In today’s briefing:
- Chagee Holdings (CHA US) IPO: Global Index Inclusion Timeline
- Nvidia (NVDA US) Outlook Following Surprise $5B Hit From China Chip Export Ban
- [Earnings Preview] SLB Faces Downward Pressure from Weak Oil Prices and Softening Demand
- MTVA: Positive Phase 1 MAD Data for DA-1726 Excellent Tolerability Profile and Mean Day 26 Weight Loss of 4.3%
- MIRA: Tests Show Positive Results
Chagee Holdings (CHA US) IPO: Global Index Inclusion Timeline
- Chagee Holdings (CHA US) is looking to raise up to US$473m in its IPO, valuing the company at up to US$5.2bn. The offering is expected to price today, list tomorrow.
- Media reports indicate that cornerstone investors have indicated demand for US$205m of the offering. There is no mention of a lock-up on those investors yet.
- The stock could be added in one global index in August (with a higher probability of inclusion in November), while inclusion in the other global index is likely in December.
Nvidia (NVDA US) Outlook Following Surprise $5B Hit From China Chip Export Ban
- NVIDIA Corp (NVDA US) said it will take a $5.5 billion financial hit after Washington fresh restrictions on H20 AI chips designed for the Chinese market.
- The Trump Administration’s move comes as as a surprise, the U.S. now requires a special export license for these chips, but historically, no such licenses have ever been granted.
- Some estimates Nvidia may lose $10 billion in revenue, as most of the affected chips are already manufactured and now unsellable, plus the ban could benefit Chinese competitors like Huawei.
[Earnings Preview] SLB Faces Downward Pressure from Weak Oil Prices and Softening Demand
- Schlumberger’s Q1 2025 revenue is expected to drop by 7.6% QoQ, while its EPS is anticipated to fall by 19.6%, marking the lowest EPS in five quarters.
- SLB has underperformed the S&P 500, XLE, and WTI futures since 2024, pressured by weak oil prices, lower drilling activity, and rising costs from tariff-related headwinds.
- Despite weaker return ratios in Q4 2024 and macro uncertainty, SLB maintains a “Strong Buy” consensus, backed by its global presence, digital expansion, and strong cash flow.
MTVA: Positive Phase 1 MAD Data for DA-1726 Excellent Tolerability Profile and Mean Day 26 Weight Loss of 4.3%
- On April 15, 2025, MetaVia Inc. (MTVA) announced positive results from the 4-week Phase 1 multiple ascending dose (MAD) trial of DA-1726 for the treatment of obesity.
- The results showed a mean weight loss of 4.3% at Day 26 in the 32 mg dose with only mild gastrointestinal (GI) adverse events reported in 4/6 subjects, most of which resolved within 24 hours.
- In addition, a mean reduction in waist circumference of 1.6 inches was demonstrated along with a mean lowering of -5.3 mg/dL in fasting blood glucose.
MIRA: Tests Show Positive Results
- MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report
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