Indian Equities. Global Metals and Mining

Rahul Jain

Equity Bottom-Up

APL Apollo Tubes Ltd. manufactures and exports galvanized steel tubes, galvanized steel pipes, and welded black pipes and tubes.

<ul>
<li>APL Apollo has raised its capex guidance to accelerate growth in high-margin, value-added products (VAP) and new segments like heavy structural tubes, pre-engineered buildings, and solar structures.</li>
<li>Margins have recovered from Q2 lows but remain subdued due to weak steel prices. Sales volumes have grown at an 18% CAGR.</li>
<li>Trading at 65x TTM P/E vs. a 5-year average of 50x. A strong execution track record and RoCE &gt;25% provide confidence in growth execution.</li>
</ul>


APL Apollo has raised its capex guidance to accelerate growth in high-margin, value-added products (VAP) and new segments like heavy structural tubes, pre-engineered buildings, and solar structures.
Margins have recovered from Q2 lows but remain subdued due to weak steel prices. Sales volumes have grown at an 18% CAGR.
Trading at 65x TTM P/E vs. a 5-year average of 50x. A strong execution track record and RoCE &gt;25% provide confidence in growth execution.


APL Apollo Tubes (APAT IN) Stepping up the Gas on Capacity Expansions

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

MoneyHero Limited operates as a personal finance company. The company was founded in 2014 and is headquartered in Singapore.

<p>For our next Corporate Webinar, we are glad to welcome MoneyHero Group’s CEO and Director, Mr Rohith Murthy.</p>
<p>In the upcoming webinar, Rohith will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/alec-tseung/research" target="_blank" rel="noopener">Alec Tseung</a>. The Corporate Webinar will include a live Q&amp;A session.</p>
<h3>The Corporate Webinar will be hosted on Monday, 17 March 2025, 11:00 SGT. </h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=81421314008" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<h3>About MoneyHero Group</h3>
<p>MoneyHero Group connects people to a better financial future. The mission at MoneyHero Group is to make all of life’s financial decisions a time saving and rewarding experience. MoneyHero Group educates consumers about personal finance, helps them decide which products are best suited for their needs, and facilitates getting the product. They connect financial institutions with their target customers and help them achieve their customer acquisition objectives.</p>

For our next Corporate Webinar, we are glad to welcome MoneyHero Group’s CEO and Director, Mr Rohith Murthy.
In the upcoming webinar, Rohith will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Alec Tseung. The Corporate Webinar will include a live Q&amp;A session.
The Corporate Webinar will be hosted on Monday, 17 March 2025, 11:00 SGT. 



Register for the Webinar here



About MoneyHero Group
MoneyHero Group connects people to a better financial future. The mission at MoneyHero Group is to make all of life’s financial decisions a time saving and rewarding experience. MoneyHero Group educates consumers about personal finance, helps them decide which products are best suited for their needs, and facilitates getting the product. They connect financial institutions with their target customers and help them achieve their customer acquisition objectives.

Smartkarma Corporate Webinar | MoneyHero Group: Driving Expansion and Innovation in Greater Southeast Asia

Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

Keisei Electric Railway Co / Equity Bottom-Up

Keisei Electric Railway Co., Ltd. provides passenger rail and bus transportation services in the Metropolitan Tokyo and Chiba prefecture areas.  The Company operates department and supermarket stores, hotels, travel agents, movie theater and restaurants, and sells, leases, and maintains real estate.  Keisei Electric is a shareholder of Oriental Land Co., Ltd. which operates Tokyo Disneyland.

<ul>
<li>Activist investors, confusing market price with intrinsic value, have shot themselves in the foot by offering terrible advice to Keisei Railway’s management. </li>
<li>When Keisei followed advice from the activist, selling just 1% of the shares of Oriental Land, Keisei's share price collapsed, proving market price has nothing to do with intrinsic value. </li>
<li>Keisei’s revenue growth and return on investment are stronger than most of its peers, and the crash in its stock price caused by activists might create an opportunity for others.</li>
</ul>


Activist investors, confusing market price with intrinsic value, have shot themselves in the foot by offering terrible advice to Keisei Railway’s management. 
When Keisei followed advice from the activist, selling just 1% of the shares of Oriental Land, Keisei's share price collapsed, proving market price has nothing to do with intrinsic value. 
Keisei’s revenue growth and return on investment are stronger than most of its peers, and the crash in its stock price caused by activists might create an opportunity for others.


Keisei Railway (9009) Gets Bad Advice from Activists, Which Is Good for The Rest of US

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

PT Arwana Citramulia Tbk manufactures ceramic construction material for flooring. Through its subsidiary, the Company also distributes its products. The Company's factory is located in Tangerang, Banten.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana Citramulia</a> published a solid set of FY2024 results, with sales growth to +7.4% YoY, although FY2024 net profit was down slightly due to cost pressures and higher promotional spending.</li>
<li>The company continues to see a favourable product mix shift towards higher-end tiles, especially its ARNA porcelain brand. New capacity coming on stream in 2025 will provide a further boost.</li>
<li>The gas subsidy has yet to be confirmed for the ceramic industry, but expectations are that it will come through shortly. <a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana Citramulia</a> valuations remain attractive, with higher growth ahead.</li>
</ul>



Arwana Citramulia published a solid set of FY2024 results, with sales growth to +7.4% YoY, although FY2024 net profit was down slightly due to cost pressures and higher promotional spending.
The company continues to see a favourable product mix shift towards higher-end tiles, especially its ARNA porcelain brand. New capacity coming on stream in 2025 will provide a further boost.
The gas subsidy has yet to be confirmed for the ceramic industry, but expectations are that it will come through shortly. Arwana Citramulia valuations remain attractive, with higher growth ahead.


Arwana Citramulia (ARNA IJ) - Capacity-Driven Growth Ahead

Co-founder of Cube Asia, Cube Asia

Simon Torring

Co-founder of Cube Asia

Defining Social Commerce in Southeast Asia

Cube Asia

We offer granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. 

Why the Cube?
3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.

The Cube is a big-data machine that is continuously listening to public data sources and primary research, and triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape.

Beijing Douyin Information Service Co. Ltd. provides online information and contents. The Company develops and operates short video platform, original short video community, news platform, and other related products. Beijing Douyin Information Service offers services worldwide.

<ul><li>2024 was a defining year for TikTok Shop, TikTok’s global e-commerce unit.</li><li>It had to balance continued growth in its early winner markets in Southeast Asia with breaking through in the West, all while navigating a complex regulatory battle in the United States.</li><li>A constant flurry of rumours, news, market launch changes, and publications of differing data points made it challenging to assess TikTok Shop’s true performance throughout the year.</li></ul>

2024 was a defining year for TikTok Shop, TikTok’s global e-commerce unit.It had to balance continued growth in its early winner markets in Southeast Asia with breaking through in the West, all while navigating a complex regulatory battle in the United States.A constant flurry of rumours, news, market launch changes, and publications of differing data points made it challenging to assess TikTok Shop’s true performance throughout the year.

The best is yet to come: TikTok Shop’s pivotal 2024, and what’s in store for 2025

Unpaywalled Equity-Bottom-Up
Unpaywalled Equity-Bottom-Up Insights

APL Apollo Tubes (APAT IN) Stepping up the Gas on Capacity Expansions

APL Apollo raises capex to drive growth in high-margin products, despite subdued margins from weak steel prices. Strong execution track record and...

Rahul Jain

Smartkarma Corporate Webinar | MoneyHero Group: Driving Expansion and Innovation in Greater Southeast Asia

MoneyHero Group's CEO & Director, Mr. Rohith Murthy, will be speaking in an exclusive Smartkarma Corporate Webinar alongside fintech expert Alec...

Smartkarma Research

Keisei Railway (9009) Gets Bad Advice from Activists, Which Is Good for The Rest of US

Activist investors' bad advice to Keisei Railway led to a stock price collapse, highlighting the disconnect between market price and intrinsic...

Michael Allen

Arwana Citramulia (ARNA IJ) - Capacity-Driven Growth Ahead

Arwana Citramulia continues to see a favourable product mix shift towards higher-end tiles, especially its ARNA porcelain brand, with new capacity...

Angus Mackintosh

The best is yet to come: TikTok Shop’s pivotal 2024, and what’s in store for 2025

2024 was a defining year for TikTok Shop, TikTok’s global e-commerce unit. It had to balance continued growth in its early winner markets in...

Simon Torring

APL Apollo Tubes (APAT IN) Stepping up the Gas on Capacity Expansions

​APL Apollo raises capex to drive growth in high-margin products, despite subdued margins from weak steel prices. Strong execution track record and...

Rahul Jain

Smartkarma Corporate Webinar | MoneyHero Group: Driving Expansion and Innovation in Greater Southeast Asia

MoneyHero Group's CEO & Director, Mr. Rohith Murthy, will be speaking in an exclusive Smartkarma Corporate Webinar alongside fintech expert Alec...

Smartkarma Research

Keisei Railway (9009) Gets Bad Advice from Activists, Which Is Good for The Rest of US

​Activist investors' bad advice to Keisei Railway led to a stock price collapse, highlighting the disconnect between market price and intrinsic...

Michael Allen

Arwana Citramulia (ARNA IJ) - Capacity-Driven Growth Ahead

Arwana Citramulia continues to see a favourable product mix shift towards higher-end tiles, especially its ARNA porcelain brand, with new capacity...

Angus Mackintosh

The best is yet to come: TikTok Shop’s pivotal 2024, and what’s in store for 2025

2024 was a defining year for TikTok Shop, TikTok’s global e-commerce unit. It had to balance continued growth in its early winner markets in...

Simon Torring

APL Apollo raises capex to drive growth in high-margin products, despite subdued margins from weak steel prices. Strong execution track record and...

Activist investors' bad advice to Keisei Railway led to a stock price collapse, highlighting the disconnect between market price and intrinsic...