In today’s briefing:
- Grab Holdings (GRAB IJ) – Record Breaker
- Shortlist of High-Conviction Ideas Across Japan, China & India – August 2026 (Post-Results)
- Singtel (ST): Catalysts Incoming
- CXMT (688825 CH) H1 2026 Results: Beat-And-Raise Meets an Overshot Multiple
- Vodafone Idea AGM: Birla’s Reinvention Has Moved From Rescue To Execution
- CATL (3750 HK / 300750 CH): Stop Pricing It as a Battery Cyclical — Start Pricing the Grid
- SK Hynix: CEO Sees Shortage Through 2030. Big Profits Continues, Yet Still Trades at ~6x PE
- CSL Ltd (CSL AU): Synthetic Expert Call Transcript (30 Aug 2026)
- Paycom: The Automation Moat Has a Price
- CXMT Corporation (688825 CH): Blown Through the Roof
Grab Holdings (GRAB IJ) – Record Breaker
- Despite headwinds from geopolitical events, surging fuel prices and regulatory headwinds in Indonesia, Grab released yet another knockout set of results, after which the company increased FY2026 guidance.
- Grab balanced affordable product growth to expand its ecosystem, with high-value products, combining to improve both volumes and profitability, with Grab Unlimited and Grab Mart continuing to grow in importance.
- Grab’s financial services booked the strongest segmental growth and is forecast to break even in 2H2026. Grab remains a core consumer proxy for ASEAN, booking increasingly profitable and sustainable growth.
Shortlist of High-Conviction Ideas Across Japan, China & India – August 2026 (Post-Results)
- We compile our selection of companies across Japan,China &India based on bottom-up triggers in each company post their recent quarterly/half yearly results and their guidance for remaining of the year.
- In Japan its ROHM Co Ltd (6963 JP),Suzuki Motor (7269 JP) & Mazda Motor (7261 JP). In China its Chow Tai Fook Jewellery (1929 HK) & Midea Group (300 HK).
- In India its a mix of recently listed – Milky Mist Dairy Food (1231D IN), Lalithaa Jewellery (LALITHAA IN) , Holdco – TVS (TVSHLTD IN) and select Auto OEs
Singtel (ST): Catalysts Incoming
- Singapore Telecommunications (ST SP) SOTP valuation is sitting at 13% discount to the current share price.
- Plenty of catalysts, including data center and digital infrastructure catalysts, as well as discussions to further monetize a partial sale in Optus.
- For investors who require a market neutral idea, shorting Bharti Airtel (BHARTI IN) could provide an alternative given its valuation premium as well as its slower execution.
CXMT (688825 CH) H1 2026 Results: Beat-And-Raise Meets an Overshot Multiple
- CXMT’s H1-2026 results beat IPO guidance by roughly 25–36%, with R&D up 87% YoY and four DRAM process nodes now in mass production — the growth story remains fully intact.
- Spot at RMB58.60 implies 23x FY26E and 20x FY27E EPS — a scarcity premium the STAR Market’s thin free float can sustain longer than fundamentals justify.
- We maintain our BEARISH stance but raise our fair value to RMB31.40, based on an 12x China-specific multiple band applied to upgraded FY26E/FY27E EPS.
Vodafone Idea AGM: Birla’s Reinvention Has Moved From Rescue To Execution
- Positive quarterly subscriber additions, more than 200 5G cities, INR 9,000 crore of orders and INR 6,400 crore of funding mark a shift from defence to deployment.
- Vi’s first post-merger subscriber-growth quarter suggests recent coverage, capacity and service investments are beginning to influence customer behaviour.
- The probability of an operating turnaround has improved, but equity value remains highly sensitive to debt closure, tariff action and capex execution.
CATL (3750 HK / 300750 CH): Stop Pricing It as a Battery Cyclical — Start Pricing the Grid
- CATL’s BESS revenue surged 87.5% YoY to RMB53.26bn in H1 2026, now 19.23% of sales — the mix shift the market still prices as a battery cyclical.
- RMB17bn deployed into AI data centers, hydropower, and robotics turns CATL into an equity holder in the demand for its own BESS hardware.
- BULLISH, FV HK$770 (3750 HK) — basis: SOTP blending core battery PE re-rating with unpriced AI-grid infrastructure optionality and RMB40bn buyback-cancellation support.
SK Hynix: CEO Sees Shortage Through 2030. Big Profits Continues, Yet Still Trades at ~6x PE
- What he said. At the 27 Aug Indiana groundbreaking, CEO Kwak Noh-jung said the memory shortage runs through end-2030 with no downturn signal visible. He was serious on this.
- What it is worth. If right, FY2027E OP is ~KRW 295tn vs our KRW 250tn base, and FY2026-30 after-tax earnings exceeds its current MCAP.
- What to do. BULLISH, FV KRW 3,500,000 unchanged — it needs him right on 2027 only as the market is treating the stock as if earnings have peaked already.
CSL Ltd (CSL AU): Synthetic Expert Call Transcript (30 Aug 2026)
- The $11.7 billion Vifor acquisition has undergone a massive structural revaluation, culminating in US$7.1 billion in pre-tax asset impairments in FY26. This write-down reflects a realistic reassessment of Ferinject generic erosion, R&D pipeline adjustments, and high capital-intensity manufacturing facilities like Lengnau, establishing a clean operational baseline under interim leadership.
- Regulatory and transfer pricing headwinds represent a systemic threat to CSL’s low-tax offshore IP structure. The ATO and IRS are aggressively leveraging precedent from the SingTel and Chevron cases to target cross-border royalty agreements, while Medicare Part D changes shift 20% of catastrophic phase liabilities onto manufacturers, squeezing specialty therapy margins.
- Executive compensation and capital allocation frameworks are undergoing a forced transition toward ROIC. Following the departure of CEO Paul McKenzie and the appointment of CFO Ken Lim, CSL is focusing on structural cost discipline over volume growth. This includes closing underperforming collection centers and utilizing the Rika/iNomi platforms to reduce donor cost-per-liter by up to 14%.
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.
Paycom: The Automation Moat Has a Price
- Automation is Paycom’s next moat: Beti, GONE, iWant and Project Arc could deepen customer ROI, retention and internal productivity.
- Growth is becoming harder: Client growth has slowed, increasing reliance on cross-sell, larger customers and higher revenue per client.
- Capital intensity is the key debate: R&D and CapEx are rising sharply; Paycom must prove automation can drive growth without permanently eroding its capital-light economics.
CXMT Corporation (688825 CH): Blown Through the Roof
- CXMT Corporation (688825 CH) beats its prospectus forecast in 1H26 earnings, posting net profit of Rmb77.6bn. In 2Q26, it made Rmb52.8bn.
- Demand outlook will stay encouraging in 2H26, and the market consensus appears conservative now. This means upside potential for earnings forecasts.
- While at 22x FY26 PER, CXMT looks expensive, its high 3-year EPS CAGR justifies it. Moreover, its 0.05x PEG is below the sector average.
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