Most Read: Sasseur REIT, Jiangsu Hengrui Pharmaceuticals, Septeni Holdings, ROHM Co Ltd, Alibaba Group Holding , Sysmex Corp, Ampol, SGX Rubber Future TSR20 and more

For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Mr. Xie Jianfeng, COO, Mr. Cheng Hsing Yuen, and Head of Investor Relations & Capital Markets, Ms. Helen Qiu.

In the upcoming webinar, the Sasseur REIT team will share a short company presentation after which, they will engage in a fireside chat with Smartkarma Insight Provider, Garreth Elston. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Wednesday, 25 June 2025, 16:30 SGT.

About Sasseur REIT

Sasseur REIT is the first retail outlet mall REIT listed in Asia. Sasseur REIT offers investors
the unique opportunity to invest in the fast-growing retail outlet mall sector in China through
its initial portfolio of four quality retail outlet mall assets strategically located in fast-growing
Chinese cities such as Chongqing, Kunming and Hefei, with a combined net lettable area of
310,241 square metres.

Sasseur REIT was established with the investment strategy to invest principally, directly or
indirectly, in a diversified portfolio of income-producing real estate which is used primarily for
retail outlet mall purposes, as well as real estate-related assets in relation to the foregoing,
with an initial focus on Asia.

You can view their latest factsheet here.

For more information on Sasseur REIT, please visit http://www.sasseurreit.com/

• We see 21 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.
• There have been some big listings in the last couple of months and those stocks should be added to the index in September. That increases the number of potential deletions.
• There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.

• Septeni Holdings is one of the leaders in Japan in the digital marketing business which mainly includes digital advertising, marketing support, data & AI-driven solutions.
• The company has also aggressively raised dividend payouts which is a clear sign of improving corporate governance.
• The company is also well positioned to deliver sales growth rate of about 5-7% per year in the next 2-3 years with 20%+ per year growth in operating profit.

• Following the results of NTT (9432 JP)‘s tender offer for NTT Data Corp (9613 JP), NTT Data will be deleted from the Nikkei 225 (NKY INDEX).
• ROHM Co Ltd (6963 JP) will be added to the Nikkei 225 (NKY INDEX) at the close on 3 July. The stock is up a fair bit from its lows.
• Nearly all the NTT Data Corp shares not tendered will be held by passives and there will be selling in the stock as index providers move the float lower/delete.

• Today the results of the NTT Data Corp (9613 JP) Tender Offer came out. NTT has 81.75%. I warned of lack of liquidity at that level yesterday here. 
• Yesterday I proposed that ROHM Co Ltd (6963 JP) would replace NTT Data in the Nikkei 225 and that the likely timing was the last couple of days of August.
• Today, the Nikkei used the June 2020 rule change to announce NTT Data’s near-term deletion. Rohm goes in 3 July. 7.5x ADV to buy. $3.8bn a side to trade.

• Context: Analysis of Alibaba’s (9988 HK) implied volatility surface as of June 20, 2025, examining implied volatility patterns, skew structures, and open interest distribution across various expiry dates.
• Highlights: One-month implied volatility at 31.6% is trading at historically cheap levels (13th percentile), while the skew shows a pronounced volatility smile favoring spreads.
• Why Read: Essential for options traders and volatility strategists looking to capitalize on the historical cheapness of current implied volatility levels, particularly given the favorable skew structure for spread strategies.

• In FY25, Sysmex Corp (6869 JP) revenue rose 10% YoY to ¥509B. Operating profit margin expanded 20bps to 17.2%. Amid rising costs, favorable Fx impact of ¥8.6B drove the margin.
• Sales grew across regions as instrument installed increased and use of reagents multiplied. America’s volatile margin is a concern, amid the fact that Japan remains the major margin contributor.
• For FY26, Sysmex has guided for revenue of ¥535B (+5% YoY). The company has factored in the impact of tariff estimating annual cost of sales impact of approximately ¥3B-4B.

• Context: Statistical analysis of a relative value opportunity in the Australian Oil & Gas industry between Ampol (ALD AU) and Woodside Energy Group Ltd (WDS AU).
• Highlights: Going long Ampol and short Woodside targets an 8% return to the statistical mean reversion level.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Context: Over the past five trading days, Alibaba Group Holding (9988 HK) live multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
• Highlights: Diagonal Spreads continue to enjoy popularity. Strategies tend to have a short-term horizon and exhibit a slightly bearish bias.
• Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,

•  FY 2024-25 NR production at 875,000 tons, consumption 1.41 mn tons  
•  Compound rubber imports go up by 44.5% to 245,407 tons in FY 24-25  
•  Replanting supported primarily by pineapple farming contractors