In today’s briefing:
- IPO Lock-In Expiry: These 6 Companies Need Closer Look!
- Taiwan Dual-Listings Monitor: TSMC ADR Short Interest New Highs; Chunghwa Telecom Short Spike
- Geely (175 HK): To Be Only Comparable Competitor to BYD in 1Q25
- Indirect Beneficiaries of the Smash Hit Movie “King of Kings” In the Korean Stock Market
- Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot
- Ather Energy IPO- Pioneer, But Falling Behind
- Is IBM the Dark Horse of AI? $6 Billion in Bookings Signal a New Era!
- Lam Research Is Dominating Advanced Packaging & NAND Upgrades But Does This Create A Prime Buy Opportunity?
- Reliance: Betting Big on New Energy
- Delta Taiwan Vs. Thailand Monitor: Delta Thai Rally Looks Overdone; Taiwan Remains Better Value
IPO Lock-In Expiry: These 6 Companies Need Closer Look!
- India is set to witness INR 4.02 trillion worth of Pre-IPO shares becoming tradeable by June 2025, lead to huge selling pressure among various IPO stocks.
- We identified 6 Companies where lock-in is about to expire and analyzed their current status in terms of their business and industry environment.
- Some fundamentally good companies also provide opportunities at a good price due to a fall because of selling pressure in these companies after lock-in expiry.
Taiwan Dual-Listings Monitor: TSMC ADR Short Interest New Highs; Chunghwa Telecom Short Spike
- TSMC: +19.5% Premium; Short Interest in ADRs Jumps to New Highs; Open Fresh Short of Spread at 20% or Higher
- ASE: +3.8% Premium; Wait for Higher Premium Before Opening New Short
- CHT: -1.0% Discount; Consider Going Long the Spread; ADR Short Interest Rises to New Highs
Geely (175 HK): To Be Only Comparable Competitor to BYD in 1Q25
- Geely’s deliveries reached 46% of BYD in 1Q25, while the number was 23% in 2024.
- The delivery growth rate accelerated since December 2024 and reached 54% YoY in March 2025.
- We believe, even without production capacity expansion, BEV deliveries can grow significantly YoY in 2Q25 and 3Q25.
Indirect Beneficiaries of the Smash Hit Movie “King of Kings” In the Korean Stock Market
- In this insight, we discuss the indirect beneficiaries of the global hit movie “King of Kings” in the Korean stock market.
- The King of Kings is a 3D animation movie produced by a Korean company called Mofac Studio (unlisted). This film made $45mn in N. American box office in 10 days.
- Dexter Studios, Wysiwyg Studios, and GiantStep (listed competitors to Mofac Studios) are up on average 17% in the past one month.
Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot
- On April 26, 2025, Ramkrishna Forgings (RMKF IN) (RKFL) disclosed that during the annual physical verification of inventory for the financial year ending March 31, 2025, there were discrepancies observed.
- The company has appointed independent external agencies to dig-out the findings, but the fact that management expects a 4-5% erosion of net-worth has caught the attention of many.
- While this exposes the accounting and governance, the bigger picture is that it also exposes a big audit blind spot relating to inventory discrepancy threshold of 10%.
Ather Energy IPO- Pioneer, But Falling Behind
- Ather Energy (1207922D IN) kickstarts its INR 29.8 bn worth IPO this week, comprising of fresh issue worth INR 26.3 bn and 11.1 mn OFS valued at INR 3.5 bn.
- Ather, a pioneer, was the first entity to launch a smart scooter back in 2018. The company currently is 4th largest EV player with a market share of 10.7%.
- Although it shows strong R&D profile and a positive warranty trend, Ather continues its heavy cash burn and has exorbitant wages, loss of market share, increased discounting, etc.
Is IBM the Dark Horse of AI? $6 Billion in Bookings Signal a New Era!
- International Business Machines Corporation (IBM) delivered solid performance in its first-quarter 2025 results, exhibiting a combination of strengths and challenges as it continues to pursue its strategic focus on hybrid cloud and artificial intelligence (AI).
- IBM reported a total revenue of $14.5 billion for the quarter, marking a 2% increase at constant currency from the previous year.
- This growth was primarily driven by robust performance in the Software segment which rose by 9% thanks to advancements across Red Hat, Automation, Data, and Transaction Processing.
Lam Research Is Dominating Advanced Packaging & NAND Upgrades But Does This Create A Prime Buy Opportunity?
- Lam Research reported a strong performance in the March 2025 quarter, exceeding the midpoint of guidance across key financial metrics such as revenue, gross margin, operating margin, and EPS.
- The company achieved record foundry revenues, attributing much of this success to robust execution and strategic investments in manufacturing and operations, leading to improved gross margins post-Novellus merger.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
Reliance: Betting Big on New Energy
- Reliance plans to invest Rs40,000–45,000 crore (30% of total capex) into its New Energy business over FY25–FY28.
- Solar PV manufacturing (10 GW), Green Hydrogen (electrolyzers + hydrogen production), Energy Storage (30 GWh batteries), Biogas (CBG plants), and Carbon Capture initiatives.
- New Energy could contribute 8–10% of Reliance’s total EBITDA over the next 10 years as projects mature and commercial operations ramp up.
Delta Taiwan Vs. Thailand Monitor: Delta Thai Rally Looks Overdone; Taiwan Remains Better Value
- Delta Thailand’s rally looks sentiment-driven, not fundamental: 1Q25 results were decent but not a major beat.
- Valuation gap widened to unjustifiable levels: Delta Thailand trades at 52x trailing PER vs. Delta Taiwan at 25x.
- Delta Taiwan remains the structurally stronger,cheaper exposure to the group’s long-term growth themes.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
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
