Daily Briefs

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.

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.

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.

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Mar 27

Daily Brief Singapore: SGX Rubber Future TSR20, UOB Kay Hian Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

UK Breaks Ground On First Tire To Fuel Facility Amid ELT Export Row
kopi-C with Southern Alliance Mining’s COO: Mining the future with rare earths and gold

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

kopi-C with Southern Alliance Mining’s COO: Mining the future with rare earths and gold

By Geoff Howie

Southern Alliance Mining is diversifying from high-grade iron ore to rare earth elements and gold to expand operations.
The company is acquiring stakes in MCRE Resources and Paramount Synergy to enhance its rare earth mining capabilities.
SAM is engaging in cost mapping and supply chain management to mitigate risks from geopolitical events and material shortages.

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Mar 27

Daily Brief United States: NVIDIA Corp, Altria Group, Micron Technology, Xcel Energy Inc, Coinbase Global , FedEx Corp, Rambus, Forum Energy Technologies , Etoro Group, Microstrategy Inc Cl A and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Episode 110: NVIDIA’s Identity Crisis
Altria’s Secret Weapon: How This Tobacco Giant Keeps Winning Despite Shrinking Cigarette Sales!
Micron Technology: China’s Ban, AI Boom, and a Secret Weapon: What’s Really Powering Them Forward?
Xcel Energy – a bright spark to power growth
Coinbase’s Steep Drop Might Make It Interesting, But It Hasn’t Made It Cheap
FedEx’s $600 Million Secret: Cost Cuts, Controversy, and a Game-Changing Split!
Rambus Inc.: Their Focus On Advanced Memory Technologies Is Driving Our Bullishness!
Forum Energy Technologies, Inc: Confident Free Cash Flow Outlook
EToro Group Ltd (ETOR): Peeking at the IPO Prospectus of a Crypto Focused Trading Platform
Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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

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Mar 27

Daily Brief India: Indian Hotels, SGX Rubber Future TSR20, Nestle India, Apl Apollo Tubes, Veeda Clinical Research Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn
UK Breaks Ground On First Tire To Fuel Facility Amid ELT Export Row
Quiddity Leaderboard BSE/SENSEX Jun25: Some Names Are Still Close to the Border
APL Apollo Tubes (APAT IN) Stepping up the Gas on Capacity Expansions
Veeda Clinical Research Pre-IPO – Positioned for Growth Amid Financial Risks

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.

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

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.

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.

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.

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Mar 27

Daily Brief China: ENN Energy, Baidu , Alibaba Group Holding , Hang Seng Index, BYD, PDD Holdings, Shenzhen International, China Construction Bank H and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

ENN Energy (2688 HK): ENN Natural Gas’ Preconditional Cash/Scrip Offer
Changes to Hang Seng Methodology – Early Doors but $3bn a Side Across Major Indices
Alibaba (9988 HK): Top Trades – Strategies That Stand Out.
ENN Energy (2688 HK): Our Initial View on the Privatisation – Valuation and Fundamentals
Hang Seng Index FAF Calculation Change: Buy The Dip!
ENN Energy (2688 HK) Privatization: Details & Index Implications
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!
Shenzhen Intl (152 HK): Delivered as Promised
China Construction Bank (939 HK/601939 CH) Earnings on 28 Mar: Anticipated Price Move and Strategy

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.

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

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.

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.

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

By Osbert Tang, CFA

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.

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.

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

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).

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.

Shenzhen Intl (152 HK): Delivered as Promised

By Osbert Tang, CFA

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.

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.

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Mar 27

Daily Brief Japan: Shinko Electric Industries, Itochu Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Shinko Electric (6967) – Chicken and Logistics
Itochu the Fashion Giant Doubles Down on Brand Business

Shinko Electric (6967) – Chicken and Logistics

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.

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

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Mar 27

Most Read: Rio Tinto Ltd, BayCurrent Consulting , Mixue Group, ENN Energy, Shinko Electric Industries, Shopify , Baidu and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Rio Tinto (RIO AU/RIO LN): Unification Index Flows
The Japan March-End Rebal and Dividend Trade
ENN Energy (2688 HK): Third Party Offer?
Nikkei 225 Index Rebalance: Positioning With a Few Days to Implementation
HSCI Index Rebalance Preview: Three Hot Inclusions to Stock Connect in June
ENN Energy (2688 HK): ENN Natural Gas’ Preconditional Cash/Scrip Offer
Shinko Electric (6967) – Chicken and Logistics
Shopify (SHOP US): Adds to Cart Nasdaq100, S&P500, R1000 and Krisp After US Listing & Filing Changes
Changes to Hang Seng Methodology – Early Doors but $3bn a Side Across Major Indices
UK: Low CPI As Seasonal Sales Extend

Rio Tinto (RIO AU/RIO LN): Unification Index Flows

At the upcoming AGM, Rio Tinto Ltd and Rio Tinto PLC shareholders will vote on the company commencing a review on the benefits vs costs of Unification.
Palliser Capital has been pushing for Unification while the Rio Tinto Board has recommended that shareholders vote against Resolution 21/24 citing tax costs among other reasons.
If the Unification completes, S&P/ASX trackers will need to buy Rio Tinto Ltd (RIO AU) while UKX Index (UKX INDEX) trackers will sell Rio Tinto PLC (RIO LN). Net positive.

The Japan March-End Rebal and Dividend Trade

Every year it’s the same trade. But sometimes it is not. This year it is Thursday and Friday. Or not.
The month-end and quarter-end bring big flows, or not, depending on how things have gone.
Over the past 10 years or so, the two-day return on the March trade is pretty good. This year? Well read on!

ENN Energy (2688 HK): Third Party Offer?

By David Blennerhassett

ENN Energy (2688 HK), a major clean energy distributor based in China, is currently suspended pursuant to the Takeovers Code
The largest shareholder is ENN Group (34.28% of shares out), an entity controlled by founder Wang Yusuo and his wife, Zhao Baoju.
ENN Energy is a US$8.5bn market cap company. It’s possible ENN Group make an Offer. But more likely, I’d expect an Offer from a (larger) third party.

Nikkei 225 Index Rebalance: Positioning With a Few Days to Implementation

BayCurrent Consulting (6532 JP) replaces Mitsubishi Logistics (9301 JP) in the Nikkei 225 (NKY INDEX) at the close of trading on 31 March.
Since announcement, BayCurrent Consulting (6532 JP) stock is up with cumulative excess volume increasing, while Mitsubishi Logistics (9301 JP) is lower on a much bigger increase in cumulative excess volume.
Some of the forecast adds and deletes have moved as one would expect, but positioning for the September rebalance could lead to reversals over the next few weeks and months.

HSCI Index Rebalance Preview: Three Hot Inclusions to Stock Connect in June

There have been 14 new listings on the Main Board of the HKEX in Q1. One listing is a transfer from the GEM Board and one is a De-SPAC.
Of the 14 stocks, we see Mixue Group (2097 HK), Guming Holdings (1364 HK) and Bloks Group (1850960D CH) as potential HSCI inclusions in June.
There are no lock-up expiries in the stocks ahead of inclusion in Southbound Stock Connect and the low float could take the stocks higher ahead of the index inclusion announcement.

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.

Shinko Electric (6967) – Chicken and Logistics

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.

Shopify (SHOP US): Adds to Cart Nasdaq100, S&P500, R1000 and Krisp After US Listing & Filing Changes

By Dimitris Ioannidis

Shopify (SHOP US) is eligible for Nasdaq100 following its listing transfer from NYSE to Nasdaq on 31 March. Inclusion is anticipated in December 2025 or earlier as a replacement.
Shopify (SHOP US) is expected to be added to R1000 and Krisp Mega in June 2025 due to a new domestic 10-K filing which results in a US nationality assignment.
The company can be considered for TMI and S&P500 only if it re-domiciles to US. New filings and US headquarters point towards that direction, but no plans have been announced.

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

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.

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.

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Mar 26

Daily Brief ECM: Frasers Centrepoint Trust Placement: Not a Whole Lot of DPU Accretion and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Frasers Centrepoint Trust Placement: Not a Whole Lot of DPU Accretion
D’Alba Global IPO Preview
StubHub Holdings (STUB): Scalable Secondary Ticket Marketplace Company Files for IPO
Maynilad Water Services Pre-IPO Tearsheet
Duality Biotherapeutics (映恩生物) Pre-IPO: A Closer Look at Its Core Products
DN Solutions IPO – Thoughts on Valuations – Probably Needs a Price Cut
SmartStop Self Storage REIT, Inc. (SMA): Long-Awaited REIT to Make April Debut
Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO

Frasers Centrepoint Trust Placement: Not a Whole Lot of DPU Accretion

By Nicholas Tan

Frasers Centrepoint Trust (FCT SP) aims to raise around US$153m in order to partly fund its full acquisition of Northpoint City South Wing.
This will complement the company’s operations of the Northpoint City North Wing and consolidate the entire Northpoint City under its ownership.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.

D’Alba Global IPO Preview

D’Alba Global is getting ready to complete its IPO in KOSPI in May 2025. IPO price range is from 54,500 won to 66,300 won per share.
According to the bankers’ valuation, the expected market cap of the company will be 692 billion won to 842 billion won post IPO.
D’Alba Global has one of the best growth rates for sales and operating profits among Korean cosmetic companies in the past four years.

StubHub Holdings (STUB): Scalable Secondary Ticket Marketplace Company Files for IPO

Operator of one of the largest global secondary ticketing marketplace for live event, StubHub Holdings, filed for an IPO on Friday, March 21st.
Their revenue was $1,770.6 million, $1,367.7 million and $1,036.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.
GMS increased from $6.85b –> $8.67b from 2023 to 2024 representing a 26.5% increase

Maynilad Water Services Pre-IPO Tearsheet

By Troy Wong

Maynilad Water Services, Inc. (MWS) is looking to raise at least US$633mn in its upcoming Philippines IPO. The deal will be run by BPI Capital, HSBC, MS, and UBS.
MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
MWS is majority owned by Maynilad Water Holding Company, Inc. (MWHCI), enjoying the support of conglomerates like Metro Pacific Investments Corporation (MPIC), DMCI Holdings, Inc. (DMCI), and Marubeni Corporation (Marubeni).

Duality Biotherapeutics (映恩生物) Pre-IPO: A Closer Look at Its Core Products

By Ke Yan, CFA, FRM

Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.
We looked at the latest prospectus and noted it toned down the language and strengthened its team.
We also compare the clinical readings of its core products with benchmark products.

DN Solutions IPO – Thoughts on Valuations – Probably Needs a Price Cut

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.
We have looked at its past performance in our earlier notes. In this note, we will talk about valuations.

SmartStop Self Storage REIT, Inc. (SMA): Long-Awaited REIT to Make April Debut

A REIT which had been in the pipeline since March 2022 has finally set terms for a potential April debut.
Total self storage related revenues for the years ended December 31, 2024 and 2023 were approximately $219.0 million and $215.3 million, respectively.
The company intends to pay monthly distributions. The IPO is scheduled to debut on April 2nd.

Ategrity Specialty Holdings (ASIC): Peeking at the Prospectus of the Next Specialty Insurer IPO