Category

Daily Briefs

Nov 23
0

Daily Brief ESG: Financial Institutions Should Accelerate the Reduction of Their Policy Shareholdings and more

By | Daily Briefs, ESG

In today’s briefing:

  • Financial Institutions Should Accelerate the Reduction of Their Policy Shareholdings

Financial Institutions Should Accelerate the Reduction of Their Policy Shareholdings

By Aki Matsumoto

  • During fiscal year 2024, which spans March 2024 to March 2025, the policy-held shares are estimated to have been reduced by approximately 20%.
  • Financial institutions are accelerating their expansion into overseas markets, and as profits from Japanese operations stagnate, the rationale for maintaining cross-shareholdings with Japanese companies is diminishing.
  • Some companies focused on the domestic market wish to continue holding cross-shareholdings due to business relationships. The gap between these companies and those expanding globally is expected to widen further.

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Nov 23
0

Daily Brief Thematic (Sector/Industry): Japan Strategy Weekly | Stimulus Vs. Rising Yields and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Japan Strategy Weekly | Stimulus Vs. Rising Yields
  • APAC Healthcare Weekly (November 23) – 3SBio, Celltrion, Hanmi Pharm, HK Inno.N, Otsuka, CSL
  • Exencial Industry Tidings 21/11/2025

Japan Strategy Weekly | Stimulus Vs. Rising Yields

By Mark Chadwick

  • Japanese equities fell as AI and semiconductor stocks swung sharply, with brief Nvidia-driven optimism fading into week-ending profit-taking that dragged major indices lower.
  • Top performer, Asahi Intecc, jumped about 21% on strong 1Q results, margin gains from productivity efforts, and solid US momentum.
  • Dalton is steadily increasing its Anicom stake amid solid fundamentals, while NAVF builds Eiken holdings and advances governance reforms.

APAC Healthcare Weekly (November 23) – 3SBio, Celltrion, Hanmi Pharm, HK Inno.N, Otsuka, CSL

By Tina Banerjee

  • 3SBio will spin-off and separately list the shares of Mandi, a subsidiary of the company. Celltrion got EC approval for Remsima IV liquid, world’s first liquid formulation of IV infliximab.
  • Hanmi Pharmaceutical is acquiring all of the issued and outstanding common shares of Aptose Biosciences that are not currently owned or controlled by Hanmi.
  • Otsuka got CHMP positive opinion for donidalorsen for the prevention of recurrent attacks of HAE. CSL plans to expand U.S. presence over the next five years, with ~$1.5B U.S. capex.

Exencial Industry Tidings 21/11/2025

By Viral Kishorchandra Shah

  • Vegetable oils & products industry’s sales grow by 22.6% in September 2025 quarter
  • Pesticides industry ‘s sales stagnate in September 20 25 quarter
  • PSU OMCs to source 2.2 mmtpa US LPG priced off Mont Belvieu

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Nov 23
0

Daily Brief ECM: 3SBio (1530 HK) Plans to Spin-Off and List Mandi in HK – Thoughts on The “Implied” IPO Price and more

By | Daily Briefs, ECM

In today’s briefing:

  • 3SBio (1530 HK) Plans to Spin-Off and List Mandi in HK – Thoughts on The “Implied” IPO Price

3SBio (1530 HK) Plans to Spin-Off and List Mandi in HK – Thoughts on The “Implied” IPO Price

By Xinyao (Criss) Wang

  • 3SBio plans to spin-off and list Mandi on Hong Kong Stock Exchange. The spin-off will allow Mandi to operate independently, with 3SBio ceasing to hold any interest in it post-listing. 
  • Minoxidil is the main performance driver for Mandi. Our forecast is its revenue growth in 2025 would be 15%-20% YoY, with projected revenue range for 2025 of RMB1.538-1.604 billion.
  • Considering Mandi ®’s market leadership position and a growth rate higher than the industry average, we estimate its forward P/S at 20-25x. Then, valuation range for Mandi is RMB31-40 billion.

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Nov 23
0

Daily Brief South Korea: SK Square , KT&G Corporation and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Unexpected ETF-Driven Flow Event Lights up the KOSPI 200 IT Sleeve
  • Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly 21 November to 5 December 2025)

Unexpected ETF-Driven Flow Event Lights up the KOSPI 200 IT Sleeve

By Sanghyun Park

  • If the three non-IT names exit IT, passive flows hit hard: SK Square/LG Electronics ~0.4× DTV out, LG Corp ~0.8× DTV out, new IT entrants ~0.2–0.25× DTV in.
  • If KRX surprises next Tuesday, kicking three names from IT, expect immediate tape reaction—market memory exists, but the scenario isn’t priced, unlike 2023 Kakaopay, so instant price impact is likely.
  • If this happens, June 11 turns into a chunky basket-flow day: SK Square (~15% weight) out, next-tier caps see ~0.15–0.2× DTV inflow, except ultra-liquid names like Hanmi Semi.

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly 21 November to 5 December 2025)

By Douglas Kim

  • In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (21 November to 5 December 2025).
  • Our top 10 picks in the past two weeks (7 to 21 November) were up on average 1.4% this period, outperforming KOSPI which was down 2.5% in the same period.
  • Our top 10 picks in the next two weeks include LG CNS, Hana Financial, Orion Corp, KT&G, Naver, KEPCO E&C, Hanmi Pharm, Amorepacific Corp, LG Chem (Pref), and SK Inc. 

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Nov 23
0

Daily Brief Event-Driven: Unexpected ETF-Driven Flow Event Lights up the KOSPI 200 IT Sleeve and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Unexpected ETF-Driven Flow Event Lights up the KOSPI 200 IT Sleeve
  • Asia-Pac M&A Weekly Wrap: RPMGlobal, Insignia, Webjet, Mayne Pharma, Jinke Smart, Digital Holdings
  • Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

Unexpected ETF-Driven Flow Event Lights up the KOSPI 200 IT Sleeve

By Sanghyun Park

  • If the three non-IT names exit IT, passive flows hit hard: SK Square/LG Electronics ~0.4× DTV out, LG Corp ~0.8× DTV out, new IT entrants ~0.2–0.25× DTV in.
  • If KRX surprises next Tuesday, kicking three names from IT, expect immediate tape reaction—market memory exists, but the scenario isn’t priced, unlike 2023 Kakaopay, so instant price impact is likely.
  • If this happens, June 11 turns into a chunky basket-flow day: SK Square (~15% weight) out, next-tier caps see ~0.15–0.2× DTV inflow, except ultra-liquid names like Hanmi Semi.

Asia-Pac M&A Weekly Wrap: RPMGlobal, Insignia, Webjet, Mayne Pharma, Jinke Smart, Digital Holdings

By David Blennerhassett

Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

By David Blennerhassett

  • Given the size of Mandi – relative to 3SBio Inc (1530 HK) – higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.
  • CATL (3750 HK)  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.
  • While Grindr (GRND US) Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. 

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Nov 23
0

Daily Brief United States: NVIDIA Corp, KULR Technology Group and more

By | Daily Briefs, United States

In today’s briefing:

  • 4-Hour Contagion: NVIDIA Q3, Advantest, the AI Flow Footprint on the Global Synchronized Selloff
  • Primer: KULR Technology Group (KULR US) – Nov 2025

4-Hour Contagion: NVIDIA Q3, Advantest, the AI Flow Footprint on the Global Synchronized Selloff

By Jay Cameron

  • Performance was in line with estimates, with total revenue of $57.01B and an expanding Non-GAAP Gross Margin of 73.6%. Management issued robust Q4 revenue guidance of $65B.
  • Despite strong fundamentals, the stock’s muted reaction and subsequent slide highlight the risk of unusual, synchronized cross-asset market drops, signaling a need to examine, and hedge against potential systemic vulnerability.
  • The synchronized cross-asset market drop on November 20, lacking a clear catalyst, suggests hidden systemic risk driven in part by algorithmic positioning.

Primer: KULR Technology Group (KULR US) – Nov 2025

By αSK

  • KULR Technology Group is transitioning from a service-oriented business to a product-driven company focused on thermal management and battery safety solutions, with a significant strategic pivot towards a Bitcoin-centric treasury model.
  • The company has established strong relationships with high-profile clients like NASA and the Department of Defense, leveraging its proprietary carbon fiber thermal management technology for mission-critical applications.
  • While revenue is growing, the company remains unprofitable with significant cash burn, and its recent foray into Bitcoin introduces a new layer of volatility and risk to its financial profile.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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Nov 23
0

Daily Brief Equity Bottom-Up: Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly 21 November to 5 December 2025) and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly 21 November to 5 December 2025)
  • Monthly Container Shipping Tracker: Poor Q3 Results, Weak Guidance, A Re-Opening of Suez? | AVOID
  • Primer: KULR Technology Group (KULR US) – Nov 2025

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly 21 November to 5 December 2025)

By Douglas Kim

  • In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (21 November to 5 December 2025).
  • Our top 10 picks in the past two weeks (7 to 21 November) were up on average 1.4% this period, outperforming KOSPI which was down 2.5% in the same period.
  • Our top 10 picks in the next two weeks include LG CNS, Hana Financial, Orion Corp, KT&G, Naver, KEPCO E&C, Hanmi Pharm, Amorepacific Corp, LG Chem (Pref), and SK Inc. 

Monthly Container Shipping Tracker: Poor Q3 Results, Weak Guidance, A Re-Opening of Suez? | AVOID

By Daniel Hellberg

  • Our measure of container shipping price momentum remained weak in October
  • Poor Q3 results and downbeat Q4/FY guidance from Maersk, Zim; and Suez re-opening?
  • Conditions are poor and will likely remain that way for a while; AVOID the sector

Primer: KULR Technology Group (KULR US) – Nov 2025

By αSK

  • KULR Technology Group is transitioning from a service-oriented business to a product-driven company focused on thermal management and battery safety solutions, with a significant strategic pivot towards a Bitcoin-centric treasury model.
  • The company has established strong relationships with high-profile clients like NASA and the Department of Defense, leveraging its proprietary carbon fiber thermal management technology for mission-critical applications.
  • While revenue is growing, the company remains unprofitable with significant cash burn, and its recent foray into Bitcoin introduces a new layer of volatility and risk to its financial profile.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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Nov 23
0

Daily Brief China: Hang Seng Index, Zhejiang Leapmotor Technologie, Geekplus Technology, Mandi, 3SBio Inc and more

By | China, Daily Briefs

In today’s briefing:

  • Hong Kong Single Stock Options Weekly (Nov 17 – 21): Breadth Collapses, Put Volumes Rise
  • HSTECH Index Rebalance: Leapmotor (9863 HK) To Replace ASMPT (522 HK) As Trade Hits US$3.5bn
  • [Quiddity Index] Dec25 Hang Seng Index Family Review; Flows for December 5 Rebal
  • 3SBio (1530 HK) Plans to Spin-Off and List Mandi in HK – Thoughts on The “Implied” IPO Price
  • Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

Hong Kong Single Stock Options Weekly (Nov 17 – 21): Breadth Collapses, Put Volumes Rise

By John Ley

  • Broad declines set a cautious tone as only a handful of single stocks avoided losses last week amid rising option volumes.
  • Market breadth deteriorated sharply, marking the weakest showing of the past year and highlighting the pressure across Hong Kong equities.
  • We highlight companies reporting next week in what shapes up as a busy week ahead with Baba and Meituan both reporting.

HSTECH Index Rebalance: Leapmotor (9863 HK) To Replace ASMPT (522 HK) As Trade Hits US$3.5bn

By Brian Freitas

[Quiddity Index] Dec25 Hang Seng Index Family Review; Flows for December 5 Rebal

By Travis Lundy

  • In this insight, we present the flows to buy and sell for each of the top 6 Hang Seng Index Family indices based on estimated tracking AUM.
  • The indices: Hang Seng Index (HSI), HS Tech Index (HSTECH), HS China Enterprise Index (HSCEI), HS HK Biotech (HSHKBIO), HS Internet & Infotech (HSIII), and HS Healthcare Index (HSHCI).
  • By Quiddity calculations based on the 21 November close, there is one-way flow across these six indices of HK$26.14bn (approximately), to trade on 5 December at the close.

3SBio (1530 HK) Plans to Spin-Off and List Mandi in HK – Thoughts on The “Implied” IPO Price

By Xinyao (Criss) Wang

  • 3SBio plans to spin-off and list Mandi on Hong Kong Stock Exchange. The spin-off will allow Mandi to operate independently, with 3SBio ceasing to hold any interest in it post-listing. 
  • Minoxidil is the main performance driver for Mandi. Our forecast is its revenue growth in 2025 would be 15%-20% YoY, with projected revenue range for 2025 of RMB1.538-1.604 billion.
  • Considering Mandi ®’s market leadership position and a growth rate higher than the industry average, we estimate its forward P/S at 20-25x. Then, valuation range for Mandi is RMB31-40 billion.

Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

By David Blennerhassett

  • Given the size of Mandi – relative to 3SBio Inc (1530 HK) – higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.
  • CATL (3750 HK)  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.
  • While Grindr (GRND US) Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. 

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Nov 23
0

Daily Brief Japan: Digital Holdings Inc, TSE Tokyo Price Index TOPIX and more

By | Daily Briefs, Japan

In today’s briefing:

  • Asia-Pac M&A Weekly Wrap: RPMGlobal, Insignia, Webjet, Mayne Pharma, Jinke Smart, Digital Holdings
  • Financial Institutions Should Accelerate the Reduction of Their Policy Shareholdings

Asia-Pac M&A Weekly Wrap: RPMGlobal, Insignia, Webjet, Mayne Pharma, Jinke Smart, Digital Holdings

By David Blennerhassett

Financial Institutions Should Accelerate the Reduction of Their Policy Shareholdings

By Aki Matsumoto

  • During fiscal year 2024, which spans March 2024 to March 2025, the policy-held shares are estimated to have been reduced by approximately 20%.
  • Financial institutions are accelerating their expansion into overseas markets, and as profits from Japanese operations stagnate, the rationale for maintaining cross-shareholdings with Japanese companies is diminishing.
  • Some companies focused on the domestic market wish to continue holding cross-shareholdings due to business relationships. The gap between these companies and those expanding globally is expected to widen further.

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Nov 23
0

Most Read: Contemporary Amperex Technology (CATL), Ping An Healthcare and Technology, China Hongqiao, Tata Capital Limited, Isupetasys, OliX Pharmaceuticals, Hang Seng Index, LG Corp, CRH , Zhejiang Leapmotor Technologie and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Dec25
  • KWEB Index Rebalance Preview: Bunch of Potential Inclusions in December
  • China Hongqiao (1378 HK): Index Impact of US$1.2bn Placement
  • AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings
  • KOSPI200 Index Rebalance: Nearly Perfect
  • KOSDAQ150 Index Rebalance: 16 Changes a Side; Fadu a Casualty Yet Again
  • HSI INDEX Tactical Outlook Ahead of December 6 Rebalance
  • Korea’s 25% Dividend Tax Basically Locked In, Market Now Trading the 30% Payout Angle
  • [Quiddity Index] SP500/600 Dec25 Rebal: Two ADDs Two DELs and 3 Intra-Review Changes Likely Soon
  • HSTECH Index Rebalance: Leapmotor (9863 HK) To Replace ASMPT (522 HK) As Trade Hits US$3.5bn

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Dec25

By Brian Freitas

  • Post market close on Friday, Hang Seng Indexes will announce the changes for the Hang Seng Index (HSI INDEX) that will be implemented at the close on 5 December.
  • We highlight 6 stocks that have a higher probability of being added to the index. With the index committee entitled to a lot of discretion, there will be differences.
  • CATL (3750 HK) will have a 6-month trading history by implementation of the index changes and is a high probability inclusion to the index. But cornerstone lock-up ends tomorrow.

KWEB Index Rebalance Preview: Bunch of Potential Inclusions in December

By Brian Freitas

  • The review period for the December rebalance of the CSI Overseas China Internet Index ended 31 October. The changes should be announced 28 November and implemented close on 12 December.
  • There could be 6 inclusions for the KraneShares CSI China Internet ETF (KWEB US) in December with most inclusions being high probability.
  • Impact on the inclusions varies between 1.3-5 days of ADV. There will be stocks with float increases and some capping changes.

China Hongqiao (1378 HK): Index Impact of US$1.2bn Placement

By Brian Freitas

  • China Hongqiao (1378 HK) is looking to raise US$1.2bn via a top-up placement at an indicative price of HK$29.2/share, a 9.6% discount from the last close.
  • There will be limited passive buying from global index trackers at the time of settlement of the placement shares. However, there are a couple of potential index inclusions in December.
  • Then there will be more passive buying from trackers of a global index, Hang Seng Index (HSI INDEX) and Hang Seng China Enterprises Index (HSCEI INDEX) next year.

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

By Brian Freitas

  • We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
  • From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
  • With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.

KOSPI200 Index Rebalance: Nearly Perfect

By Brian Freitas

KOSDAQ150 Index Rebalance: 16 Changes a Side; Fadu a Casualty Yet Again

By Brian Freitas

HSI INDEX Tactical Outlook Ahead of December 6 Rebalance

By Nico Rosti

  • As Brian Freitas recently outlined, the Hang Seng Index (HSI INDEX) changes will be announced November 21st (this Friday) and take effect on December 6th.
  • Brian predicted index additions and no deletions. As with all rebalances, inflows, outflows, and adjustments could trigger volatility. Our models, trained on decades of market data, help forecast these moves.
  • Currently the HSI INDEX is in a mild WEEKLY correction, after a previous modest 2-week rally. We are still waiting for a meaningful correction, after the recent monster rally.

Korea’s 25% Dividend Tax Basically Locked In, Market Now Trading the 30% Payout Angle

By Sanghyun Park

  • Starting next week, the tax subcommittee is set to hash out the 25% proposal, and with the opposition unlikely to block it, the 25% top rate is basically locked in.
  • The street’s treating 30% payout as base case, betting on more upside. The committee may pick it up next week, with headlines likely hitting the KRX tape fast.
  • Locals are already chasing 30%+ payout, deep-value names, with gov’t aiming for a Taiwan-style re-rating. If dividend-tax headlines drop next week, these screened names could rip.

[Quiddity Index] SP500/600 Dec25 Rebal: Two ADDs Two DELs and 3 Intra-Review Changes Likely Soon

By Travis Lundy

  • The SP 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
  • In this insight, we take a look at the upcoming constituent changes in the run up to the December 2025 index rebal event.
  • We expect two regular changes in December 2025. There are also multiple live M&A events which are likely to trigger intra-review index changes.

HSTECH Index Rebalance: Leapmotor (9863 HK) To Replace ASMPT (522 HK) As Trade Hits US$3.5bn

By Brian Freitas

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