Category

Daily Briefs

Daily Brief Crypto: USD.AI: Financing the Future of AI Infra and more

By | Crypto, Daily Briefs

In today’s briefing:

  • USD.AI: Financing the Future of AI Infra


USD.AI: Financing the Future of AI Infra

By Delphi Digital

  • The report by Delphi Consulting presents USD.AI, a DeFi-based solution to fund AI and decentralized infrastructure by enabling short-term loans backed by real-world hardware.
  • It introduces USDai, a synthetic dollar backed by collateralized hardware assets, offering scalable capital access through on-chain mechanisms.
  • Legal enforceability is ensured via tokenized ownership under UCC laws, while risks are mitigated through conservative lending terms, insurance, and governance oversight.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia
  • Medco Energi


Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Fosun International, Pakuwon Jati, Adani Green Energy, ReNew Energy
  • The US and China are set to commence trade talks in Switzerland this weekend. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will travel to Switzerland later this week to meet with Swiss President Karin Keller-Sutter, and also meet Chinese officials to discuss economic and trade matters, according to separate announcements by the Treasury Department and Office of the Trade Representative.
  • Meanwhile, Chinese Vice-Premier He Lifeng will visit Switzerland during May 9-12th, according to China’s Ministry of Foreign Affairs.

Medco Energi

By Leonard Law, CFA

  • Medco Energi has announced a cash tender offer to repurchase up to all the outstanding USD 242.3 mn MEDCIJ 7.375 ’26s and USD 418.7 mn MEDCIJ 6.375 ’27s.
  • It is also concurrently seeking to issue new USD 400 mn 5NC2 notes.
  • In our view, the proposed transactions demonstrate Medco’s proactive management of its debt maturity profile.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Event-Driven: [JAPAN M&A] Shionogi (4507) Bids for Torii Pharma (4551) – Split Price Deal on Weak Transparency and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • [JAPAN M&A] Shionogi (4507) Bids for Torii Pharma (4551) – Split Price Deal on Weak Transparency
  • Laopu Gold (6181 HK): US$300m Primary Placement & Index Inclusion Green Light
  • NTT (9432) To Overpay To Take Over NTT Data (9613) Subsidiary?
  • ZEEKR (ZK US): Geely Auto’s Light Non-Binding Offer at US$25.66 Per ADS
  • CATL (300750 CH): Index Inclusion as Potential Listing Nears
  • Swiggy IPO Lockup – US$7.9bn Lockup Release
  • Torii Pharma (4551 JP): Shionogi & Co (4507 JP) JPY6,350 Tender Offer
  • Event Driven: Deep Dive into Siemens Limited’s Energy Demerger
  • Zeekr (ZK US): Minorities Have Limited Options Amid Geely’s Low-Balled Offer


[JAPAN M&A] Shionogi (4507) Bids for Torii Pharma (4551) – Split Price Deal on Weak Transparency

By Travis Lundy

  • Today after the close, Shionogi & Co (4507 JP) and Torii Pharmaceutical (4551 JP) announced an agreed deal whereby Shionogi would launch a Tender Offer to take over Torii.
  • Torii Pharmaceutical shares rallied sharply after earnings so the actual TOB Price of ¥6,350/share is not a particularly high premium vs undisturbed. Valuation transparency is limited. Synergies are not included.
  • But the price is an ATH, the company is heavily de-levered (so a 23% premium to undisturbed is decent) and the minimum threshold is not high.

Laopu Gold (6181 HK): US$300m Primary Placement & Index Inclusion Green Light

By Brian Freitas

  • Full circulation implementation at the beginning of April derailed Laopu Gold (6181 HK)‘s chances of global index inclusion in May. 
  • The company has now launched a US$300m primary placement that will significantly improve chances of inclusion in the same global index in August.
  • Laopu Gold (6181 HK) will also be added to another global index in September, so there are a few index inclusions likely for the stock this year. 

NTT (9432) To Overpay To Take Over NTT Data (9613) Subsidiary?

By Travis Lundy

  • This morning, the Nikkei says NTT (Nippon Telegraph & Telephone) (9432 JP) has decided, 5 years after taking Docomo private, to buy out minorities in NTT Data Corp (9613 JP)
  • NTT owns 58%. The article suggests a “30-40% premium” (¥3,900-4,200) “is likely”, with the parent spending ¥2-3trln (¥3,380-5,060) on the deal. The numbers are a bit all over the place.
  • It will go limit up today to ¥3,492. A deal should be announced today after the close when NTT Data reports earnings. There’s a cool index event too.

ZEEKR (ZK US): Geely Auto’s Light Non-Binding Offer at US$25.66 Per ADS

By Arun George

  • Geely Auto (175 HK), the controlling shareholder, disclosed a cash or scrip non-binding proposal for ZEEKR (ZK US) at US$25.66 per ADS or 12.3 newly issued Geely shares.
  • While the offer is 22.2% above the IPO price, it is unattractive compared to historical trading ranges, peer multiples and average sell-side price targets. 
  • The shareholder vote is a formality as Geely and concert parties exceed the two-thirds voting threshold. The key risk is the timing of a binding proposal. 

CATL (300750 CH): Index Inclusion as Potential Listing Nears

By Brian Freitas

  • Reports continue to indicate a US$5bn raise for CATL H-shares with a discount of up to 10% to CATL (300750 CH) and with cornerstone investors taking up half the deal.
  • The company is currently gauging investor demand. The IPO could open next week and the H-shares could list later this month.
  • Index Fast Entry largely depends on the cornerstone investor allocation. Float higher than 50%/60% is required for Fast Entry to global indices.

Swiggy IPO Lockup – US$7.9bn Lockup Release

By Sumeet Singh

  • Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
  • Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
  • In this note, we will talk about the lockup dynamics and possible placement.

Torii Pharma (4551 JP): Shionogi & Co (4507 JP) JPY6,350 Tender Offer

By Arun George

  • Torii Pharmaceutical (4551 JP) has recommended a tender offer from Shionogi & Co (4507 JP) at JPY6,350 per share, a 13.8% premium to the last close.
  • Despite the lack of an auction and low takeover premium, the offer is attractive compared to historical trading ranges and peer multiples and represents an all-time high. 
  • Japan Tobacco (2914 JP), the controlling shareholder, has provided an irrevocable. The required minority acceptance rate is achievable as the offer is reasonable.  

Event Driven: Deep Dive into Siemens Limited’s Energy Demerger

By Nimish Maheshwari

  • Siemens Ltd (SIEM IN) is spinning off its Energy Business into Siemens Energy India Limited (SEIL), creating two independent entities for focused growth and unlocking shareholder value.    
  • Post-Demerger, SEIL is well-positioned in the Indian energy sector, benefiting from decarbonization initiatives, capital investments, and strong export potential in the coming years.
  • The remaining Siemens Limited will concentrate on technology sectors like Industry, Infrastructure, and Mobility, maintaining its strong business profile and order backlog, ensuring continued growth post-demerger.

Zeekr (ZK US): Minorities Have Limited Options Amid Geely’s Low-Balled Offer

By David Blennerhassett

  • Geely Auto (175 HK), China’s second-largest carmaker, has made an non-binding proposal for 65.7%-held Zeekr (ZK US), a premium Chinese electric vehicle manufacturer. 
  • Geely is offering US$25.66/ADS, a paltry 13.6% premium. Or 12.3 newly issued shares. The Offer appears opportunistic after Zeekr’s 20% decline YTD (pre-Offer) in response to Trump tariffs.
  • Should a definitive agreement be inked, this is done. The risk to the trade, as with many US-listed China plays, is timing. Trading tight at a 1.9% gross spread.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Australia: Empire Energy and more

By | Australia, Daily Briefs

In today’s briefing:

  • Empire Energy Group (ASX:EEG) RaaS Interview Transcript 7 May 2025


Empire Energy Group (ASX:EEG) RaaS Interview Transcript 7 May 2025

By Research as a Service (RaaS)

  • RaaS interviews EEG CEO Alex Underwood to discuss the federal election outcome and expected impact on the gas sector and EEG, an update on the Beetaloo drilling programme and discussion on the timeline to first production.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Most Read: NetEase , Han Kuk Carbon, Kuang-Chi Technologies , BayCurrent Consulting , Torii Pharmaceutical, Pan American Silver, Laopu Gold, ZEEKR, NTT Data Corp and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Hang Seng Indexes: ADR Depositary Holding Changes; Round-Trip Trade Is US$5.1bn; NetEase Outperforms
  • Errors in Local Street’s Projections for the KOSPI 200 Rebalancing
  • KOSPI200 Index Rebalance Preview: 7 Changes a Side for June
  • CSI300 Index Rebalance Preview: 8 Changes a Side in June; US$4.5bn Trade
  • Nikkei 225 Sep25 Rebal: One ADD, One DELETE Still Probable, Kokusai a Question but $3bn+ a Side
  • [JAPAN M&A] Shionogi (4507) Bids for Torii Pharma (4551) – Split Price Deal on Weak Transparency
  • [Quiddity Index] MV Jr-Gold Miners Jun25 Leaderboard: Flow Expectations
  • Laopu Gold (6181 HK): US$300m Primary Placement & Index Inclusion Green Light
  • ZEEKR (ZK US): Geely Auto’s Light Non-Binding Offer at US$25.66 Per ADS
  • NTT (9432) To Overpay To Take Over NTT Data (9613) Subsidiary?


Hang Seng Indexes: ADR Depositary Holding Changes; Round-Trip Trade Is US$5.1bn; NetEase Outperforms

By Brian Freitas

  • Most Secondary-listed companies have announced the number of shares that underlie ADRs and are held by the ADR depositaries as of end-March (or around that time).
  • There are some significant increases in the number of shares held by the ADR depositaries. That changes the free float for the stocks and consequently the estimated flows.
  • NetEase (9999 HK), Trip.com Group (9961 HK), Baidu (9888 HK) and Weibo (9898 HK) will have passives buying, while NIO (9866 HK) switches to a sell.

Errors in Local Street’s Projections for the KOSPI 200 Rebalancing

By Sanghyun Park

  • One local desk misread the KOSPI 200 rules, thinking one screen was enough — but it’s a strict two-step filter, and that led to three wrong delete calls.
  • KRX will drop the rebalance list post-close on May 21 or 22, and despite well-telegraphed outcomes, strong next-day price action has followed in past cycles.
  • Consider a pre-announcement long/short basket trade, as this is the first rebalance post-short-selling resumption. NXT’s rising market share also creates opportunities in overnight-daytime price spreads.

KOSPI200 Index Rebalance Preview: 7 Changes a Side for June

By Brian Freitas

  • With the review period complete, there could be 7 changes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) in June.
  • The impact on the potential inclusions ranges from 1.6-22 days of ADV while the impact on the potential deletions varies from 3.6-16.5 days of ADV.
  • Han Kuk Carbon (017960 KS) appeared as a forecast add in the week starting 22 March and the stock is up 38% since then.

CSI300 Index Rebalance Preview: 8 Changes a Side in June; US$4.5bn Trade

By Brian Freitas

  • There could be 8 changes at the June rebalance with the Industrials and Information Technology sectors gaining 3 index spots each and the Materials sector losing 4 spots.
  • Estimated one-way turnover is 1.44% at the rebalance leading to a round-trip trade of CNY 32.55bn (US$4.5bn). There are 13 stocks with over 2x ADV to trade.
  • The forecast adds have outperformed the forecast deletes over the last 6 weeks even though there have been large ETF creations. There could be more outperformance coming up.

Nikkei 225 Sep25 Rebal: One ADD, One DELETE Still Probable, Kokusai a Question but $3bn+ a Side

By Travis Lundy

  • The March 2025 Nikkei 225 review came out with a sparse set of changes. That gives us hints for the September 2025 review.
  • For the moment, that leads me to believe we get ONE ADD and ONE DELETE though up to three of each is possible. 
  • Even with only one name replacement, there are some big side trades and US$3.2bn a side to trade for now.

[JAPAN M&A] Shionogi (4507) Bids for Torii Pharma (4551) – Split Price Deal on Weak Transparency

By Travis Lundy

  • Today after the close, Shionogi & Co (4507 JP) and Torii Pharmaceutical (4551 JP) announced an agreed deal whereby Shionogi would launch a Tender Offer to take over Torii.
  • Torii Pharmaceutical shares rallied sharply after earnings so the actual TOB Price of ¥6,350/share is not a particularly high premium vs undisturbed. Valuation transparency is limited. Synergies are not included.
  • But the price is an ATH, the company is heavily de-levered (so a 23% premium to undisturbed is decent) and the minimum threshold is not high.

[Quiddity Index] MV Jr-Gold Miners Jun25 Leaderboard: Flow Expectations

By Travis Lundy

  • The MV Jr-Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. 
  • This index is reviewed semiannually in March and September. We expect there will be no index changes for the June 2025 index rebal event but there will be capping flows.
  • We expect one-way flows of US$122mm for the June 2025 rebal which translates to a turnover of 2%.

Laopu Gold (6181 HK): US$300m Primary Placement & Index Inclusion Green Light

By Brian Freitas

  • Full circulation implementation at the beginning of April derailed Laopu Gold (6181 HK)‘s chances of global index inclusion in May. 
  • The company has now launched a US$300m primary placement that will significantly improve chances of inclusion in the same global index in August.
  • Laopu Gold (6181 HK) will also be added to another global index in September, so there are a few index inclusions likely for the stock this year. 

ZEEKR (ZK US): Geely Auto’s Light Non-Binding Offer at US$25.66 Per ADS

By Arun George

  • Geely Auto (175 HK), the controlling shareholder, disclosed a cash or scrip non-binding proposal for ZEEKR (ZK US) at US$25.66 per ADS or 12.3 newly issued Geely shares.
  • While the offer is 22.2% above the IPO price, it is unattractive compared to historical trading ranges, peer multiples and average sell-side price targets. 
  • The shareholder vote is a formality as Geely and concert parties exceed the two-thirds voting threshold. The key risk is the timing of a binding proposal. 

NTT (9432) To Overpay To Take Over NTT Data (9613) Subsidiary?

By Travis Lundy

  • This morning, the Nikkei says NTT (Nippon Telegraph & Telephone) (9432 JP) has decided, 5 years after taking Docomo private, to buy out minorities in NTT Data Corp (9613 JP)
  • NTT owns 58%. The article suggests a “30-40% premium” (¥3,900-4,200) “is likely”, with the parent spending ¥2-3trln (¥3,380-5,060) on the deal. The numbers are a bit all over the place.
  • It will go limit up today to ¥3,492. A deal should be announced today after the close when NTT Data reports earnings. There’s a cool index event too.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Analytics and News
  • ✓ Events & Webinars



Daily Brief United States: Pan American Silver, ZEEKR, Advanced Micro Devices, Chagee Holdings, Occidental Petroleum, American International Group, Colgate Palmolive Co, Biogen Inc, Fti Consulting and more

By | Daily Briefs, United States

In today’s briefing:

  • [Quiddity Index] MV Jr-Gold Miners Jun25 Leaderboard: Flow Expectations
  • ZEEKR (ZK US): Geely Auto’s Light Non-Binding Offer at US$25.66 Per ADS
  • AMD Q1 2025 Earnings Review. Firing On All Cylinders
  • Zeekr (ZK US): Minorities Have Limited Options Amid Geely’s Low-Balled Offer
  • Flagging a Recent IPO – Chagee (CHA) – Orphaned Security Trading at a Large Spread to Peers
  • [Earnings Preview] Better Oil and Gas Prices to Lift Occidental’s Revenue Amid Persistent Headwinds
  • American Airlines Group: Network Expansion in Key Markets Fueling Our ‘Outperform’ Rating!
  • Colgate-Palmolive: Leveraging Brand Strength & Innovation in Emerging Markets To Push For Growth!
  • Biogen, Inc. – Steady as She Goes as the Ship Continues to Turn Slowly
  • FCN US: Segment Performance & Revenue Diversity As a Crucial Factor For Sustained Performance!


[Quiddity Index] MV Jr-Gold Miners Jun25 Leaderboard: Flow Expectations

By Travis Lundy

  • The MV Jr-Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. 
  • This index is reviewed semiannually in March and September. We expect there will be no index changes for the June 2025 index rebal event but there will be capping flows.
  • We expect one-way flows of US$122mm for the June 2025 rebal which translates to a turnover of 2%.

ZEEKR (ZK US): Geely Auto’s Light Non-Binding Offer at US$25.66 Per ADS

By Arun George

  • Geely Auto (175 HK), the controlling shareholder, disclosed a cash or scrip non-binding proposal for ZEEKR (ZK US) at US$25.66 per ADS or 12.3 newly issued Geely shares.
  • While the offer is 22.2% above the IPO price, it is unattractive compared to historical trading ranges, peer multiples and average sell-side price targets. 
  • The shareholder vote is a formality as Geely and concert parties exceed the two-thirds voting threshold. The key risk is the timing of a binding proposal. 

AMD Q1 2025 Earnings Review. Firing On All Cylinders

By William Keating

  • AMD yesterday reported Q1 2025 revenues of $7.4 billion, up 36% YoY, down 3% QoQ and $300 million above the guided midpoint. Non-GAAP Gross margin was 50%, precisely as guided
  • AMD forecasted current quarter revenues of $7.4 billion, flat sequentially, together with gross margin of 43% incorporating the impact of an $800 million charge related to the latest China restrictions
  • Enterprise server momentum, both cloud and on premise, is a major tailwind for AMD in 2025, far more so than any traction from its Instinct Accelerators. That comes in 2026.

Zeekr (ZK US): Minorities Have Limited Options Amid Geely’s Low-Balled Offer

By David Blennerhassett

  • Geely Auto (175 HK), China’s second-largest carmaker, has made an non-binding proposal for 65.7%-held Zeekr (ZK US), a premium Chinese electric vehicle manufacturer. 
  • Geely is offering US$25.66/ADS, a paltry 13.6% premium. Or 12.3 newly issued shares. The Offer appears opportunistic after Zeekr’s 20% decline YTD (pre-Offer) in response to Trump tariffs.
  • Should a definitive agreement be inked, this is done. The risk to the trade, as with many US-listed China plays, is timing. Trading tight at a 1.9% gross spread.

Flagging a Recent IPO – Chagee (CHA) – Orphaned Security Trading at a Large Spread to Peers

By Acid Investments

  • As Peter Lynch famously promulgated, one really fun thing about investing is noticing trends, “flowers” that are blooming around you, and finding ways to cash in on that “insight”, the caveat being you have to be right about the trend of course.
  • Fad cycles may or may not have legs – see Funko in US and PopMart in HK.
  • Not too long ago, I noticed PopMart replacing a local major bank outlet in a central shopping mall near to where I live and heedlessly dismissing it with a mere “wth is this?”, to my chagrin of course as the stock has gone parabolic ever since.

[Earnings Preview] Better Oil and Gas Prices to Lift Occidental’s Revenue Amid Persistent Headwinds

By Suhas Reddy

  • Occidental’s Q1 revenue and EPS are projected to rise 14.4% and 23.8% YoY, driven by strong Permian production and improved oil and gas price realisations.
  • Occidental’s average realised global oil price rose 1.9% QoQ, while NGL and natural gas prices surged 19% and 63.1%, respectively.
  • Occidental’s average index prices for WTI and Brent rose 1.6% and 1.2% QoQ, respectively, while natural gas prices saw a sharp 36.1% increase.

American Airlines Group: Network Expansion in Key Markets Fueling Our ‘Outperform’ Rating!

By Baptista Research

  • American Airlines Group recently reported its first quarter 2025 financial results amid challenging economic conditions which affected the overall industry demand.
  • Throughout the conference call, management conveyed both challenges faced and strategic initiatives undertaken to navigate the difficult environment.
  • The company reported a first-quarter GAAP net loss of $473 million, or an adjusted loss of $386 million excluding special items, marking a noteworthy setback.

Colgate-Palmolive: Leveraging Brand Strength & Innovation in Emerging Markets To Push For Growth!

By Baptista Research

  • Colgate-Palmolive’s latest earnings reveals a mixed performance for the first quarter of 2025, underscoring both opportunities and challenges that the company faces in its strategic operations.
  • The company’s management approached the volatile economic environment with a sense of preparedness, though consumer behavior and global economic pressures have presented some difficulties.
  • One of the significant challenges highlighted is the impact of a weaker consumer market, particularly evident in volume growth struggles.

Biogen, Inc. – Steady as She Goes as the Ship Continues to Turn Slowly

By Water Tower Research

  • 2025 guidance reaffirmed despite better-than- expected 1Q25 revenues.
  • Despite beating expectations with a 6% Y/Y growth in reported revenues to $2.4B (8% Y/Y growth on a constant currency basis) for 1Q25, Biogen nevertheless maintained its full year revenue guidance for a mid-single digit drop in constant currency (CC) revenues, which will make it the sixth consecutive year of revenue decline for the company.
  • Although Biogen lowered its 2025 non-GAAP EPS guidance range to $14.50-$15.50 from the previous range of $15.25- $16.25, this negative revision is not a sign of unanticipated business deterioration. 

FCN US: Segment Performance & Revenue Diversity As a Crucial Factor For Sustained Performance!

By Baptista Research

  • FTI Consulting delivered a mixed set of results for the first quarter of 2025 with both positive highlights and some areas of concern.
  • The company’s revenues stood at $898.3 million, representing a 3.3% decrease compared to the same quarter last year.
  • On a sequential basis compared to the previous quarter, revenues saw a marginal increase.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief India: Swiggy, Urban Company, Siemens Ltd, Indusind Bank, Canara HSBC Life Insurance, HP Adhesives, CG Power and Industrial Solutions, Coal India Ltd, Apl Apollo Tubes and more

By | Daily Briefs, India

In today’s briefing:

  • Swiggy IPO Lockup – US$7.9bn Lockup Release
  • Urban Company Ltd Pre-IPO Tearsheet
  • Event Driven: Deep Dive into Siemens Limited’s Energy Demerger
  • SENSEX Index Rebalance Preview: Trent, Bharat Electronics Could Replace IndusInd Bank, Nestle
  • Canara HSBC Life Insurance Pre-IPO Tearsheet
  • Business Breakdown: HP Adhesives- Building a Brand or Battling Giants
  • CG Power: Strong Execution, Strategic Expansion, and Long-Term Growth Visibility
  • Coal India: Volume Strength Intact, Profitability Headwinds Emerging
  • APL Apollo Tubes: Volume Momentum Intact; Margin Expansion and Capex Execution Key to Valuations


Swiggy IPO Lockup – US$7.9bn Lockup Release

By Sumeet Singh

  • Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
  • Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
  • In this note, we will talk about the lockup dynamics and possible placement.

Urban Company Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Urban Company (URBAN IN)  (UCL) is looking to raise about US$223m in its upcoming India IPO. The bookrunners for the deal are Kotak, Morgan Stanley, Goldman Sachs, JM Fin.
  • UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
  • As of Dec 24, it operated in 59 cities across India and overseas.

Event Driven: Deep Dive into Siemens Limited’s Energy Demerger

By Nimish Maheshwari

  • Siemens Ltd (SIEM IN) is spinning off its Energy Business into Siemens Energy India Limited (SEIL), creating two independent entities for focused growth and unlocking shareholder value.    
  • Post-Demerger, SEIL is well-positioned in the Indian energy sector, benefiting from decarbonization initiatives, capital investments, and strong export potential in the coming years.
  • The remaining Siemens Limited will concentrate on technology sectors like Industry, Infrastructure, and Mobility, maintaining its strong business profile and order backlog, ensuring continued growth post-demerger.

SENSEX Index Rebalance Preview: Trent, Bharat Electronics Could Replace IndusInd Bank, Nestle

By Brian Freitas


Canara HSBC Life Insurance Pre-IPO Tearsheet

By Akshat Shah

  • Canara HSBC Life Insurance (2908709Z IJ) is looking to raise about US$354m in its upcoming India IPO with bookrunners HSBC, JM Fin, Motilal, BNP Paribas and SBI Caps.
  • Canara HSBC Life Insurance is a private life insurer in India and promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group.
  • According to CRISIL, it was ranked second amongst public sector bank-led life insurers in India based on the number of lives covered for FY24.

Business Breakdown: HP Adhesives- Building a Brand or Battling Giants

By Sudarshan Bhandari

  • HP Adhesives has expanded its product portfolio with high-growth categories like silicone sealants and diversified into high-margin niches such as epoxy putties, strengthening its market position. 
  • The company’s strategic distribution expansion, along with product innovation, aligns well with the growing demand in the Indian adhesives market, positioning HPAL for sustainable growth across various sectors. 
  • While facing challenges like raw material price volatility and competition from market leaders, HPAL’s strong capacity expansion and focus on high-margin products indicate significant potential for long-term value creation.

CG Power: Strong Execution, Strategic Expansion, and Long-Term Growth Visibility

By Rahul Jain

  • Consolidated revenue grew 23% YoY to Rs9,999 crore; PBT margin at 13.6%; order backlog rose 66%, supported by broad-based growth across key segments.
  • Capacity expansions in transformers and semiconductors, export growth initiatives, and investments in consumer products and railway systems are key strategic priorities over FY26–FY28.
  • Trading at 73–77x FY26E P/E; management targets sustained growth, high ROCE, and diversification, supporting a long-term compounding opportunity.

Coal India: Volume Strength Intact, Profitability Headwinds Emerging

By Rahul Jain

  • Coal India reported flat EBITDA YoY in FY25, with lower e-auction realizations offset by cost control; record-high volumes but profitability impacted by NSR pressures.
  • FY26 guidance implies 7–8% offtake growth but appears largely aspirational given historical shortfalls; management remains cautious on realizations with weaker e-auction pricing and only modest FSA escalations.
  • Valuations appear cheap at ~6.7x FY25 EPS but are justified by margin risks from the FY27 wage hike and limited operating leverage on an already high volume base.

APL Apollo Tubes: Volume Momentum Intact; Margin Expansion and Capex Execution Key to Valuations

By Rahul Jain

  • Q4 FY25 performance was strong with volumes up 25% YoY, EBITDA up 48% YoY, and net profit up 72% YoY; EBITDA per ton improved to Rs4,864 (+18%YoY).
  • Management targets ~20% volume growth and ~Rs5,000/ton EBITDA for FY26, with capex of Rs1,500 crore over three years to expand capacity from 4.5 to 6.8mt.
  • EPS is projected to grow ~55% in FY26 and 20%+ in FY27; stock trades at ~39x FY26E and ~33x FY27E earnings, supported by strong internal cash generation and low leverage.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Indonesia: Medco Energi and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Medco Energi


Medco Energi

By Leonard Law, CFA

  • Medco Energi has announced a cash tender offer to repurchase up to all the outstanding USD 242.3 mn MEDCIJ 7.375 ’26s and USD 418.7 mn MEDCIJ 6.375 ’27s.
  • It is also concurrently seeking to issue new USD 400 mn 5NC2 notes.
  • In our view, the proposed transactions demonstrate Medco’s proactive management of its debt maturity profile.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Singapore: SGX Rubber Future TSR20 and more

By | Daily Briefs, Singapore

In today’s briefing:

  • EC Simplifies EUDR For Industry, But Smallholders Still A Concern


EC Simplifies EUDR For Industry, But Smallholders Still A Concern

By Vinod Nedumudy

  • Large companies can reuse existing DDS for reimported goods  
  • Companies can submit due diligence statements annually  
  • ANRPC S-G asks firms to join initiatives to empower smallholders  

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief China: Laopu Gold, Contemporary Amperex Technology (CATL), Ant Group, Auntea Jenny (Shanghai) Industrial, Hainan Drinda Automotive Trim, Jiangsu Hengrui Medicine, Fosun International, Frasers Logistics & Commercial Trust and more

By | China, Daily Briefs

In today’s briefing:

  • Laopu Gold (6181 HK): US$300m Primary Placement & Index Inclusion Green Light
  • CATL (300750 CH): Index Inclusion as Potential Listing Nears
  • CATL H Share Listing: PHIP Reinforces the Investment Case
  • Ant Group Considering on Listing Overseas Unit Ant International in Hong Kong
  • Auntea Jenny (2589 HK): What Is the Fair Value?
  • Hainan Drinda New Energy (A/H IPO) Trading – Tepid Demand, No Over-Allotment
  • Pre-IPO Jiangsu Hengrui Medicine H Share Listing (PHIP Updates) – Some Points Worth the Attention
  • Lucror Analytics – Morning Views Asia
  • Asia Real Estate Tracker (07-May-2025): Mt. Maunganui Cold Storage for Sale
  • CATL: Key Highlights in 1Q 2025 and PHIP Updates on Hong Kong Listing


Laopu Gold (6181 HK): US$300m Primary Placement & Index Inclusion Green Light

By Brian Freitas

  • Full circulation implementation at the beginning of April derailed Laopu Gold (6181 HK)‘s chances of global index inclusion in May. 
  • The company has now launched a US$300m primary placement that will significantly improve chances of inclusion in the same global index in August.
  • Laopu Gold (6181 HK) will also be added to another global index in September, so there are a few index inclusions likely for the stock this year. 

CATL (300750 CH): Index Inclusion as Potential Listing Nears

By Brian Freitas

  • Reports continue to indicate a US$5bn raise for CATL H-shares with a discount of up to 10% to CATL (300750 CH) and with cornerstone investors taking up half the deal.
  • The company is currently gauging investor demand. The IPO could open next week and the H-shares could list later this month.
  • Index Fast Entry largely depends on the cornerstone investor allocation. Float higher than 50%/60% is required for Fast Entry to global indices.

CATL H Share Listing: PHIP Reinforces the Investment Case

By Arun George


Ant Group Considering on Listing Overseas Unit Ant International in Hong Kong

By Douglas Kim

  • Ant Group is considering on listing its overseas unit Ant International in Hong Kong. Ant International contributes approximately 20% to Ant Group’s total revenue.
  • Ant International operates four core business lines: Alipay+ (cross-border payment platform), Antom (global merchant acquiring network), WorldFirst (remittance service), and Bettr (digital payment solution).
  • Given the growing political to delist Chinese stocks from the US exchanges, there could be a greater political pressure on the Chinese government to approve Chinese IPOs in Hong Kong.

Auntea Jenny (2589 HK): What Is the Fair Value?

By Osbert Tang, CFA

  • Auntea Jenny (Shanghai) Industrial (2589 HK)‘s IPO price is set at HK$113.12, which is aggressive based on its financial and operational metrics. 
  • At 29.3x FY25F PER, Auntea Jenny’s multiple is close to Mixue Group (2097 HK) and Guming Holdings (1364 HK), but it is significantly smaller in scale and lower in profitability. 
  • Our fair value of 25x PER and 5.3x P/B for FY25 means a share price of HK$94.70-96.68. Initial euphoria may inflate its debut, but we will exit on the rally.

Hainan Drinda New Energy (A/H IPO) Trading – Tepid Demand, No Over-Allotment

By Sumeet Singh

  • Hainan Drinda Automotive Trim (002865 CH) (HDNET) raised around US$180m via its A/H listing.
  • HDNET is a specialized manufacturer of PV cells which are used in making PV modules.
  • We have looked at the company’s past performance and other deal dynamics, in our earlier notes. In this note, we talk about the trading dynamics.

Pre-IPO Jiangsu Hengrui Medicine H Share Listing (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

  • Hengrui’s high growth in 2024/25Q1 mainly relies on the realization of BD cooperation. The short-term performance improvement cannot conceal the long-term pressure. The turning point of endogenous growth hasn’t arrived.
  • Hengrui would continue to be affected by VBP. The generic drug business is “outdated”, whose valuation contribution is negligible. The BD model will lead to significant fluctuations in performance.
  • Our forecast is net profit YoY growth in 2025-2027 would fall back to 15-20%. Hengrui’s valuation should be lower than that of BeiGene and Hansoh in Hong Kong stock market.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Fosun International, Pakuwon Jati, Adani Green Energy, ReNew Energy
  • The US and China are set to commence trade talks in Switzerland this weekend. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will travel to Switzerland later this week to meet with Swiss President Karin Keller-Sutter, and also meet Chinese officials to discuss economic and trade matters, according to separate announcements by the Treasury Department and Office of the Trade Representative.
  • Meanwhile, Chinese Vice-Premier He Lifeng will visit Switzerland during May 9-12th, according to China’s Ministry of Foreign Affairs.

Asia Real Estate Tracker (07-May-2025): Mt. Maunganui Cold Storage for Sale

By Asia Real Estate Tracker

  • Frasers REIT plans to sell a Melbourne office tower for $129M to an Australian tycoon, indicating a significant transaction in the real estate market.
  • Industry leaders from Hilton, KKR, CREAL, and Pegasus are convening in Singapore to discuss strategies for the hospitality sector at a forum.
  • Norges has appointed Alexander Knapp as the new Global Real Estate Head and Jason Leong as the new leader of Asia Fund following van den Berg’s departure.

CATL: Key Highlights in 1Q 2025 and PHIP Updates on Hong Kong Listing

By Douglas Kim

  • CATL reported a 6.2% YoY increase in revenue in 1Q 2025. EV battery sales rose 14.0% YoY driven by healthy demand offset by lower ESS battery sales. 
  • CATL provided discussions about ongoing tariff disputes. It mentioned that the overall impact and outcome remain uncertain. The U.S. market accounts for about 7% of CATL’s total EV battery business.
  • We maintain a Positive View of CATL. Our base case valuation of CATL is implied market cap of 1.3 trillion CNY which is 32% higher than current market cap. 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars