In today’s briefing:
- Boustead Singapore (SGX: F9D): Initiation Research (21 August 2026)
- Korea Small Cap Gem #68: Seers Co
- MiniMax (100 HK): 1H26, Actively Expand B2B Outside China
- Innovent (1801.HK): 1H26 Another Strong Set of Results; Unveiled New 2030 Revenue Target RMB35-40bn
- Kin Global Limited (SGX: KIN): Initiation Report (19 August 2026)
- Alibaba’s $10 Billion AI Gamble: Genius Move Or Shareholder Nightmare?
- Honda Motor’s JPY 520 Billion EV Loss — Is The Transition Getting Too Expensive?
- AppLovin’s $551 Million Buyback — Strong Cash Generation Meets A Bigger AI Bet!
- Corpay’s Alpha Acquisition Is Paying Off — $0.39 Of EPS Accretion Hits The Model!
- SHEIN Global Holdings (625 HK): Synthetic Expert Call Transcript (26 Aug 2026)
Boustead Singapore (SGX: F9D): Initiation Research (21 August 2026)
- We believe Boustead Singapore has emerged with a much stronger balance sheet with the disposal of 21 properties into UI Boustead REIT, whilst maintaining a significant stake in the REIT.
- We believe this would help smoothen the lumpy, one-off earnings that was seen in its engineering and real estate business units.
- We believe the strong orderbooks that Boustead has secured would help drive its future earnings and cash generation, and hopefully better margins.
Korea Small Cap Gem #68: Seers Co
- Seers (458870 KS) is a digital healthcare firm in Korea that specializes in wearable medical biosensors, artificial intelligence (AI)-driven clinical data analysis, and remote patient monitoring (RPM) platforms.
- Given the company’s surging sales and profit growth, I believe it deserves to trade at 20x P/E.
- Assuming consensus net profit estimate of 86.8 billion won, a 20X P/E suggests market cap of 1.7 trillion won, representing 110% upside from current levels (about 44,000 won per share).
MiniMax (100 HK): 1H26, Actively Expand B2B Outside China
- MiniMax’s 1H26 total revenue is 4X its 1H25 revenue, lower than 5X we expected.
- The company actively expanded its B2B business outside mainland China.
- MiniMax overcame all costs except for research and development expense.
Innovent (1801.HK): 1H26 Another Strong Set of Results; Unveiled New 2030 Revenue Target RMB35-40bn
- 1H26 represents another strong set of results (robust topline growth + operating leverage). Innovent unveiled a new 2030 revenue target RMB35-40bn, implying 16-20% 4-year CAGR (using our 2026E revenue estimates).
- 2H26/Early 2027 catalysts: 1) IBI363: pivotal data (melanoma) and PoC data (1L NSCLC, 1L GC) in ESMO; 2) IBI354: ovarian cancer data and NDA filing; 3) mazdutide: Glory-3 readout…
- 1H26 results call focus on: 1) growth drivers for 2030 revenue target, 2) 2H26 outlook, 3) key data readouts for 2H26/early 2027. See inside for P&L analysis and pipeline updates.
Kin Global Limited (SGX: KIN): Initiation Report (19 August 2026)
-
As Singapore’s largest sports event management company, we think Kin Global could benefit from Singapore’s standing as a destination for sports events and broader events-related tourism.
-
The recent 1H2026 net loss, attributed to one-off listing costs and delays on project awards and commencements, hide potentially interesting opportunity in its operational margins.
-
The ~25% retreat from the IPO offer price may present a longer-term opportunity should their margins prove sustainable.
Alibaba’s $10 Billion AI Gamble: Genius Move Or Shareholder Nightmare?
- Alibaba Group is making one of the largest AI financing bets in China, raising roughly $10.2 billion through a new share placement just as its artificial intelligence business begins showing meaningful commercial traction.
- The deal involves 710 million new shares, representing roughly 3.7% of Alibaba’s existing issued share capital, and comes after a quarter in which heavy technology investment pushed GAAP net income down about 75% and free cash flow deeply negative.
- Yet the story is far from uniformly bearish.
Honda Motor’s JPY 520 Billion EV Loss — Is The Transition Getting Too Expensive?
- Honda Motor Company Limited reported record operating profit of JPY 530.7 billion for the first quarter of fiscal year ending March 31, 2027, driven largely by strong performance in the motorcycle business and North American automobile sales.
- The motorcycle segment achieved its highest-ever quarterly operating profit, fueled by robust sales in India and Brazil.
- Despite challenges in the Chinese automobile market, unit sales increased overall, mainly supported by North America, delivering an automobile operating profit of JPY 192.1 billion with an operating margin of 5.0%.
AppLovin’s $551 Million Buyback — Strong Cash Generation Meets A Bigger AI Bet!
- AppLovin reported second-quarter 2026 revenue of approximately $1.92 billion, representing a 53% increase year-over-year but slightly below the midpoint of its guidance range.
- Adjusted EBITDA grew 58% year-over-year to about $1.61 billion, with margins expanding by roughly 300 basis points compared to the prior year, although just below guidance expectations.
- Free cash flow for the quarter was $863 million, below the company’s typical cadence due to timing of international tax and interest payments; the company expects conversion to normalize near 75% of adjusted EBITDA for the full year.
Corpay’s Alpha Acquisition Is Paying Off — $0.39 Of EPS Accretion Hits The Model!
- Corpay’s second quarter 2026 results reflected a combination of solid operating performance and favorable macroeconomic conditions.
- The company reported revenue of $1.34 billion, representing a 21% year-over-year increase and outperforming expectations by $45 million, driven partially by a $30 million macroeconomic tailwind.
- Cash earnings per share (EPS) reached a record $7, up 36% year-over-year, with the Alpha acquisition and Avid investment contributing $0.39 in EPS accretion, in line with management’s targets.
SHEIN Global Holdings (625 HK): Synthetic Expert Call Transcript (26 Aug 2026)
- Shattered Margin Model: The termination of the US de minimis exemption in May 2025 and the EU’s July 2026 low-value customs fee have structurally altered SHEIN’s unit economics. Fulfillment costs escalated to 47.7% of net revenue in Q1 2026, a compression that triggered a $99 million net loss and exposed the limits of direct-from-China air-freight logistics.
- Aggressive Tax Siphoning & Structural Risks: Transfer pricing mechanisms routing up to 84% of local revenues (such as £1.72 billion of SHEIN UK’s £2.05 billion sales) back to the Singapore parent
Roadget Business Pte. Ltd.as “purchasing costs” have drawn heavy audit exposure. While reducing the effective tax rate to an average of 9.4% from 2021 to 2023, this aggressive structure restricts cash fungibility and creates massive back-tax liabilities as Western jurisdictions clamp down. - Plan C Governance Restructuring: The sudden step-down of Executive Chairman Donald Tang in July 2026 and the consolidation of power under founder Sky Xu signals a retreat to a defensive, Beijing-aligned stance. By settling for a Hong Kong IPO at a $27 billion valuation—70% below its 2022 peak—SHEIN is being priced as a low-margin, politically exposed retailer rather than a high-flying tech platform.
Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.
💡 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
