Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

<ul>
<li>Newborn is a rare HK listed name entirely focused on overseas, monetising social networking apps across MENA and Southeast Asia, giving investors concentrated exposure to the China-to-overseas growth theme.</li>
<li>Stock trades at low-teens PE while revenues and profits grow above twenty-five percent CAGR, leaving a big valuation disconnect and plenty of room for re-rating compared to global peers.</li>
<li>The product matrix strategy means older apps provide cash, newer apps drive rapid scale, while a pipeline of apps ensures continuous replacement growth and resilience across user segments and geographies.</li>
</ul>


Newborn is a rare HK listed name entirely focused on overseas, monetising social networking apps across MENA and Southeast Asia, giving investors concentrated exposure to the China-to-overseas growth theme.
Stock trades at low-teens PE while revenues and profits grow above twenty-five percent CAGR, leaving a big valuation disconnect and plenty of room for re-rating compared to global peers.
The product matrix strategy means older apps provide cash, newer apps drive rapid scale, while a pipeline of apps ensures continuous replacement growth and resilience across user segments and geographies.


2025 High Conviction: Newborn Town (9911.HK) – Deep Value - China’s Global Social Apps Expansion

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/csl-ltd" target="_blank" data-smartkarma-citation="entities:917:1" rel="noopener">CSL Ltd (CSL AU)</a> announced major strategic initiatives targeting annual pre-tax cost savings of &gt;$500M by end of FY28. The initiatives will result in 15% reduction in CSL’s employee base.</li>
<li>CSL intends to demerge CSL Seqirus as a substantial ASX-listed entity by FY26. The remaining CSL group will continue to have leading market positions in multiple rare and serious diseases.</li>
<li>CSL reported on-target financial performance for FY25. The company has guided for FY26 revenue growth of 4–5% and NPATA (excluding non-recurring restructuring cost) of $3.45B–3.55B, up 7–10%.</li>
</ul>



CSL Ltd (CSL AU) announced major strategic initiatives targeting annual pre-tax cost savings of &gt;$500M by end of FY28. The initiatives will result in 15% reduction in CSL’s employee base.
CSL intends to demerge CSL Seqirus as a substantial ASX-listed entity by FY26. The remaining CSL group will continue to have leading market positions in multiple rare and serious diseases.
CSL reported on-target financial performance for FY25. The company has guided for FY26 revenue growth of 4–5% and NPATA (excluding non-recurring restructuring cost) of $3.45B–3.55B, up 7–10%.


CSL Ltd (CSL AU): Announces Job Cut and Vaccine Unit Spinout Amid Strong FY25 Financial Performance

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>Gamma Intermediate sold its entire 21% stake in <a href="https://www.smartkarma.com/entities/lottomatica-group-s-p-a" target="_blank" data-smartkarma-citation="entities:45693:1" rel="noopener">Lottomatica Group (LTMC IM)</a> on 17 June in a private placement of €1.2bn.</li>
<li>Free float of <a href="https://www.smartkarma.com/entities/lottomatica-group-s-p-a" target="_blank" data-smartkarma-citation="entities:45693:1" rel="noopener">Lottomatica Group (LTMC IM)</a> increased from 79% to 100% following Gamma's sale.</li>
<li>The free float increase is expected to cause an upweight at the September 2025 review in Europe Top 600 and Eurozone indices.</li>
</ul>


Gamma Intermediate sold its entire 21% stake in Lottomatica Group (LTMC IM) on 17 June in a private placement of €1.2bn.
Free float of Lottomatica Group (LTMC IM) increased from 79% to 100% following Gamma's sale.
The free float increase is expected to cause an upweight at the September 2025 review in Europe Top 600 and Eurozone indices.


Lottomatica (LTMC IM): Upweight in EU Indices Following €1.2B Placement

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Shuangdeng Group Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shuangdeng-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43906:1" rel="noopener">Shuangdeng Group Co Ltd (JISHUZ CH)</a> raised around US$109m in its Hong Kong IPO.</li>
<li>It is a global leader in the energy storage business. </li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Shuangdeng Group Co Ltd (JISHUZ CH) raised around US$109m in its Hong Kong IPO.
It is a global leader in the energy storage business. 
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Shuangdeng Group IPO Trading: Strong Retail and Insti Demand

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Semi-Cap names outperforming an otherwise dreary tape after TSMC announces no Chinese equipment in its 2nm lines for fear of US reprisals </li>
<li>Yields rose on concerns it's going to be a 'one and done' situation after September cuts </li>
<li>Trend Micro looking interesting after rebounding off the lows yesterday - with OTC prints possibly pointing to a seller getting cleaned up after 2-months of woeful price action </li>
</ul>


Semi-Cap names outperforming an otherwise dreary tape after TSMC announces no Chinese equipment in its 2nm lines for fear of US reprisals 
Yields rose on concerns it's going to be a 'one and done' situation after September cuts 
Trend Micro looking interesting after rebounding off the lows yesterday - with OTC prints possibly pointing to a seller getting cleaned up after 2-months of woeful price action 


Intel Announces the Potential for Further Dilution by the US Govt Unless It Keeps Fabs

CSL Ltd (CSL AU): Announces Job Cut and Vaccine Unit Spinout Amid Strong FY25 Financial Performance

CSL announced major strategic initiatives targeting annual cost savings of >$500M by FY28. The initiatives will lead to 15% reduction in CSL’s...

Tina Banerjee

Lottomatica (LTMC IM): Upweight in EU Indices Following €1.2B Placement

Strategic shareholder sells entire stake in Lottomatica via €1.2bn placement, raising free float to 100% and triggering an anticipated upweight in...

Dimitris Ioannidis

Shuangdeng Group IPO Trading: Strong Retail and Insti Demand

Shuangdeng Group raised around US$109m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we...

Nicholas Tan

Intel Announces the Potential for Further Dilution by the US Govt Unless It Keeps Fabs

Semi-Cap stocks outperforming due to TSMC's decision, Yields rising on concerns of one-time cuts, Trend Micro showing potential after rebound.

Andrew Jackson

2025 High Conviction: Newborn Town (9911.HK) – Deep Value - China’s Global Social Apps Expansion

Newborn Town offers opportunity to capitalize on China-to-overseas growth with a diverse portfolio of social networking apps, at deep value on PEG...

Raj S, CA, CFA

CSL Ltd (CSL AU): Announces Job Cut and Vaccine Unit Spinout Amid Strong FY25 Financial Performance

CSL announced major strategic initiatives targeting annual cost savings of >$500M by FY28. The initiatives will lead to 15% reduction in CSL’s...

Tina Banerjee

Lottomatica (LTMC IM): Upweight in EU Indices Following €1.2B Placement

Strategic shareholder sells entire stake in Lottomatica via €1.2bn placement, raising free float to 100% and triggering an anticipated upweight in...

Dimitris Ioannidis

Shuangdeng Group IPO Trading: Strong Retail and Insti Demand

Shuangdeng Group raised around US$109m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we...

Nicholas Tan

Intel Announces the Potential for Further Dilution by the US Govt Unless It Keeps Fabs

​Semi-Cap stocks outperforming due to TSMC's decision, Yields rising on concerns of one-time cuts, Trend Micro showing potential after rebound.

Andrew Jackson

Semi-Cap stocks outperforming due to TSMC's decision, Yields rising on concerns of one-time cuts, Trend Micro showing potential after rebound.