Category

Daily Briefs

Apr 07
0

Daily Brief United States: Howard Hughes Holdings , ANGI Homeservices and more

By | Daily Briefs, United States

In today’s briefing:

  • [Alert] Sell Howard Hughes (HHH)
  • Weekly Update (HAVAS, ANGI)

[Alert] Sell Howard Hughes (HHH)

By Richard Howe

  • Just a quick update: I’ll be selling my position in Howard Hughes (HHH) to fund a purchase of Havas (HAVAS).

  • Howard Hughes remains an attractive company that isn’t directly impacted by potential tariffs—aside from broader recession-related risks.

  • However, with Pershing Square attempting to take the company private, I don’t feel I have a clear edge in the current situation.

Weekly Update (HAVAS, ANGI)

By Richard Howe

  • This week, IAC Inc (IAC) spun off Angi Inc (ANGI). The first day of trading was April 1st.

  • Angi operates the largest digital marketplace for home services in the U.S., connecting homeowners with contractors across Angi’s Ads and Leads platform (formerly HomeAdvisor/Angie’s List) and Services (pre-priced jobs fulfilled via Angi’s network)

  • ANGI has fallen sharply despite no tariff exposure.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 07
0

Daily Brief Japan: Seven & I Holdings, Komeri Co Ltd, Maxis Nikkei 225 Index Fund, TSE Tokyo Price Index TOPIX, Zuiko Corp and more

By | Daily Briefs, Japan

In today’s briefing:

  • Merger Arb Mondays (07 Apr) – Seven & I, Makino, HKBN, OneConnect, Dada, Insignia, Domain, Dropsuite
  • Komeri (8218) Rare, Tariff-Proof Domestic Growth Idea at a Steep Discount
  • Nikkei Index Options Weekly Mar 31 – Apr 04): Volatility Elevated, Put Demand Surges
  • Political Problems Are Preventing a Solution to the Problem of Declining Birthrates
  • Zuiko Corp (6279 JP): Full-year FY02/25 flash update

Merger Arb Mondays (07 Apr) – Seven & I, Makino, HKBN, OneConnect, Dada, Insignia, Domain, Dropsuite

By Arun George

Komeri (8218) Rare, Tariff-Proof Domestic Growth Idea at a Steep Discount

By Michael Allen

  • Komeri plans to expand their addressable market by 75% and to double their current market share to 21%.
  • Same store sales of the company’s Pro Stores rose an average of more than 7% in the past 8 quarters, and selling area is expanding at more than 25% annually.
  • Yet Komeri trades at just 11x earnings, compared to about 16x for Topix and 18x for the median retail stock.

Nikkei Index Options Weekly Mar 31 – Apr 04): Volatility Elevated, Put Demand Surges

By John Ley

  • Volatility percentiles are flashing, and we explore what recent price action could signal for the week ahead.
  • Put activity surged, with especially heavy interest on Thursday and Friday and concentrated in short dates expiries.
  • We highlight the potential for equity market volatility to spill over into currency markets.

Political Problems Are Preventing a Solution to the Problem of Declining Birthrates

By Aki Matsumoto

  • Eliminating income limits on child allowances seems to be the right policy because the wealthier families have more children. However, it lacks viewpoints toward the growing number of unmarried people.
  • It seems effective to solve the problem of the growing income disparity and the child-rearing/housework being disproportionately placed on women, and taking appropriate measures for those who desire diverse lifestyles.
  • Policies don’t reach the ever-increasing number of singles. Rather than solutions to declining birthrate, priority is given to policies that distribute money to those who are more certain to vote.

Zuiko Corp (6279 JP): Full-year FY02/25 flash update

By Shared Research

  • FY02/25 revenue was JPY20.0bn (-8.2% YoY), with a net loss of JPY788mn, impacted by declining sales in Japan and China.
  • FY02/26 revenue is projected at JPY22.0bn (+10.3% YoY), with expected operating profit of JPY1.0bn and EPS of JPY31.0.
  • ZUIKO’s medium-term plan targets FY02/28 revenue of JPY30bn+, with JPY8.0bn from new businesses, and OPM of 8.1%.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 07
0

Daily Brief China: Chagee Holdings, Crystal International, Jiangsu Zenergy Battery Technologies, Contemporary Amperex Technology (CATL), CK Infrastructure Holdings, Goldlion Holdings and more

By | China, Daily Briefs

In today’s briefing:

  • Chagee Holdings (CHA US) IPO: The Bear Case
  • HK-Listed Apparel & Footwear Screener: Tariff Drag On The Sector
  • Jiangsu Zenergy Battery Tech IPO: Growth Fueled By Volume
  • ECM Weekly (7 Apr 2025) – CATL, Maynilad, Chagee, Lotte Logistics, Sigenergy, Duality, Wuxi XDC
  • CKI (1038 HK): It Is the Best Time
  • Goldlion Holdings (533 HK) Privatization – Updates on Valuation Outlook Based on 2024 Results

Chagee Holdings (CHA US) IPO: The Bear Case

By Arun George

  • Chagee Holdings (CHA US), a leading premium tea drinks brand, is seeking to raise US$400-500 million through a Nasdaq IPO.
  • In Chagee Holdings (CHA US) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
  • The bear case rests on unsustainable growth rates, pressure on KPIs, signs of margin pressure, increasing S&M expenses and weakening forward growth indicators.

HK-Listed Apparel & Footwear Screener: Tariff Drag On The Sector

By Sameer Taneja

  • Tariff introductions in Vietnam were 46%, PRC 34%, Bangladesh 37%, Indonesia 32%, etc, have rocked the textile complex, and share prices have reacted negatively. 
  • The companies with the maximum revenue exposure to the US market are Stella International (1836 HK), with 47%, Crystal International (2232 HK), with 38%, and Lever Style (1346 HK), with 58%.
  • We anticipate that the negative sentiment will continue to hinder the sector until a reasonable negotiation occurs. In the meantime, there are no beneficiaries in this trade war.

Jiangsu Zenergy Battery Tech IPO: Growth Fueled By Volume

By Shifara Samsudeen, ACMA, CGMA

  • Jiangsu Zenergy Battery Technologies (JSZENERGY CH)  (JZBT) is a lithium-ion battery manufacturer in China who is focused on developing a diverse portfolio of market-driven and technology-fueled battery products.
  • The company has filed for an IPO on the HKEx and plans to raise proceeds of around US$130m through the issue of 121m shares.
  • The company’s earnings have seen strong growth over the years driven by its LFP battery products and fall in lithium carbonate prices have helped turn around profitability.

ECM Weekly (7 Apr 2025) – CATL, Maynilad, Chagee, Lotte Logistics, Sigenergy, Duality, Wuxi XDC

By Sumeet Singh

CKI (1038 HK): It Is the Best Time

By Osbert Tang, CFA

  • CK Infrastructure Holdings (1038 HK)‘s share price should pick up as its portfolio of non-US infrastructure assets will become increasingly attractive.
  • Its assets will benefit from re-pricing as global inflation rates trend higher. Meanwhile, it will gain from the translation of foreign earnings back to HK$.
  • The secured 5.7% and 6.2% dividend yield for FY25F and FY26F makes CKI appealing, especially given a track record of 28 consecutive years of dividend hike.

Goldlion Holdings (533 HK) Privatization – Updates on Valuation Outlook Based on 2024 Results

By Xinyao (Criss) Wang

  • 2024 results is significantly below expectations. While revenue had negative growth, SG&A expenses remain high.Coupled with net fair value losses after tax on investment properties, we saw ugly net profit.
  • As consumer confidence won’t improve in short term, coupled with competition/corporate strategy lag, we adjusted next three-year growth based on 2024 results. This may increase the success rate of privatization.
  • Reasonable valuation of Goldlion is 9-14x P/E due to short-term headwinds.If performance picks up due to effective expansion in online channels or popular products launched, P/E may improve to 12-15x.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 07
0

Daily Brief Utilities: CK Infrastructure Holdings and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • CKI (1038 HK): It Is the Best Time

CKI (1038 HK): It Is the Best Time

By Osbert Tang, CFA

  • CK Infrastructure Holdings (1038 HK)‘s share price should pick up as its portfolio of non-US infrastructure assets will become increasingly attractive.
  • Its assets will benefit from re-pricing as global inflation rates trend higher. Meanwhile, it will gain from the translation of foreign earnings back to HK$.
  • The secured 5.7% and 6.2% dividend yield for FY25F and FY26F makes CKI appealing, especially given a track record of 28 consecutive years of dividend hike.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 07
0

Daily Brief Industrials: Jiangsu Zenergy Battery Technologies, Contemporary Amperex Technology (CATL) and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Jiangsu Zenergy Battery Tech IPO: Growth Fueled By Volume
  • ECM Weekly (7 Apr 2025) – CATL, Maynilad, Chagee, Lotte Logistics, Sigenergy, Duality, Wuxi XDC

Jiangsu Zenergy Battery Tech IPO: Growth Fueled By Volume

By Shifara Samsudeen, ACMA, CGMA

  • Jiangsu Zenergy Battery Technologies (JSZENERGY CH)  (JZBT) is a lithium-ion battery manufacturer in China who is focused on developing a diverse portfolio of market-driven and technology-fueled battery products.
  • The company has filed for an IPO on the HKEx and plans to raise proceeds of around US$130m through the issue of 121m shares.
  • The company’s earnings have seen strong growth over the years driven by its LFP battery products and fall in lithium carbonate prices have helped turn around profitability.

ECM Weekly (7 Apr 2025) – CATL, Maynilad, Chagee, Lotte Logistics, Sigenergy, Duality, Wuxi XDC

By Sumeet Singh

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 07
0

Daily Brief Energy/Materials: Iron Ore and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Fenix Resources (FEX AU): Highlights From The Ignite Investment Summit

Fenix Resources (FEX AU): Highlights From The Ignite Investment Summit

By Sameer Taneja

  • Executive Chairman John Welborn presented the investment case for Fenix Resources (FEX AU) at the Ignite Investment Summit in Hong Kong on March 26th/27th.  
  • The company’s imminent production of 4 million tons of iron ore (~$100 USD/ton), is projected to generate AUD 200 million in operating cash flow, matching its current market capitalization.
  • The company briefly touched on its M&A opportunity with Coziron Resources (CZR AU), which is expected to add 40 million tons of reserves and further increase production. 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 07
0

Daily Brief TMT/Internet: Taiwan Semiconductor (TSMC) – ADR, ANGI Homeservices and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • TSMC (2330.TT; TSM.US): Brace Yourself for the US Tariffs!
  • Weekly Update (HAVAS, ANGI)

TSMC (2330.TT; TSM.US): Brace Yourself for the US Tariffs!

By Patrick Liao

  • We aim at nearly 0% growth QoQ for Taiwan Semiconductor (TSMC) – ADR (TSM US)‘s revenue in 2Q25, but US tariff can be a changing factor since April, 2025.
  • Taiwan Financial Supervisory Commission is announcing on April 6th, 2025 with three temporary methods to prevent a sudden slump of Taiwan stock market today.  
  • Taiwan Semiconductor (TSMC) – ADR (TSM US) is taking about 39.2% of Taiwan stock market value, which is the single largest stock in Taiwan.  

Weekly Update (HAVAS, ANGI)

By Richard Howe

  • This week, IAC Inc (IAC) spun off Angi Inc (ANGI). The first day of trading was April 1st.

  • Angi operates the largest digital marketplace for home services in the U.S., connecting homeowners with contractors across Angi’s Ads and Leads platform (formerly HomeAdvisor/Angie’s List) and Services (pre-priced jobs fulfilled via Angi’s network)

  • ANGI has fallen sharply despite no tariff exposure.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 07
0

Daily Brief Financials: Abacus Storage King, Maxis Nikkei 225 Index Fund, Korea Stock Exchange Kospi Index, NIFTY Index, Howard Hughes Holdings , Korea Stock Exchange KOSPI 200 and more

By | Daily Briefs, Financials

In today’s briefing:

  • Abacus Storage King (ASK AU) Gets an NBIO from Ki Corp & PSA
  • Nikkei Index Options Weekly Mar 31 – Apr 04): Volatility Elevated, Put Demand Surges
  • President Yoon’s Impeachment: Impact on Korean Capital Markets
  • Nifty Index Options Weekly (Apr 01 – 04): Lowest Implied Vol Amid a Global Meltdown
  • [Alert] Sell Howard Hughes (HHH)
  • Kospi Index Options Weekly (Mar 31 – Apr 4): Rising Vol, Local and Global Political Undercurrents

Abacus Storage King (ASK AU) Gets an NBIO from Ki Corp & PSA

By Brian Freitas

  • Abacus Storage King (ASK AU) was demerged from Abacus Property Group in 2023 and the stock has traded in a range since listing.
  • Now, Ki Corp and Public Storage (PSA US) have made a conditional and non-binding proposal to take Abacus Storage King (ASK AU) private at A$1.47/share.
  • The offer is a 27% premium to the last close of the stock and is higher than the price that the stock has traded at since listing.

Nikkei Index Options Weekly Mar 31 – Apr 04): Volatility Elevated, Put Demand Surges

By John Ley

  • Volatility percentiles are flashing, and we explore what recent price action could signal for the week ahead.
  • Put activity surged, with especially heavy interest on Thursday and Friday and concentrated in short dates expiries.
  • We highlight the potential for equity market volatility to spill over into currency markets.

President Yoon’s Impeachment: Impact on Korean Capital Markets

By SUSTINVEST

  • On April 4, 2025 (KST), South Korea’s Constitutional Court formally removed former President Yoon Suk Yeol from office in accordance with the constitutional order.
  • This decision is expected to significantly reduce political uncertainty. However, external factors such as the U.S. government’s reciprocal tariff policies will continue to have substantial impact on Korean markets.
  • June’s presidential election favors government change. Global investors should watch the Democratic Party’s capital market reform proposals.

Nifty Index Options Weekly (Apr 01 – 04): Lowest Implied Vol Amid a Global Meltdown

By John Ley

  • Nifty remains the global market with the lowest implied volatility and has been outperforming its peers in this sell off.
  • We assess where Nifty is likely to open on Monday and the expected impact on implied vol and discuss whether hedging should be considered. 
  • We highlight the absence of a flight-to-quality bid in this global meltdown and what that could mean for relative returns vs. the SP500.

[Alert] Sell Howard Hughes (HHH)

By Richard Howe

  • Just a quick update: I’ll be selling my position in Howard Hughes (HHH) to fund a purchase of Havas (HAVAS).

  • Howard Hughes remains an attractive company that isn’t directly impacted by potential tariffs—aside from broader recession-related risks.

  • However, with Pershing Square attempting to take the company private, I don’t feel I have a clear edge in the current situation.

Kospi Index Options Weekly (Mar 31 – Apr 4): Rising Vol, Local and Global Political Undercurrents

By John Ley

  • Volatility percentiles are flashing red, and we explore what recent price action could signal for the week ahead.
  • Implied vol rose meaningfully, approaching historical extremes, with more pressure likely as the week begins.
  • Options hedge adjustments are discussed following a strong move in both price and vol.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 07
0

Daily Brief Health Care: SK Bioscience and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • SK Bioscience (302440 KS): New Vaccine Trial and ITD Turnaround To Improve Long-Term Outlook

SK Bioscience (302440 KS): New Vaccine Trial and ITD Turnaround To Improve Long-Term Outlook

By Tina Banerjee

  • SK Bioscience (302440 KS) has initiated phase 3 trial of Sanofi-partnered pneumococcal conjugate vaccine candidate in Australia. This year, Phase 3 trial will be initiated in U.S., Korea, and EU.
  • This year, SK Bioscience has initiated global Phase 1/2 trials of mRNA Japanese Encephalitis vaccine candidate in Australia and New Zealand. The company aims to secure interim results by 2026.
  • ITD Biologika is targeting for a 17% revenue CAGR during 2024–2028. The company aims to achieve EBITDA margin of 25%+ by 2028 and become IPO ready.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 07
0

Daily Brief Industrials: Jiangsu Zenergy Battery Technologies, Contemporary Amperex Technology (CATL) and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Jiangsu Zenergy Battery Tech IPO: Growth Fueled By Volume
  • ECM Weekly (7 Apr 2025) – CATL, Maynilad, Chagee, Lotte Logistics, Sigenergy, Duality, Wuxi XDC

Jiangsu Zenergy Battery Tech IPO: Growth Fueled By Volume

By Shifara Samsudeen, ACMA, CGMA

  • Jiangsu Zenergy Battery Technologies (JSZENERGY CH)  (JZBT) is a lithium-ion battery manufacturer in China who is focused on developing a diverse portfolio of market-driven and technology-fueled battery products.
  • The company has filed for an IPO on the HKEx and plans to raise proceeds of around US$130m through the issue of 121m shares.
  • The company’s earnings have seen strong growth over the years driven by its LFP battery products and fall in lithium carbonate prices have helped turn around profitability.

ECM Weekly (7 Apr 2025) – CATL, Maynilad, Chagee, Lotte Logistics, Sigenergy, Duality, Wuxi XDC

By Sumeet Singh

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free