Smartkarma Daily Briefs

Samsung Electronics (005930 KS) is looking to raise around US$1.2bn from a secondary placement.
This represents 0.9 days of the stock’s three month ADV, and 0.3% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Lenskart Solutions IPO – Is Pricey but Has a Strong Market Position

By Sumeet Singh

Lenskart Solutions is looking to raise about US$825m in its upcoming India IPO.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.

52TOYS Development IPO Preview: A “Must Own” Stock, Big Push In Overseas Markets Looks Promising

By Andrei Zakharov

52TOYS Development, a Beijing-based multi-genre IP toy company, is seeking Hong Kong IPO that would raise up to $200M.
Founded in 2012 by Mr. Chen and Mr. Huang, 52TOYS positions itself as a toymaker with a strong emphasis on collectible mecha and sci-fi aesthetics.
52TOYS has made a big push online and in overseas markets. I believe the company has primary growth drivers such as international expansion and new licensed and proprietary IP products.

Medline Inc. (MDLN): Peeking at the IPO Prospectus of Mega Hospitals Product & Supply Chain Company

Through their two segments, Medline Brand and Supply Chain Solutions, they offer approximately 335,000 med-surg products.
They had net sales of $21.4 billion, $23.2 billion, and $25.5 billion and net income (loss) of ($25 million), $234 million, and $1.2 billion in 2022, 2023, and 2024, respectively.
This company is a staple to the healthcare and hospitals industry and we anticipate a market cap north of $50 billion.

Navan Inc. (NAVN): Mispriced AI Travel Platform Stumbles in Debut

Navan Inc. (NAVN) priced its IPO at the midpoint of the range, $25.00 per share, raising approximately $922 million in gross proceeds.
The stock opened below issue price at $22.00 and failed to find support during its debut session, trading as low as $19.74 before closing near its intraday lows.
Despite strong top-line growth and margin improvement, investor skepticism centered around long-term scalability and sector defensibility.

Seres Group Hong Kong IPO Valuation Analysis

By Douglas Kim

Our base case valuation of Seres Group is target price of 189.9 CNY which represents a 17% upside from current levels over a 6-12 month period.
Our target P/S multiple of 1.4x is 50% premium to the average valuation multiple of the comps in 2026.
We used a premium valuation multiple for Seres Group due the company’s higher sales growth, EBITDA margins, and ROE.

Softcare Pre-IPO: PHIP Update: Continued Revenue Growth but Some Margin Deterioration

Softcare (SOFT HK) is looking to raise around US$300m in its upcoming Hong Kong IPO.
It is an international hygiene product corporation engaged in the development, manufacturing and sales of baby and feminine hygiene products.
We have looked at the company’s past performance in our previous note. In this note, we will undertake a PHIP update.

Indo-MIM Ltd Pre-IPO Tearsheet

By Akshat Shah

Indo-MIM Ltd (1666551D IN) (IML) is looking to raise about US$112m in its upcoming India IPO. The deal will be run by Axis, ICICI, HDFC, Kotak and SBI Caps.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
According to Frost & Sullivan,IML was the largest manufacturer globally of precision engineering components using MIM technology, with a 7% market share in terms of revenue from MIM in FY25.

FJD Pre-IPO Tearsheet

FJD Inc (FJD HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by MS and CICC.
FJD’s mission is to empower and elevate frontline workers in labor-intensive scenarios with accessible, intelligent robotics solutions.
The company achieves this by building digital models for the real world and driving autonomous transition in essential workflows across multiple core industries.

💡 Before it’s here, it’s on Smartkarma

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

Oct 31

Daily Brief Thailand: Bangkok Bank Public, Mega Lifesciences, Synnex Thailand and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Thai Banks; Bangkok Bank (SET:BBL) Is Our Deep Value Pick, TMB Thanachart (SET:TTB) Is Now a Neutral
Primer: Mega Lifesciences (MEGA TB) – Oct 2025
Primer: Synnex Thailand (SYNEX TB) – Oct 2025

Thai Banks; Bangkok Bank (SET:BBL) Is Our Deep Value Pick, TMB Thanachart (SET:TTB) Is Now a Neutral

By Victor Galliano

We upgrade deep value Bangkok Bank to buy from neutral; it trades on a 40%+ PBV discount to SCBx and its return trends improved further alongside solid balance sheet credentials
TMB Thanachart’s share price has corrected versus the peer group, so its PBV valuation no longer looks so stretched especially versus SCBx; we upgrade TMB Thanachart to neutral from sell
Krung Thai remains a neutral, even though it is delivering on improved returns, as it is not compelling value and has been narrowing the discount with SCBx

Primer: Mega Lifesciences (MEGA TB) – Oct 2025

By αSK

Mega Lifesciences is a leading pharmaceutical and nutraceutical company with a strong presence in high-growth Southeast Asian markets, particularly Myanmar, Vietnam, and Cambodia.
The company’s dual-engine business model, comprising the branded ‘Mega We Care’ products and the ‘Maxxcare’ distribution arm, provides both margin strength and extensive market reach.
Future growth is anticipated to be driven by strategic expansion into new markets like Indonesia, a robust pipeline of new product launches, and favorable demographic trends such as rising health consciousness and an aging population in its core markets.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Synnex Thailand (SYNEX TB) – Oct 2025

By αSK

Synnex Thailand stands as the country’s largest IT distributor, poised to capitalize on growth in cloud services, AI-enabled devices, and the gaming market.
Recent financial performance shows robust revenue growth, with a 2Q25 profit reaching a two-year high; however, margins remain thin and cash flow has been volatile, reflecting the competitive nature of the distribution business.
The stock appears attractively valued, trading at its lowest P/E ratio in five years, offering a potential re-entry point for investors banking on continued demand for IT products and successful strategic expansion into higher-margin services.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

💡 Before it’s here, it’s on Smartkarma

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

Oct 31

Daily Brief South Korea: Samsung Electronics, Hyosung Heavy Industries Corp, HSD Engine Co., Ltd., Synopex Inc and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Samsung Electronics Placement: Inheritance Tax Paydown by Family, Widely Telegraphed
Hyosung Heavy — Ceiling Reversion Setup, ~0.7x DTV Outflow. Totally off the Market’s Radar
[Quiddity Index] KOSPI 200 Leaderboard for Dec25 Rebal: Final Predictions; 5 ADDs, 6 DELs, 1 IR Chg
Samsung Electronics: Block Deal Sale of 1.8 Trillion Won for Inheritance Tax Payment by Lee Family
Primer: Synopex Inc (025320 KS) – Oct 2025

Samsung Electronics Placement: Inheritance Tax Paydown by Family, Widely Telegraphed

Samsung Electronics (005930 KS) is looking to raise around US$1.2bn from a secondary placement.
This represents 0.9 days of the stock’s three month ADV, and 0.3% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Hyosung Heavy — Ceiling Reversion Setup, ~0.7x DTV Outflow. Totally off the Market’s Radar

By Sanghyun Park

Hyosung Heavy (298040 KS) near 29% weight; 10ppt ceiling cut = ~0.6–0.7x DTV outflow. Unlike other ETF heavies, flows here bite — real tradeable setup.
Hyosung Heavy ceiling cut hits Dec 12 rebalance unless >30% earlier; iSelect enforces next‑day, as seen with Isupetasys (right today) breach in KODEX AI Semicon ETF clipped to 20%.
Hyosung Heavy again ripping today; watch 30% breach — triggers next‑day ceiling cut. Play the reversion, hedge with other hot AI power basket names.

[Quiddity Index] KOSPI 200 Leaderboard for Dec25 Rebal: Final Predictions; 5 ADDs, 6 DELs, 1 IR Chg

KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual review in December 2025.
We expect up to 5 ADDs and 6 DELs for the KOSPI 200 index during this index rebal event based on the latest available data.

Samsung Electronics: Block Deal Sale of 1.8 Trillion Won for Inheritance Tax Payment by Lee Family

By Douglas Kim

It was announced today that Samsung’s Lee family members are selling about 1.8 trillion won worth of Samsung Electronics (005930 KS) through an after-hours block trade.
The purpose of the block trade is for the Lee family members to pay for inheritance taxes and repay stock-backed loans.
The block trade selling level is between 102,200 won and 104,100 won, representing a discount of 0% to 1.8% compared to the closing price of the day.

Primer: Synopex Inc (025320 KS) – Oct 2025

By αSK

Synopex Inc. is a diversified manufacturer with core operations in Flexible Printed Circuit Boards (FPCBs) and high-performance membrane filters, positioning it to capitalize on growth in both the electronics and environmental sectors.
The company is strategically expanding its presence in high-growth areas, including automotive electronics, medical devices (such as artificial kidneys), and advanced water treatment solutions, leveraging its technological expertise in filtration and electronic components.
Financial performance indicates strong bottom-line growth, with a 3-year Net Income CAGR of 41.07%, despite modest revenue growth. This suggests successful cost management, a shift towards higher-margin products, or operational efficiencies.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

💡 Before it’s here, it’s on Smartkarma

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

Oct 31

Daily Brief Event-Driven: [Japan M&A] Sumitomo Corp To Buy Out Minorities in SCSK (9719 JP) and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

[Japan M&A] Sumitomo Corp To Buy Out Minorities in SCSK (9719 JP)
[Japan M&A] Sumi Elec Buys Out Minorities in Sumitomo Riko (5191 JP) For ¥2,600 – Low Price/Multiple
Jardine Matheson’s Underperformance Post Mandarin Offer
[Japan M&A] Daiwa House Buyout of Sumitomo Densetsu (1949 JP) At ¥9,760 – A Good Exit
Hyosung Heavy — Ceiling Reversion Setup, ~0.7x DTV Outflow. Totally off the Market’s Radar
[Japan M&A] Fujitsu Buys Out Brainpad (3655) At Near 100% Premium
BrainPad (3655 JP): Fujitsu (6702 JP)’s 100% Premium Tender Offer
Samsung Electronics: Block Deal Sale of 1.8 Trillion Won for Inheritance Tax Payment by Lee Family
Sumitomo Densetsu (1949 JP): Daiwa House Industry (1925 JP)’s Attractive Tender Offer at JPY9,760
Sumitomo Riko (5191 JP): Sumitomo Electric (5802 JP)’s Tender Offer Is Light but Likely Done

[Japan M&A] Sumitomo Corp To Buy Out Minorities in SCSK (9719 JP)

Yesterday after the close, Sumitomo Corp (8053 JP) announced it would buy out minorities in Scsk Corp (9719 JP) at ¥5,700/share.
As a “parent takes out subsidiary” deal, this was not unexpected at some point in time. The register looks like there may be a number of people who expected that.
This gets done pretty easily. It is not a bad price.

[Japan M&A] Sumi Elec Buys Out Minorities in Sumitomo Riko (5191 JP) For ¥2,600 – Low Price/Multiple

Today with the earnings announcement, Sumitomo Electric Industries (5802 JP) announced it would buy out minorities in Sumitomo Riko Company (5191 JP), its rubber products subsidiary.
The price is low, and especially so when one considers the significant net receivables and inventory number (about 2mos of revenue, but one turn of annual EBITDA).
Crossholders and insiders, however, own nearly 15% of the company, and that makes blocking this deal difficult, despite its low price, and lack of synergies considered in the price.

Jardine Matheson’s Underperformance Post Mandarin Offer

By David Blennerhassett

Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) announced on the 17th October an Offer for Mandarin Oriental (MAND SP)‘s minorities at US$3.35/share.
This is a clean, full, “dull” Offer. And MAND is trading super tight to terms at ~2.1% gross, with possible payment (my estimate) late Feb 2026.
Proceeds from the OCB sale will be US$925mn. And taking out MAND’s minorities will set Matheson back ~US$1bn. Yet the market is now assigning US$2.1bn less for Matheson’s stub ops.

[Japan M&A] Daiwa House Buyout of Sumitomo Densetsu (1949 JP) At ¥9,760 – A Good Exit

Today partway through the day, Daiwa House Industry (1925 JP), Sumitomo Electric Industries (5802 JP), and Sumitomo Densetsu (1949 JP) announced Daiwa House would buy out Sumitomo Densetsu for ¥9,760/share.
Sumitomo Electric will sell its stake to the company ¥6,877/share. Minorities get 11.9x Mar26 EBITDA. The Bidder is buying at 9.9x.
At an ATH, and a nice premium, and 3x book, this looks like a pretty good takeout price. Daiwa House has plans for it.

Hyosung Heavy — Ceiling Reversion Setup, ~0.7x DTV Outflow. Totally off the Market’s Radar

By Sanghyun Park

Hyosung Heavy (298040 KS) near 29% weight; 10ppt ceiling cut = ~0.6–0.7x DTV outflow. Unlike other ETF heavies, flows here bite — real tradeable setup.
Hyosung Heavy ceiling cut hits Dec 12 rebalance unless >30% earlier; iSelect enforces next‑day, as seen with Isupetasys (right today) breach in KODEX AI Semicon ETF clipped to 20%.
Hyosung Heavy again ripping today; watch 30% breach — triggers next‑day ceiling cut. Play the reversion, hedge with other hot AI power basket names.

[Japan M&A] Fujitsu Buys Out Brainpad (3655) At Near 100% Premium

Today after the close, Fujitsu Ltd (6702 JP), with 110,000 employees, announced a buyout of a small “labour-intensive” AI/ML sysdev business with 200+ data scientists.
Brainpad Inc (3655 JP) is being bought out from its co-founders and others at a near-100% premium. Not an all-time high, but not a low price.
Somewhat heavily shorted, this will trade tight, but I expect nobody will come over the top.

BrainPad (3655 JP): Fujitsu (6702 JP)’s 100% Premium Tender Offer

Brainpad Inc (3655 JP) has recommended a tender offer from Fujitsu Ltd (6702 JP) at JPY2,706, a 100.0% premium to the undisturbed price.
The offer is attractive compared to historical trading ranges and is above the midpoint of the target IFA DCF valuation range.
The huge takeover premium resulted from an auction. The tender offer runs from 31 October to 15 December (30 business days). This is a done deal.

Samsung Electronics: Block Deal Sale of 1.8 Trillion Won for Inheritance Tax Payment by Lee Family

By Douglas Kim

It was announced today that Samsung’s Lee family members are selling about 1.8 trillion won worth of Samsung Electronics (005930 KS) through an after-hours block trade.
The purpose of the block trade is for the Lee family members to pay for inheritance taxes and repay stock-backed loans.
The block trade selling level is between 102,200 won and 104,100 won, representing a discount of 0% to 1.8% compared to the closing price of the day.

Sumitomo Densetsu (1949 JP): Daiwa House Industry (1925 JP)’s Attractive Tender Offer at JPY9,760

Sumitomo Densetsu (1949 JP) has recommended a tender offer from Daiwa House Industry (1925 JP) at JPY9,760, a 28.1% premium to the undisturbed price.
The process is deficient due to the lack of an auction and the offeror’s reliance on less than 100% voter turnout to pass the EGM share consolidation vote.
Nevertheless, the offer is attractive, as it represents an all-time high and is above the high end of the IFA DCF valuation range.

Sumitomo Riko (5191 JP): Sumitomo Electric (5802 JP)’s Tender Offer Is Light but Likely Done

Sumitomo Riko Company (5191 JP) has recommended a tender offer from Sumitomo Electric Industries (5802 JP) at JPY2,600, a 20.6% premium to the undisturbed price.
The offer is arguably attractive as it is above the midpoint of the special committee/target IFA DCF valuation range and represents an all-time high.
The offer is light as it implies a discount to peer multiples. However, the significant cross-holders on the register suggest that the minimum tendering condition should be met.

💡 Before it’s here, it’s on Smartkarma

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

Oct 31

Daily Brief Singapore: Jardine Matheson Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Jardine Matheson’s Underperformance Post Mandarin Offer

Jardine Matheson’s Underperformance Post Mandarin Offer

By David Blennerhassett

Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) announced on the 17th October an Offer for Mandarin Oriental (MAND SP)‘s minorities at US$3.35/share.
This is a clean, full, “dull” Offer. And MAND is trading super tight to terms at ~2.1% gross, with possible payment (my estimate) late Feb 2026.
Proceeds from the OCB sale will be US$925mn. And taking out MAND’s minorities will set Matheson back ~US$1bn. Yet the market is now assigning US$2.1bn less for Matheson’s stub ops.

💡 Before it’s here, it’s on Smartkarma

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

Oct 31

Daily Brief United States: Meta, Alphabet, Medline, Navan, Booz Allen Hamilton Holding, Tri Pointe Group, Intel Corp, Euronet Worldwide, Hasbro Inc, Gentex Corp and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Meta: A Good 3Q Spoiled by a Tax Problem. Capex Boom Continues in 2026.
Hyperscalers’ Capex Update. Remember Jensen’s $500bn Yesterday ?
Medline Inc. (MDLN): Peeking at the IPO Prospectus of Mega Hospitals Product & Supply Chain Company
Navan Inc. (NAVN): Mispriced AI Travel Platform Stumbles in Debut
Booz Allen Hamilton Eyes Solid Growth with AI-Driven 6G & Quantum Defense Tech; Can It Materialize?
Tri Pointe Homes’ 32
Intel’s Quarter That Finally Justified the Pain
Euronet’s Strategic Partnerships With Citibank & Fireblocks Are Fueling a Payments Revolution; Is This The Biggest Growth Catalyst?
How Hasbro Is Using Marvel, Star Trek, & The Hobbit to Supercharge Magic: The Gathering!
Gentex Corporation Powers Ahead With In-Cabin Tech—Can It Outpace ADAS Giants?

Meta: A Good 3Q Spoiled by a Tax Problem. Capex Boom Continues in 2026.

By Nicolas Baratte

Good 3Q25: revenue 4% above Consensus, Operating Income 7% above. But a huge US$18bn tax reversal leads to a big GAAP miss. A 10% NON-GAAP beat.
2025 Capex revised up to high end of range, from $66-72 bn to $70-72 billion. 2026 Capex dollar growth will be notably larger than 2025, that means over 100bn.
Stock down -9% after hours, an over-reaction to a one-off non-cash tax write off. Valuations: slightly high as 2026 growth is forecast to be low due to OP margin decline.

Hyperscalers’ Capex Update. Remember Jensen’s $500bn Yesterday ?

By Nicolas Baratte

First 3 hyperscalers to report (GOOG, META, MSFT). GOOG and META increase 2025 Capex. GOOG and META mention “significant increase” or “larger increase” in 2026.
MSFT is in 1Q26, ending June-27. In FY25 Capex increased by 58% YoY. FY 26 capex will increase more than in FY25.
Altogether it looks like a ~50% Capex increase in 2026.

Medline Inc. (MDLN): Peeking at the IPO Prospectus of Mega Hospitals Product & Supply Chain Company

Through their two segments, Medline Brand and Supply Chain Solutions, they offer approximately 335,000 med-surg products.
They had net sales of $21.4 billion, $23.2 billion, and $25.5 billion and net income (loss) of ($25 million), $234 million, and $1.2 billion in 2022, 2023, and 2024, respectively.
This company is a staple to the healthcare and hospitals industry and we anticipate a market cap north of $50 billion.

Navan Inc. (NAVN): Mispriced AI Travel Platform Stumbles in Debut

Navan Inc. (NAVN) priced its IPO at the midpoint of the range, $25.00 per share, raising approximately $922 million in gross proceeds.
The stock opened below issue price at $22.00 and failed to find support during its debut session, trading as low as $19.74 before closing near its intraday lows.
Despite strong top-line growth and margin improvement, investor skepticism centered around long-term scalability and sector defensibility.

Booz Allen Hamilton Eyes Solid Growth with AI-Driven 6G & Quantum Defense Tech; Can It Materialize?

Booz Allen Hamilton provided detailed insights into their second quarter fiscal year 2026 performance and presented a mixed financial outlook characterized by a stark bifurcation in their market segments.
The company faces significant challenges and opportunities, presenting both potential advantages and drawbacks for investors.
On the positive side, Booz Allen’s national security portfolio, encompassing defense and intelligence sectors, shows encouraging signs.

Tri Pointe Homes’ 32

Tri Pointe Homes has reported its financial performance for the third quarter of 2025, providing a mixed outlook on both its immediate results and strategic direction moving forward.
During this period, the company closed 1,217 homes at an average selling price of $672,000, generating home sales revenue of $817 million.
This exceeded the upper limit of their delivery guidance, showcasing their ability to navigate a challenging housing market environment.

Intel’s Quarter That Finally Justified the Pain

By Raghav Vashisht

Intel’s Q3 results confirm discipline over drama, with stronger liquidity, narrowing foundry losses, and tangible proof that the “systems foundry” strategy is progressing on schedule.
$5.7 billion from the U.S. government, $2 billion from SoftBank, and divestments in Altera and Mobileye together fortified balance-sheet flexibility for the foundry ramp ahead.
Guidance underscores managed deceleration rather than weakness: Q4 margins to soften on Core Ultra 3 and Altera deconsolidation, even as execution tightens and demand continues to outpace supply into 2026.

Euronet’s Strategic Partnerships With Citibank & Fireblocks Are Fueling a Payments Revolution; Is This The Biggest Growth Catalyst?

Euronet Worldwide reported its third-quarter financial results, showcasing a mixed performance across its segments.
The company achieved a revenue of $1.1 billion, with operating income standing at $195 million.
Adjusted EBITDA reached $245 million, while the adjusted earnings per share were $3.62, reflecting a 19% growth compared to the previous year.

How Hasbro Is Using Marvel, Star Trek, & The Hobbit to Supercharge Magic: The Gathering!

Hasbro’s third-quarter 2025 financial performance indicates a mixed but generally positive trajectory for the company.
Net revenue and operating profit increased year-over-year, driven by key brands such as Magic: The Gathering and various collaborations.
The company reported an 8% rise in net revenue, reaching $1.4 billion, and a similarly robust increase in operating profit of 8%, resulting in an adjusted operating profit margin of 25.6%.

Gentex Corporation Powers Ahead With In-Cabin Tech—Can It Outpace ADAS Giants?

Gentex Corporation’s third-quarter 2025 financial results present a mixed picture with several positive elements, tempered by notable challenges.
The company reported consolidated net sales of $655.2 million, which marks an 8% increase from the prior year, driven primarily by the contributions from the recent acquisition of VOXX, which added $84.9 million in revenue.
However, core Gentex revenue decreased by 6% compared to the same quarter last year.

💡 Before it’s here, it’s on Smartkarma

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

Oct 31

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By Smartkarma Daily Briefs | Credit, Daily Briefs

In today’s briefing:

Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, ReNew Energy
UST yields climbed 8-11 bps across the curve yesterday. This came as Fed Chairman Jerome Powell sought to temper market expectations for a December rate cut, following the central bank’s widely anticipated 25-bp rate reduction.
The UST curve bear flattened, with the yield on the 2Y UST jumping 11 bps to 3.60%, while that on the 10Y UST climbed 10 bps to 4.08%. Equities gave up their intraday gains, with the S&P 500 closing flat at 6,891.

💡 Before it’s here, it’s on Smartkarma

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

Oct 31

Daily Brief Industrials: Jardine Matheson Holdings, Sumitomo Densetsu, Hyosung Heavy Industries Corp, HSD Engine Co., Ltd., Nidec Corp, Sany Heavy Industry, General Electric , Legence, Indo-MIM Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Jardine Matheson’s Underperformance Post Mandarin Offer
[Japan M&A] Daiwa House Buyout of Sumitomo Densetsu (1949 JP) At ¥9,760 – A Good Exit
Hyosung Heavy — Ceiling Reversion Setup, ~0.7x DTV Outflow. Totally off the Market’s Radar
[Quiddity Index] KOSPI 200 Leaderboard for Dec25 Rebal: Final Predictions; 5 ADDs, 6 DELs, 1 IR Chg
Sumitomo Densetsu (1949 JP): Daiwa House Industry (1925 JP)’s Attractive Tender Offer at JPY9,760
Quiddity JPX-Nikkei 400 Rebal 2026: End-Oct 2025 Ranks
Sany Heavy Industry (6031 HK): What to Do Now After the IPO?
General Dynamics’ Cash Flow Surges 179% of Net Income—What’s Powering This Boom?
Legence (LGN US): Post-IPO Index Inclusion; US in 2025 & Global in 2026
Indo-MIM Ltd Pre-IPO Tearsheet

Jardine Matheson’s Underperformance Post Mandarin Offer

By David Blennerhassett

Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) announced on the 17th October an Offer for Mandarin Oriental (MAND SP)‘s minorities at US$3.35/share.
This is a clean, full, “dull” Offer. And MAND is trading super tight to terms at ~2.1% gross, with possible payment (my estimate) late Feb 2026.
Proceeds from the OCB sale will be US$925mn. And taking out MAND’s minorities will set Matheson back ~US$1bn. Yet the market is now assigning US$2.1bn less for Matheson’s stub ops.

[Japan M&A] Daiwa House Buyout of Sumitomo Densetsu (1949 JP) At ¥9,760 – A Good Exit

Today partway through the day, Daiwa House Industry (1925 JP), Sumitomo Electric Industries (5802 JP), and Sumitomo Densetsu (1949 JP) announced Daiwa House would buy out Sumitomo Densetsu for ¥9,760/share.
Sumitomo Electric will sell its stake to the company ¥6,877/share. Minorities get 11.9x Mar26 EBITDA. The Bidder is buying at 9.9x.
At an ATH, and a nice premium, and 3x book, this looks like a pretty good takeout price. Daiwa House has plans for it.

Hyosung Heavy — Ceiling Reversion Setup, ~0.7x DTV Outflow. Totally off the Market’s Radar

By Sanghyun Park

Hyosung Heavy (298040 KS) near 29% weight; 10ppt ceiling cut = ~0.6–0.7x DTV outflow. Unlike other ETF heavies, flows here bite — real tradeable setup.
Hyosung Heavy ceiling cut hits Dec 12 rebalance unless >30% earlier; iSelect enforces next‑day, as seen with Isupetasys (right today) breach in KODEX AI Semicon ETF clipped to 20%.
Hyosung Heavy again ripping today; watch 30% breach — triggers next‑day ceiling cut. Play the reversion, hedge with other hot AI power basket names.

[Quiddity Index] KOSPI 200 Leaderboard for Dec25 Rebal: Final Predictions; 5 ADDs, 6 DELs, 1 IR Chg

KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual review in December 2025.
We expect up to 5 ADDs and 6 DELs for the KOSPI 200 index during this index rebal event based on the latest available data.

Sumitomo Densetsu (1949 JP): Daiwa House Industry (1925 JP)’s Attractive Tender Offer at JPY9,760

Sumitomo Densetsu (1949 JP) has recommended a tender offer from Daiwa House Industry (1925 JP) at JPY9,760, a 28.1% premium to the undisturbed price.
The process is deficient due to the lack of an auction and the offeror’s reliance on less than 100% voter turnout to pass the EGM share consolidation vote.
Nevertheless, the offer is attractive, as it represents an all-time high and is above the high end of the IFA DCF valuation range.

Quiddity JPX-Nikkei 400 Rebal 2026: End-Oct 2025 Ranks

By Janaghan Jeyakumar, CFA

JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-October 2025.

Sany Heavy Industry (6031 HK): What to Do Now After the IPO?

By Osbert Tang, CFA

Sany Heavy Industry (6031 HK) has rallied 15.3% after its IPO, and 3Q25 earnings are in a consistent trend. We do not expect a significant change in earnings forecasts.
The mere 0.1% discount to its A-share looks rich. The FY26F PER of 17.7x is also significantly higher than its peers, reflecting most of its strengths.
Even if it re-rates to a similar premium as Jiangsu Hengrui Pharmaceuticals (1276 HK), the upside is only 5.8%. The risks clearly outweigh the return.

General Dynamics’ Cash Flow Surges 179% of Net Income—What’s Powering This Boom?