In today’s briefing:
- Dreamtech: [Memory Modules] Two Big-Tech Quals Done, India Ramp-Up Over, Mass Output from 4Q26
- Google Cloud CEO Thomas Kurian @ Goldman Sachs Technology Conference. Key Takeaways, Full Transcript
- HoldCo Weekly (18 Sep): Where’s the Discount?
- Kinross Gold Corporation (TSX: K; NYSE: KGC): Record Margins Fund Buybacks and a Grade-Led Pipeline
- ITMG Vs PTBA: The Cheapest Way to Indonesian Coal Exposure
- Godrej Properties (GPL IN) Vs DLF (DLFU IN): Divergence in India Property Pair Reaches Key Threshold
- SLB’s Data Center Revenue Jumps 80% — Can The Business Reach $2 Billion By 2027?
- India: Relative Value Opportunities and Pair Trades (23 Sep 2026)
- Legend Holdings (3396 HK): Synthetic Expert Call Transcript (22 Sep 2026)
- Gentex’s Hidden Growth Engine — Klipsch & Onkyo Are Expanding Fast!
Dreamtech: [Memory Modules] Two Big-Tech Quals Done, India Ramp-Up Over, Mass Output from 4Q26
- Founded in 1998 and KOSPI-listed in 2019, Dreamtech is an EMS(Electronics Manufacturing Services) and ODM specialist.
- Its business has two axes: OEM work, sourcing parts to customer specs and supplying them as modules; and ODM work, partnering with owners of core technology to productize and mass-produce it.
- Its edge rests on three capabilities: tracking technology trends and sourcing to customer needs; customized mass-production development; and reliable large-volume supply.
Google Cloud CEO Thomas Kurian @ Goldman Sachs Technology Conference. Key Takeaways, Full Transcript
- Google Cloud has 17 product lines with more than $1 billion in revenues and their customers on average exceeded their commitments by more than 50%.
- They have also seen more than 2x QoQ and YoY growth in the number and value of $100 million to $1 billion deals, >300 customers each with $100 million-plus commitments.
- The size of our TPU business is more than twice that of the next-largest hyperscaler. Our payback period on AI servers in aggregate is less than two years.
HoldCo Weekly (18 Sep): Where’s the Discount?
- 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.
- While this note captures 4 holding companies, we intend to add more names in coming weeks.
Kinross Gold Corporation (TSX: K; NYSE: KGC): Record Margins Fund Buybacks and a Grade-Led Pipeline
- High-margin leverage to gold: FY25 revenue rose 37% to US$7.05bn while production cost per ounce rose 12%, lifting cash margin to US$2,285/oz.
- Organic pipeline extends the profile: Phase X, Curlew and Redbird 2 start in 2028; Great Bear (late 2029) and Lobo-Marte add ~850koz/yr of high-grade ounces to the existing 2 Moz.
- Valuation: 9.4x FY26E P/E and 5.1x EV/EBITDA with FY25 ROCE 29.8%; US$1.9bn net cash
ITMG Vs PTBA: The Cheapest Way to Indonesian Coal Exposure
- Indonesian thermal coal prices are trending higher, creating a constructive cyclical backdrop for domestic coal producers: Indo Tambangraya Megah (ITMG IJ) & Bukit Asam (PTBA IJ)
- Indo Tambangraya Megah (ITMG IJ) combines the lowest valuation with substantial net cash, while Bukit Asam (PTBA IJ) combines stronger observed cash conversion with deeper logistics and resource-duration advantages.
- We test, through a forensic examination of business economics and a value-investing lens, which company, if either, can offer more than 25% upside from current prices.
Godrej Properties (GPL IN) Vs DLF (DLFU IN): Divergence in India Property Pair Reaches Key Threshold
- Context: The DLF (DLFU IN) vs. Godrej Properties (GPL IN) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
- Highlight: Going long Godrej Properties (GPL IN) and short DLF (DLFU IN) targets an 8% return.
- Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.
SLB’s Data Center Revenue Jumps 80% — Can The Business Reach $2 Billion By 2027?
- Schlumberger Limited reported second-quarter 2026 revenue of $9 billion, up 3% sequentially as international growth and a North American rebound offset Middle East weakness.
- Middle East revenue declined 13% sequentially to $1.66 billion because of regional conflict and security disruptions, particularly in Iraq.
- Management expects activity to recover gradually, although the pace will vary by country and customer.
India: Relative Value Opportunities and Pair Trades (23 Sep 2026)
- Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
- Highlights: In India, currently three pair trade opportunities persist across two sectors.
- Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.
Legend Holdings (3396 HK): Synthetic Expert Call Transcript (22 Sep 2026)
- The recently launched sale of Legend Holdings’ 89.94% stake in Banque Internationale à Luxembourg (BIL) is a critical turning point. It is a forced exit aimed at shrinking the holding company’s massive RMB 143.67 billion debt load and narrowing its steep 75% NAV discount. However, the reported €2.5 billion valuation faces a significant bid-ask spread.
- Monopolizing on domestic unlisted assets will be difficult. While the 1.09 billion yuan restructuring of Joy Wing Mau signals a path toward a Hong Kong listing by late 2027, other non-core assets like Joyvio’s salmon business remain functionally unmonetizable due to lingering litigation and operational bottlenecks.
- The transition of the CEO role to Yu Hao in November 17, 2025, marks a structural shift away from the legacy diversified investment model toward a state-aligned, tech-centric holding structure. With the Chinese Academy of Sciences (CAS) holding a 29.04% stake, all capital allocation and divestments are tightly constrained by Beijing’s scientific and capital repatriation mandates.
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.
Gentex’s Hidden Growth Engine — Klipsch & Onkyo Are Expanding Fast!
- Gentex Corporation’s second quarter of 2026 financial results showed net sales of $651.3 million, reflecting a slight 1% decrease compared to the same period last year.
- Automotive revenue declined approximately 3% year-over-year, primarily due to lower shipments in Europe, Japan, Korea, and China.
- This decline was partially offset by stronger demand in North America and higher vehicle content in Europe.
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