In today’s briefing:
- Curator’s Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan’s Top ETF’s Rebalance
- Ibiden Q1 FY25: Strong Beat, Upgraded Outlook, Attractive Valuation
- KOSPI Size Indices: Passive Flows for Many Active Changes
- Buybacks, Dividends Define Telstra’s Future
Curator’s Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan’s Top ETF’s Rebalance
- Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma
- In this cut, we review value-unlocking moves by Singapore-listed companies, take stock of India’s jewellery retail market, and track how Taiwan’s largest ETF drives flows for its adds and deletes
- Want to dig deeper? Comment or message with the themes you’d like to see highlighted next
Ibiden Q1 FY25: Strong Beat, Upgraded Outlook, Attractive Valuation
- Results: Q1 FY25 sales grew +10.5% YoY with OP surging +56%, led by AI/data-center substrate demand and margin gains.
- Earnings Upgrade & Outlook: FY25–27 EPS/EBITDA raised 9–12% on stronger substrates and resilient ceramics, implying ~18–19% CAGR ahead.
- Valuations: Trading at 21× FY25E P/E and 5.9× EV/EBITDA, Ibiden offers structural growth at compressed multiples versus AI peers.
KOSPI Size Indices: Passive Flows for Many Active Changes
- The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
- Nearing the end of the review period, we forecast 49 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.
- There are a number of stocks that will have passive flow from global index trackers over the next few weeks, while some are potential changes to the KOSPI2 in December.
Buybacks, Dividends Define Telstra’s Future
- Telstra is guiding to subdued mobile growth in FY26 as the cost of living bites.
- Earnings growth relies on cost cutting and satellite development.
- -Telstra’s FY25 in line, FY26 prognosis subdued -Cost of living driving customers to cheaper options -Major staff reductions to drive cost-outs -Satellite service critical to maintaining dominance
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