Category

Daily Briefs

Nov 23
0

Daily Brief TMT/Internet: Hang Seng Index, NVIDIA Corp and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Hong Kong Single Stock Options Weekly (Nov 17 – 21): Breadth Collapses, Put Volumes Rise
  • 4-Hour Contagion: NVIDIA Q3, Advantest, the AI Flow Footprint on the Global Synchronized Selloff

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.

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.

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Nov 23
0

Daily Brief Industrials: SK Square , Geekplus Technology, Evergreen Marine Corp, KULR Technology Group and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Unexpected ETF-Driven Flow Event Lights up the KOSPI 200 IT Sleeve
  • [Quiddity Index] Dec25 Hang Seng Index Family Review; Flows for December 5 Rebal
  • Monthly Container Shipping Tracker: Poor Q3 Results, Weak Guidance, A Re-Opening of Suez? | AVOID
  • Primer: KULR Technology Group (KULR US) – Nov 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.

[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.

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 Health Care: Mandi, 3SBio Inc and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • 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

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 Consumer: Zhejiang Leapmotor Technologie, KT&G Corporation, Digital Holdings Inc, TSE Tokyo Price Index TOPIX and more

By | Consumer, Daily Briefs

In today’s briefing:

  • HSTECH Index Rebalance: Leapmotor (9863 HK) To Replace ASMPT (522 HK) As Trade Hits US$3.5bn
  • Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly 21 November to 5 December 2025)
  • 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

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

By Brian Freitas

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. 

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

Daily Brief Energy/Materials: CRH and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

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

[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.

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Nov 23
0

Daily Brief Industrials: SK Square , Geekplus Technology, Evergreen Marine Corp, KULR Technology Group and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Unexpected ETF-Driven Flow Event Lights up the KOSPI 200 IT Sleeve
  • [Quiddity Index] Dec25 Hang Seng Index Family Review; Flows for December 5 Rebal
  • Monthly Container Shipping Tracker: Poor Q3 Results, Weak Guidance, A Re-Opening of Suez? | AVOID
  • Primer: KULR Technology Group (KULR US) – Nov 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.

[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.

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

Top 10 Highlights from the APAC PE, VC and Startup Ecosystem this Week – 23 Nov 2025

By | Private Markets, Smartkarma Newswire

Top ten highlights from the APAC PE, VC, and startup ecosystem this week:

  1. Venture Capital Standstill: DPI vs IRR – Investors are now focusing on DPI as the new metric for success in venture capital, emphasizing the importance of cash flow over outsized returns.
  2. Market Stagnation in 2025: The Southeast Asian market has not entered a new cycle, leading to investor unease due to governance lapses in startups.
  3. Private Equity-Backed IPO Revival: Deloitte’s report shows a resurgence in Southeast Asia’s IPO market, with average deal sizes and proceeds increasing despite a decrease in the number of new listings.
  4. Kredivo’s Fundraising Plans: The Indonesian digital credit provider and unicorn is exploring a new funding round to provide liquidity for early backers.
  5. DELOS and Alami Funding Success: Despite sector challenges, Indonesian startups DELOS and Alami have secured fresh funding.
  6. Telkom Indonesia’s Healthcare Divestment: The sale of AdMedika, Telkom Indonesia’s healthcare subsidiary, is in advanced stages and expected to fetch $80-100 million.
  7. B.Grimm Pharma Stake Sale: Thailand’s B.Grimm Pharma is considering selling a stake in a major M&A deal in the country’s pharmaceutical sector.
  8. Moon Technologies Funding: Singapore-based healthtech startup Moon Technologies raises $2.6 million in its latest funding round.
  9. ThinkZone’s Investment in Sunny Days Piano: Vietnam’s ThinkZone invests in Sunny Days Piano, marking the first investment from its new fund.
  10. World Bank’s Financial Support: The IFC proposes investments in Evolution Data Centres, sustainability-linked bonds in Thailand, and financing for solar power projects in Cambodia and India.

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Disclaimer:This article by is general in nature and based on publicly available information and not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material. While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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