Daily Briefs

At a zero net debt zero net cash (securities liquidated) Adjusted Price/Earnings Ratio of 11.3x expected Net Income, the multiple offered Makino Milling Machine (6135 JP) is not a knock-out.
ENN Energy (2688 HK) investors hoping for a clean (er) exit, or where the back-end terms were clearly defined, will be disappointed. And minorities are active in this name. Avoid
New Trump Tariffs are not based on any actual tariffs, or non-tariff measures. The simple/explicit assumption is that if you run a trade surplus with the US, you are cheating.

(Mostly) Asia-Pac M&A: Topcon, Jinke Smart Services, Dropsuite, Domain, Jamco, Shin Kong, Dada Nexus

I tally 54 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma.
Two news new deals discussed this week: Reject Shop (TRS AU) and Topcon Corp (7732 JP). Jinke Smart Services (9666 HK) also suspended pursuant to the Takeovers Code.
Key updates/news took place on Dropsuite (DSE AU), AVJennings Ltd (AVJ AU), Domain Holdings (DHG AU), Jamco (7408 JP), Shin Kong Financial Holding (2888 TT), and Dada Nexus (DADA US).

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Apr 06

Daily Brief Industrials: Navkar Corporation Limited, Makino Milling Machine Co, Donaldson Co, GFL Environmental , Huntington Ingalls Industries, Terex Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.
Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN
Donaldson Company: Growth In Aftermarket & Solutions Segments Propelling Our ‘Outperform’ Rating!
GFL Environmental Eyes $1 Billion In M&A—Will This Aggressive Inorganic Expansion Materialize?
Huntington Ingalls Industries Looking To Reinvent Shipbuilding—Will Its Workforce Optimization Efforts Work Out?
Terex Corporation: An Insight Into Its Aerial Work Platforms (AWP) Financial Strategy & Other Major Drivers!

Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.

By Viral Kishorchandra Shah

JSW group aims to become a complete port and logistics solution provider to end customers, by combining JSWIL’s port infrastructure with Navkar’s inland logistics capabilities (CFS, ICD, PFT,CTO license).
Access to Navkar’s 100 acres undeveloped land in strategic areas offers JSW Infrastructure Ltd( JSWIL) opportunities for further development and expansion of logistics infrastructure.
JSW targets INR 9,000 crore Capex in logistics by FY30, expecting INR 8,000 crore revenue, INR 2,000 crore EBITDA, and 17-18% ROCE.

Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN

At a zero net debt zero net cash (securities liquidated) Adjusted Price/Earnings Ratio of 11.3x expected Net Income, the multiple offered Makino Milling Machine (6135 JP) is not a knock-out.
ENN Energy (2688 HK) investors hoping for a clean (er) exit, or where the back-end terms were clearly defined, will be disappointed. And minorities are active in this name. Avoid
New Trump Tariffs are not based on any actual tariffs, or non-tariff measures. The simple/explicit assumption is that if you run a trade surplus with the US, you are cheating.

Donaldson Company: Growth In Aftermarket & Solutions Segments Propelling Our ‘Outperform’ Rating!

Donaldson Company, Inc. recently reported its second quarter fiscal year 2025 financial results, presenting a mixed performance amidst challenging market conditions.
The company, known for its focus on technology-led filtration solutions, demonstrated resilience in various segments, although it faced several headwinds.
On the positive side, Donaldson achieved a modest 1% increase in sales in constant currency, with total sales reaching $870 million despite a 170 basis point negative impact from currency translation.

GFL Environmental Eyes $1 Billion In M&A—Will This Aggressive Inorganic Expansion Materialize?

GFL Environmental Inc. presented a mixed financial performance in its fourth-quarter and annual earnings call for 2024, showcasing both promising growth strategies and some potential headwinds.
For the quarter, the company reported consolidated revenue of $1.986 billion, outpacing their expectations due to solid waste organic growth and strategic pricing initiatives.
The company also highlighted a 7% organic growth in the solid waste segment, a sign of resilience and effective management strategies.

Huntington Ingalls Industries Looking To Reinvent Shipbuilding—Will Its Workforce Optimization Efforts Work Out?

Huntington Ingalls Industries, Inc. (HII) presented its Q4 2024 earnings results with a mixed outcome, reflecting both opportunities and challenges across its various business segments.
The company reported revenues of $3 billion for the quarter, a decrease of approximately 5% compared to the same period last year.
This decline was attributed to reduced revenues across all three of HII’s segments.

Terex Corporation: An Insight Into Its Aerial Work Platforms (AWP) Financial Strategy & Other Major Drivers!

Terex Corporation’s fourth-quarter 2024 results showcase a mixed landscape with regard to its financial and operational performance.
The company reported a total net sales of $1.2 billion for the quarter, slightly up due to the contribution from the Environmental Solutions Group (ESG) acquisition.
However, legacy segments saw a decline in sales by 17%, reflecting industry-wide channel adjustments and macroeconomic pressures.

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Apr 06

Daily Brief Industrials: Navkar Corporation Limited, Makino Milling Machine Co, Donaldson Co, GFL Environmental , Huntington Ingalls Industries, Terex Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.
Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN
Donaldson Company: Growth In Aftermarket & Solutions Segments Propelling Our ‘Outperform’ Rating!
GFL Environmental Eyes $1 Billion In M&A—Will This Aggressive Inorganic Expansion Materialize?
Huntington Ingalls Industries Looking To Reinvent Shipbuilding—Will Its Workforce Optimization Efforts Work Out?
Terex Corporation: An Insight Into Its Aerial Work Platforms (AWP) Financial Strategy & Other Major Drivers!

Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.

By Viral Kishorchandra Shah

JSW group aims to become a complete port and logistics solution provider to end customers, by combining JSWIL’s port infrastructure with Navkar’s inland logistics capabilities (CFS, ICD, PFT,CTO license).
Access to Navkar’s 100 acres undeveloped land in strategic areas offers JSW Infrastructure Ltd( JSWIL) opportunities for further development and expansion of logistics infrastructure.
JSW targets INR 9,000 crore Capex in logistics by FY30, expecting INR 8,000 crore revenue, INR 2,000 crore EBITDA, and 17-18% ROCE.

Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN

At a zero net debt zero net cash (securities liquidated) Adjusted Price/Earnings Ratio of 11.3x expected Net Income, the multiple offered Makino Milling Machine (6135 JP) is not a knock-out.
ENN Energy (2688 HK) investors hoping for a clean (er) exit, or where the back-end terms were clearly defined, will be disappointed. And minorities are active in this name. Avoid
New Trump Tariffs are not based on any actual tariffs, or non-tariff measures. The simple/explicit assumption is that if you run a trade surplus with the US, you are cheating.

Donaldson Company: Growth In Aftermarket & Solutions Segments Propelling Our ‘Outperform’ Rating!

Donaldson Company, Inc. recently reported its second quarter fiscal year 2025 financial results, presenting a mixed performance amidst challenging market conditions.
The company, known for its focus on technology-led filtration solutions, demonstrated resilience in various segments, although it faced several headwinds.
On the positive side, Donaldson achieved a modest 1% increase in sales in constant currency, with total sales reaching $870 million despite a 170 basis point negative impact from currency translation.

GFL Environmental Eyes $1 Billion In M&A—Will This Aggressive Inorganic Expansion Materialize?

GFL Environmental Inc. presented a mixed financial performance in its fourth-quarter and annual earnings call for 2024, showcasing both promising growth strategies and some potential headwinds.
For the quarter, the company reported consolidated revenue of $1.986 billion, outpacing their expectations due to solid waste organic growth and strategic pricing initiatives.
The company also highlighted a 7% organic growth in the solid waste segment, a sign of resilience and effective management strategies.

Huntington Ingalls Industries Looking To Reinvent Shipbuilding—Will Its Workforce Optimization Efforts Work Out?

Huntington Ingalls Industries, Inc. (HII) presented its Q4 2024 earnings results with a mixed outcome, reflecting both opportunities and challenges across its various business segments.
The company reported revenues of $3 billion for the quarter, a decrease of approximately 5% compared to the same period last year.
This decline was attributed to reduced revenues across all three of HII’s segments.

Terex Corporation: An Insight Into Its Aerial Work Platforms (AWP) Financial Strategy & Other Major Drivers!

Terex Corporation’s fourth-quarter 2024 results showcase a mixed landscape with regard to its financial and operational performance.
The company reported a total net sales of $1.2 billion for the quarter, slightly up due to the contribution from the Environmental Solutions Group (ESG) acquisition.
However, legacy segments saw a decline in sales by 17%, reflecting industry-wide channel adjustments and macroeconomic pressures.

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Apr 06

Daily Brief TMT/Internet: Krafton , Singtel, SmartRent, Ma Com Technology Solutions, N-able , Reservoir Media , Topcon Corp, Axcelis Technologies, Yelp Inc, Belden Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil
Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive
SmartRent Inc.: Is The Expansion of Recurring SaaS Revenue Expected To Last In These Tough Times?
MACOM Doubles Down on GaN Power with CHIPS Funding Boost!
N-able Inc.: Expanding Reseller & Mid-Market Channels to Strengthen Foothold In Critical Global Markets!
Reservoir Media Is Riding the Streaming Wave—But Can It Keep Growing in a Changing Music Landscape?
(Mostly) Asia-Pac M&A: Topcon, Jinke Smart Services, Dropsuite, Domain, Jamco, Shin Kong, Dada Nexus
Axcelis Technologies Eyeing A Solid Growth Trajectory In 2025 With Advanced Logic & Japan Expansion!
Yelp Inc.: 5 Major Roadblocks In Its Path Of 2025 & Beyond!
Belden Inc.: Expansion of Industrial Network Offerings & 4 Critical Developments Powering Its 2025 Performance!

20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil

By Douglas Kim

In this insight, we discuss 20 Korean stocks that could outperform the market in the next two months amid global tariff war and local political turmoil.
Going forward, we believe these 20 Korean stocks could continue to outperform the market in the next couple of months.
As the market tries to digest further the uncertainties due to tariff war and the local Presidential election, these 20 stocks could provide sound defensive outperformance.

Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

By Joe Jasper

We have been expecting near-term downside on ACWI-US and the S&P 500 since our February 27 Int’l Compass, when both ACWI-US and the S&P 500 displayed false breakouts.
Market dynamics have continued to deteriorate to the point where we don’t see it as a buying opportunity, and we believe $115 support is not likely to hold on ACWI-US.
Therefore, we are cautious and would get defensive, as we believe the odds of a more prolonged downturn in global equities are rising.

SmartRent Inc.: Is The Expansion of Recurring SaaS Revenue Expected To Last In These Tough Times?

SmartRent is undergoing a strategic transformation toward a Software-as-a-Service (SaaS)-focused business model.
This shift is reflected in the growth of the company’s recurring SaaS subscriptions, which increased to 38% of total revenue in the fourth quarter, up from 19% in the previous year.
Annual recurring revenue (ARR) grew to $54.4 million, reflecting a year-over-year increase, and SaaS revenue showed a 17% increase during the same period.

MACOM Doubles Down on GaN Power with CHIPS Funding Boost!

MACOM Technology Solutions Holdings, Inc. reported its financial results for the first fiscal quarter of 2025, with notable developments across its key business segments: Industrial & Defense, Data Center, and Telecom.
The company posted a revenue of $218 million, an 8.7% sequential increase, and an adjusted EPS of $0.79 per diluted share.
It generated approximately $63 million in free cash flow and maintained a strong cash position with $657 million in cash and short-term investments.

N-able Inc.: Expanding Reseller & Mid-Market Channels to Strengthen Foothold In Critical Global Markets!

N-able Inc. recently reported its fourth-quarter and full-year financial results for 2024, revealing a stable growth trajectory but with various underlying challenges and opportunities for investors to consider.
The company’s revenue grew by 7% year-over-year in constant currency for the fourth quarter, while the full-year revenue increased by 10% under the same metric.
N-able’s Annual Recurring Revenue (ARR) concluded the fiscal year at $482 million, also indicating a 10% growth in constant currency, underscoring a solid revenue base supported by subscription models.

Reservoir Media Is Riding the Streaming Wave—But Can It Keep Growing in a Changing Music Landscape?

Reservoir Media’s third quarter fiscal year 2025 results reflect a solid performance marked by significant growth in both revenue and profitability.
The company reported total revenue of $42.3 million, which signifies a 19% year over-year increase.
This growth was driven primarily by a 16% rise in music publishing revenue and a 20% increase in recorded music revenue.

(Mostly) Asia-Pac M&A: Topcon, Jinke Smart Services, Dropsuite, Domain, Jamco, Shin Kong, Dada Nexus

I tally 54 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma.
Two news new deals discussed this week: Reject Shop (TRS AU) and Topcon Corp (7732 JP). Jinke Smart Services (9666 HK) also suspended pursuant to the Takeovers Code.
Key updates/news took place on Dropsuite (DSE AU), AVJennings Ltd (AVJ AU), Domain Holdings (DHG AU), Jamco (7408 JP), Shin Kong Financial Holding (2888 TT), and Dada Nexus (DADA US).

Axcelis Technologies Eyeing A Solid Growth Trajectory In 2025 With Advanced Logic & Japan Expansion!

Costs and expenses to make sure that we’re optimizing for the margin profile that we’ve been able to maintain over the years.
As we move throughout 2025 and think about the revenues potentially picking up in the second half of the year, we do expect that there will be some margin improvement aligned with that as we get some better gross margin recovery from a volume perspective and potential mix shifts.
However, given the soft revenue outlook overall when factoring in market digestions in areas such as silicon IGBT and the planned lower system sales into certain international markets, sustaining a significant gross margin increase year-over-year will be challenging without notable shifts in demand across our core business sectors.

Yelp Inc.: 5 Major Roadblocks In Its Path Of 2025 & Beyond!

Yelp Inc presented a mixed financial performance in its fourth quarter and full-year 2024 results.
The company showed significant progress in specific strategic areas while navigating challenges in others.
In 2024, Yelp’s net revenue increased by 6% year-over-year to $1.41 billion, supported by disciplined expense management efforts.

Belden Inc.: Expansion of Industrial Network Offerings & 4 Critical Developments Powering Its 2025 Performance!

By Special Situation Investments

Belden Inc. has delivered a robust financial performance in its fourth quarter and the full fiscal year of 2024, with certain strategically positive developments, although faced with some macroeconomic and operational challenges.
The overall revenue for Q4 2024 amounted to $666 million, marking a notable increase of 21% year over-year.
Earnings per share (EPS) also exceeded expectations, reaching $1.92.

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Apr 06

Daily Brief Health Care: ACELYRIN , WuXi AppTec , BeiGene , HCA Healthcare, Inc. and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

SSI Weekly Newsletter: Updates on Liquidia, SpringWorks, Allakos, Acelyrin, SAGA, NZME, Nathan’s, HilleVax, TTEC
China Healthcare Weekly (Apr.6) – SASAC to Encourage SOE M&A, WuXi AppTec Disposed XDC Shares Again
Quiddity Leaderboard Hang Seng Index Jun25: Beigene Is Our Top Pick
HCA Healthcare’s New Revenue Strategy: Inside The Government Policies & Critical Factors Powering Its Growth!

SSI Weekly Newsletter: Updates on Liquidia, SpringWorks, Allakos, Acelyrin, SAGA, NZME, Nathan’s, HilleVax, TTEC

Liquidia’s NDA for Yutrepia accepted by FDA with a PDUFA date set for May 24, commercialization expected soon.
SpringWorks Therapeutics’ stock dropped 17% amid silence on Merck takeover talks, market perceives low deal probability.
Allakos announced a buyout at $0.33/share, stock jumped 40%, deal expected to close in May 2025.

China Healthcare Weekly (Apr.6) – SASAC to Encourage SOE M&A, WuXi AppTec Disposed XDC Shares Again

By Xinyao (Criss) Wang

Licensing-Out partnerships are expected to contribute approximately US$6–7 billion in annual upfront payments, US$12–14 billion in milestone payments, and US$25–30 billion in sales-sharing revenues to China’s innovative drug industry.
SASAC’s new policy promotes SOE M&A to strengthen industrial chains, especially in weaker sectors like biomedicine. The strategic deployment of state-owned capital is set to gain momentum.
WuXi AppTec is divesting its stake in WuXi XDC, viewing the shares as overvalued and aiming to lock in profits ahead of a potential price correction.

Quiddity Leaderboard Hang Seng Index Jun25: Beigene Is Our Top Pick

By Janaghan Jeyakumar, CFA

The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in June 2025.
The index changes are expected to be confirmed on 16th May 2025.

HCA Healthcare’s New Revenue Strategy: Inside The Government Policies & Critical Factors Powering Its Growth!

HCA Healthcare delivered a mixed performance in its fourth-quarter 2024 results, reflecting both strengths and challenges faced during the period.
Positively, the company continued to demonstrate robust demand for healthcare services, with an overall revenue growth of approximately 6% compared to the previous year.
Key performance indicators like inpatient admissions showed a healthy upward trajectory, with a 3% increase in both categories when measured on a same-facility basis.

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Apr 06

Daily Brief Financials: Hang Seng Index and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

HSI Index Options Weekly (Mar 31-Apr 03): Global Meltdown, What to Expect on Monday

HSI Index Options Weekly (Mar 31-Apr 03): Global Meltdown, What to Expect on Monday

By John Ley

A shortened trading week masks the true extent of the HSI sell-off, with global markets down sharply Thursday and Friday
We use related indexes and historical relationships to estimate Monday’s price change and 1M implied vol for HSI.
Put activity surged, with heavy interest at the 19,600 strike potentially adding pressure to price and vol on Monday.

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Apr 06

Daily Brief Consumer: Skyworth Group Limited, Marriott Vacations World and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Weekly Deals Digest (06 Apr) – Skyworth, HKBN, Makino, Avjennings, Domain, Dropsuite, Dada Nexus
Marriott Vacations: Capitalizing On First-Time Buyer Growth & Contract Sales To Up Their Top-Line Growth!

Weekly Deals Digest (06 Apr) – Skyworth, HKBN, Makino, Avjennings, Domain, Dropsuite, Dada Nexus

By Arun George

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: DN Solutions (298440 KS) seeks to raise US$1.1 billion in a KRX IPO and Chagee Holdings (CHA US) seeks to raise US$400-500 million through a Nasdaq IPO.
Event-Driven developments: Skyworth Group Limited (751 HK), HKBN Ltd (1310 HK), Makino Milling Machine Co (6135 JP), Avjennings Ltd (AVJ AU), Domain Holdings Australia (DHG AU), Dropsuite Ltd (DSE AU).

Marriott Vacations: Capitalizing On First-Time Buyer Growth & Contract Sales To Up Their Top-Line Growth!

Marriott Vacations Worldwide reported solid results for the fourth quarter of 2024, underpinned by strong leisure travel demand and strategic adjustments in sales and marketing approaches.
The company has successfully expanded its sales channels and promotional strategies, leading to a 7% year-over-year increase in contract sales, with first-time buyer sales growing faster.
This results from innovative initiatives like virtual tours and sales channels such as roadshows and owner cruises.

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Apr 06

Most Read: Nick Scali Ltd, Indian Hotels, Hanmi Semiconductor, Solar Industries India, Mitsubishi Logisnext Co., Ltd., NIFTY Index, S&P 500 INDEX, Bangkok Chain Hospital, Krafton and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Northern Star’s Acquisition of De Grey Mining: The Many Index Implications & Flows
NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn
Korea Short Selling: What Happened on Day 1?
AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely
Mitsubishi Logisnext (7105) – Worth Buying The Dip On Likely Sale
Global Stocks Outlook: Where Is the Bottom for This Crash?
HEW: Yikes, At Tonto Tariff Hikes
SP500: Friday Sell-Offs, the VIX, and a Bit of 1987
Bangkok Chain Hospital – Expect Strong Earnings Growth in 2025E with a Higher ERP
20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil

Northern Star’s Acquisition of De Grey Mining: The Many Index Implications & Flows

Northern Star Resources (NST AU)‘s acquisition of De Grey Mining (DEG AU) is expected to complete in the next 3 weeks.
There will be an ad hoc inclusion to the S&P/ASX 200 (AS51 INDEX) and passive buying in Northern Star Resources (NST AU) from a bunch of trackers of different indices.
The acquisition brings Northern Star Resources (NST AU) close to inclusion in the S&P/ASX 20 Index, but it’s not there yet.

NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

The NIFTY Index, Nifty Next 50 Index, Nifty Bank Index, Nifty IT Index, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the CPSE ETF rebalance at the close today.
The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.
Stocks with the largest impact are Britannia Industries, Bharat Petroleum, Adani Total Gas, Indian Hotels, Jio Financial, IRCTC, Zomato, Federal Bank, Union Bank Of India and Crompton Greaves.

Korea Short Selling: What Happened on Day 1?

Short notional ticked higher on the KOSPI and KOSDAQ markets and is expected to continue increasing over the next few months.
Since the resumption of short selling, foreign holdings of Korean equities have increased from 29.26% to 29.3%.
The Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) to KOSDAQ 150 Index (KOSDQ150 INDEX) ratio has stayed stable over the last 3 trading days.

AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely