Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

New Horizon Aircraft Ltd. operates as an aerospace engineering company. The Company develops hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. New Horizon Aircraft serves customers worldwide.

<ul><li>Horizon Aircraft released first-quarter results, which showed a marked increase in R&D spending (primarily related to engineering activities) as the company ramps up development of its full-scale demonstrator aircraft.</li><li> The company's balance sheet remains very strong, and it believes it has adequate cash to fund the next two years of operations.</li><li> The company continues to work on integrating several key systems to assemble its full-scale demonstrator within six months.</li></ul>

Horizon Aircraft released first-quarter results, which showed a marked increase in R&D spending (primarily related to engineering activities) as the company ramps up development of its full-scale demonstrator aircraft. The company's balance sheet remains very strong, and it believes it has adequate cash to fund the next two years of operations. The company continues to work on integrating several key systems to assemble its full-scale demonstrator within six months.

HOVR: Investing in the Full-Scale X7 Demonstrator While Navigating Choppy EVTOL Seas.

Leading Air Cargo Price Platform, TAC Index

TAC Index

Leading Air Cargo Price Platform

TAC Index Is the Leading Provider of Risk Management Information Services for the Air Cargo Industry, Delivering Market-Neutral, Innovative Products That Empower Economists, Financial Institutions, and Governments to Make Smarter, Data-Driven Decisions and Reduce Their Exposure to Air Cargo Trade Risk.

Cross Asset Strategy

<ul><li>Global air freight rates edged a little lower last week according to the latest data from TAC Index, the leading price reporting agency on air freight markets and calculating agent for the Baltic Air Freight indices.</li><li>The global Baltic Air Freight Index (BAI00) eased lower by -2.1% over seven days to October 12, leaving it still ahead by +24.3% year-on-year.</li><li>A slight drop was not unusual for the Golden Week holiday period in China when factories often shut down and volumes decrease.</li></ul>

Global air freight rates edged a little lower last week according to the latest data from TAC Index, the leading price reporting agency on air freight markets and calculating agent for the Baltic Air Freight indices.The global Baltic Air Freight Index (BAI00) eased lower by -2.1% over seven days to October 12, leaving it still ahead by +24.3% year-on-year.A slight drop was not unusual for the Golden Week holiday period in China when factories often shut down and volumes decrease.

TAC Index Weekly Air Cargo Bulletin 12.OCTOBER.2026

Resolve Information Asymmetry, Value Finder

Value Finder

Resolve Information Asymmetry

Value Finder was founded to resolve information asymmetry and help promote awareness of small-cap listed companies.

DSM Corporation manufactures and markets automobile accessories and parts. The Company produces automotive fineblanking molds and other products. DSM also conducts solar equipment manufacturing and other businesses.

<ul><li>Founded 2000, KOSDAQ-listed 2009; auto parts &amp; leisure platforms                           </li><li>9.81 Park strong; Incheon Airport park opens in 2027 for growth</li><li>Record inbound tourists in 1H26: a hidden inbound beneficiary</li></ul>

Founded 2000, KOSDAQ-listed 2009; auto parts &amp; leisure platforms                           9.81 Park strong; Incheon Airport park opens in 2027 for growthRecord inbound tourists in 1H26: a hidden inbound beneficiary

DSM(104040, KQ): '9.81 Park Incheon Airport' Opening Near

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Garuda Indonesia is the flag carrier of Indonesia, providing full-service passenger and cargo air transportation across domestic and international routes. Its services also include aircraft maintenance and overhaul, catering, ground handling, and information system services. The company is headquartered in Jakarta, Indonesia, and was founded in 1949.

<ul><li>Garuda Indonesia (GIAA IJ)Regaining Momentum Through Transformation.</li><li>Fleet recovery gains traction, with 2Q26 revenue up 36% qoq/25% yoy, supported by improved fleet availability and Hajj monetization.</li><li>Leadership reshuffle adds global aviation expertise and execution capability, but fuel costs and fare regulations remain challenges. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Garuda Indonesia (GIAA IJ)Regaining Momentum Through Transformation.Fleet recovery gains traction, with 2Q26 revenue up 36% qoq/25% yoy, supported by improved fleet availability and Hajj monetization.Leadership reshuffle adds global aviation expertise and execution capability, but fuel costs and fare regulations remain challenges. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Garuda Indonesia (GIAA IJ) Regaining Momentum Through Transformation (NOT RATED)

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

Sharp Corporation manufactures consumer and industrial electronics. The Company's products include audio-visual and communication equipment such as LCD TVs and mobile phones, home appliances, and electronic components including solar cells and integrated circuits.  Sharp operates its business worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sharp-corp" target="_blank" data-smartkarma-citation="entities:391:1" rel="noopener">Sharp Corp (6753 JP)</a> has a valuation disconnect: Free Cash Flow, Reported Earnings and Share Price. </li>
<li>Sharp's heavy capex business model shrank its Free cash flow over time, leading to an underperformance while <a href="https://www.smartkarma.com/entities/panasonic-corp" target="_blank" data-smartkarma-citation="entities:222:1" rel="noopener">Panasonic Corp (6752 JP)</a> has pivoted to new industries. </li>
<li>The management of Sharp will need to pivot to AI or any asset light business but it may not come any time soon. </li>
</ul>



Sharp Corp (6753 JP) has a valuation disconnect: Free Cash Flow, Reported Earnings and Share Price. 
Sharp's heavy capex business model shrank its Free cash flow over time, leading to an underperformance while Panasonic Corp (6752 JP) has pivoted to new industries. 
The management of Sharp will need to pivot to AI or any asset light business but it may not come any time soon. 


Sharp (6753) Vs. Panasonic (6752): Gap Will Not Narrow Soon