Daily Briefs

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 1Q 2025.
The recent martial law cancellation and numerous impeachments of acting Presidents have raised political uncertainty in Korea resulting in widening of some gaps among numerous holdcos and opcos in Korea.
Of the 38 pair trades, 25 of them involved holdcos outperforming opcos in the past six months and the other 13 opcos outperforming holdcos in the same period.

Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (November and December 2024)

In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in November and December 2024.
On average, the share buyback announcements for the 52 companies that announced share buybacks in Korea represented 2.2% of outstanding shares.
Major companies that have announced share buybacks in Korea in the past two months include Celltrion, Samsung Electronics, Doosan Bobcat, and Hyundai Motor.

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Jan 02

Daily Brief Singapore: Cove, Omni HR and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Singapore’s Cove nets US$4.5M to scale co-living in South Korea, Japan | e27
Omni HR raises US$7.4M to simplify multi-country workforce management | e27

Singapore’s Cove nets US$4.5M to scale co-living in South Korea, Japan | e27

By e27

Singapore-based flexible living platform Cove has announced a US$4.5 million funding round from existing investors, including Eurazeo and Keppel, along with Manchharam.
The capital will fuel the startup’s regional expansion and transition to an asset acquisition model. This strategic shift will allow it to design and develop properties specifically tailored to the needs of its target market: young professionals and students.
Cove’s expansion into South Korea and Japan is already underway, and the company has formed strategic joint ventures in both markets.

Omni HR raises US$7.4M to simplify multi-country workforce management | e27

By e27

Omni HR, a SaaS-based employee management startup based in Singapore, has closed US$7.4 million in funding.
The round was led by Picus Capital, with participation from Alpha JWC Ventures, January Capital, and Ratio Ventures.
This deal brought the startup’s total funding raised to date to US$9.8 million.

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Jan 02

Daily Brief United States: Fulcrum Therapeutics and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Fulcrum Therapeutics: Why Is There An Acquisition Interest Despite $80M Losmapimod Setback!

Fulcrum Therapeutics: Why Is There An Acquisition Interest Despite $80M Losmapimod Setback!

By Baptista Research

Fulcrum Therapeutics reported its financial results and business developments for the third quarter of 2024 and reported that it is realigning its focus towards the advancement of pociredir, an oral HbF inducer intended for the treatment of sickle cell disease, and its preclinical pipeline.
Previously, Fulcrum Therapeutics had been developing losmapimod for the treatment of facioscapulohumeral muscular dystrophy (FSHD).
However, the Phase III REACH trial did not demonstrate a significant difference between losmapimod and placebo on the primary or key secondary endpoints.

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Jan 02

Daily Brief China: ZTO Express Cayman , Sun Art Retail, ESR Group , Shenzhen International, DiDi Global, S.F. Holding, JNBY Design Ltd and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

HSCEI Index Rebalance Preview: Increase in Velocity Could Lead to 3 Changes in March
Sun Art Retail (6808 HK): BABA Takes Massive Hit After Inking SPA @ HK$1.38
(Mostly) Asia M&A, Dec 2024: De Grey, Insignia, ESR Group, Fosun Tourism, HKBN, Pentamaster, Beenos
Shenzhen Intl (152 HK): Realisation of Asset Values
Didi Global Q324 Results & Two Key Reasons Company May Consider A New Listing in 2025
S.F. Holding (6936 HK) – Here’s Why Post-IPO Share Price Performance Is So “Boring”
HK-Listed Apparel & Footwear Screener: Winners and Losers, Picks For 2025

HSCEI Index Rebalance Preview: Increase in Velocity Could Lead to 3 Changes in March

BeiGene and ZTO Express Cayman are potential inclusions for the Hang Seng China Enterprises Index in March while Sino Biopharmaceutical and Li Ning are potential deletions.
There is a lower probability of Yum China Holdings (9987 HK) replacing Sunny Optical Technology Group (2382 HK) in the index in March.
There could be a few more index inclusions for ZTO Express Cayman in March and the stock could outperform its peers over the next few months.

Sun Art Retail (6808 HK): BABA Takes Massive Hit After Inking SPA @ HK$1.38

HK$1.38/Share. That’s the key takeaway as Alibaba Group (9988 HK) enters an SPA to offload its 78.7% stake in Sun Art (6808 HK) at HK$1.38/share, a 14.13% discount to undisturbed.
The buyer, Paragon Shine, an entity under Chinese PE outfit DCP Capital, is paying ~HK$12.3bn compared to BABA’s HK$28.1bn purchase of a 51% stake in October 2020.
Should the SPA complete, an unconditional MGO is triggered. But the question is: why would BABA be cashing out at this price?

(Mostly) Asia M&A, Dec 2024: De Grey, Insignia, ESR Group, Fosun Tourism, HKBN, Pentamaster, Beenos

For the month of December 2024, 13 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$16bn.
The average premium for the new transactions announced (or first discussed) in December was ~46%. The average premium in 2024 was ~43%.
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.

Shenzhen Intl (152 HK): Realisation of Asset Values

By Osbert Tang, CFA

The listing of Air China Cargo and progress on the transformation and upgrading of its South China Logistics Park again demonstrated Shenzhen International (152 HK)‘s asset value.
Its 8.8% stake in Air China Cargo is now valued at HK$10.6bn, or 61% of its market capitalisation, suggesting its other assets are almost free.
Government approval on the South China Logistics Park transformation Phase I has been obtained, implying potential land value gains to be booked.

Didi Global Q324 Results & Two Key Reasons Company May Consider A New Listing in 2025

By Daniel Hellberg

In Q324, Didi grew slowly, but core margin improved significantly on higher “take rate”
Q324 liquidity position sound, but pace of 2024 investment difficult to sustain
Two important reasons Didi could list shares in ’25, even if cash needs aren’t urgent

S.F. Holding (6936 HK) – Here’s Why Post-IPO Share Price Performance Is So “Boring”

By Xinyao (Criss) Wang

The Time-definite express services are actually a double-edged sword for S.F.- Although it helps S.F. establish core competitiveness, such strategy limits the Company’s market share and growth ceiling in China.
The issue here is that S.F. has encountered growth bottlenecks, but due to its heavy asset model, the only truly suitable solution is internationalization, which however is full of uncertainties.
S.F. is facing many challenges. The IPO final offer price of HK$34.3 is expensive, which might explain why S.F.’s share price has been a bit “boring” since its listing.

HK-Listed Apparel & Footwear Screener: Winners and Losers, Picks For 2025

By Sameer Taneja

Our stock screen for textile/apparel companies listed in Hong Kong for FY24 summarizes the winners and losers.
Yue Yuen Industrial Holdings (551 HK) / JNBY Design Ltd (3306 HK) and Stella International (1836 HK) were the three best performers with returns of over 80% YTD.
We continue to be bullish on JNBY Design Ltd (3306 HK) / Pacific Textiles (1382 HK) and like Nameson Holdings (1982 HK) for its rich dividend yield.

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Jan 02

Daily Brief India: ITC Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

ITC Hotels: Index Implications of Demerger from ITC Ltd (ITC IN)
ITC Hotels Demerger: Listing Anticipation and Index Implications
ITC Hotels Demerger: An Emerging Behemoth & Hospitality Play

ITC Hotels: Index Implications of Demerger from ITC Ltd (ITC IN)

ITC Ltd (ITC IN) will demerge its Hotels business with the ex-date set as 6 January and shareholders receiving 1 share of ITC Hotels for 10 shares of ITC Ltd.
ITC Ltd (ITC IN) shareholders will own 100% of ITC Hotels – 60% will be owned directly and 40% will be owned through their shareholding in ITC Ltd (ITC IN).
There will be a lot of selling in ITC Hotels within a few days of listing from different passive index trackers and that could provide buying opportunities for those interested.

ITC Hotels Demerger: Listing Anticipation and Index Implications

By Nimish Maheshwari

ITC Hotels is demerging with ITC Ltd (ITC IN) to create value for ITC shareholder and unlock value in hotel business.
Record date for ITC Hotel demerger is 6-Jan-25 and listing can be done in 60 days after NCLT order i.e. 16-Dec-24.
Discussed inclusion and exclusions of various Index including MSCI Emerging Markets Index (MXEF INDEX), FTSE and NIFTY Index (NIFTY INDEX) & S&P BSE SENSEX Index (SENSEX INDEX EQUITY).

ITC Hotels Demerger: An Emerging Behemoth & Hospitality Play

By Nimish Maheshwari

ITC Ltd (ITC IN) Hotels demerger aims to unlock the intrinsic value of the hotels business and enable a sharper focus on growth.
ITC Hotels is aiming to reach a portfolio of 200+ hotels with 18,000+ keys by 2030 from a robust pipeline of 140 Hotels with about 13000 Keys in 2024.
ITC Hotels inheriting a strong balance sheet with zero debt and cash reserves may list around 113-170 per share.

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Jan 02

Daily Brief Japan: Macromill, Inc, Park24 Co Ltd, TSE Tokyo Price Index TOPIX and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Macromill (3978 JP): CVC Bumping Its Offer Is Inevitable
Quiddity JPX-Nikkei 400 Rebal 2025: End-Dec 2024 Ranks
Can TSE’s “Examples of Bad Disclosures” Help Companies Shift to Shareholder-Oriented Management?

Macromill (3978 JP): CVC Bumping Its Offer Is Inevitable

By Arun George

On 26 December, CVC extended its Macromill, Inc. (3978 JP) offer period by 10 business days to 17 January. The offer price remained unchanged, but it was not declared final.
The extension is unsurprising as the shares have traded above terms for 30 out of 32 trading days. The emergence of Oasis as the largest shareholder is an added complication.
Lowering the minimum acceptance condition is not a viable option. A bump is increasingly likely. Trading patterns suggest a minimum required revised offer of around JPY1,200.

Quiddity JPX-Nikkei 400 Rebal 2025: End-Dec 2024 Ranks

By Janaghan Jeyakumar, CFA

JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-December 2024.

Can TSE’s “Examples of Bad Disclosures” Help Companies Shift to Shareholder-Oriented Management?

By Aki Matsumoto

The most common example of poor disclosure is “Disclosure is merely a list of initiatives. The timing of achievement, numerical targets, necessary resources, etc. should be explained.
Poor disclosure examples that “do not analyze issues or consider additional actions in a flexible manner” may not have a well-reasoned plan to disclose at this stage.
It is clear that many companies are not sufficiently considering the reduction or withdrawal of unprofitable businesses, as evidenced by their low return on sales and return on capital.

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Jan 02

Most Read: ITC Ltd, Endeavour Group /Australia, ZTO Express Cayman , Macromill, Inc, Sun Art Retail, ESR Group , Samsung C&T, MS&AD Insurance, KT&G Corporation and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

ITC Hotels: Index Implications of Demerger from ITC Ltd (ITC IN)
Australia: Six Stocks in Passive Selling Crosshairs for February
ITC Hotels Demerger: Listing Anticipation and Index Implications
HSCEI Index Rebalance Preview: Increase in Velocity Could Lead to 3 Changes in March
Macromill (3978 JP): CVC Bumping Its Offer Is Inevitable
Sun Art Retail (6808 HK): BABA Takes Massive Hit After Inking SPA @ HK$1.38
(Mostly) Asia M&A, Dec 2024: De Grey, Insignia, ESR Group, Fosun Tourism, HKBN, Pentamaster, Beenos
Korean Holdcos Vs Opcos Gap Trading Opportunities in 1Q 2025
Japan CorpGovReports: TSE “Mgmt Conscious of Capital Cost/Stock Price” Details (Jan25), TSE Updates
Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (November and December 2024)

ITC Hotels: Index Implications of Demerger from ITC Ltd (ITC IN)

ITC Ltd (ITC IN) will demerge its Hotels business with the ex-date set as 6 January and shareholders receiving 1 share of ITC Hotels for 10 shares of ITC Ltd.
ITC Ltd (ITC IN) shareholders will own 100% of ITC Hotels – 60% will be owned directly and 40% will be owned through their shareholding in ITC Ltd (ITC IN).
There will be a lot of selling in ITC Hotels within a few days of listing from different passive index trackers and that could provide buying opportunities for those interested.

Australia: Six Stocks in Passive Selling Crosshairs for February

Up to six Aussie stocks could be deleted from global passive portfolios in February. The final list of deletions depends on stock performance over the next 2-3 weeks.
If deleted, passive trackers will need to sell between A$370m-A$500m in the stocks. Impact is high at between 7-24 days of ADV.
The potential deletions have underperformed the S&P/ASX 200 (AS51 INDEX) over every time period from 1 week to 3 months. Positioning is still low in a few stocks.

ITC Hotels Demerger: Listing Anticipation and Index Implications

By Nimish Maheshwari

ITC Hotels is demerging with ITC Ltd (ITC IN) to create value for ITC shareholder and unlock value in hotel business.
Record date for ITC Hotel demerger is 6-Jan-25 and listing can be done in 60 days after NCLT order i.e. 16-Dec-24.
Discussed inclusion and exclusions of various Index including MSCI Emerging Markets Index (MXEF INDEX), FTSE and NIFTY Index (NIFTY INDEX) & S&P BSE SENSEX Index (SENSEX INDEX EQUITY).

HSCEI Index Rebalance Preview: Increase in Velocity Could Lead to 3 Changes in March

BeiGene and ZTO Express Cayman are potential inclusions for the Hang Seng China Enterprises Index in March while Sino Biopharmaceutical and Li Ning are potential deletions.
There is a lower probability of Yum China Holdings (9987 HK) replacing Sunny Optical Technology Group (2382 HK) in the index in March.
There could be a few more index inclusions for ZTO Express Cayman in March and the stock could outperform its peers over the next few months.

Macromill (3978 JP): CVC Bumping Its Offer Is Inevitable

By Arun George

On 26 December, CVC extended its Macromill, Inc. (3978 JP) offer period by 10 business days to 17 January. The offer price remained unchanged, but it was not declared final.
The extension is unsurprising as the shares have traded above terms for 30 out of 32 trading days. The emergence of Oasis as the largest shareholder is an added complication.
Lowering the minimum acceptance condition is not a viable option. A bump is increasingly likely. Trading patterns suggest a minimum required revised offer of around JPY1,200.

Sun Art Retail (6808 HK): BABA Takes Massive Hit After Inking SPA @ HK$1.38

HK$1.38/Share. That’s the key takeaway as Alibaba Group (9988 HK) enters an SPA to offload its 78.7% stake in Sun Art (6808 HK) at HK$1.38/share, a 14.13% discount to undisturbed.
The buyer, Paragon Shine, an entity under Chinese PE outfit DCP Capital, is paying ~HK$12.3bn compared to BABA’s HK$28.1bn purchase of a 51% stake in October 2020.
Should the SPA complete, an unconditional MGO is triggered. But the question is: why would BABA be cashing out at this price?

(Mostly) Asia M&A, Dec 2024: De Grey, Insignia, ESR Group, Fosun Tourism, HKBN, Pentamaster, Beenos

For the month of December 2024, 13 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$16bn.
The average premium for the new transactions announced (or first discussed) in December was ~46%. The average premium in 2024 was ~43%.
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.

Korean Holdcos Vs Opcos Gap Trading Opportunities in 1Q 2025

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 1Q 2025.
The recent martial law cancellation and numerous impeachments of acting Presidents have raised political uncertainty in Korea resulting in widening of some gaps among numerous holdcos and opcos in Korea.
Of the 38 pair trades, 25 of them involved holdcos outperforming opcos in the past six months and the other 13 opcos outperforming holdcos in the same period.

Japan CorpGovReports: TSE “Mgmt Conscious of Capital Cost/Stock Price” Details (Jan25), TSE Updates

By Travis Lundy

TSE-Listed companies are asked to file “Management Conscious of Capital Cost/Stock Price” awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
609 new CGRs were filed since 31-Nov-2024. Our tools show every report, links to every document, and now a new diff file tool. Input a name, see the changes.
A surprising number of smaller companies have yet to file a MCoCC/SP Awareness report. As cross-holdings get sold down, I expect they will become activists targets in 2025.

Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (November and December 2024)

In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in November and December 2024.
On average, the share buyback announcements for the 52 companies that announced share buybacks in Korea represented 2.2% of outstanding shares.
Major companies that have announced share buybacks in Korea in the past two months include Celltrion, Samsung Electronics, Doosan Bobcat, and Hyundai Motor.

💡 Before it’s here, it’s on Smartkarma

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✓ Company Analytics and News
✓ Events & Webinars

Jan 02

Daily Brief Industrials: ZTO Express Cayman , Samsung C&T, Park24 Co Ltd, Shenzhen International, S.F. Holding, Omni HR and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

HSCEI Index Rebalance Preview: Increase in Velocity Could Lead to 3 Changes in March
Korean Holdcos Vs Opcos Gap Trading Opportunities in 1Q 2025
Quiddity JPX-Nikkei 400 Rebal 2025: End-Dec 2024 Ranks
Shenzhen Intl (152 HK): Realisation of Asset Values
S.F. Holding (6936 HK) – Here’s Why Post-IPO Share Price Performance Is So “Boring”
Omni HR raises US$7.4M to simplify multi-country workforce management | e27

HSCEI Index Rebalance Preview: Increase in Velocity Could Lead to 3 Changes in March

BeiGene and ZTO Express Cayman are potential inclusions for the Hang Seng China Enterprises Index in March while Sino Biopharmaceutical and Li Ning are potential deletions.
There is a lower probability of Yum China Holdings (9987 HK) replacing Sunny Optical Technology Group (2382 HK) in the index in March.
There could be a few more index inclusions for ZTO Express Cayman in March and the stock could outperform its peers over the next few months.

Korean Holdcos Vs Opcos Gap Trading Opportunities in 1Q 2025

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 1Q 2025.
The recent martial law cancellation and numerous impeachments of acting Presidents have raised political uncertainty in Korea resulting in widening of some gaps among numerous holdcos and opcos in Korea.
Of the 38 pair trades, 25 of them involved holdcos outperforming opcos in the past six months and the other 13 opcos outperforming holdcos in the same period.

Quiddity JPX-Nikkei 400 Rebal 2025: End-Dec 2024 Ranks

By Janaghan Jeyakumar, CFA

JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-December 2024.

Shenzhen Intl (152 HK): Realisation of Asset Values

By Osbert Tang, CFA

The listing of Air China Cargo and progress on the transformation and upgrading of its South China Logistics Park again demonstrated Shenzhen International (152 HK)‘s asset value.
Its 8.8% stake in Air China Cargo is now valued at HK$10.6bn, or 61% of its market capitalisation, suggesting its other assets are almost free.
Government approval on the South China Logistics Park transformation Phase I has been obtained, implying potential land value gains to be booked.

S.F. Holding (6936 HK) – Here’s Why Post-IPO Share Price Performance Is So “Boring”

By Xinyao (Criss) Wang

The Time-definite express services are actually a double-edged sword for S.F.- Although it helps S.F. establish core competitiveness, such strategy limits the Company’s market share and growth ceiling in China.
The issue here is that S.F. has encountered growth bottlenecks, but due to its heavy asset model, the only truly suitable solution is internationalization, which however is full of uncertainties.
S.F. is facing many challenges. The IPO final offer price of HK$34.3 is expensive, which might explain why S.F.’s share price has been a bit “boring” since its listing.

Omni HR raises US$7.4M to simplify multi-country workforce management | e27

By e27

Omni HR, a SaaS-based employee management startup based in Singapore, has closed US$7.4 million in funding.
The round was led by Picus Capital, with participation from Alpha JWC Ventures, January Capital, and Ratio Ventures.
This deal brought the startup’s total funding raised to date to US$9.8 million.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jan 02

Daily Brief Industrials: ZTO Express Cayman , Samsung C&T, Park24 Co Ltd, Shenzhen International, S.F. Holding, Omni HR and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

HSCEI Index Rebalance Preview: Increase in Velocity Could Lead to 3 Changes in March
Korean Holdcos Vs Opcos Gap Trading Opportunities in 1Q 2025
Quiddity JPX-Nikkei 400 Rebal 2025: End-Dec 2024 Ranks
Shenzhen Intl (152 HK): Realisation of Asset Values
S.F. Holding (6936 HK) – Here’s Why Post-IPO Share Price Performance Is So “Boring”
Omni HR raises US$7.4M to simplify multi-country workforce management | e27

HSCEI Index Rebalance Preview: Increase in Velocity Could Lead to 3 Changes in March

BeiGene and ZTO Express Cayman are potential inclusions for the Hang Seng China Enterprises Index in March while Sino Biopharmaceutical and Li Ning are potential deletions.
There is a lower probability of Yum China Holdings (9987 HK) replacing Sunny Optical Technology Group (2382 HK) in the index in March.
There could be a few more index inclusions for ZTO Express Cayman in March and the stock could outperform its peers over the next few months.

Korean Holdcos Vs Opcos Gap Trading Opportunities in 1Q 2025