Daily Briefs

International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO.
IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
In this note, we will look at the company’s past performance and talk about the IPO valuations.

Emerson Electric Co.: Will The Global Project Funnel & Market Expansion Be A Critical Growth Catalyst? – Major Drivers

Emerson Electric Co. presented its financial results for the fiscal year 2024, along with strategic announcements that aim to reshape its future.
The key takeaways involve a continued commitment to portfolio transformation, with notable acquisition, divestment, and capital return actions.
Emerson, already holding a 57% stake in Aspen Technology, proposed to acquire the remaining shares at $240 per share in cash.

Star Agriwarehousing and Collateral Management Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Star Agriwarehousing and Collateral Management Ltd (0207140D IN) (SACM) is planning to raise about US$100m through its upcoming India IPO. The lead bookrunners for the deal are JMFin, Ambit, Equirius.
SACM is a technology-led integrated agricultural value-chain services platform that provides services such as procurement, trade facilitation, warehousing, collateral management, financing solutions, a digital marketplace, and data services.
According to the F&S report, the company was the largest by revenue and the most profitable technology-led integrated value chain services platform during the FY22 to FY24.

Rbc Bearings (RBC) – Thursday, Sep 12, 2024

Leading manufacturer of precision bearings, gearings, and components for industrial and aerospace/defense industries
Focus on high-end markets, premium pricing, engineering capabilities, and reputation for quality and on-time delivery
Majority of revenues from the United States, with a market capitalization of $9.1BN and annual revenues of $1.6BN

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

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Dec 13

Daily Brief Industrials: IGI (India) Limited, Emerson Electric Co, Star Agriwarehousing and Collateral Management Ltd, RBC Bearings and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

IGI (India) IPO – Unique Exposure but Questionable Acquisition, and 4x Returns for PE in 18 Months
Emerson Electric Co.: Will The Global Project Funnel & Market Expansion Be A Critical Growth Catalyst? – Major Drivers
Star Agriwarehousing and Collateral Management Ltd Pre-IPO Tearsheet
Rbc Bearings (RBC) – Thursday, Sep 12, 2024

IGI (India) IPO – Unique Exposure but Questionable Acquisition, and 4x Returns for PE in 18 Months

International Gemmological Institute (India) Limited (IGII) is looking to raise about US$500m in its upcoming India IPO.
IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
In this note, we will look at the company’s past performance and talk about the IPO valuations.

Emerson Electric Co.: Will The Global Project Funnel & Market Expansion Be A Critical Growth Catalyst? – Major Drivers

Emerson Electric Co. presented its financial results for the fiscal year 2024, along with strategic announcements that aim to reshape its future.
The key takeaways involve a continued commitment to portfolio transformation, with notable acquisition, divestment, and capital return actions.
Emerson, already holding a 57% stake in Aspen Technology, proposed to acquire the remaining shares at $240 per share in cash.

Star Agriwarehousing and Collateral Management Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Star Agriwarehousing and Collateral Management Ltd (0207140D IN) (SACM) is planning to raise about US$100m through its upcoming India IPO. The lead bookrunners for the deal are JMFin, Ambit, Equirius.
SACM is a technology-led integrated agricultural value-chain services platform that provides services such as procurement, trade facilitation, warehousing, collateral management, financing solutions, a digital marketplace, and data services.
According to the F&S report, the company was the largest by revenue and the most profitable technology-led integrated value chain services platform during the FY22 to FY24.

Rbc Bearings (RBC) – Thursday, Sep 12, 2024

Leading manufacturer of precision bearings, gearings, and components for industrial and aerospace/defense industries
Focus on high-end markets, premium pricing, engineering capabilities, and reputation for quality and on-time delivery
Majority of revenues from the United States, with a market capitalization of $9.1BN and annual revenues of $1.6BN

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Dec 13

Daily Brief Health Care: SAI Life Sciences, Grifols SA, Accolade , Vitalhub, IHH Healthcare, Thermo Fisher Scientific Inc, Henry Schein, J Frontier Co Ltd, Newamsterdam Pharma NV, CytoSorbents and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Sai Life Sciences IPO – Quick Thoughts on Peer Comp and Valuation
Grifols: Activism and Debt Refinancing
Accolade Inc.: Diversified Demand Channels Driving Our Bullishness! – Major Drivers
Vitalhub Corp (VHI.) – Tuesday, Sep 10, 2024
IHH Healthcare (IHH MK): Higher Patient Volume Drives Double-Digit Revenue Growth in 3Q24
Thermo Fisher Scientific: Expansion of Clinical Research & Pharma Services Integration Driving Our Bullishness! – Major Drivers
Henry Schein Inc.: How Is It Dealing With The Dental and Medical Market Dynamics & Other Challenges? – Drivers
J Frontier Co Ltd (2934 JP): Full-year FY05/24 flash update
Newamsterdam Pharma Company (NAMS) – Thursday, Sep 12, 2024
CTSO: CytoSorbents announces a Rights Offering for investors who hold or buy stock by tomorrow (12/13/24) which has the potential to substantially increase available liquidity.

Sai Life Sciences IPO – Quick Thoughts on Peer Comp and Valuation

By Akshat Shah

SAI Life Sciences (SAILS12 IN) is looking to raise up to US$360m in its upcoming India IPO.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.

Grifols: Activism and Debt Refinancing

By Jesus Rodriguez Aguilar

Debt Refinancing Achieved: Grifols issued €1.3 billion in bonds and extended its revolving credit facility, significantly improving liquidity to €1.7 billion proforma for Q3 2024 while addressing 2025 maturities.
Activist Shareholder Pressure: Hedge funds, including Flat Footed, continue to push for governance reforms, citing conflicts of interest and value destruction involving the Grifols family and board member Tomás Dagá.
Valuation Opportunity: Grifols trades at a high discount to peers, with upside potential based on its strong market position in plasma therapies, EBITDA recovery, and margin expansion post-COVID.

Accolade Inc.: Diversified Demand Channels Driving Our Bullishness! – Major Drivers

Accolade’s recent earnings disclosure offers a comprehensive perspective on its current market positioning and performance, highlighting several important facets relevant to understanding its investment potential.
The company, which focuses on healthcare advocacy and personalized solutions, detailed its second-quarter fiscal 2025 results, underscoring both areas of confidence and concern for investors.
Accolade reported quarterly revenue of $106.4 million, exceeding its guided range.

Vitalhub Corp (VHI.) – Tuesday, Sep 10, 2024

Canadian healthcare software company offering software solutions for health and human service providers
Focus on simplifying user experience and optimizing outcomes through comprehensive suite of software-as-a-service solutions
Expanding internationally, with a focus on UK market and potential entry into European and US markets in the future

IHH Healthcare (IHH MK): Higher Patient Volume Drives Double-Digit Revenue Growth in 3Q24

By Tina Banerjee

IHH Healthcare (IHH MK) reported 3Q24 revenue and EBITDA growth of 10% and 7%, YoY, respectively, after adjusting for hyperinflationary economy, driven by sustained demand and healthy case-mix.
Malaysia and Türkiye and Europe reported double-digit revenue growth, while EBITDA margin declined in both markets. Singapore is facing temporary margin pressure. India operation remained stable.
IHH has added ~1,000 beds in Malaysia and India, which should further drive growth. With growing healthcare needs both locally and globally, IHH Healthcare is confident of its trajectory.

Thermo Fisher Scientific: Expansion of Clinical Research & Pharma Services Integration Driving Our Bullishness! – Major Drivers

Thermo Fisher Scientific’s third-quarter results of 2024 demonstrated robust financial performance amid a challenging environment, driven by a mix of solid core business operations and strategic initiatives.
The company reported quarterly revenue of $10.6 billion with an adjusted operating income amounting to $2.36 billion, reflecting an adjusted operating margin of 22.3%.
The adjusted earnings per share (EPS) was reported at $5.28, underscoring their capacity to generate consistent shareholder value.

Henry Schein Inc.: How Is It Dealing With The Dental and Medical Market Dynamics & Other Challenges? – Drivers

Henry Schein’s third quarter 2024 earnings reflect a blend of strategic advancements and ongoing recovery efforts from prior challenges.
The company reported global sales of $3.2 billion, marking a modest overall growth of 0.4% year-over-year.
A significant contributor to this growth came from acquisitions, which added 3.2% to sales, although local currency internal sales slightly decreased by 2.6%.

J Frontier Co Ltd (2934 JP): Full-year FY05/24 flash update

By Shared Research

Revenue increased to JPY17.7bn (+5.2% YoY) due to subscriber growth in D2C and BPO services expansion.
Extraordinary losses included JPY829mn in impairment losses and JPY140mn for financial statement correction costs.
FY05/25 forecast: Revenue JPY21.0bn (+18.5% YoY), EBITDA JPY500mn, net loss JPY490mn to JPY290mn.

Newamsterdam Pharma Company (NAMS) – Thursday, Sep 12, 2024

NAMS’ obicetrapib is a promising drug targeting high cholesterol and cardiovascular disease risk reduction
Potential FDA approval expected in 2027, despite previous failures of similar CETP inhibitors
NAMS stock is undervalued, with potential for significant growth, warrant expiration after cardiovascular outcomes data in late-2026.

CTSO: CytoSorbents announces a Rights Offering for investors who hold or buy stock by tomorrow (12/13/24) which has the potential to substantially increase available liquidity.

By Zacks Small Cap Research

CytoSorbents is commercializing its E.U. approved CytoSorb blood purification technology to treat life-threatening conditions in the intensive care unit and cardiac surgery.
The company also seeks U.S. and Canadian approval of a second product, DrugSorb-ATR, to reduce perioperative bleeding risk in patients on blood thinners during cardiac surgery.
Based on the results of its pivotal U.S. and Canadian STAR-T trial, the company submitted for FDA De Novo approval on September 27, 2024, and Health Canada on November 1, 2024, with regulatory decisions expected in 2025.

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Dec 13

Daily Brief Financials: VCredit Holdings Ltd, Insignia Financial, Lufax Holding , Hyundai Motor Securities, NIFTY Index, Ethereum, Lionheart III Corp, 1895 Bancorp of Wisconsin and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

VCredit (2003 HK): Ma Makes His Move?
Insignia Financial (IFL AU): Bain Contemplating a Privatisation Bid
Lufax (6623 HK): On Ping An’s Stake Increases
FSS Puts a Break on Hyundai Motor Securities Rights Offering
Insignia Financial (IFL AU): Bain’s Indicative Proposal a Tad Light
EQD | Global Option Implied Volatility – From Nifty 50 to Bitcoin, Plus BTC-Bond Special
Insignia Financial (IFL AU): Bain’s A$4.00/Share NBIO. Needs More Gruel
Delphi’s Markets Year Ahead 2025
Is Lionsgate Studios the Next Major Media Takeover? Here’s Why Investors Are Buzzing!
What’s News in Amsterdam – 12 December (ABN Amro / ING | Ahold Delhaize | Shell / SBM Offshore | TKH Group)

VCredit (2003 HK): Ma Makes His Move?

By David Blennerhassett

VCredit Holdings Ltd (2003 HK), a provider of consumer financial services in China, was listed on the 21st June 2018 at HK$20/share. Shares are currently down 90%.
Ma Ting Hung, VCredit’s chairman, held 35.6% at the time of listing, and currently holds 39.85%.
VCredit was suspended this morning pursuant to the Takeovers Code. Now might be the time for Ma to take VCredit back into the fold.

Insignia Financial (IFL AU): Bain Contemplating a Privatisation Bid

IOOF Holdings (IFL AU) shares rose 11% in the final minutes of trade, fueled by media reports suggesting that Bain was in the advanced stages of making a buyout offer.
The presence of several substantial shareholders necessitates an attractive takeover premium. Takeover interest is unsurprising as Insignia trades at a material discount to peers.
We use several methods to triangulate the likely offer, which suggests a price range of A$3.44-5.50 per share, with an average of A$4.67, a 37.4% premium to the last close.

Lufax (6623 HK): On Ping An’s Stake Increases

By David Blennerhassett

As discussed in PA Gooddoctor (1833 HK) – The Arb Is To Take The Stock, Ping An increased its stake in Lufax (6623 HK) to 56.82% via a scrip dividend.
This triggered a zero-premium MGO, which closed on the 28 October 2024 with negligible tendering.
Via an amendment to a tri-party agreement, Ping An subsequently lifted its stake to 66.85%. It’s worth understanding how Ping An has taken its stake >50% and beyond.

FSS Puts a Break on Hyundai Motor Securities Rights Offering

By Douglas Kim

After the market close on 12 December, the Financial Supervisory Service (FSS) put a break on Hyundai Motor Securities’ rights offering worth 200 billion won.
The proposed rights offering included issuing 30.1 million new shares, representing 95% of its current outstanding shares (31.7 million).
We would try to capitalize on the short term bullish upside on its shares of Hyundai Motor Securities and sell into strength.

Insignia Financial (IFL AU): Bain’s Indicative Proposal a Tad Light

By Brian Freitas

IOOF Holdings (IFL AU) has received an indicative proposal from Bain Capital to acquire all of its shares at A$4/share in cash.
The offer takes advantage of IOOF Holdings (IFL AU)‘s underperformance over the last couple of years and there could be competing offers from other investment managers.
Short interest in IOOF Holdings (IFL AU) is around 2% of shares out and 2.5% of float. There could be short covering in the next few days.

EQD | Global Option Implied Volatility – From Nifty 50 to Bitcoin, Plus BTC-Bond Special

By Gaudenz Schneider

Cross-Market volatility snapshot highlighting option opportunities. Today’s opportunities are in the Nifty 50 and in Bitcoin
Nifty 50: The index crossed the 50-day moving average, signaling a bullish trend. Hedging gains is recommended due to expected macroeconomic uncertainty in Q1 2025.
Bitcoin: Surpassed $100,000, driven by positive sentiment towards the incoming US President’s crypto-friendly stance. Options strategies are suggested, plus how a synthetic Bitcoin bond compares to a corporate bond.

Insignia Financial (IFL AU): Bain’s A$4.00/Share NBIO. Needs More Gruel

By David Blennerhassett

Insignia Financial (IFL AU), a wealth manager and previously known as IOOF, has announced a A$4.00/share non-binding and indicative proposal from PE outfit Bain Capital.
The Offer, should it proceed, will be by way of a Scheme. Apart from IFL’s shareholder approval, a firm bid requires FIRB signing off.
IFL’s board is weighing up the Offer’s pros and cons. This probably requires a small bump.

Delphi’s Markets Year Ahead 2025

By The Delphi Podcast

Discussion on the performance and outlook of various assets, including Solana, Ethereum, and Bitcoin
Analysis of market trends and potential factors that could drive asset valuations in the future
Debate on the future dominance and valuation of different L1 networks such as Solana and Ethereum
Speculation on the potential for an L1 network to surpass the market cap of Bitcoin and gold
Mention of upcoming report release and the importance of becoming a subscriber for detailed insights

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

Is Lionsgate Studios the Next Major Media Takeover? Here’s Why Investors Are Buzzing!

Lions Gate Entertainment Corporation reported its fiscal second-quarter results, which were influenced by ongoing industry disruption, the lingering effects of the previous year’s strikes, and a disappointing performance at the theatrical box office.
The company’s Television Group, particularly its unscripted segment, faced challenges due to a continuing market correction.
In the Motion Picture Group, the poor box office performance of “Borderlands,” along with softer-than-anticipated results from other releases, impacted financial outcomes.

What’s News in Amsterdam – 12 December (ABN Amro / ING | Ahold Delhaize | Shell / SBM Offshore | TKH Group)

By The IDEA!

In this edition: • ABN Amro / ING | both confirm CET1 ratios to be ahead of regulatory requirements • Ahold Delhaize | Albertsons files claim against Kroger after merger attempt was blocked • Shell / SBM Offshore | ExxonMobil plans to further increase oil production • TKH Group | awarded inter-array cable contract for Inch Cape offshore wind farm

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Dec 13

Daily Brief Consumer: Vesync, Coupang , Yum! Brands Inc, Macy’s Inc, Tripadvisor Inc, Hershey Co/The, Xiaocaiyuan International Holding, Corn Active Contract, Walgreens Boots Alliance, Ingredion Inc and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Vesync (2148 HK): The Yang Family to Launch a Privatisation Offer?
Coupang Inc.: Its Efforts Towards International Expansion & Market Penetration & Other Major Drivers
Yum! Brands: Expanding Global Footprint & Building A Robust Franchisee Model But Is It Enough? – Major Drivers
Macy’s vs. Activist Investor: Could Barington Capital’s Strategy Spark a Comeback?
Tripadvisor’s The Viator Power Play: How Experience Bookings Could Outpace Travel Industry Growth! – Major Drivers
Is Hershey the Sweetest Deal for Mondelez? Here’s Why It Could Be the Perfect Acquisition!
Pre-IPO Xiaocaiyuan International Holding (PHIP Updates) – Some Points Worth the Attention
How India’s ethanol boom is transforming the country’s corn trade flow
Walgreens Buyout Buzz: Why Sycamore Partners May Bet Big on the Struggling Pharmacy Giant!
Ingredion’s Texture and Healthful Solutions Boom: How It Is Redefining Food Innovation for Massive Market Gains! – Major Drivers

Vesync (2148 HK): The Yang Family to Launch a Privatisation Offer?

Vesync (2148 HK) is in a trading halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.”
The Yang family is likely seeking to privatise Vesync through a Cayman scheme. The shares are trading 24% below the HK$5.52 IPO price.
We use several methods to triangulate the likely offer price, which suggests a price range of HK$5.09-10.30 per share, with an average of HK$6.71, a 59.8% premium to last close.

Coupang Inc.: Its Efforts Towards International Expansion & Market Penetration & Other Major Drivers

Chevron Corporation’s third-quarter 2024 financial results demonstrated a mixture of positive operational achievements and financial headwinds.
The company reported earnings of $4.5 billion or $2.48 per share, with adjusted earnings similarly at $4.5 billion or $2.51 per share.
Despite these substantial earnings, this marked a decrease from the prior year largely due to lower liquids realizations and increased depreciation, depletion, and amortization (DD&A), particularly at the Tengizchevroil (TCO) project in Kazakhstan.

Yum! Brands: Expanding Global Footprint & Building A Robust Franchisee Model But Is It Enough? – Major Drivers

Yum!
Brands’ recent earnings provide a snapshot of both strengths and challenges faced by the company in the third quarter of its 2024 fiscal year.
The company demonstrated resilience through its geographic and brand diversification, although certain macroeconomic and geopolitical headwinds impacted its performance globally.

Macy’s vs. Activist Investor: Could Barington Capital’s Strategy Spark a Comeback?

Macy’s Inc. has been in the spotlight recently as Barington Capital disclosed a stake in the iconic department store chain, pushing for a series of strategic changes aimed at enhancing shareholder value.
This follows a history of activist investor interest in Macy’s, reflecting its ongoing struggles in a challenging retail environment.
While Macy’s management has reaffirmed its commitment to its “A Bold New Chapter” turnaround plan, Barington’s proposals focus on optimizing real estate assets, cutting capital expenditures, and exploring strategic alternatives for its premium brands, Bloomingdale’s and Bluemercury.

Tripadvisor’s The Viator Power Play: How Experience Bookings Could Outpace Travel Industry Growth! – Major Drivers

Tripadvisor’s third-quarter 2024 results present a mixed picture of the company’s performance and strategic direction.
On a consolidated basis, revenue was $532 million, essentially flat compared to the previous year.
This stagnation in revenue reflects headwinds in Tripadvisor’s legacy hotel meta offering, which declined 17% year-over-year in branded hotels revenue.

Is Hershey the Sweetest Deal for Mondelez? Here’s Why It Could Be the Perfect Acquisition!

The confectionery industry was abuzz recently as news broke that Mondelez International (MDLZ) had approached Hershey (HSY) about a potential acquisition.
Hershey’s stock surged by 14%, reflecting investors’ optimism about the possibility of a $50 billion industry giant emerging.
While neither company confirmed the rumors, the timing is intriguing.

Pre-IPO Xiaocaiyuan International Holding (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

The financial data for 2024 has already shown investors weak growth signal.After IPO, Xiaocaiyuan may face stricter scrutiny from investors and the market in terms of its sustainable performance growth.
It’s not easy for Xiaocaiyuan to find new growth points. Catering companies commonly face problems such as performance fluctuations and uncertain profitability, which has left their share price underperforming.
Post investment valuation has already reached RMB10 billion, which far exceeds the market value of A-share peers. Due to concerns on the outlook, valuation performance after IPO could be lower-than-expected.

How India’s ethanol boom is transforming the country’s corn trade flow

By Commodities Focus

India’s ethanol policy is driving increasing corn demand both locally and for imports
India’s corn production is estimated to be around 38 million for the next year
India primarily imports non-GMO corn from Myanmar and Ukraine for their ethanol industry, facing challenges in meeting the demand due to feedstock tightness and high import duties

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

Walgreens Buyout Buzz: Why Sycamore Partners May Bet Big on the Struggling Pharmacy Giant!

Walgreens Boots Alliance (WBA), a well-known retail pharmacy giant, has been making headlines due to potential buyout discussions with Sycamore Partners, a private equity firm.
Walgreens’ shares surged after reports surfaced about these ongoing talks.
This comes amid a challenging business environment marked by margin pressures from pharmacy benefit managers (PBMs), store closures, and rising operating costs.

Ingredion’s Texture and Healthful Solutions Boom: How It Is Redefining Food Innovation for Massive Market Gains! – Major Drivers

Ingredion Incorporated’s third-quarter financial performance in 2024 highlights several key developments, showcasing both strengths and challenges that the company faces.
The company achieved a milestone with a 29% increase in adjusted operating income, marking this quarter as the best third-quarter performance in its history.
This growth was largely attributed to double-digit operating income growth across all three segments, driven by operational excellence and strategic contract management, despite ongoing inflationary pressures.

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Dec 12

Daily Brief ESG: Sustainability Information in Annual Securities Reports Is Evolving into Valuable Information and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Sustainability Information in Annual Securities Reports Is Evolving into Valuable Information

Sustainability Information in Annual Securities Reports Is Evolving into Valuable Information

By Aki Matsumoto

One year has passed since the disclosure of sustainability information in annual securities reports, and the FSA is considering restructuring its disclosure guidelines to support sustainability disclosure by listed companies.
Sustainability information in annual securities reports is shifting from “what should be stated” to “what content should be stated,” and the volume of information is increasing accordingly.
Valuable information is that investors can understand what initiatives the company has implemented to address the challenges, the goals and timelines it has set, and whether its progress is justified.

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Dec 12

Daily Brief Thematic (Sector/Industry): Yoon’s Impeachment a Lock and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Yoon’s Impeachment a Lock, Regime Change Trade Set for May
Ohayo Japan | Nasdaq Tops 20,000
Indian Textile Sector: Is It the End of Global Inventory Destocking?
$1.5B for a 4th Quartile Mine?
What’s News in Amsterdam – 11 December

Yoon’s Impeachment a Lock, Regime Change Trade Set for May

By Sanghyun Park

Korea’s impeachment drama hit a tipping point, with the second motion against Yoon set for a vote on the 14th, and the market pricing in a 100% chance of approval.
The market’s all-in on a Democratic Party win in May, as public sentiment against the president makes the ruling party’s chances virtually non-existent.
Target stocks impacted by corporate law changes, then focus on sector-specific plays, particularly the energy policy shift and growing support for virtual assets.

Ohayo Japan | Nasdaq Tops 20,000

By Mark Chadwick

The Nasdaq Composite surpassed 20,000 points for the first time, gaining 1.77% to 20,034
Japan’s government plans to propose corporate tax hikes starting April 2026 to fund increased defense spending, aiming to double its defense budget to 2% of GDP by 2027
Coincheck Group, a subsidiary of Monex Group, has completed its listing on the Nasdaq Global Market under the ticker symbol “CNCK”

Indian Textile Sector: Is It the End of Global Inventory Destocking?

By Sudarshan Bhandari

The Indian textile industry is poised for robust growth due to confluence of factors, including the “China+1” strategy, instability in competing markets like Bangladesh and Vietnam, and supportive government initiatives.
This has led to India gaining market share in key export destinations, particularly in apparel exports to the US and the UK.
Furthermore, Indian textile companies anticipate improved demand and margins, driven by factors like the end of the global inventory destocking cycle and the stabilization of cotton and yarn prices.

$1.5B for a 4th Quartile Mine?

By Money of Mine

China announces bolder stimulus for 2025, signaling more rate cuts and commodity prices surge
Lundin Mining sells assets to focus on Vicuna project, raising questions on copper and zinc market dynamics
Boliden acquires assets from Lundin, strengthening their position in the copper and zinc markets

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

What’s News in Amsterdam – 11 December

By The IDEA!

A federal judge has blocked the largest supermarket merger in U.S. history, Kroger’s USD 24.6bn acquisition of Albertsons.
U.S. District Judge Adrienne Nelson in Oregon issued a preliminary injunction, citing concerns the merger would reduce competition and harm consumers and workers.
This decision refers the case to the Federal Trade Commission (FTC) for further review, significantly diminishing the deal’s chances of completion.

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Dec 12

Daily Brief ECM: 2025 (“Year of the Snake”) Major IPOs Pipeline in Korea and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

2025 (“Year of the Snake”) Major IPOs Pipeline in Korea
Sai Life Sciences Pre-IPO – Portfolio Expansion and Increased Production Capacity to Drive Growth
A Review of Rights Offerings/Capital Raise Announcements in Korea in 2024
ISU Petasys Ignores FSS: A Likely Short-Term Dip Sets up an Opportunity to Target 15% Discount
DigiCo Infrastructure REIT IPO Trading – Now for the Real Test, Ex-Adjustments
Inventurus Pre-IPO – Accelerating Growth with Major Aquity Acquisition

2025 (“Year of the Snake”) Major IPOs Pipeline in Korea

By Douglas Kim

This is our 10th “Annual Edition of the Major Korean IPOs Pipeline Preview” at Smartkarma.
This insight will feature 50 of the biggest potential IPOs in Korea in 2025.
These 50 IPOs in Korea are likely to represent more than 80% of all capital raised through IPOs in Korea next year.

Sai Life Sciences Pre-IPO – Portfolio Expansion and Increased Production Capacity to Drive Growth

By Akshat Shah

SAI Life Sciences (SAILS12 IN) is looking to raise up to US$360m in its upcoming India IPO.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
In this note, we talk about the company’s historical performance.

A Review of Rights Offerings/Capital Raise Announcements in Korea in 2024

By Douglas Kim

In this insight, we review the major rights offerings/capital raises that were announced in Korea in 2024.
In general, the major rights offerings/capital raises tend to result in lower share prices one month, three months, and over a longer time frame.
There are some exceptions. Peptron and ABL Bio experienced higher share prices even after their capital raise announcements, especially after a longer time frame (3 months or more).

ISU Petasys Ignores FSS: A Likely Short-Term Dip Sets up an Opportunity to Target 15% Discount

By Sanghyun Park

ISU Petasys is betting the FSS chief, tied to the current administration, won’t have much market power due to the impeachment drama—and that gamble looks likely to pay off.
ISU Petasys’ rights offering still offers solid trade potential, with 97% stockholder allocation and only 21% from the major shareholder, increasing the chance of significant unclaimed shares hitting the market.
Our plan is to grab stock rights cheap, ride the 15% discount, and capitalize on stock pullbacks, though lack of futures limits short hedging. Still, an unhedged setup looks promising.

DigiCo Infrastructure REIT IPO Trading – Now for the Real Test, Ex-Adjustments

DigiCo REIT (DIGICO AU) raised around US$1.3bn in its Australian IPO.
DigiCo REIT (DREIT) aims to be a diversified owner, operator and developer of data centres, with a global portfolio and broad investment mandate across stabilised, value-add and development opportunities
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the trading dynamics.

Inventurus Pre-IPO – Accelerating Growth with Major Aquity Acquisition

By Nicholas Tan

Inventurus Knowledge Solutions (IKSINCD IN) is looking to raise up to US$295m in its upcoming India IPO.
IKS is a technology-enabled healthcare solutions provider, assisting physician enterprises in US, Canada and Australia. It is a one-stop shop designed to handle physicians administrative tasks.
In this note, we look at the firm’s past performance.

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Dec 12

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By Smartkarma Daily Briefs | Credit, Daily Briefs

In today’s briefing:

Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Tanvi Arora

In today’s Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, Sunny Optical
Wall Street has been expressing confusion over the Fed’s potential decision (according to minutes of the November meeting) to lower the rate on its overnight reverse repo facility (RRP) by 5 bps, possibly as early as next week.
This adjustment comes alongside expectations of a quarter-point cut in the Fed’s main policy benchmark.

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Dec 12

Daily Brief Event-Driven: NEC Networks (1973 JP) Final Showdown I – Extendy-Extendy and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

NEC Networks (1973 JP) Final Showdown I – Extendy-Extendy, But Not Yet Bumpity Bumpity
7&I (3382JP) – Spanners in the Works: FTC Blocks Another US Retail Merger and 7-11 Japan Sales Slump
Topcon (7732 JP): Privatisation Auction Underscores Underlying Value
Quiddity Leaderboard HSTECH Mar 25: Two ADDs/DELs Likely but Different Conviction Levels
Fuji Soft (9749 JP): Bain Can’t Take No for an Answer and Returns with a JPY9,600 Offer
Nasdaq100 December 2024 Forecast (Final): Palantir’s Last-Minute Entry; Arm’s Subtle Retention
NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade
LG Electronics India: IPO Details & Index Entry Timing
CPMC Holdings (906.HK) Update – It’s Time to Prepare for Different Scenarios
REPT BATTERO Energy IPO Lockup – US$1.2bn Lockup Release

NEC Networks (1973 JP) Final Showdown I – Extendy-Extendy, But Not Yet Bumpity Bumpity

By Travis Lundy

Two days before the close of its TOB on subsidiary Nec Networks & System Integr (1973 JP), NEC Corp (6701 JP) announced it had no plans to raise the price.
The next day, the second largest shareholder reported a stake increase from 11.68% to 13.12%. That changes the dynamic further, and a change in terms was likely.
Today post-close, NEC extended the Tender Offer by 10 days. It is worthwhile understanding the likely current disposition of shares.

7&I (3382JP) – Spanners in the Works: FTC Blocks Another US Retail Merger and 7-11 Japan Sales Slump

By Michael Causton

Recent reports suggest an MBO if firming up, with partial sale of US to ACT and even the Japan CVS business so a big value solution for all concerned.
Not so fast: an ACT purchase of 7-11 US looks more likely to be blocked given yesterday’s ruling on the merger of grocery giants Kroger and Albertsons.
The valuation of the Japan business may need a correction too if the last six months of poor numbers continue – given this is because of price perception, they may.

Topcon (7732 JP): Privatisation Auction Underscores Underlying Value

Topcon Corp (7732 JP) shares rose 51% over two days, confirming a Bloomberg report that is conducting a privatisation auction. The process is in the second round of bids.
Exploring the privatisation process is unsurprising, as Topcon has materially underperformed the Nikkei 225 since its last medium-term management term plan was announced on 12 May 2023.
Despite the share price pop, Topcon trades at a discount to median peer multiples. At an offer of JPY3,000, Topcon would trade in line with median peer multiples.

Quiddity Leaderboard HSTECH Mar 25: Two ADDs/DELs Likely but Different Conviction Levels

By Janaghan Jeyakumar, CFA

The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
In this insight, we take a look at the rankings of potential ADDs and potential DELs for the March 2025 index rebal event.
We see two index changes based on the latest available data. However, the reference period is not complete which means our expectations can change over the next few weeks.

Fuji Soft (9749 JP): Bain Can’t Take No for an Answer and Returns with a JPY9,600 Offer

The battle for Fuji Soft Inc. (9749 JP) took an unexpected turn. Bain revised its offer to JPY9,600, a 1.6% premium to KKR’s JPY9,451 second tender offer.
Bain has introduced a minimum number of shares to be purchased criterion. Bain’s offer is structured to address most but not all of the special committee’s reasons for opposition.
The Board’s first reaction will be to ask KKR, its preferred bidder, to bump. Given the amount of time and effort KKR has put into this bid, it will bump.

Nasdaq100 December 2024 Forecast (Final): Palantir’s Last-Minute Entry; Arm’s Subtle Retention

By Dimitris Ioannidis

Palantir Technologies (PLTR US) is anticipated to be the largest addition following its eligibility, which was secured through a listing transfer from NYSE to Nasdaq just before the cut-off date.
Super Micro Computer (SMCI US) is projected to exit the index despite its recent entry in July 2024, as it has ranked above the exit threshold of 125.
ARM Holdings (ARM US) is not an expected deletion due to special ADR market cap treatment. Equinix Inc (EQIX US) is not an expected addition because it is a REIT.

NIFTY200 Momentum30 Index Rebalance: 38 Changes; 65% Turnover; US$1.7bn Trade

By Brian Freitas

There are 19 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 30 December. All names are exactly in line with our forecast.
Estimated one-way turnover is 64.9% resulting in a one-way trade of INR 72.7bn (US$857m). There are 18 stocks with over 1x ADV to trade.
The adds have continued to outperform the deletes even after the end of the review period. There could be further upside heading into year-end and implementation of the changes.

LG Electronics India: IPO Details & Index Entry Timing

By Brian Freitas

LG Electronics India (123D IN) is looking to list on the exchanges by selling 101.8m shares at a valuation of around US$12-13bn and raising around US$1.8bn in its IPO.
The draft RHP was filed on 6 December, so the IPO could complete in the first quarter of 2025.
The stock will not get Fast Entry to global indices. Inclusion at regular rebalances could commence in June/September next year depending on when the stock lists.

CPMC Holdings (906.HK) Update – It’s Time to Prepare for Different Scenarios

By Xinyao (Criss) Wang

If ORG cannot obtain the SAFE approval by the end of December, this indicates something is wrong in the process. Then the success rate of this transaction is greatly reduced.
Acquiring CPMC is in line with Baosteel’s strategic goals and CPMC is important to Baosteel.So, the possibility of state-owned capital to agree to withdraw completely from CPMC is not high.
It’s unclear whether Zhang Wei will continue to side with ORG, or whether he still want to exit. This actually depends on the renegotiations between Baosteel/China Foods/COFCO and Zhang Wei.

REPT BATTERO Energy IPO Lockup – US$1.2bn Lockup Release