Daily Briefs

The proposed privatisation price for ENN Energy (2688 HK) appears reasonable, which is estimated to be 1.73x P/B and 11.5x PER on a 12-month forward basis.
The valuations are both at a good premium over the average since 2024. ENN Energy is also being put at the top of the sector’s PER range.
Scheme shareholders will hold new H-shares of ENN Natural Gas (600803 CH), which historically has a more volatile earnings record, but its A-share has been doing well.

Episode 110: NVIDIA’s Identity Crisis

By The Circuit

25,000 people attended Nvidia sessions, making it one of the busiest single company shows
Initial disappointment at keynote, followed by renewed enthusiasm after investor Q&A and show attendance
Disillusionment with lack of new AI advancements and repeated demos at Nvidia booth, feeling like a cult atmosphere

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Hyundai Motor Group – $21 Billion Investment in the US [Where Will the Money Come From?]

In the past week, one of the biggest stories in Korea has been the Hyundai Motor Group’s mega $21 billion investment in the United States.
There is a real concern that Hyundai Motor may need to raise external capital to fund its US investments/share buybacks/dividends in 2027/2028.
Hyundai Motor (005380 KS) remains one of the most undervalued global auto companies. It is trading at P/E of 4.7x in 2025 and 4.5x in 20026.

Is PDD the Silent Giant That Could Crush Alibaba? Here’s What the Data Says!

PDD Holdings, Inc. presented its financial results for the fourth quarter and full fiscal year of 2024, showcasing a strategy focused on high-quality development and ecosystem advancement.
The company reported stable financial performance in the last quarter, closing with a revenue increase to RMB 110.6 billion, a 24% year-over year gain.
For the entire year, revenues climbed 59% to a total of RMB 393.8 billion, marking a moderation from previous growth rates.

BYD’s 5-Minute Charge to Global EV Supremacy: Is Tesla Already Left Behind?

Chinese EV giant BYD has kicked off 2025 with an aggressive push that’s shaking up the global electric vehicle landscape.
From launching EVs that can charge in just five minutes to a soaring share price and record sales, BYD is not just catching up with Tesla — it’s pulling ahead on nearly every front.
In recent weeks, BYD’s stock surged to a record high following the announcement of its ultra-fast-charging Super e-Platform.

Altria’s Secret Weapon: How This Tobacco Giant Keeps Winning Despite Shrinking Cigarette Sales!

Altria Group reported its fourth quarter and full-year 2024 earnings with several noteworthy developments.
Financially, the company delivered strong results, primarily supported by its core tobacco operations.
Altria grew its adjusted diluted earnings per share (EPS) by 3.4% for the full year, maintaining a trend of returning substantial capital to shareholders through $10.2 billion in dividends and share repurchases.

Shenzhen Intl (152 HK): Delivered as Promised

While Shenzhen International (152 HK)‘s FY24 result is at the low end of the positive profit alert range, its 2H24 net profit has still grown by 22.7%.
Better outlook at Shenzhen Expressway (548 HK) and margin improvement for logistics hubs will drive FY25. Upside will come from further gains at South China Logistics Park.
SZI’s valuations of 5.9x PER, 8.4% yield, and 0.5x P/B for FY25F are attractive. As more deals are sealed to realise its asset value, its P/B discount will narrow.

Tech Supply Chain Tracker (27-Mar-2025): Foxconn considers Mitsubishi partnership, ASEAN/Oceania expansion.

By Tech Supply Chain Tracker

Foxconn is exploring a potential partnership with Mitsubishi Motors to expand into markets in ASEAN and Oceania regions.
Experts from Taiwan and the US are discussing cutting-edge advancements in AI at the AI Expo 2025.
Foxconn is revolutionizing traditional manufacturing methods with their innovative approach, as highlighted in a SEMI Country excerpt.

Wuxi Biologics (2269 HK): 2024 Revenue Meets Guidance; Poised for Accelerated Growth in 2025

By Tina Banerjee

Wuxi Biologics (2269 HK) has reported 2024 result, with revenue growing 10% YoY to RMB19B and net profit increasing 11% YoY to RMB4B. Revenue from non-COVID business increased 13% YoY.
Total backlog reached $18.5B as of December 31, 2024, including $10.5B service backlog and $8.0B upcoming potential milestone fees, while the total backlog within three years stood at $3.7B.
Wuxi Biologics guided for 12–15% YoY revenue growth for 2025. Revenue from continuing operation (excluding revenue from Ireland Vaccines) is expected to grow 17–20% YoY in 2025.

Micron Technology: China’s Ban, AI Boom, and a Secret Weapon: What’s Really Powering Them Forward?

Micron Technology’s recent performance has sparked mixed reactions across Wall Street, as investors try to reconcile strong product innovation with weak near-term financial guidance.
The company’s fiscal first-quarter results beat Wall Street expectations, with adjusted earnings of $1.79 per share, slightly above the consensus of $1.76.
Revenue stood at $8.7 billion, in line with projections.

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Mar 27

Daily Brief Macro: UK: Low CPI As Seasonal Sales Extend and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

UK: Low CPI As Seasonal Sales Extend
UK Fiscal Smoke Over Treading Water
UK Breaks Ground On First Tire To Fuel Facility Amid ELT Export Row
Steno Signals #190 – Is Europe and China still the havens in macro? Not so fast..
Asian Equities: India – What Would FIIs and DIIs Buy and Sell?
The Drill: Approaching the End of the Tariff and Peace Trades?
CX Daily: Taming the Wild West of China’s Supply Chain Finance
US Inflation & Recessions Concerns Overdone

UK: Low CPI As Seasonal Sales Extend

By Phil Rush

UK CPI inflation slowed by 15bps to 2.84%, rounding slightly under expectations. The services rate was surprisingly resilient, and January’s upside news broadly persisted.
Downside news from clothing and core goods prices occurred because January sales extended broadly and unusually. Postponed Spring lines should drive a March rebound.
Headline inflation outcomes are benign enough not to threaten the BoE’s likely cut in May, but ongoing resilience still makes that the final move in our forecast.

UK Fiscal Smoke Over Treading Water

By Phil Rush

Attempts to recreate fiscal headroom after slippage rely on implausible and optimistic assumptions. Further tax rises and delayed prudence are likely in the Autumn budget.
Replacing aid resources with capital defence spending helps loosen fiscal policy inside the budgetary rules. Policy changes are relatively neutral over the next few years.
Without corrective action, the gross financing requirement path is £18bn a year higher than in the Autumn, and almost £50bn higher than last Spring, burdening gilt issuance.

UK Breaks Ground On First Tire To Fuel Facility Amid ELT Export Row

By Vinod Nedumudy

US$127 million tire recycling plant coming up in Sunderland
TRA calls for immediate action to end the T8 exemption
ATMA’s stress to rein in ELT imports comes as wakeup call for UK

Steno Signals #190 – Is Europe and China still the havens in macro? Not so fast..

By Andreas Steno

Greetings from Copenhagen, and welcome back to our weekly editorial on everything macro and markets.
The tariff headlines are back in a more digestive fashion as the broad tariff scare seen over the past couple of weeks have been more or less cooled down by US officials late last week and over the weekend, which is very benign news for a market who feared that tariffs would hit right around everyone around the globe, which is the reason why businesses, households and consumers have changed behaviour and delivered a US growth scare over the past month – and it will likely continue going into April as trends currently persist rather than turn.
The tariff campaign will hence be a lot more targeted than previously communicated, which is probably what most people expected initially (until Trump went rogue), with the reciprocal part of the tariffs being a race to the bottom and vice versa – which evidently looks to be the case now.

Asian Equities: India – What Would FIIs and DIIs Buy and Sell?

By Manishi Raychaudhuri

We analyze FIIs’ and DIIs’ buying/selling trend across sectors and their sector-wise stances relative to benchmarks to assess which sectors they would buy or sell in the near term.
FIIs and DIIs have bought consumer discretionary and healthcare secularly. They recently started buying financials and IT, after prolonged selling. They’ve also secularly bought industrials, barring the last two quarters.
We conclude that both FIIs and DIIs shall continue to buy financials, industrials and consumer discretionary. They would also buy healthcare and sell materials, energy, IT and consumer staples.

The Drill: Approaching the End of the Tariff and Peace Trades?

By Mikkel Rosenvold

Welcome to our weekly editorial on everything geopolitics- and commodities! We are approaching the “Liberation Day” on Apr 2 where we will (hopefully) get more clarity around the tariffs plans from Trump.
We have recently seen a semi-u-turn from the Trump administration on the severity and depth of the reciprocal tariffs announced next week, and the base-case is a softer stance with some negotiated exemptions for big partners.
This is also exactly what paves the way for a very decent comeback in US risk assets now, something that we expect to continue into April when the softened USD and slightly lower USD bond yields start feeding through via easier financial conditions.

CX Daily: Taming the Wild West of China’s Supply Chain Finance

By Caixin Global

SCF /In Depth: Taming the Wild West of China’s supply chain finance
EVs /Chinese EV maker Neta on brink of collapse as $600 million funding round falls through
BYD tops Tesla: Chinese electric-vehicle (EV) giant BYD Co. Ltd. is on a roll, overtaking U.S. rival Tesla Inc. with revenue of 777 billion yuan ($107 billion) in 2024.

US Inflation & Recessions Concerns Overdone

By Sharmila Whelan

We are overweight US equities and forecast one 25bp rate cut in 2025. Bias is towards growth and momentum stocks – industrials, tech hardware, banks and traditional energy.
US inflation is picking up but won’t spike upwards, even with US import tariffs rates rising.
While recent macro data have been weak, the business cycle is intact and talk of a recession overblown. The on-going stock market correct is an opportunity to buy on dip.

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Mar 27

Daily Brief Utilities: ENN Energy, Xcel Energy Inc, Naturgy Energy Group SA and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

ENN Energy (2688 HK): ENN Natural Gas’ Preconditional Cash/Scrip Offer
ENN Energy (2688 HK): Our Initial View on the Privatisation – Valuation and Fundamentals
ENN Energy (2688 HK) Privatization: Details & Index Implications
Xcel Energy – a bright spark to power growth
A Power Move: Naturgy Sparks a Strategic Rebalance

ENN Energy (2688 HK): ENN Natural Gas’ Preconditional Cash/Scrip Offer

By Arun George

ENN Energy (2688 HK) announced a pre-conditional privatisation from ENN Natural Gas (600803 CH)/ENN-NG comprising HK$24.50 cash per share + 2.9427 ENN-NG H Shares per ENN share.
The appraised offer value is HK$80.00 (HK$82.35, including the 2024 dividend), which is a tad optimistic. My calculations suggest a realistic offer value range of HK$71.47-76.32.
The offer is final. The precondition satisfaction is low-risk. A high AGM minority participation is a risk, but the scheme vote should pass as the offer terms are reasonable.

ENN Energy (2688 HK): Our Initial View on the Privatisation – Valuation and Fundamentals

The proposed privatisation price for ENN Energy (2688 HK) appears reasonable, which is estimated to be 1.73x P/B and 11.5x PER on a 12-month forward basis.
The valuations are both at a good premium over the average since 2024. ENN Energy is also being put at the top of the sector’s PER range.
Scheme shareholders will hold new H-shares of ENN Natural Gas (600803 CH), which historically has a more volatile earnings record, but its A-share has been doing well.

ENN Energy (2688 HK) Privatization: Details & Index Implications

By Brian Freitas

ENN Natural Gas has made a pre-conditional proposal to privatise ENN Energy (2688 HK). For each ENN share, shareholders will receive 2.9427 ENN Natural Gas shares and HK$24.5 in cash.
The ENN Natural Gas H-shares will be listed on the HKEX. The value received by ENN Energy shareholders depends on ENN Natural Gas stock performance and the H-share discount.
The ENN Natural Gas (600803 CH) H-shares are likely to replace ENN Energy (2688 HK) in global indices and the Hang Seng Index (HSI INDEX).

Xcel Energy – a bright spark to power growth

By MAGELLAN – IN THE KNOW

Brian Van Abel, CFO of Xcel Energy, discusses the opportunities presented by power hungry data centers
Xcel Energy is a large fully regulated electric and gas utility serving eight states with a market cap of approximately $40 billion
Xcel Energy has a track record of delivering on earnings guidance and is committed to carbon reduction goals, with a 2050 carbon-free goal and plans to reduce carbon by more than 80% by 2030

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

A Power Move: Naturgy Sparks a Strategic Rebalance

By Jesus Rodriguez Aguilar

Naturgy’s 10% self-tender offer at €26.50/share offers a 3.5% premium and ~40.6% annualized return, pending CNMV approval with settlement likely by mid-May 2025.
Strategic negotiations may see Taqa acquire up to 29.9% from exiting funds GIP and CVC, rebalancing Naturgy’s ownership toward industrial partners and reducing geopolitical friction.
With treasury shares reissued, free float could rise to 21%, boosting ADTV above €12 million and enhancing index eligibility, while dividend payouts remain attractive despite temporary uplift being unsustainable.

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Mar 27

Daily Brief Industrials: DN Solutions, Shenzhen International, Itochu Corp, FedEx Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

DN Solutions IPO: Valuation Insights
Shenzhen Intl (152 HK): Delivered as Promised
Itochu the Fashion Giant Doubles Down on Brand Business
FedEx’s $600 Million Secret: Cost Cuts, Controversy, and a Game-Changing Split!

DN Solutions IPO: Valuation Insights

By Arun George

DN Solutions (298440 KS), the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.
We previously discussed the IPO in DN Solutions IPO: The Bull Case and DN Solutions IPO: The Bear Case.
I examine the syndicate’s valuation methodology. My analysis suggests that DN Solutions is palatable in the low end of the IPO price range.

Shenzhen Intl (152 HK): Delivered as Promised

While Shenzhen International (152 HK)‘s FY24 result is at the low end of the positive profit alert range, its 2H24 net profit has still grown by 22.7%.
Better outlook at Shenzhen Expressway (548 HK) and margin improvement for logistics hubs will drive FY25. Upside will come from further gains at South China Logistics Park.
SZI’s valuations of 5.9x PER, 8.4% yield, and 0.5x P/B for FY25F are attractive. As more deals are sealed to realise its asset value, its P/B discount will narrow.

Itochu the Fashion Giant Doubles Down on Brand Business

By Michael Causton

Warren Buffett is investing more in Japan’s trading companies for a variety of reasons but Itochu stands alone in its dominance of Japan’s fashion sector.
Itochu continues to emphasise investment in consumer brands, particularly fashion and sports, but will now adjust its decades-old playbook, introducing more direct oversight of subsidiaries and affiliates.
This will include a big new push to turn Vivienne Westwood into a luxury brand, upgrading Paul Smith and bringing Descente Ltd (8114 JP) in-house

FedEx’s $600 Million Secret: Cost Cuts, Controversy, and a Game-Changing Split!

FedEx Corporation’s third-quarter fiscal 2025 performance showcases a balanced mix of operational successes and challenges.
The results highlight a 2% year-over-year revenue increase, primarily attributed to operational efficiency initiatives, notably the DRIVE savings program, which achieved $600 million in savings for the quarter.
Driven by these efficiencies, the company saw a 12% increase in adjusted operating income and a 17% rise in adjusted EPS compared to the previous year.

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Mar 27

Daily Brief Energy/Materials: EcoPro Materials, Kum Yang , SGX Rubber Future TSR20, MMG, Apl Apollo Tubes, Forum Energy Technologies , Valero Energy, Chevron Corp, Green Plains, Pharos Energy and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Ecopro Materials: Announces A Capital Raise Worth 389 Billion Won
Korea Exchange Highlights 38 Companies That Could Be Delisted in 2025
UK Breaks Ground On First Tire To Fuel Facility Amid ELT Export Row
Tactical Trading -Revisiting MMG as Copper and Other Base Metals Perk Up
APL Apollo Tubes (APAT IN) Stepping up the Gas on Capacity Expansions
Forum Energy Technologies, Inc: Confident Free Cash Flow Outlook
Valero Energy Corporation: How The St. Charles FCC Project Can Enhance Its Refining Efficiency!
Chevron Corporation: Permian Basin Growth, Cash Flow Optimization & Other Major Drivers!
Green Plains, Inc. – Early Mover with Ethanol Carbon Capture and Sequestration (CCS)…
Pharos Energy Plc (LSE: PHAR): Return to production growth in Vietnam

Ecopro Materials: Announces A Capital Raise Worth 389 Billion Won

EcoPro Materials announced a capital raise worth 389 billion won. The company plans to issue 5.12 million new shares, representing 7.3% of its current outstanding shares (69.74 million).
This capital raise is in the form of redeemable convertible preferred shares (RCPS). Conversion price of this RCPS is 75,974 won which is 9.9% higher than current price.
Ecopro Materials’ share price is down 27% from 27 February 2025. We continue to remain negative on Ecopro Materials.

Korea Exchange Highlights 38 Companies That Could Be Delisted in 2025

On 26 March, Korea Exchange provided a list of 38 companies in KOSPI and KOSDAQ that are subject to delisting this year.
These 38 companies have a combined market cap of 3.4 trillion won.
Many of these companies have received ‘refusals of opinion’ from auditors in the audit report. Some of them also face charges of embezzlement and breach of trust.

UK Breaks Ground On First Tire To Fuel Facility Amid ELT Export Row

By Vinod Nedumudy

US$127 million tire recycling plant coming up in Sunderland
TRA calls for immediate action to end the T8 exemption
ATMA’s stress to rein in ELT imports comes as wakeup call for UK

Tactical Trading -Revisiting MMG as Copper and Other Base Metals Perk Up

By Rikki Malik

Copper and other base metals have been rising all year
The Trump tariff bump is not the only reason for this
Much less speculative positioning in futures vs previous peak meaning real world demand is the driver

APL Apollo Tubes (APAT IN) Stepping up the Gas on Capacity Expansions

By Rahul Jain

APL Apollo has raised its capex guidance to accelerate growth in high-margin, value-added products (VAP) and new segments like heavy structural tubes, pre-engineered buildings, and solar structures.
Margins have recovered from Q2 lows but remain subdued due to weak steel prices. Sales volumes have grown at an 18% CAGR.
Trading at 65x TTM P/E vs. a 5-year average of 50x. A strong execution track record and RoCE >25% provide confidence in growth execution.

Forum Energy Technologies, Inc: Confident Free Cash Flow Outlook

By Water Tower Research

FET’s confident free cash flow outlook in FY25 positions the company to consider returning cash to shareholders through an existing share repurchase authorization in 2025.
In December 2024, FET’s Board of Directors authorized a share repurchase program of up to $75 million.
The senior secured bonds (due 2029) issued in November 2024 allow repurchases after FET meets a defined leverage test.

Valero Energy Corporation: How The St. Charles FCC Project Can Enhance Its Refining Efficiency!

Valero Energy Corporation recently disclosed its financial performance for the third quarter of 2024.
The earnings report highlighted various aspects of the company’s operational and financial status, presenting a mixed set of results impacted by significant maintenance activities and a challenging margin environment.
During the quarter, Valero’s refineries operated at 90% of their throughput capacity, in line with previous guidance, despite a period of heavy maintenance.

Chevron Corporation: Permian Basin Growth, Cash Flow Optimization & Other Major Drivers!

Chevron Corporation’s latest earnings results reflect a mix of robust performance and challenges, characteristic of the dynamics within the energy sector.
The company reported fourth-quarter earnings of $3.2 billion, or $1.84 per share, with adjusted earnings at $3.6 billion, or $2.06 per share.
The quarter was impacted by one-time charges amounting to $1.1 billion related to restructuring and impairments, highlighting areas of financial strain amidst generally positive performance metrics.

Green Plains, Inc. – Early Mover with Ethanol Carbon Capture and Sequestration (CCS)…

By Water Tower Research

Green Plains, Inc. (GPRE) is a biorefining company that is evolving from a commodity-processing business into a value-added agricultural firm.
GPRE converts renewable crops like corn into low-carbon, sustainable ingredients through fermentation and patented ag technologies.
The company announced a shift from innovation to commercialization of key technologies, focusing on growth opportunities in low-carbon and sustainable products. GPRE is an early mover in ethanol CCS with its ‘Advantage Nebraska’ strategy.

Pharos Energy Plc (LSE: PHAR): Return to production growth in Vietnam

By Auctus Advisors

FY24 production and YE24 net cash have already been reported.
The FY25 production guidance of 5.0-6.2 mboe/d is unchanged.
However the highlight of the press release is the upcoming programme in Vietnam.

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Mar 27

Daily Brief TMT/Internet: Shinko Electric Industries, Baidu , Gigabyte Technology, NVIDIA Corp, Mitsubishi Motors, Micron Technology, Rambus, Microstrategy Inc Cl A, Kyndryl Holdings , Etoro Group and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Shinko Electric (6967) – Chicken and Logistics
Changes to Hang Seng Methodology – Early Doors but $3bn a Side Across Major Indices
Gigabyte GDR Early Look – Benefitting from the AI Server Wave, Further Scale-Up Underway
Episode 110: NVIDIA’s Identity Crisis
Tech Supply Chain Tracker (27-Mar-2025): Foxconn considers Mitsubishi partnership, ASEAN/Oceania expansion.
Micron Technology: China’s Ban, AI Boom, and a Secret Weapon: What’s Really Powering Them Forward?
Rambus Inc.: Their Focus On Advanced Memory Technologies Is Driving Our Bullishness!
Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600
Kyndryl Holdings Inc.: Hyperscaler-Related Revenue Expansion To Up Their Game!
EToro Group Ltd (ETOR): Peeking at the IPO Prospectus of a Crypto Focused Trading Platform

Shinko Electric (6967) – Chicken and Logistics

By Travis Lundy

The Tender Offer closed end of last week. The bidder JICC-04 got 59.281mm shares. Most of what was left over – perhaps even more than 100%, was passive-owned.
More than 100%? How does that work? It works because of how the logistics goes.
And right now, the reason why the stock is trading well through terms is a matter of Chicken and Logistics.

Changes to Hang Seng Methodology – Early Doors but $3bn a Side Across Major Indices

By Travis Lundy

Janaghan Jeyakumar, CFA put out June rebal predictions on HSCEI, HSTECH, and Hang Seng Internet & Infotech on 17-Mar-25 (and 7 mainland indices 19-21 March) and…
…the Quiddity team put out its regular predictions of all 7 major HS indices and 11 mainland indices, but on 21-March after the close, the Hang Seng team updated methodology.
They changed the way float is calculated for Secondary Listings in Hang Seng indices. It affects only a few names, but this adds US$2.7bn of buying to three names.

Gigabyte GDR Early Look – Benefitting from the AI Server Wave, Further Scale-Up Underway

By Akshat Shah

Gigabyte Technology (2376 TT) is looking to raise up to US$395m in its upcoming global depository receipts (GDRs) offering.
On 14th Mar 2025, Gigabyte announced that it received its board’s approval to sell upto 50m common shares via a GDR offering. The proceeds will be used for business development.
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.

Episode 110: NVIDIA’s Identity Crisis

By The Circuit

25,000 people attended Nvidia sessions, making it one of the busiest single company shows
Initial disappointment at keynote, followed by renewed enthusiasm after investor Q&A and show attendance
Disillusionment with lack of new AI advancements and repeated demos at Nvidia booth, feeling like a cult atmosphere

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Tech Supply Chain Tracker (27-Mar-2025): Foxconn considers Mitsubishi partnership, ASEAN/Oceania expansion.

By Tech Supply Chain Tracker

Foxconn is exploring a potential partnership with Mitsubishi Motors to expand into markets in ASEAN and Oceania regions.
Experts from Taiwan and the US are discussing cutting-edge advancements in AI at the AI Expo 2025.
Foxconn is revolutionizing traditional manufacturing methods with their innovative approach, as highlighted in a SEMI Country excerpt.

Micron Technology: China’s Ban, AI Boom, and a Secret Weapon: What’s Really Powering Them Forward?

Micron Technology’s recent performance has sparked mixed reactions across Wall Street, as investors try to reconcile strong product innovation with weak near-term financial guidance.
The company’s fiscal first-quarter results beat Wall Street expectations, with adjusted earnings of $1.79 per share, slightly above the consensus of $1.76.
Revenue stood at $8.7 billion, in line with projections.

Rambus Inc.: Their Focus On Advanced Memory Technologies Is Driving Our Bullishness!

Rambus has delivered a strong performance for the fiscal year 2024, achieving impressive results in both its financials and execution of strategic initiatives.
The company reported revenue of $161.1 million for the fourth quarter, surpassing the high end of its forecasts, and a record product revenue of $247 million for the year.
The company’s memory interface chip segment has been a significant contributor to this success, with revenue of $73 million for Q4, marking an 11% sequential increase and a 37% year-over-year increase.

Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600

By Joe Jasper

In our 2/25/25 Compass, we discussed our expectation for near-term downside. Also said one or two 8-10% pullbacks in a given year on the SPX is common
And said to not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers
The SPX had a -10.3% peak-to-trough decline, with support showing up at 5500; close enough to our 10% pullback and 5600 level. This has been a stellar buy area

Kyndryl Holdings Inc.: Hyperscaler-Related Revenue Expansion To Up Their Game!

Kyndryl Holdings Inc. delivered strong financial results for the third quarter of fiscal 2025, reflecting robust execution of its strategic initiatives and growth in key areas.
The company reported a significant 31% increase in contract signings over the past year, amounting to $16.3 billion.
This represents the fifth consecutive quarter of year-over-year growth in signings, indicative of sustained demand for Kyndryl’s modernization, cloud, security, and AI services.

EToro Group Ltd (ETOR): Peeking at the IPO Prospectus of a Crypto Focused Trading Platform

By IPO Boutique

As of December 31, 2024, they had approximately 3.5 million Funded Accounts across their global footprint of 75 countries.
As of December 31, 2024, the Company had $113 million of cryptoassets presented as current assets, and $5,775 million cryptoassets held on behalf of its users in custody.
In 2024, eToro generated $12.6bn of revenue, of which $12.1bn was attributable to crypto assets and the remainder from equities, commodities and currencies.

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Mar 27

Daily Brief Industrials: DN Solutions, Shenzhen International, Itochu Corp, FedEx Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

DN Solutions IPO: Valuation Insights
Shenzhen Intl (152 HK): Delivered as Promised
Itochu the Fashion Giant Doubles Down on Brand Business
FedEx’s $600 Million Secret: Cost Cuts, Controversy, and a Game-Changing Split!

DN Solutions IPO: Valuation Insights

By Arun George

DN Solutions (298440 KS), the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.
We previously discussed the IPO in DN Solutions IPO: The Bull Case and DN Solutions IPO: The Bear Case.
I examine the syndicate’s valuation methodology. My analysis suggests that DN Solutions is palatable in the low end of the IPO price range.

Shenzhen Intl (152 HK): Delivered as Promised

While Shenzhen International (152 HK)‘s FY24 result is at the low end of the positive profit alert range, its 2H24 net profit has still grown by 22.7%.
Better outlook at Shenzhen Expressway (548 HK) and margin improvement for logistics hubs will drive FY25. Upside will come from further gains at South China Logistics Park.
SZI’s valuations of 5.9x PER, 8.4% yield, and 0.5x P/B for FY25F are attractive. As more deals are sealed to realise its asset value, its P/B discount will narrow.

Itochu the Fashion Giant Doubles Down on Brand Business

By Michael Causton

Warren Buffett is investing more in Japan’s trading companies for a variety of reasons but Itochu stands alone in its dominance of Japan’s fashion sector.
Itochu continues to emphasise investment in consumer brands, particularly fashion and sports, but will now adjust its decades-old playbook, introducing more direct oversight of subsidiaries and affiliates.
This will include a big new push to turn Vivienne Westwood into a luxury brand, upgrading Paul Smith and bringing Descente Ltd (8114 JP) in-house

FedEx’s $600 Million Secret: Cost Cuts, Controversy, and a Game-Changing Split!

FedEx Corporation’s third-quarter fiscal 2025 performance showcases a balanced mix of operational successes and challenges.
The results highlight a 2% year-over-year revenue increase, primarily attributed to operational efficiency initiatives, notably the DRIVE savings program, which achieved $600 million in savings for the quarter.
Driven by these efficiencies, the company saw a 12% increase in adjusted operating income and a 17% rise in adjusted EPS compared to the previous year.

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Mar 27

Daily Brief Health Care: Wuxi Biologics, Veeda Clinical Research Ltd, Merck & Co, Soligenix and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Wuxi Biologics (2269 HK): 2024 Revenue Meets Guidance; Poised for Accelerated Growth in 2025
Wuxi Biologics (2269 HK) – The Concerns Behind 2024 Results and the Outlook in 2025
Veeda Clinical Research Pre-IPO – Positioned for Growth Amid Financial Risks
Merck’s $25 Billion Lifeline Is About to Expire — Here’s the Bold Plan to Replace It!
SNGX: Preclinical Data Shows CiVax Booster Induces Broad Protection Against COVID-19

Wuxi Biologics (2269 HK): 2024 Revenue Meets Guidance; Poised for Accelerated Growth in 2025

By Tina Banerjee

Wuxi Biologics (2269 HK) has reported 2024 result, with revenue growing 10% YoY to RMB19B and net profit increasing 11% YoY to RMB4B. Revenue from non-COVID business increased 13% YoY.
Total backlog reached $18.5B as of December 31, 2024, including $10.5B service backlog and $8.0B upcoming potential milestone fees, while the total backlog within three years stood at $3.7B.
Wuxi Biologics guided for 12–15% YoY revenue growth for 2025. Revenue from continuing operation (excluding revenue from Ireland Vaccines) is expected to grow 17–20% YoY in 2025.

Wuxi Biologics (2269 HK) – The Concerns Behind 2024 Results and the Outlook in 2025

By Xinyao (Criss) Wang

The performance of WuXi Bio in 2024 was mainly driven by WuXi XDC. If excluding the contribution from WuXi XDC, the growth of WuXi Bio in 2024 would be negative.
WuXi Bio ‘s growth is slowing down and may not return to its previous high growth in the future.Investors may need to get used to around 20% annual growth ahead.
High valuation is unjustified. P/E of about 30 is not cheap. We would recommend investors to take profits, and P/E of below 20 is a more comfortable place to buy.

Veeda Clinical Research Pre-IPO – Positioned for Growth Amid Financial Risks

By Rosita Fernandes

Veeda Clinical Research Ltd (3340714Z IN) (VCRL) is planning to raise about US$115m in its upcoming India IPO.
VCRL is a global contract research organization offering comprehensive drug development services, including non-clinical, pre-clinical, clinical trials, and studies across diverse drug types like generics, biosimilars, and medical devices.
The company operates in key global markets, including North America, Europe, and Asia, with a presence in India.

Merck’s $25 Billion Lifeline Is About to Expire — Here’s the Bold Plan to Replace It!

By Special Situation Investments

Merck & Co.’s fourth-quarter 2024 financial performance reflects a complex landscape of strength in some areas alongside challenges in others.
The company’s overall revenue increased by 7% to $15.6 billion, or 9% when accounting for foreign exchange impacts, partly driven by robust performance in its oncology and Animal Health segments.
This growth trajectory, supporting strong demand for innovative products like KEYTRUDA, contrasts with notable headwinds faced with GARDASIL, particularly in the Chinese market.

SNGX: Preclinical Data Shows CiVax Booster Induces Broad Protection Against COVID-19

By Zacks Small Cap Research

On March 21, 2025, Soligenix, Inc. (SNGX) announced financial results for 2024 and provided a business update.
The company recently announced a publication in the journal COVID highlighting preclinical results showing that CiVax , a thermostabilized subunit vaccine against SARS-CoV-2, in combination with a primary adenovirus vaccine induced broader protection against COVID-19 variants in non-human primates than a 2-shot mRNA series.
The company’s ThermoVax platform has previously produced efficacious, thermostabilized vaccines for ricin toxin and filoviruses (Ebola, Marburg, etc.).

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Mar 27

Daily Brief Financials: Saga Pure, China Construction Bank H, Coinbase Global , Corp Financiera Alba Sa, ICBC (H) and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Norwegian Billionaire Øystein Spetalen’s Mandatory Bid for SAGA Pure
China Construction Bank (939 HK/601939 CH) Earnings on 28 Mar: Anticipated Price Move and Strategy
Coinbase’s Steep Drop Might Make It Interesting, But It Hasn’t Made It Cheap
Taking Stock Off the Market: Alba’s Final Call
ICBC (1398 HK) Earnings on 28 Mar: Anticipated Price Move and Strategy

Norwegian Billionaire Øystein Spetalen’s Mandatory Bid for SAGA Pure

Øystein Spetalen’s 50% ownership in SAGA Pure triggers a mandatory bid, with shares trading at 1.31 NOK.
SAGA’s NAV is 1.79-1.87 NOK/share, with potential value from SDSD acquisition, contrasting with the mandatory bid price.
SAGA’s shareholder base is mostly retail, unlike SDSD, affecting potential bid strategies and investor expectations.

China Construction Bank (939 HK/601939 CH) Earnings on 28 Mar: Anticipated Price Move and Strategy

By Gaudenz Schneider

China Construction Bank H (939 HK) / China Construction Bank (601939 CH) is scheduled to report its annual 2024 financial results on 28 March 2025, 17:00-18:15, Beijing time.
Expected Price Movement: Option implied movement and historically recorded movement both indicate muted price action after earnings.
Dividend Outlook: CCB has switched to semi-annual dividends, with current yields at 6.4% for H shares and 4.7% for A shares. The bank has a history of dividend increases.

Coinbase’s Steep Drop Might Make It Interesting, But It Hasn’t Made It Cheap

By Finimize Research

Coinbase’s recent plunge might make this crypto exchange look like a tempting buy, but don’t assume it’s a bargain just yet.
Regulatory clarity is key for wider crypto adoption, and the new administration is likely to approve stablecoin and market structure laws later this year.
To justify a higher valuation, the firm needs to build a more diverse and stable revenue stream that’s less dependent on transaction fees from trading.

Taking Stock Off the Market: Alba’s Final Call

By Jesus Rodriguez Aguilar

Corporación Financiera Alba’s delisting offer runs from today until April 24, 2025, offering €84.20 per share with a 0.60% gross spread and no intention to implement a squeeze-out.
With shares trading at €83.70 and low daily liquidity (~€1 million), the offer presents a 6.05% annualized return for investors tendering into the deal by the estimated May 2 settlement.
Despite a 15.6% NAV discount, arbitrage through shorting Alba’s listed assets is complex and likely only feasible for institutional investors with efficient execution and access to shorting facilities.

ICBC (1398 HK) Earnings on 28 Mar: Anticipated Price Move and Strategy

By Gaudenz Schneider

ICBC (H) (1398 HK) / ICBC (A) (601398 CH) is scheduled to report its annual 2024 financial results on 28 March 2025, 17:30-18:30, Beijing time.
Expected Price Movement: Option implied movement and historically recorded movement both indicate price action comparable to that of a typical trading day.
Dividend Outlook: ICBC has switched to semi-annual dividends, with current yields at 6.0% for H shares and 4.5% for A shares. The bank has a history of dividend increases.

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Mar 27

Daily Brief Consumer: Alibaba Group Holding , Indian Hotels, Hang Seng Index, Hyundai Motor, BYD, PDD Holdings, Nestle India, Altria Group, Viomi Technology Co Ltd, Lennar Corp A and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Alibaba (9988 HK): Top Trades – Strategies That Stand Out.
NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn
Hang Seng Index FAF Calculation Change: Buy The Dip!
Hyundai Motor Group – $21 Billion Investment in the US [Where Will the Money Come From?]
BYD’s 5-Minute Charge to Global EV Supremacy: Is Tesla Already Left Behind?
Is PDD the Silent Giant That Could Crush Alibaba? Here’s What the Data Says!
Quiddity Leaderboard BSE/SENSEX Jun25: Some Names Are Still Close to the Border
Altria’s Secret Weapon: How This Tobacco Giant Keeps Winning Despite Shrinking Cigarette Sales!
VIOT: A deep value growth story delivers solid results. Increasing our estimates and valuation target to 4.50
Is Lennar the Netflix of Homebuilding? Inside the Strategy Turning Heads on Wall Street!

Alibaba (9988 HK): Top Trades – Strategies That Stand Out.

By Gaudenz Schneider

This Insight analyses Alibaba Group Holding (9988 HK) multi-leg option strategies traded over the last five trading days on the Hong Kong Exchange. Strategy highlights and volatility context are provided.
These traders tailor structures to risk budgets and take calculated bets. With implied volatility below its median and below realized volatility, all strategies reviewed are long volatility.
Almost 20% of all strategies are Calendar or Diagonal Spreads. Diagonal spreads can even earn premium in the current volatility environment. A live strategy is examined.

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

By Brian Freitas

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.

Hang Seng Index FAF Calculation Change: Buy The Dip!

By Nico Rosti

As reported by Travis Lundy , the Hang Seng Index (HSI INDEX) Committee changed the way float is calculated for Secondary Listings in Hang Seng indices.
This action is expected to add US$2.7bn of buying to some names- read Travis Lundy’s insight for more details on this.
The HSI INDEX is currently down 3 weeks, and quite OVERSOLD, buying the dip, at this point makes a lot of sense.

Hyundai Motor Group – $21 Billion Investment in the US [Where Will the Money Come From?]

In the past week, one of the biggest stories in Korea has been the Hyundai Motor Group’s mega $21 billion investment in the United States.
There is a real concern that Hyundai Motor may need to raise external capital to fund its US investments/share buybacks/dividends in 2027/2028.
Hyundai Motor (005380 KS) remains one of the most undervalued global auto companies. It is trading at P/E of 4.7x in 2025 and 4.5x in 20026.

BYD’s 5-Minute Charge to Global EV Supremacy: Is Tesla Already Left Behind?

Chinese EV giant BYD has kicked off 2025 with an aggressive push that’s shaking up the global electric vehicle landscape.
From launching EVs that can charge in just five minutes to a soaring share price and record sales, BYD is not just catching up with Tesla — it’s pulling ahead on nearly every front.
In recent weeks, BYD’s stock surged to a record high following the announcement of its ultra-fast-charging Super e-Platform.

Is PDD the Silent Giant That Could Crush Alibaba? Here’s What the Data Says!

PDD Holdings, Inc. presented its financial results for the fourth quarter and full fiscal year of 2024, showcasing a strategy focused on high-quality development and ecosystem advancement.
The company reported stable financial performance in the last quarter, closing with a revenue increase to RMB 110.6 billion, a 24% year-over year gain.
For the entire year, revenues climbed 59% to a total of RMB 393.8 billion, marking a moderation from previous growth rates.

Quiddity Leaderboard BSE/SENSEX Jun25: Some Names Are Still Close to the Border

By Janaghan Jeyakumar, CFA

In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be two ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.

Altria’s Secret Weapon: How This Tobacco Giant Keeps Winning Despite Shrinking Cigarette Sales!

Altria Group reported its fourth quarter and full-year 2024 earnings with several noteworthy developments.
Financially, the company delivered strong results, primarily supported by its core tobacco operations.
Altria grew its adjusted diluted earnings per share (EPS) by 3.4% for the full year, maintaining a trend of returning substantial capital to shareholders through $10.2 billion in dividends and share repurchases.

VIOT: A deep value growth story delivers solid results. Increasing our estimates and valuation target to 4.50

By Zacks Small Cap Research

Viomi announced second half results that beat our expectations on the top and bottom line while presenting continuing operations (Water Systems, Consumables and Kitchen Appliances) that appear to be solidly profitable.
Viomi has a very strong partner in Xiaomi and the company appears to be looking to grow in new markets by replicating this model to some degree.
Viomi’s strong balance sheet should enable it to pursue multiple growth strategies (expansion, new products, M&A) over the next 3-5 years.

Is Lennar the Netflix of Homebuilding? Inside the Strategy Turning Heads on Wall Street!