Daily Brief Equity Bottom-Up: Perfect Medical Health Management (1830 HK): Synthetic Expert Call Transcript (18 Aug 2026) and more

• The “Hard-Sell” Engine is Structural, Not Incidental: Perfect Medical’s high margins are structurally dependent on aggressive staff incentives and upsell-heavy consultations. Attempting to pivot to a purely transparent, soft-sell model would cause immediate top-line collapse because first-time client organic retention is extremely low.
• Cross-Border Leakage Shifting Competitive Moats: The post-pandemic outflow of Hong Kong discretionary spend to Shenzhen and South Korea has permanently damaged local mid-tier aesthetic volumes. Perfect Medical is defending its domestic market by aggressively cutting costs and introducing lower-margin, high-turnover “Korean-style” treatments, shifting their premium physician-led brand toward a mass-market value play.
• Strict Private Healthcare Licensing Raising Operational Friction: The rollout of the Private Healthcare Facilities Ordinance (PHFO) licensing regime starting October 13, 2025, forces operators to appoint formal Chief Medical Executives. While Perfect Medical’s doctor-founded legacy provides a compliance buffer, it severely escalates administrative overhead and limits the execution speed of clinic redeployments.

• Korean retail spent US$840mn on SK Hynix ADRs in July — at up to 60% above the identical Seoul share — and ignored Samsung at home in the same breath.
• This is venue distrust, not a change of thesis. The Infosys ADR hit a 135% premium in 2000; it took 3–5 years to compress. TSMC’s never has.
• Remain BULLISH on both names; FVs unchanged. Own the South Korean mother share. The ADR premium is a sentiment gauge, not an investment.

• Doctor Care Anywhere (DOC) is transitioning from a high-growth, loss-making telehealth provider to a more disciplined, profit-focused entity. The company achieved its first full-year net profit in the period ending January 2025, a significant milestone driven by cost controls and operating model changes.
• The company’s business model is heavily reliant on a B2B2C strategy, partnering with major UK health insurers like AXA Health and other healthcare providers to access a large base of eligible patients. While this provides efficient customer acquisition, it also creates significant concentration risk with key partners.
• Future growth is expected to be driven by expanding its direct-to-consumer (D2C) offerings, cross-selling new services like weight management, and forming new strategic partnerships. The company’s medium-term ambition is to approximately double revenue over three to five years while maintaining an EBITDA margin of around 15%.

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• Amid the impact of oil prices, the car maker recorded a growth rate of 15% YoY in 2Q26.
• Export growth has exceeded 100% YoY over past half year and surged to 200% YoY in July.
• We estimate that the stock price will double at the end of 2027.

• This insight details about the weekly changes in the holding company discount in India.
• We track the reasons for change in the holdco discount if any and upcoming triggers for these companies.
• While this note captures 5 holding companies, we intend to add more names in coming weeks.

• Demand Restocking vs. Structural Growth: NAFCO’s strong H1 2026 revenue of NT$ 2.59 billion (up 34.67% YoY) is heavily supported by an extended 8-to-9-year order visibility, but a portion remains driven by OEM safety-stock buffering amid casting and forging bottlenecks, rather than pure structural demand growth.
• Malaysia Expansion Risk/Reward: The USD 40 million Malaysia facility in Seremban offers structural labor cost advantages, but near-term margin pressure is expected. While Phase I is operational, the much larger Phase II facility broke ground on January 30, 2026 and will not reach commercial operation until 1H 2028, pushing optimal utilization and margin-accretive scale out by at least two to three years.
• Defensibility of Engine Monopolies: Despite rising regional players, NAFCO remains the sole certified aerospace engine fastener manufacturer in the Asia-Pacific region for GE and Safran. Its 2021 Safran forging certification and NADCAP MMM status create a high moat that protects its 23.87% TTM gross margin from competitor pricing pressure, as additive manufacturing presents zero immediate threat to its high-volume, safety-critical hot-forging business.

• Solidigm’s Financial Paradox: Despite a spectacular operational turnaround in H1 2026, reporting a net profit of KRW 5.8 trillion driven by booming enterprise SSD (eSSD) demand, Solidigm remains severely financially constrained by a debt-to-equity ratio of 4,484%. A potential Nasdaq IPO is facing intense public backlash from minority shareholders and corporate governance watchdogs, with a 70% to 80% probability that SK Hynix will postpone or cancel the listing.
• HBM Packaging Moat and the Stacking Battle: SK Hynix retains a clear, yield-driven competitive advantage in HBM3e with its proprietary Advanced MR-MUF technology, yielding 75% to 85%. While Samsung’s Advanced TC-NCF is closing the gap with yields reaching 60% to 65%, and Micron is scaling up 12-high HBM3e production, SK Hynix’s deep trilateral integration with TSMC and Nvidia provides a substantial time-to-market advantage heading into HBM4.
• The Cyclical Trap vs. Structural Cash Flow: Despite posting a historic Q2 2026 operating margin of 76% (operating profit of KRW 60.5 trillion), SK Hynix’s stock faces compression, trading at approximately 5 times next year’s earnings. This is driven by legacy DRAM/NAND pricing plateaus following massive Q1 surges, and market concerns over capital expenditure plans exceeding $31 billion in 2026 leading to future oversupply.

• Although 1H26 revenue of $27.3mil is only 33% of RHTC’s $82mil for FY26F (1H25 was 40% of  FY25), net profit at $9.7mil is 36% of RHTC’s $27mil for FY26F.

• We expect a stronger 2H26 based on a re-acceleration of order book growth in 1H26, retention metrics of over 90% for ITS’s core annual revenue upfront subscription HCM software (SaaS) and expected Academy corporate training momentum in 2H26.

• Services revenue more than doubled to $4.9mil establishing Academy/AI corporate training as the second growth engine.

• In this Deep Dive series episode, Nicolas Bornozis, President of Capital Link is joined by the senior management team of Capital Clean Energy Carriers Corp., Mr. Brian Gallagher, EVP of Investor Relations, Mr. Nikos Tripodakis, Chief Commercial Officer and Mr. Jack Neilan, Head of LPG Commercial, to discuss the Company’s long-term strategy, investment program, commercial and chartering approach, financing strategy, and the structural trends shaping the LNG, LPG and liquid CO₂ shipping markets.
• Watch the full discussion: https://www.youtube.com/watch?v=NEASHPHIm0Y Becoming the Reference Owner in Gas Transportation Two years ago, the Company was a Nasdaq-listed MLP with a mixed fleet and a legacy containership business.
• Since then, it has undergone a significant transformation – renaming itself, refinancing, converting to a corporation in August 2024 and gradually exiting its containership exposure.

• HHP Sales Propel H1 Growth. CYD reported first half revenue of RMB 14.7 billion, 13.9% above  the year ago period, but well shy of our revised estimate.
• The growth rates for nearly all segments looks impressive on the surface, but the details impacted the miss from our estimate.
• HHP engines drove Revenue growth, with 1,800 total HHP units going to AIDC.