Spread Torsion Provides Continued Alpha
  • In Response to Tariff & “De Minimis” Changes, Temu Alters US Business Model, Morphing Into…Amazon?
  • Ather Energy IPO: Likely Muted Debut.  Promoter Dynamics Shift—Potential Upside or Risk?
  • Mahindra & Mahindra (MM IN)  – Top 5 Takeaways from Q4FY25 Results
  • Lucror Analytics – Morning Views Asia
  • Pre-IPO Kayou – The Strength of Business Model and the Potential Risks Behind
  • HK-Listed Apparel & Footwear Screener May 2025: Can’t Shake The Tariff Overhang
  • Ather Energy IPO Trading – Running Out of Charge

A/H Premium Tracker (To 2 May 2025):  AH Premia Fall Small; Spread Torsion Provides Continued Alpha

By Travis Lundy

  • A quiet week as most indices – HK and mainland – saw performance hover around zero for the three days both were open at the start of the week. 
  • For a couple of months I’ve thought warning signs were flashing and spreads could widen. Widening has paused. I am not comfortable it will remain paused or Hs will outperform.
  • The Quiddity Portfolio is pretty hunkered down and nearly flat H/A risk. But benefits from spread torsion (wider spreads coming in, small premia widening). Alpha good again this week.

In Response to Tariff & “De Minimis” Changes, Temu Alters US Business Model, Morphing Into…Amazon?

By Daniel Hellberg

  • Last week Temu confirmed dramatic changes to its business model in the US
  • Temu won’t sell Chinese goods directly to US consumers, & will rely on local fulfillment
  • The moves seem to put Temu into direct competition with Amazon, Walmart.com

Ather Energy IPO: Likely Muted Debut.  Promoter Dynamics Shift—Potential Upside or Risk?

By Devi Subhakesan

  • Ather Energy (1207922D IN) lists on Indian stock exchanges today with expectations of a subdued debut.
  • Following its IPO, and early VC investors gradually reducing their stakes, the ownership and influence dynamics may begin to tilt more toward Hero Motocorp (HMCL IN) that now owns 30%.
  • Is this shift a threat to Ather’s innovation-driven DNA, or should investors support a stronger collaboration with Hero Motocorp to unlock accelerated growth and take on competition from ICE incumbents?

Mahindra & Mahindra (MM IN)  – Top 5 Takeaways from Q4FY25 Results

By Sreemant Dudhoria

  • Strong Core Performance:Mahindra & Mahindra (MM IN) delivered robust growth in Auto &Farm segments in Q4FY25,with SUV volumes up 20% &tractor volumes up 12%,alongside market share gains in both segments.
  • Strategic Expansion & Capital Allocation: The company outlined a clear roadmap for scaling EV and ICE capacities to 85K/month by FY27.
  • Valuation Upside from Growth Platforms:With scalable and emerging “growth gems” across real estate, hospitality,renewables, and EVs, M&M’s Sum-of-the-Parts (SOTP) valuation pegs fair value at INR 3,437/share, including the EV business.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: MGM China, Seazen Group, Tata Motors, JSW Steel

  • In the US, nonfarm payrolls came in meaningfully above estimates at 177 k in April (138 k e / 185 k revised p), albeit the March numbers were revised downwards to 185 k (from 228 k). The unemployment rate was unchanged at 4.2%. The average hourly earnings rose 3.8% y-o-y (3.9% e / 3.8% p) and 0.2% m-o-m (0.3% e / 0.3% p).

  • The Chinese Ministry of Commerce said in a statement on Friday that US officials have “repeatedly stated that they are willing to negotiate with China on tariff issues”, and added that China is currently evaluating the situation.

Pre-IPO Kayou – The Strength of Business Model and the Potential Risks Behind

By Xinyao (Criss) Wang

  • Kayou’s business model revolves around IP licensing+blind box+multi-category expansion.With trading cards as the core traffic entry point, Kayou expands to other products, forming a synergistic effect of “card revenue+derivative products”.
  • Kayou mainly relies on licensed IPs to drive growth, Its revenue are highly concentrated on limited number of IPs. The expiration of IP license agreements is “The Sword of Damocles”
  • Valuation could be lower than peers as the core risks are concentrated on IP renewal and the government’s supervision of minors, which would negatively affect the sustainability of future growth.

HK-Listed Apparel & Footwear Screener May 2025: Can’t Shake The Tariff Overhang

By Sameer Taneja

Ather Energy IPO Trading – Running Out of Charge

By Sumeet Singh

  • Ather Energy (1207922D IN) raised around US$350m in its India IPO.
  • Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
  • In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.

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May 06
0

Daily Brief Financials: Shin Kong Financial Holding, Shanghai Shenzhen CSI 300 Index, Bright Smart Securities And, Health In Tech, American Integrity Insurance Group, Aspen Insurance Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • ShinKong (2888 TT)/Taishin (2887 TT) – Time To Deal Is Shorter, But Risk To Peers Is Higher
  • CSI 300 Index: Tactical Outlook Following the Labor Day Holiday
  • Bright Smart (1428 HK): An Attempt to Derive a Value
  • HIT: Newly Formed Advisory Board and Advisor With Extensive Public Affairs Experience Appear Timely
  • HIT: Strong 1Q25 Revenue Growth as HIT Expands its Offerings & Broadens its Target Market
  • American Integrity Insurance Group (AII): Specialty Insurer Eyes IPO, Winner in Florida
  • Aspen Insurance Holdings Limited (AHL): Valuation Entices Investors as Orders Flow into IPO

ShinKong (2888 TT)/Taishin (2887 TT) – Time To Deal Is Shorter, But Risk To Peers Is Higher

By Travis Lundy

  • The last couple of days have seen the TWD increase value against the USD extremely sharply. This has caused the Shin Kong/Taishin risk arb spread to widen. 
  • There is no expectation that the merger will be delayed, but the change in USDTWD rate introduces a new dynamic into the ShinKong-as-Taishin-vs Peers trade.
  • Careful consideration of this trade going forward is worthwhile. What may have been the better trade may no longer be the better trade.

CSI 300 Index: Tactical Outlook Following the Labor Day Holiday

By Nico Rosti

  • Following an extended holiday beginning May 1st, the CSI 300 Index (SHSZ300 INDEX) resumes trading on May 6th.
  • The WEEKLY close before the holiday—during a shortened trading week—was modestly negative. However, the index would need to decline to 3697 or lower to trigger a buy-the-dip opportunity.
  • Since the index has already closed 1 week down, our time model suggests there is a good chance (62%) it could go up this week.

Bright Smart (1428 HK): An Attempt to Derive a Value

By Osbert Tang, CFA

  • Bright Smart Securities (1428 HK) will benefit from Ant Financial’s technology innovation capabilities, customer group, digitalisation, and cross-selling to over 640m of Alipay users.
  • With Futu Holdings Ltd (FUTU US) having an average PER of 19x for 2020-2025, we use 15x for BSS after a conservative estimate of 50% earnings growth in 5 years. 
  • We value BSS at HK$8.13, but this is a conservative estimate. Its earnings growth is likely to be faster than our forecast, given its better leverage on the new parent.  

HIT: Newly Formed Advisory Board and Advisor With Extensive Public Affairs Experience Appear Timely

By Zacks Small Cap Research

  • As HIT continues to expand services and enhance its platform, the company aims to broaden its target market, as it believes that organizations of all sizes can benefit from its AI-driven technology platform, which is designed to streamline and facilitate the process of researching and obtaining healthcare insurance.
  • HIT began development of a large-group third-party AI-powered underwriting solutions for mid-sized and larger businesses and, in 1Q25, delivered solutions to large employers, including one that employs 1k+ people.

HIT: Strong 1Q25 Revenue Growth as HIT Expands its Offerings & Broadens its Target Market

By Zacks Small Cap Research

  • To broaden its TAM, HIT began beta testing a large-group 3rd-party AI-powered underwriting platform in 4Q24 & is optimistic about its prospects, based on interest generated to-date.
  • In 1Q25, the company delivered solutions to large employers, including one with 1k+ employees.
  • HIT believes the infrastructure it has established position it for strong growth, as it broadens its TAM and expands its offerings, often via collaborations such as one formed recently with DialCare to integrate DialCare’s virtual primary care, therapy, and psychiatry services into Health In Tech’s self-funded health plan offerings.

American Integrity Insurance Group (AII): Specialty Insurer Eyes IPO, Winner in Florida

By IPO Boutique

  • According to our sources,  the deal is oversubscribed with a good amount of accounts still to hear from.
  • Management has strong numbers as of year-end 2024 and have gained even more momentum in Q1 2025. 
  • While smaller in size, this company has a sustainable expansion plan and a profitable balance sheet with a tailwind from a growing Florida market.

Aspen Insurance Holdings Limited (AHL): Valuation Entices Investors as Orders Flow into IPO

By IPO Boutique

  • According to guidance that the deal is multiple-times oversubscribed with high-quality 1-on-1 conversions.
  • Aspen is selling itself at or slightly below the $30.73 per share book value of comps.
  • Apollo Global has done a fair job of cleaning up Aspen and making it increasingly more profitable while reducing exposure to reinsurance and property in vulnerable areas.

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May 06
0

Daily Brief Health Care: SGX Rubber Future TSR20, Bumrungrad Hospital Pub Co, Medtronic Plc and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Malaysia Betters Rubber Production, Finds A ‘Glove Avenue’ In US Tariff
  • Bumrungrad Hospital (BH TB): Q1 Revenue and Margins Suffer On Lower International Patient Volume
  • Medtronic Plc (MDT US): New Approvals to Accelerate Growth Ahead; A Good Time to Buy

Malaysia Betters Rubber Production, Finds A ‘Glove Avenue’ In US Tariff

By Vinod Nedumudy

  • February marks 18.7% NR yield growth MoM, 21.3% growth YoY  
  • Exports of NR too go up by an impressive 23.7% MoM  
  • Malaysian gloves set to upend China’s competition in US market  

Bumrungrad Hospital (BH TB): Q1 Revenue and Margins Suffer On Lower International Patient Volume

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) reported 6% decline in hospital revenue to THB 6,120M in 1Q25 as revenue from international patients decreased 12% YoY.
  • In 1Q25, EBITDA decreased 13% YoY to THB 2,338M, with EBITDA margin contracting 300bps YoY to 37.7% as SG&A expenses rose 6% to THB 1,084M.
  • Competition from peers like BDMS and the new co-payment rules remain near term hiccups.

Medtronic Plc (MDT US): New Approvals to Accelerate Growth Ahead; A Good Time to Buy

By Tina Banerjee

  • Medtronic Plc (MDT US) has submitted the Hugo robotic-assisted surgery system to the FDA for a urologic indication in 1Q25. In clinical trial, Hugo met the safety and effectiveness endpoints.
  • Approval is expected in 2H25. Medtronic expects Hugo would contribute to the company’s surgical business in FY26 and will be ‘a meaningful growth driver’ for the company in the medium-term.
  • Medtronic is well-positioned for accelerated growth, driven by momentum in some of the most attractive growth markets in MedTech. The U.S. approval of Hugo is an icing on the cake.

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May 05
0

Daily Brief Quantitative Analysis: TWSE Foreign Holding Weekly (May 2nd): TSMC and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • TWSE Foreign Holding Weekly (May 2nd): TSMC, Quanta Computer, Hon Hai Precision, Ctbc Financial
  • TWSE Short Interest Weekly (May 2nd): Winbond Electronics, China Motor, Ap Memory Technology
  • Bursa Short Interest Weekly (May 2nd): Ctos Digital, Eco World Develop, Berjaya, Drb – Hicom, Ytl
  • KRX Foreign Holding Weekly (May 2nd): Daewoo Shipbuilding, Kakao, Samsung Electronics
  • Thailand Short Interest Weekly (May 2nd): Delta Electronics, Scc, Krung Thai Bank

TWSE Foreign Holding Weekly (May 2nd): TSMC, Quanta Computer, Hon Hai Precision, Ctbc Financial

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of TWSE Stocks as of May 2nd which has an aggregated holding worth USD944.4bn.
  • We estimate that foreign flows to be inflows of USD1,396mln. We tabulate 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 TSMC, Quanta Computer, Hon Hai Precision, Ctbc Financial, Mediatek.

TWSE Short Interest Weekly (May 2nd): Winbond Electronics, China Motor, Ap Memory Technology

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of TWSE Stocks as of May 2nd which has an aggregated short interest worth USD21.3bn.
  • We tabulate league table 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 Winbond Electronics, China Motor, Ap Memory Technology.

Bursa Short Interest Weekly (May 2nd): Ctos Digital, Eco World Develop, Berjaya, Drb – Hicom, Ytl

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Bursa stocks as of May 2nd which has an aggregated short interest worth USD0.3bn.
  • We tabulate league table 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 Ctos Digital, Eco World Develop, Berjaya, Drb – Hicom, Ytl.

KRX Foreign Holding Weekly (May 2nd): Daewoo Shipbuilding, Kakao, Samsung Electronics

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of KRX stocks as of May 2nd which has an aggregated holding worth USD497.4bn.
  • We estimate that foreign flows to be inflows of USD580mln. We tabulate 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 Daewoo Shipbuilding, Kakao, Samsung Electronics, Hanwha Aerospace.

Thailand Short Interest Weekly (May 2nd): Delta Electronics, Scc, Krung Thai Bank

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Stock Exchange of Thailand as of May 2nd. We estimate that they had an aggregated short interest worth USD1.9bn.
  • We tabulate league table 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, Scc, Krung Thai Bank, Gulf Energy Development, Tisco Financial, True, Cp Foods, Central Retail.

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May 05
0

Daily Brief ESG: Pre AGM Annual Securities Report Disclosure as a Clue to a True Dialogue with Investors and more

By | Daily Briefs, ESG

In today’s briefing:

  • Pre AGM Annual Securities Report Disclosure as a Clue to a True Dialogue with Investors

Pre AGM Annual Securities Report Disclosure as a Clue to a True Dialogue with Investors

By Aki Matsumoto

  • Based on experience with “TSE’s request,” it’s impossible to request the same level of disclosure from every company. Companies that overseas investors can target should be requested to disclose proactively.
  • This “FSA’s request” is expected to potentially cause companies to lose the effectiveness of the tactics they have used to control AGMs. Future steps are expected.
  • The slowdown in profit margin growth may also increase calls for improved corporate governance practices, with more companies reducing cross-shareholdings and launching stronger shareholder returns.

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May 05
0

Daily Brief Thematic (Sector/Industry): Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

By Sreemant Dudhoria

  • Hero Motocorp (HMCL IN)’s April Slump: Operational, Not Structural Temporary plant shutdowns dragged volumes; normalization expected. Bajaj Auto Ltd (BJAUT IN) : Domestic Drag, Exports Hold Up.
  • TVS Motor (TVSL IN) : Momentum + Execution = Strong across domestic, exports, and EVs. Growth outperformance could justify its valuation premium — but how long can it hold?
  • Demand Tailwinds Strengthen into May : Favorable marriage seasonality, recovering rural sentiment, and lean channel inventory suggest a stronger May — key for stocks at current levels.

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May 05
0

Daily Brief ECM: ECM Weekly (5 May 2025) – CATL and more

By | Daily Briefs, ECM

In today’s briefing:

  • ECM Weekly (5 May 2025) – CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha
  • Pre-IPO CF PharmTech – The Outlook Is Bleak Due to VBP and Fierce Competition

ECM Weekly (5 May 2025) – CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha

By Sumeet Singh

  • Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
  • On the IPO front, Contemporary Amperex Technology (CATL) (300750 CH) is said to be gearing up for an IPO launch this month, as per media reports.
  • On the placements front, Hanwha Ocean (042660 KS) was the only sizable placement over the past week that we covered.

Pre-IPO CF PharmTech – The Outlook Is Bleak Due to VBP and Fierce Competition

By Xinyao (Criss) Wang

  • Unlike most biotech companies in Hong Kong which focus on innovative drugs, CF PharmTech mainly produces generic drugs. Its revenue mainly comes from CF017, with high single product risk.
  • The pipelines have to face fierce competition and don’t have advantage in R&D progress in from of competing candidates. CF PharmTech is hard to generate decent profits due to VBP. 
  • Since its establishment, CF PharmTech has raised its valuation step by step through multiple rounds of capital increase and equity transfer.Valuation was RMB4.021 billion in 2022, which is already high.

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May 05
0

Daily Brief Credit: EM Spreads – Weekly News & Views and more

By | Credit, Daily Briefs

In today’s briefing:

  • EM Spreads – Weekly News & Views

EM Spreads – Weekly News & Views

By Leandro Gubler

  • Cemex 1Q25: Credit Strength Persists, but No Catalyst for Spread Compression
  • Pemex 1Q25: Upgraded to Market Perform, but Structural Risks Persist
  • YPF and Globant Sign Agreement to Modernize Supply Chain with AI

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May 05
0

Daily Brief Equity Bottom-Up: JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated
  • Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.
  • Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning
  • China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray’s Trouble,Views on Akeso’s Plunge
  • Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract
  • Amaero International Ltd – New five-year contract kicks off commercialisation push
  • Airtasker Ltd – Key RaaS KPIs heading in the right direction

JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated

By Rahul Jain

  • Strong FY25 growth, but bulk cargo (~90%) dominates, keeping revenue per ton lower versus peers.
  • Targeting 10% volume and 50% logistics growth by FY27, with heavy CAPEX and Navkar integration focus.
  • Trades at ~28x EV/EBITDA, ~40x P/E — far higher than Adani Ports; promoter dilution likely to meet public float norms.

Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.

By Patrick Liao

  • We assume that Vanguard Intl Semiconductor (5347 TT) will see an upside in its 2Q25 outlook by a few percentage points.
  • The DDIC (Display Driver IC) segment appears relatively flat, while PMIC (Power Management IC) may experience slight growth.
  • Vanguard Intl Semiconductor (5347 TT) and other Taiwanese semiconductor Fabs are not subject to the 125% tariff imposed by Beijing on U.S. products. 

Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning

By Vincent Fernando, CFA

  • SIMO beat 1Q25 EPS estimates by 20%, with strong gross margins (47.1%) driven by PCIe Gen 5 SSD controller mix and tight cost control.
  • SIMO’s MonTitan confirmed as boot SSD supplier for NVIDIA’s BlueField-3 DPU, marking SIMO’s formal entry into NVIDIA-linked enterprise AI storage.
  • Management maintains $1bn revenue run-rate target for 4Q25, supported by PCIe 5, UFS 4.1, and MonTitan ramps. We maintain our Structural Long rating.

China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray’s Trouble,Views on Akeso’s Plunge

By Xinyao (Criss) Wang

  • The HKD hit its upper limit of 7.75/USD. Capital inflows are expected post–Labor Day, likely boosting Hong Kong stock prices.
  • Mindray faces headwinds. A turnaround may come in 25Q3–Q4, but the market seeks a new growth story. A 20–25x TTM P/E reflects fair value, not undervaluation.
  • Akeso’s high valuation leans on HARMONi-3 and HARMONi 7 over HARMONi-2. Final OS data raises concerns, as MRCT is challenging and the safety margin is lower than expected.

Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract

By Daniel Hellberg

  • SF Hldg had slowest Q125 revenue growth among China-listed express companies, STO fastest
  • Only these two express firms reported margin expansion in Q125 — how’d they do it?
  • Q125 results suggest two very different paths toward improved express profitability

Amaero International Ltd – New five-year contract kicks off commercialisation push

By Research as a Service (RaaS)

  • Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
  • The company has announced it has signed a five-year, exclusive supply agreement with US-based metal additive manufacturing technology company Velo3D (OTC:VLDX) for mission-critical parts in the defence, space and aviation industries (ASX release 29 April).
  • Amaero said, based on demand estimates from Velo3D, revenue from C103 and titanium alloy powder sales over the five-year agreement are expected to equal approximately US$22m (A$35m).

Airtasker Ltd – Key RaaS KPIs heading in the right direction

By Research as a Service (RaaS)

  • Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work.
  • ART has reported its Q3 FY25 trading update with key RaaS KPIs all heading in the right direction.
  • Another quarter of positive cash flow was achieved, resulting in a stable net cash position of $18.3m.

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