Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>On 28 August, Robotis (108490 KS) announced a rights offering capital increase of 100 billion won.</li>
<li>Rights offering plan is to allocate 1,349,528 new shares (10% of outstanding shares) to existing shareholders, and then conduct a public offering for general investors once forfeited shares are issued. </li>
<li>The expected rights offering price is 74,100 won per share (12.8% lower than current price). We are Negative on this rights offering.</li>
</ul>


On 28 August, Robotis (108490 KS) announced a rights offering capital increase of 100 billion won.
Rights offering plan is to allocate 1,349,528 new shares (10% of outstanding shares) to existing shareholders, and then conduct a public offering for general investors once forfeited shares are issued. 
The expected rights offering price is 74,100 won per share (12.8% lower than current price). We are Negative on this rights offering.


Robotis - Rights Offering of 100 Billion Won

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>The stock price surged by 7.7% on the 2Q25 release day.</li>
<li>Total revenue increased by 16% YoY in 2Q25 among which accommodation reservation revenue increased by 21% YoY.</li>
<li>The operating margin was stable at a level significantly higher than the period before COVID.</li>
</ul>


The stock price surged by 7.7% on the 2Q25 release day.
Total revenue increased by 16% YoY in 2Q25 among which accommodation reservation revenue increased by 21% YoY.
The operating margin was stable at a level significantly higher than the period before COVID.


Trip.com (9961HK, TCOM): 2Q25, Stock Surged On Release Day, But Still 24% Upside

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

<ul><li>We are reiterating our Buy rating, raising our price target to $75 (from $65) and increasing our projections after Build-A-Bear registered record 2Q results and handily beat their own guidance and Street expectations, driven by impressive product offerings, expansion of key items such as Mini Beans, Giant "furrry friends," Sanrio and further growth in international and third party revenue.</li><li>Further, with momentum continued strong into the key Halloween season, management raised top and operating margin guidance for FY26.</li><li>With the company remaining cash rich and focused on returning capital to shareholders, we believe BBW remains one of the best investment opportunities in the consumer sector, and we are raising our price target for BBW to $75 (from $65), 10.6X our FY26 EBITDA projection, and reiterating our Buy rating.</li></ul>

We are reiterating our Buy rating, raising our price target to $75 (from $65) and increasing our projections after Build-A-Bear registered record 2Q results and handily beat their own guidance and Street expectations, driven by impressive product offerings, expansion of key items such as Mini Beans, Giant "furrry friends," Sanrio and further growth in international and third party revenue.Further, with momentum continued strong into the key Halloween season, management raised top and operating margin guidance for FY26.With the company remaining cash rich and focused on returning capital to shareholders, we believe BBW remains one of the best investment opportunities in the consumer sector, and we are raising our price target for BBW to $75 (from $65), 10.6X our FY26 EBITDA projection, and reiterating our Buy rating.

BBW: 2Q Another Record; Raising Projections & PT to $75; Reiterate Buy

Materials| Industrials |Commodities

Rahul Jain

<ul>
<li>FY2024–25 results showed a sharp rebound, with Resources strength (copper, gold) more than offsetting Smelting losses.</li>
<li>August FY2025 guidance raised PBT and dividend despite trimming sales and Smelting outlook, reflecting confidence in core earnings.</li>
<li>EBITDA is set to grow ~6–7% over FY2025–27, leaving the stock inexpensive on P/E (~12x vs peers ~16x).</li>
</ul>


FY2024–25 results showed a sharp rebound, with Resources strength (copper, gold) more than offsetting Smelting losses.
August FY2025 guidance raised PBT and dividend despite trimming sales and Smelting outlook, reflecting confidence in core earnings.
EBITDA is set to grow ~6–7% over FY2025–27, leaving the stock inexpensive on P/E (~12x vs peers ~16x).


Sumitomo Metal Mining (5713 JP): Recovery Driven by Resources

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Pan-India average cement prices have surged by 8% year-on-year to approximately Rs 360 per 50-kg bag, driven by escalating fuel and raw material costs, notably imported petcoke and gypsum.</li>
<li>The price surge indicates a shift in the balance of power within the highly consolidated Indian cement sector.</li>
<li>With input costs rising, companies are demonstrating newfound pricing power, a critical factor for protecting and expanding operating margins in an energy-intensive business.</li>
</ul>


Pan-India average cement prices have surged by 8% year-on-year to approximately Rs 360 per 50-kg bag, driven by escalating fuel and raw material costs, notably imported petcoke and gypsum.
The price surge indicates a shift in the balance of power within the highly consolidated Indian cement sector.
With input costs rising, companies are demonstrating newfound pricing power, a critical factor for protecting and expanding operating margins in an energy-intensive business.


Indian Cement: Cost Headwinds Meet Robust Demand, Forging Pricing Power