Category

Daily Briefs

Apr 25
0

Daily Brief Industrials: Samsung C&T, Gaon Cable, Ryanair Holdings, CiDi Inc, Dorf-Ketal Chemicals Ltd, Nidec Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Korea Dems’ Surprise Proposal: Separate Tax for Dividends Over 35% Payout
  • LS Cable Plans to Purchase Up To 70 Billion Won of Gaon Cable – Will It Take It Private?
  • Ryanair (RYA ID): Global Index Inclusion & EU Upweight Following Raised Foreign Ownership Limit
  • CiDi Pre-IPO – Promising Company Amid Strong Industry Tailwinds & Narrowing Losses
  • Dorf-Ketal Chemicals India Pre-IPO – The Negatives – Elevated Borrowings and Tariff Uncertainty
  • Nidec (6594) | Chasing Trends to Fiscal Discipline

Korea Dems’ Surprise Proposal: Separate Tax for Dividends Over 35% Payout

By Sanghyun Park

  • The bill submitted by the Democratic Party today highlights that separate taxation on dividend income applies only to dividends from companies with a 35% payout ratio or higher.
  • We might see re-rating on dividend stocks with solid cash flow but below 35%, especially banks over telcos. Holdcos like Samsung C&T, LG, and Hyundai Glovis could attract attention too.
  • Dark horses like NAVER, with earnings potential, and Samsung Electronics, currently at 25%, could attract attention if they increase payouts to 35%.

LS Cable Plans to Purchase Up To 70 Billion Won of Gaon Cable – Will It Take It Private?

By Douglas Kim

  • On 22 April, LS Cable & System announced that it plans to acquire up to 70 billion won worth of Gaon Cable.
  • If LS Cable purchases 70 billion won worth of Gaon Cable’s shares (7.4% stake at current price), its stake in the company would rise to 89%. 
  • There are numerous options for Gaon Cable going forward including privatization or a merger with LS Cable. 

Ryanair (RYA ID): Global Index Inclusion & EU Upweight Following Raised Foreign Ownership Limit

By Dimitris Ioannidis

  • Ryanair Holdings (RYA ID) raised its foreign ownership limit (FOL) from 50% to 80% on 7 March 2025, due to increasing EU national holdings over the last years.
  • The security is forecasted to be added to global standard in May and global all-world in September 2025 as it now has eligible foreign room after the FOL increase.
  • The security’s free float is expected to rise from 50% to 80% in stoxx europe 600 and euro stoxx at the June 2025 review.

CiDi Pre-IPO – Promising Company Amid Strong Industry Tailwinds & Narrowing Losses

By Troy Wong

  • CiDi Inc. is looking to raise about US$200m in its upcoming Hong Kong IPO.
  • CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
  • The company stands to benefit from sustained industry tailwinds. While still in its early stages, CiDi has made progress in narrowing its losses.

Dorf-Ketal Chemicals India Pre-IPO – The Negatives – Elevated Borrowings and Tariff Uncertainty

By Akshat Shah

  • Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
  • DKCI is an R&D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
  • In this note, we talk about the not-so-positive aspects of the deal.

Nidec (6594) | Chasing Trends to Fiscal Discipline

By Mark Chadwick

  • Nidec beat Q4 expectations but offered muted FY3/26 guidance, with flat sales and modest profit growth amid macro and tariff uncertainty.
  • New CEO Kishida shifts focus from top-line ambition to margin discipline, targeting ¥150bn in cost cuts over three years.
  • Once a high-growth play, Nidec now trades at value multiples — 1.5x book — offering a more grounded path to shareholder returns.

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Apr 25
0

Daily Brief Energy/Materials: Miwon Specialty Chemical, Atalaya Mining, Crude Oil, China Hongqiao, Kaiser Reef Ltd, Legacy Minerals Holdings ltd, Gti Resources, Fenix Resources , Copper and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • [Quiddity Index Apr25] KOSPI 200 Leaderboard Jun25: 6 ADDs and 6 DELETEs
  • Quiddity Leaderboard F100/F250 Jun25: One High-Impact Intra-Review Change Soon; More Changes Later
  • The Drill: Watch oil as OPEC is imploding..
  • [ETP 2025/17] WTI Tumbles Amid U.S. Trade Policy Uncertainty, Henry Hub Continues to Slide
  • Lucror Analytics – Morning Views Asia
  • Kaiser Reef Ltd – Becoming a Bigger East Coast Gold Producer
  • Legacy Minerals Holdings Ltd – Multiple Plays on NSW Exploration Success
  • Gti Resources Ltd – Scoping uranium pounds in the USA
  • Fenix Resources Ltd – Building blocks made of WA iron
  • Antofagasta (ANTO LN) And First Quantum Minerals (FM CN) Q1 Updates

[Quiddity Index Apr25] KOSPI 200 Leaderboard Jun25: 6 ADDs and 6 DELETEs

By Travis Lundy

  • KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
  • In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual review in June 2025.
  • We expect six ADDs and six DELs for the KOSPI 200 index during this index rebal event based on the latest available data.

Quiddity Leaderboard F100/F250 Jun25: One High-Impact Intra-Review Change Soon; More Changes Later

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential index changes for F100 and F250 indices in the run-up to the June 2025 index rebal event.
  • We see one M&A-related intra-review change for the F250 index in the next few days.
  • Separately, our latest estimates suggest there could be two regular changes for the F250 index during the June 2025 rebalance. We do not currently see any changes for the F100.

The Drill: Watch oil as OPEC is imploding..

By Andreas Steno

  • The everlasting circus of US politics continues, and at this point, it almost seems like Bessent has effectively taken over the presidency—at least when it comes to pushing through the most critical U-turns in Trump’s policy decisions.
  • When we loop back over the major U-turns of the past couple of months, the most influential reversals all appear to have been driven by Bessent (and, to an extent, Lutnick)
  • What exactly is going on inside the Trump camp? It’s painfully obvious that they are not aligned on the public message, and to add fuel to the fire, Trump is now back attacking Zelensky once again.

[ETP 2025/17] WTI Tumbles Amid U.S. Trade Policy Uncertainty, Henry Hub Continues to Slide

By Suhas Reddy

  • For the week ending 18/Apr, U.S. crude inventories rose by 0.2m barrels (vs. expectations of a 0.7m barrel fall). Gasoline and distillate stockpiles fell more than expected.
  • Henry Hub is headed for a fourth straight weekly decline. U.S. natural gas inventories rose by 88 Bcf, exceeding analyst expectations of a 69 Bcf build.
  • Analysts cut price targets for Exxon, Chevron, Occidental, and Halliburton. Activist investor Elliott raised its stake in BP to just over 5% via derivative contracts.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: China Hongqiao, Softbank Group, Vedanta Resources, China Oil & Gas, Biocon Biologics
  • In the US, new home sales jumped 7.4% m-o-m (1.3% e / 3.1% revised p) to an annualised 724 k units in March, driven by a surge in home sales in the South. The March (final) building permits rose 0.5% to an annualised 1.47 mn units.
  • Separately, the S&P manufacturing PMI edged up to 50.7 (49.0 e / 50.2 p), while the services PMI fell to 51.4 (52.6 e / 54.4 p). The composite PMI declined to 51.2 (52.0 e / 53.5 p).

Kaiser Reef Ltd – Becoming a Bigger East Coast Gold Producer

By Research as a Service (RaaS)

  • Kaiser Reef Ltd (ASX:KAU) is undergoing a transformation as it acquires the Henty Gold mine from Catalyst Minerals (ASX:CYL) which should drive a step change in the production profile of the company from <12kozpa to 37kozpa (proforma) with scope to increase to 50kozpa+ in the medium term.
  • Post the funding package completed alongside the acquisition, KAU has $27.2m in cash which can support the incremental investments into its mining operations to achieve the stated production targets.
  • Post the Henty Gold acquisition, Kaiser Reef Ltd (ASX:KAU) has the potential to become a 50kozpa+ producer over the medium term with 30kozpa+ from the Henty mine and 20kozpa+ from the A1 Gold mine.

Legacy Minerals Holdings Ltd – Multiple Plays on NSW Exploration Success

By Research as a Service (RaaS)

  • Legacy Minerals Holdings Ltd (ASX:LGM) is a prospect generator and exploration company with a portfolio of projects across NSW.
  • Overall, LGM has nine projects whereby four are under joint venture with other major and junior explorers which provide additional funding to increase the level of concurrent exploration activity across its projects.
  • Like 2024, 2025 is set to be another productive year for LGM with multiple, funded, high-impact drill programmes aiming to make a significant discovery in addition to progressing development options at Drake.

Gti Resources Ltd – Scoping uranium pounds in the USA

By Research as a Service (RaaS)

  • GTI Energy Ltd (ASX:GTR) is focused on the development of three uranium projects located across Wyoming and Utah, USA.
  • Lo Herma (Wyoming) is the current flagship project for the company.
  • The company’s Wyoming projects are amenable to in-situ recovery (ISR) with GTR progressing a scoping study at the Lo Herma project which is evaluating the economic feasibility of a potential ISR mining operation.

Fenix Resources Ltd – Building blocks made of WA iron

By Research as a Service (RaaS)

  • Fenix Resources (ASX:FEX) is a junior iron ore producer based in the Midwest region of Western Australia (WA).
  • FEX has been producing iron ore from the Iron Ridge project since 2020 with a total of 5.7Mt produced to date.
  • Going forward, FEX is planning to expand its production rate from ~1.3Mtpa to 4.0Mtpa by the end of CY25 through the ramp-up of production at the recently restarted Shine Mine and the currently under construction mine at Beebyn-W11.

Antofagasta (ANTO LN) And First Quantum Minerals (FM CN) Q1 Updates

By Sameer Taneja

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Apr 24
0

Daily Brief ECM: DN Solutions IPO – Tariffs and more

By | Daily Briefs, ECM

In today’s briefing:

  • DN Solutions IPO – Tariffs, Peer Correction Don’t Help
  • Pre-IPO Bama Tea – The Business Model, the Challenges and the Outlook
  • Wistron GDR Early Look – Riding the AI Server Boom Amid Macroeconomic Headwinds
  • Liuliu Orchard Group Co Ltd Pre-IPO Tearsheet
  • Dorf-Ketal Chemicals India Pre-IPO -The Positives – Strategic Blend of Organic & Inorganic Expansion
  • American Integrity Insurance Group (AII): Peeking at the Prospectus of Florida Based Insurer
  • Circle Internet Group (CRCL): Peeking at the IPO Prospectus of Stablecoin Powerhouse Company

DN Solutions IPO – Tariffs, Peer Correction Don’t Help

By Sumeet Singh

  • DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
  • DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
  • In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the updates since then.

Pre-IPO Bama Tea – The Business Model, the Challenges and the Outlook

By Xinyao (Criss) Wang

  • The most significant issue in the domestic tea industry is product standardization. This makes it difficult for tea companies to expand their market share and achieve economies of scale.
  • Bama’s revenue growth showed an upward trend, but the growth rate is declining. There’re already signs of growth stagnation. High selling and marketing expenses will put pressure on profit margin.
  • Lancang and Tenfu Caymans (6868 HK) are comparable peers. Due to larger market share/revenue scale and higher profit margin in 24Q1-Q3, we think Bama’s valuation should be higher than peers.

Wistron GDR Early Look – Riding the AI Server Boom Amid Macroeconomic Headwinds

By Akshat Shah

  • Wistron Corp (3231 TT) is looking to raise up to US$760m in its upcoming global depository receipts (GDRs) offering.
  • On 2nd Apr 2025, Wistron announced that it had received its board’s approval to sell up to 250m common shares via a GDR offering.
  • Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.

Liuliu Orchard Group Co Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Liuliu Orchard Group (LLO HK) (LOGCL) is planning to raise about US$100m in its upcoming Hong Kong IPO. The lead bookrunners for the deal are Citic and Guoyuan.
  • The company was established in 1999. It is one of the leading producers of plum-based products in China’s fruit snacks category.
  • As per F&S Report, LOGCL ranked first in China’s fruit snacks industry by retail sales value, with a market share of 4.9% in 2024.

Dorf-Ketal Chemicals India Pre-IPO -The Positives – Strategic Blend of Organic & Inorganic Expansion

By Akshat Shah

  • Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
  • DKCI is an R&D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
  • In this note, we talk about the positive aspects of the deal.

American Integrity Insurance Group (AII): Peeking at the Prospectus of Florida Based Insurer

By IPO Boutique

  • They are the seventh largest writer of residential property insurance in Florida based on DPW for policies in-force as of December 31, 2024.
  • For the years ended December 31, 2024 they produced gross premiums written of $767.7 million and  net premiums written of $194.4 million. Their net income was $39.7 million.
  • We anticipate this company to set terms (share size, price range) and debut in the month of May.

Circle Internet Group (CRCL): Peeking at the IPO Prospectus of Stablecoin Powerhouse Company

By IPO Boutique

  • Circle Internet Group believes the global financial system can be rebuilt on the principles of the internet.
  • Circle has minted more than $504.3 billion of USDC and redeemed more than $464.4 billion of USDC from January 1, 2021 to December 31, 2024.
  • Their 2024 revenue, net income, and Adjusted EBITDA is $1.7 billion, $156 million, and $285 million, respectively. 

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Apr 24
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Markets Rally as Trump Tempers Rhetoric and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Markets Rally as Trump Tempers Rhetoric
  • Singapore Banks – Charge off Rates on Cards Are Rising Substantially Through 4Q24
  • Thematic Report: Credit Rating Agencies – Boring but Beautiful
  • China & HK Strategy: 1Q25 Preview – The Good, the Bad, and the Ugly
  • Japan Morning Connction: Tech Surging with Trump Signalling Zero China Tariffs on a Trade Deal
  • Hardman & Co Insight: REITs – a much more positive outlook
  • Powering the Future: India’s Trillion-Rupee Energy Revolution

Ohayo Japan | Markets Rally as Trump Tempers Rhetoric

By Mark Chadwick

  • US stocks surged Wednesday as President Trump signaled he would not fire Fed Chair Powell and suggested Chinese tariffs may be reduced
  • Nintendo reported overwhelming demand for its Nintendo Switch 2, with 2.2 million lottery applications for the first sale on its official mail order site
  • FANUC has postponed disclosing its consolidated earnings forecast for the fiscal year ending March 2026 due to significant uncertainties including U.S. tariffs

Singapore Banks – Charge off Rates on Cards Are Rising Substantially Through 4Q24

By Daniel Tabbush

  • MAS releases quarterly granular data on Singapore banks’ credit card charge-offs and the figures are rising sharply
  • It is not easily visible in banks’ own interim results, so that we must use the MAS data as a window on card credit metrics
  • Credit card charge off rates are now (4Q24) 5.4% vs 4.2% YoY while the total charge-offs are now SGD110.0m in 4Q24 vs SGDm74.7m in 4Q23

Thematic Report: Credit Rating Agencies – Boring but Beautiful

By Nimish Maheshwari

  • Strong Growth Potential: CRAs are well-positioned to benefit from India’s credit cycle revival, with projected revenue growth of 13-15% CAGR through FY28, supported by rising corporate capex and regulatory demand.
  • Evolving Business Model: Agencies are diversifying beyond traditional ratings into ESG assessments, risk analytics, and digital platforms, creating new, scalable revenue opportunities.
  • Improved Credibility and Resilience: Post-IL&FS reforms have enhanced governance and transparency, helping restore trust and reinforce CRAs’ role as critical pillars of India’s financial system.

China & HK Strategy: 1Q25 Preview – The Good, the Bad, and the Ugly

By Osbert Tang, CFA

Japan Morning Connction: Tech Surging with Trump Signalling Zero China Tariffs on a Trade Deal

By Andrew Jackson

  • Intel jumping on plans to cut its bloated workforce and streamline management.
  • EV plays should pick up after Tesla held after mkt gains from yesterday.
  • Boeing numbers will help the heavies with better FCF and production outlooks.

Hardman & Co Insight: REITs – a much more positive outlook

By Hardman & Co

  • Hardman & Co has carried out several assessments of the REITs sector in the past; in 2024, we looked at whether they represented fair value in terms of their share prices compared with the average discount to NAV at which share prices traded over several historical cycles.
  • We concluded, at that point, that REITs were trading at very close to the historical, long-run average but that the macroeconomic momentum was not strong enough to encourage us to view prospects for REIT share price performance positively.
  • Since then, the share prices of many REITs have fallen in absolute and relative terms.

Powering the Future: India’s Trillion-Rupee Energy Revolution

By Viral Kishorchandra Shah

  • Record Rs.8.89 trillion invested in electricity sector during March 2025 quarter, proposing to add 133 GW of capacity to India’s grid.
  • Major nuclear power surge with Jindal planning 18 GW plant and NTPC’s 4.2 GW Chhattisgarh project, transforming India’s energy landscape.
  • Five states lead Rs.13.8 trillion annual investment push with 70% directed toward renewable energy projects across the country.

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Apr 24
0

Daily Brief Equity Bottom-Up: Lee Jae-Myung’s Campaign Pledge – Cancellation of Treasury Shares and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Lee Jae-Myung’s Campaign Pledge – Cancellation of Treasury Shares
  • Jafco (8595.T) Announces a Big Buyback and a Change in Business Strategy- The Market Likes It!
  • Fanuc (6954) | Growth Flickers, Visibility Dims
  • Shimano (7309) | Coasting, Not Sprinting
  • Fujifilm: Bio CDMO – A Success in the Making
  • Lee Jae-Myung’s Policies Likely to Negatively Impact Korean Banks
  • Timee: Recent Setback in Share Price Offers an Attractive Entry Point
  • Talos Energy Inc: Valuation Discount/Estimate Update
  • UMC (2303.TT; UMC.US): 2Q25 Guidance Beat; Tariff Affection Unknown; No GF Merger Plan Right Now.
  • Asia Real Estate Tracker (23-Apr-2025): Sino’s Robert Ng, kids tagged under SG foreign interference law

Lee Jae-Myung’s Campaign Pledge – Cancellation of Treasury Shares

By Douglas Kim

  • Lee Jae-Myung (who is leading in most election polls) has mentioned cancellation of treasury shares as one of the key campaign pledges to improve the corporate governance in Korea.
  • If the cancellation of these shares becomes mandatory, the SK Group and Lotte Group will be most affected. 
  • We provide a list of 21 stocks in KOSPI200 that have the highest ratios for treasury shares/total outstanding shares. These stocks could receive more attention in the next several months. 

Jafco (8595.T) Announces a Big Buyback and a Change in Business Strategy- The Market Likes It!

By Rikki Malik

  • Jafco divests overseas operations to focus on domestic capital markets
  • The company continues to focus on shareholder returns in a meaningful way
  • Domestic venture capital returns exceed overseas returns historically and the future looks bright

Fanuc (6954) | Growth Flickers, Visibility Dims

By Mark Chadwick

  • Fanuc returns to revenue growth, driven by robomachine demand in Asia, but core robot sales remain weak after last year’s EV-driven surge.
  • Management offered no guidance for FY3/26, citing tariff and FX uncertainty; we cut forecasts, with downside risk still looming large.
  • A ¥50bn buyback provides limited support, but shares may stay stuck until global capex trends and trade policy clarify.

Shimano (7309) | Coasting, Not Sprinting

By Mark Chadwick

  • Shimano beat Q1 profit expectations but stuck to cautious full-year guidance, signalling stabilisation in bike markets rather than a real recovery.
  • Margins improved, inventories stabilised — but Shimano’s profitability remains well below historic highs, with recovery likely to stay slow and steady.
  • Strong balance sheet, resilient pricing, limited US exposure: Shimano looks a defensive bet, even if management’s guidance ends up on the optimistic side.

Fujifilm: Bio CDMO – A Success in the Making

By Shifara Samsudeen, FCMA, CGMA

  • Fujifilm announced today that the company has entered into a 10-year manufacturing supply agreement valued over US$3bn with Regeneron Pharma to provide US-based production to Regeneron’s biologic medicines.
  • Fujifilm’s Bio CDMO business, operating through FUJIFILM Diosynth Biotechnologies, has achieved significant success and growth, driven by a combination of strategic investments/acquisitions, with a focus on expanding its capabilities.
  • Bio CDMO business has achieved rapid expansion over the years, and aims to generate revenues of ¥200bn for FY03/2025 and reach ¥500bn by FY03/2028E which seems attainable to us.

Lee Jae-Myung’s Policies Likely to Negatively Impact Korean Banks

By Douglas Kim

  • Among the various industries, the banking sector could be negatively impacted if Lee Jae-Myung becomes the next President of Korea.
  • Lee Jae-Myung has pledged providing a “basic loan” of 10 million won per citizen which is likely to negatively impact the Korean banks since it lacks rigorous credit checks. 
  • There is an increasing likelihood that Lee Jae-Myung could raise the pressure on local banks to share the responsibility of social policies by contributing more money to support them.

Timee: Recent Setback in Share Price Offers an Attractive Entry Point

By Shifara Samsudeen, FCMA, CGMA

  • Timee Inc (215A JP) ’s share price has been volatile during the last few months despite the company reporting a strong set of results for 1QFY10/2025. 
  • Timee is the market leader in Japan while Mercari Hallo is still attempting to build its business. Our analysis shows that there is further room for Timee’s earnings to expand. 
  • Some of Japanese high-growth companies (incl. Monotaro, GMO Payment and Shift) have traded at exorbitant multiples during their high growth phase and we think Timee’s valuation multiples are justified.

Talos Energy Inc: Valuation Discount/Estimate Update

By Water Tower Research

  • Talos’ current ~$2.5 billion enterprise value (EV) reflects a 23% discount to the ~$3.2 billion PV-10 of company’s year-end 2024 proved developed reserves using flat prices of $65/bbl for oil and $3/MMBtu for natural gas.
  • Total proved reserves at year-end were 194 MMBoe (74% oil/81% liquids). Estimated probable reserves at year-end 2024 were 125.3 MMBoe, having a PV-10 on the same flat pricing of ~$2.7 billion.
  • On a proved plus probable basis, the discount widens to 58%. Under SEC pricing ($76.32/bbl and $2.13/MMBtu), the discount was 41% for total proved and 66% for proved plus probable.

UMC (2303.TT; UMC.US): 2Q25 Guidance Beat; Tariff Affection Unknown; No GF Merger Plan Right Now.

By Patrick Liao

  • 2Q25 guidance: Wafer shipments: increase 5~7%, ASP in USD: flat, GM: About 30%.
  • The US tariffs affect customer outcome visibility in 2Q25 and 2H25 is limited. 
  • UMC is seeking a strategic plan to enhance shareholder value, and there is no ongoing merger plan at the moment, which implies no merger plan with GF. 

Asia Real Estate Tracker (23-Apr-2025): Sino’s Robert Ng, kids tagged under SG foreign interference law

By Asia Real Estate Tracker

  • Robert Ng, a significant figure at Sino, is implicated in Singapore’s foreign political interference law due to his involvement with children.
  • Cuscaden Peak secures approval for the $2.1B privatization deal of Singapore’s Paragon REIT, marking a significant milestone in the real estate industry.
  • PAG DCU appoints Sanjay Goel, formerly of American Tower, as their new CEO, signaling a strategic move in their leadership team.

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Apr 24
0

Daily Brief Event-Driven: StubWorld: GMO Internet (4784) Will Be Squeezy. Until It’s Not. and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • StubWorld: GMO Internet (4784) Will Be Squeezy. Until It’s Not.
  • JAFCO (8595) Good Results, Higher Div, Buyback, More Plans; Not Quite There, But Maybe Will Be Later
  • Bright Smart Securities (1428 HK): A Takeunder MGO?
  • 360 ONE WAM Acquires UBS India Wealth Business
  • Bright Smart (1428 HK): Chairman’s Scheme, Or Cashing Out?

StubWorld: GMO Internet (4784) Will Be Squeezy. Until It’s Not.

By David Blennerhassett

  • Negligible float, 150x+ forward earnings – yes, investors can afford NOT to have GMO Internet (4784 JP) in their portfolio.
  • Preceding my comments on the GMO group are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

JAFCO (8595) Good Results, Higher Div, Buyback, More Plans; Not Quite There, But Maybe Will Be Later

By Travis Lundy

  • At noon today, Jafco Co Ltd (8595 JP) announced full year (to March 2025) results. Revenues were up 21.4% this year, OP +49.7%, and Net Income +27.8%.
  • The company announced a ¥5bn buyback, and also announced a new dividend policy of 6% DOE or 50% payout ratio. As it is a markets business, there is no guidance. 
  • The stock popped significantly in the PM session, but the market zeitgeist is a tailwind. And there is supportive new news.

Bright Smart Securities (1428 HK): A Takeunder MGO?

By Arun George

  • Bright Smart Securities And (1428 HK) is in a trading halt “pursuant to the Hong Kong Code on Takeovers and Mergers, which constitutes inside information of the Company.”
  • It is likely that Mr Lum, the founder and chairman, has entered a sale and purchase agreement to sell his controlling stake, which would trigger a mandatory general offer (MGO).   
  • The shares are at an all-time high and have a P/B multiple that is a material premium to peers. The MGO price is likely to be lower than last close.

360 ONE WAM Acquires UBS India Wealth Business

By Nimish Maheshwari

  • 360 ONE WAM acquires UBS AG’s onshore wealth management business in India for INR 307 crore, adding INR 26,000 crore AUM and expanding its product and client base.
  • This acquisition strengthens 360 ONE’s domestic position and offers UBS’s global expertise, creating a powerful, dual-access wealth management platform for global Indians, enhancing growth opportunities.
  • The deal signifies a strategic collaboration, not just an exit, with UBS retaining a stake& expanding its Indian operations through 360 ONE, enhancing the value proposition for both firms’ clients.

Bright Smart (1428 HK): Chairman’s Scheme, Or Cashing Out?

By David Blennerhassett

  • Mid-Trading yesterday, broker Bright Smart Securities And (1428 HK) was suspended pursuant to the Takeovers Code. Shares closed up 9.3% before suspension.
  • Bright Smart’s ops are tonking along nicely. It recently announced a (preliminary) 10% increase in FY25 profit (Mar Y/E). The share price is up 97% yoy.
  • Bright Smart’s Chairman, Yip Peter Mow Lun, holds 50.54%. Unusual timing to take the company private. Alternatively Yip, at 73-years of age, may be cashing in his chips. 

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Apr 24
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Tanvi Arora

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, JSW Steel
  • US President Donald Trump has told reporters that US tariffs on China will “come down substantially, but it won’t be zero. It used to be zero”.
  • Meanwhile, Mr Trump stated that he has “no intention of firing” Fed Chairman Jerome Powell, but would like to see him be “a little more active” in lowering interest rates.

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Apr 24
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Daily Brief Macro: Lanka EDB Sits With Rubber Product Exporters To Tackle US Tariffs and more

By | Daily Briefs, Macro

In today’s briefing:

  • Lanka EDB Sits With Rubber Product Exporters To Tackle US Tariffs
  • Global Manufacturers Shrug Off Tariffs
  • CX Daily: How China Can Counter Trump’s Tariffs
  • OPEC, EIA, and IEA Lower Oil Price Projections; Natural Gas Expected to Be Resilient
  • Actinver Research – Macro Daily: Inflation Forecast (1h-Apr)
  • Indonesia: Policy Rate Held At 5.75% (Consensus 5.75%) in Apr-25

Lanka EDB Sits With Rubber Product Exporters To Tackle US Tariffs

By Vinod Nedumudy

  • 85% of Lankan rubber products shipped to US, EU markets  
  • Tariffs can diminish 28% of US rubber products export revenue  
  • Govt allocates LKR 1500 million for rubber industry in Budget

Global Manufacturers Shrug Off Tariffs

By Phil Rush

  • Volatile and destructive US trade policy has roiled markets and confidence, but April’s flash PMI data suggests the sector isn’t suffering significantly more than before.
  • The average held steady while the US balance increased. Weakness concentrated in the UK, where experience of the past decade suggests it is more distorted by bad vibes.
  • Unemployment data are a more reliable signal, albeit lagging, and these also remain remarkably resilient. Rate cuts rely on Trump breaking the economy, but lack evidence.

CX Daily: How China Can Counter Trump’s Tariffs

By Caixin Global

  • Tariffs / In Depth: How China can counter Trump’s tariffs The potential impact of U.S.
  • Data /Analysis: Why China’s tax revenue is falling even as GDP jumps
  • Service /: China expands pilot to liberalize service sector amid trade tensions

OPEC, EIA, and IEA Lower Oil Price Projections; Natural Gas Expected to Be Resilient

By Suhas Reddy

  • OPEC lowered its 2025 oil demand growth forecast to 1.3m bpd from 1.45m bpd, while the IEA and EIA also revised forecasts down to 0.90m bpd and 0.73m bpd, respectively.
  • The EIA significantly lowered its 2025-2026 crude oil price outlook, citing the dual impact of Trump’s tariffs and OPEC+’s decision to boost output.
  • U.S. tariffs and China’s retaliatory measures are injecting uncertainty into global oil trade and refining margins.

Actinver Research – Macro Daily: Inflation Forecast (1h-Apr)

By Actinver

  • We anticipate that inflation for the first half of April will stand at 0.10% biweekly (3.93% YoY), driven by increases in tourism-related services and certain agricultural products.
  • Typically, inflation for this period averages -0.02% biweekly, as electricity subsidies begin in northern states due to rising seasonal temperatures.
  • For this period, we expect electricity prices to fall by -12.5% biweekly.

Indonesia: Policy Rate Held At 5.75% (Consensus 5.75%) in Apr-25

By Heteronomics AI

  • Bank Indonesia maintained the BI-Rate at 5.75%, in line with expectations, with a cautious stance to safeguard price stability and currency fundamentals amid heightened global uncertainty stemming from US-China trade tensions.
  • A resilient external position—anchored by a robust trade surplus, substantial reserves, and controlled inflation—has enabled the central bank to manage volatility while preserving policy flexibility.
  • With inflation subdued and global headwinds intensifying, Bank Indonesia retains an easing bias, with future rate cuts contingent on inflation dynamics, Rupiah stability, and international capital flow conditions.
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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Apr 24
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Daily Brief Crypto: Sui’s Q1 Wrapped: BitcoinFi and more

By | Crypto, Daily Briefs

In today’s briefing:

  • Sui’s Q1 Wrapped: BitcoinFi, MEV, and Scaling

Sui’s Q1 Wrapped: BitcoinFi, MEV, and Scaling

By Delphi Digital

  • In Q1 2025, Sui made significant strides in both infrastructure and ecosystem development.
  • The network introduced BTCfi primitives, enabling native Bitcoin staking and DeFi integrations via protocols like Suilend and Aftermath.
  • On the tech side, upgrades like Mysticeti v2, Move VM 2.0, and Pilotfish execution sharding enhanced scalability, latency, and modularity.

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Apr 24
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Daily Brief Australia: Evolution Mining, Recce Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • Evolution Mining (EVN AU): Global Index Inclusion in May as Gold Rallies
  • Recce Pharmaceuticals — Funding secured to start Phase III pivotal trials

Evolution Mining (EVN AU): Global Index Inclusion in May as Gold Rallies

By Brian Freitas

  • Evolution Mining‘s stock price has moved higher over the last year as Gold has gone on a big run. The increased market cap should result in a global index inclusion.
  • Evolution Mining (EVN AU) has performed in line with its peers over the last year and trades in line with the group on most valuation parameters.
  • Positioning has jumped in Evolution Mining (EVN AU) and its peers over the last couple of months. The index inclusion could result in outperformance over the next few weeks.

Recce Pharmaceuticals — Funding secured to start Phase III pivotal trials

By Edison Investment Research

Recce is raising up to A$15.8m in equity fundraising through a now-completed A$5.0m share placement and an entitlement offer for remaining shareholders that could raise up to an additional A$10.8m in gross proceeds. Both rounds of financing are priced at A$0.28 per new share. We anticipate the total funding should support Recce’s operations into Q226 (Q4 CY25) as its near-term focus lies on advancing R327 topical gel (R327G) through registration-enabling pivotal studies. We expect Recce to start a registrational Indonesian Phase III study of R327G for the treatment of diabetic foot infections (DFIs) in the coming weeks. We now obtain an rNPV valuation of A$615.1m and our per-share valuation adjusts to A$2.51 per share (vs A$2.68 previously), reflecting the increase in shares outstanding after the placement.

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