Smartkarma Daily Briefs

CenterPoint Energy reported its financial results for the third quarter of 2025, highlighting a significant performance and strategic focus.
The company posted diluted earnings per share (EPS) of $0.45 on a GAAP basis and $0.50 on a non-GAAP basis, the latter marking a 60% increase compared to the third quarter of 2024.
This substantial improvement in non-GAAP EPS is attributed to enhanced operational efficiency and effective capital recovery mechanisms.

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Oct 29

Daily Brief Equity Bottom-Up: Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount
Taiwan Tech Weekly: Apple’s Macbook Windfall; Yageo’s Rally; TSMC’s Massive Rare Earth Stockpile
Pop Mart International: Increasing Concerns About Resale Price Declines
HDFC Bank (HDFCB): Management Upbeat on Growth
HOVR: Methodically working toward commercialization. Investor enthusiasm for eVTOLs remains euphoric.
Primer: Godfrey Phillips India (GP IN) – Oct 2025
Honeywell International: A Tale Of Aerospace Aftermarket Expansion and Installed Base Monetization!
Bank Of India (BOI IN) Vs. Union Bank Of India (UNBK IN): Statistical Arbitrage Play Targeting 5%
Qualcomm’s Weird AI Announcement
Shimano (7309 JP) | Digesting the Boom

Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount

TSMC: +23.4% Premium; Near Levels to Open Fresh ADR Spread Short
ASE: +0.3% Premium; Good Level to Long the ADR Spread
ChipMOS: -7.5% Discount; Local Shares Rally Makes ADR Deeply Discounted

Taiwan Tech Weekly: Apple’s Macbook Windfall; Yageo’s Rally; TSMC’s Massive Rare Earth Stockpile

Windows 10’s End-of-Life Becomes Apple’s Windfall as Second Fastest Growing Computer Brand
Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge
China Tightens Rare Earth Grip: TSMC Says It’s Prepared with Inventory

Pop Mart International: Increasing Concerns About Resale Price Declines

By Douglas Kim

Pop Mart (9992 HK)’s share price is down 33% from its peak levels in late August 2025. Going forward, we expect further downside risk on Pop Mart.
We highlight the growing concerns about the declining resale values of Labubu. After reaching their peak prices in this summer, the resale prices of Labubu dolls have continued to drop.
Its share price declining below the critical HK$250 support on big volumes suggest negative technicals on this stock.

HDFC Bank (HDFCB): Management Upbeat on Growth

By Ankit Agrawal, CFA

HDFCB’s balance sheet has been normalizing post the merger, allowing it to accelerate its growth trajectory. The demand and liquidity environment have also improved.
NIMs are likely to expand led by rate cut tailwind that will reflect fully over the next 18 months. Shift to CASA from term-deposits should further help.
Merger synergies are now being leveraged, especially for cross-selling and up-selling. At the current valuation, an investment in HDFCB offers 25%+ IRR over a holding period of two years.

HOVR: Methodically working toward commercialization. Investor enthusiasm for eVTOLs remains euphoric.

By Zacks Small Cap Research

Horizon Aircraft (NASDAQ: HOVR) has made several positive announcements over the past month, further boosting our confidence in the company’s ability to achieve commercialization.
Horizon Aircraft also released its first-quarter financial results, which were largely in line with our expectations, and the balance sheet has been strengthened by recent capital infusions, giving the company adequate capital to fund operations for at least the next twelve months.
All publicly traded North American eVTOL companies are still pre-revenue, but several will likely have commercial products in the market next year.

Primer: Godfrey Phillips India (GP IN) – Oct 2025

By αSK

Godfrey Phillips India is demonstrating robust top-line growth, consistently outpacing its primary competitor and gaining market share, driven by its strong brand portfolio which includes the licensed production of Marlboro.
Despite impressive revenue and net income growth, the company faces a significant challenge with deteriorating cash flow, as evidenced by negative 3-year compound annual growth rates for both operating and free cash flow.
The company operates within a highly regulated and taxed industry, posing persistent risks to profitability and growth. However, its strong brand equity and expanding distribution provide a solid foundation to navigate these challenges.

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Honeywell International: A Tale Of Aerospace Aftermarket Expansion and Installed Base Monetization!

By Quantum Commodity Intelligence

Honeywell International Inc. reported its financial performance for the third quarter of 2025, presenting a mixed picture with several strategic changes and operational highlights.
Organic sales growth stood out, delivering a 6% year-over-year increase, driven predominantly by the Aerospace and Building Automation segments.
Aerospace showed a notable rebound with a 12% organic growth led by commercial aftermarket and defense sectors, aligning well with supply chain improvements and defense spending.

Bank Of India (BOI IN) Vs. Union Bank Of India (UNBK IN): Statistical Arbitrage Play Targeting 5%

By Gaudenz Schneider

Context: The Bank Of India (BOI IN) vs. Union Bank Of India (UNBK IN) price-ratio has deviated more two standard deviations from its one-year average, signaling a potential pair trade.
Highlights: Going long Union Bank Of India and short Bank Of India targets a 5% return. Union Bank Of India is set to report on 30 October.
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.

Qualcomm’s Weird AI Announcement

By Nicolas Baratte

Qualcomm is a great, very profitable firm, with a critical vulnerability: 75% of revenues come from Mobile market. Auto has been growing nicely but that’s 10% of revenue.
Qualcomm has been looking for a large market to diversify into and has been working for 10 years on Server CPU. Not successful so far.
Qualcomm has 2 AI chips which are in non-mainstream Clouds. Now 2 new chips announced for 2026-27: AI200 AI250. That’s good but what we have yesterday is a PR announcement.

Shimano (7309 JP) | Digesting the Boom

By Mark Chadwick

Q3 sales fell 4% YoY and operating profit dropped 57%, reflecting continued weakness in bicycles and margin compression, though results aligned with lowered guidance.
Elevated channel inventories in Europe and China highlight lingering post-Covid demand normalization, with 2026 guidance likely to remain conservative amid structural headwinds.
ROIC has halved as invested capital outpaced sales growth; despite strong cash and shareholder returns, Shimano faces slow recovery and limited near-term catalysts.

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Oct 29

Daily Brief Crypto: (COAI) ChainOpera – Decentralised Federated Learning for AI and more

By Smartkarma Daily Briefs | Crypto, Daily Briefs

In today’s briefing:

(COAI) ChainOpera – Decentralised Federated Learning for AI

(COAI) ChainOpera – Decentralised Federated Learning for AI

By Tatja Karkkainen

Valuation inflated by AI market enthusiasm, not genuine federated learning adoption, and limited exchange listing.
Demand for federated AI data solutions remains uncertain at this stage.
High execution risk persists, as federated learning infrastructure is still conceptual and progress may lag expectations.

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Oct 29

Daily Brief Energy/Materials: Gold, Crude Oil, American Resources , Epigral, Algoma Steel Group, Southern Copper, Base Oil, Pilbara Minerals, Getchell Gold and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

GOLD Tactical Outlook: Correcting After the Run — Where to Step In
Global Commodities: Oil glut paves way for stronger sanctions. If enforced
American Resources Corporation (Nasdaq: AREC) To Spin Off Electrified Materials Corporation (EMC)
Primer: Epigral (EPIGRAL IN) – Oct 2025
Oil futures: Crude steady amid trade talks, sanctions uncertainty
Primer: Algoma Steel Group (ASTL US) – Oct 2025
Copper Production Disappointments Mount With Antofagasta (ANTO LN) Guidedown, Bullish To 12k USD/Ton
Americas/EMEA base oils demand outlook: Week of 27 October
Valuation vs Sentiment For Pilbara Minerals
GTCH: Low Capex & Highly Profitable Nevada-Based Gold Project

GOLD Tactical Outlook: Correcting After the Run — Where to Step In

By Nico Rosti

After a 9 weeks rally, Gold (GOLD COMDTY) started to pullback, last week, and the pullback continued into this week.
Some market watchers argue US retail investors piled into Gold ETFs following the Fed’s late-August shift to rate cuts, potentially fueling the metal’s recent upside exhaustion.
If Gold (GOLD COMDTY) was fueled by retail buying and is now correcting, retail investors will likely chase the dip—a textbook example of herd behavior, potentially driving a rebound.

Global Commodities: Oil glut paves way for stronger sanctions. If enforced

By At Any Rate

US sanctions now target all four of Russia’s largest oil companies, affecting 70% of production and exports
EU also imposes new sanctions on Russia’s energy revenues
Russia shifts to alternative currencies for oil trade to evade US dollar restrictions, leading to higher transaction costs and reputational risks

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

American Resources Corporation (Nasdaq: AREC) To Spin Off Electrified Materials Corporation (EMC)

By Garvit Bhandari

The EMC spin-off aims to surface hidden asset value by separating AREC’s high-growth battery-recycling unit, allowing EMC to attract a pure-play electrification multiple and investors clearer sum-of-the-parts visibility.
The separation positions AREC as an asset-light critical-materials holding company, retaining minority stakes in ReElement, Novusterra, and Royalty Management while enabling EMC to independently pursue commercialization and partnerships.
EMC gains dedicated access to growth capital and strategic investors, while AREC enhances financial optionality and valuation clarity across its diversified clean-energy and infrastructure holdings.

Primer: Epigral (EPIGRAL IN) – Oct 2025

By αSK

Epigral is strategically shifting its business mix towards higher-margin derivatives and specialty chemicals, which constituted 56% of revenue in H1 FY25, up from 25% in FY22. This transition is expected to enhance profitability and provide more stable growth.
The company is in a significant capital expenditure phase, aiming to double its production capacity for CPVC Resin and Epichlorohydrin. These expansions position Epigral to capitalize on growing domestic and international demand, driven by initiatives like ‘Make in India’.
While demonstrating strong top-line growth, the company faces risks associated with the cyclical nature of the chemical industry, volatility in raw material prices, and execution risks related to its large-scale expansion projects.

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Oil futures: Crude steady amid trade talks, sanctions uncertainty

Crude oil futures were moving sideways Monday amid uncertainty around trade talks and enforcement of Russian sanctions.
Front-month Dec25 ICE Brent futures were trading at 65.67/b (1950 BST) versus Friday’s settle of $65.94/b, while Dec25 NYMEX WTI was at $61.34/b against a previous close of $61.50/b.
Benchmarks had opened Monday higher before giving up ground that was recovered to leave the market flat from Friday.

Primer: Algoma Steel Group (ASTL US) – Oct 2025

By αSK

Algoma Steel is undertaking a transformative, high-risk, high-reward strategic shift from traditional blast furnace steelmaking to Electric Arc Furnace (EAF) technology. This C$825-C$875 million project is expected to reduce carbon emissions by approximately 70% and increase production capacity, positioning Algoma as a potential leader in ‘green steel’.
The company’s financial performance has been highly volatile, swinging from substantial profitability in fiscal 2022 (net income of C$857.7M) to significant losses in fiscal 2024 (net loss of C$222.7M). This reflects the cyclical nature of the steel industry, fluctuating commodity prices, and operational challenges.
Algoma faces considerable market headwinds, including intense competition from imports in the Canadian market and the constant threat of trade protectionism, such as U.S. tariffs, which can dramatically impact its export-oriented business. The success of its EAF transition and ability to navigate these external pressures will be critical to its future.

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Copper Production Disappointments Mount With Antofagasta (ANTO LN) Guidedown, Bullish To 12k USD/Ton

By Sameer Taneja

In our previous insight Copper To End The Year with Seasonal Strength: Onward To 12,000 USD/Ton, we elaborated on the supply issues with copper production.
Antofagasta PLC (ANTO LN) has now guided production down to the lower end of the 660-700k range (we assume a midpoint of 680k), or 3%.
FY26 guidance was also soft (-4-5% from our expectations). We are seeing a spate of guidedowns and will need to monitor them to better understand the deficit situation.

Americas/EMEA base oils demand outlook: Week of 27 October

By Iain Pocock

US base oils demand likely to stay muted amid expectations of waning end-user consumption and improving supply in coming weeks.
US base oils demand typically falls in month of November from October.
Prospect of slowdown in demand would coincide with rise in supply following expected completion of plant-maintenance in H1 Nov 2025.

Valuation vs Sentiment For Pilbara Minerals

By FNArena

The US-Australia critical minerals investment agreement has driven lithium miner Pilbara Minerals’ share price on sentiment, well above fundamentals, on most assessments.
US-Australia critical minerals deal sends miner share prices surging Pilbara Minerals posts solid September quarter beat Lithium prices remain below new production threshold Most brokers see Pilbara Minerals as overvalued

GTCH: Low Capex & Highly Profitable Nevada-Based Gold Project

By Atrium Research

What you need to know: • Getchell Gold is the 100% owner of the Fondaway Canyon Gold Project in Nevada, which hosts a 2.3Moz resource (Indicated & Inferred) and a robust PEA outlining a 10.5-year mine life, published in Q1/25.
• The PEA defined an after-tax base case NPV10% of $474M, an IRR of 47% (at just $2,250/oz Au) and at a low capex of just $227M.
• At $3,300/oz Au, the NPV10% rises dramatically to ~$1B (at a conservative 10% discount rate).

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Oct 29

Daily Brief Health Care: Sichuan Biokin Pharmaceutical Co Ltd, Alvotech , Shionogi & Co, Novartis , Trellus Health , BB Biotech AG, Symbio Pharmaceuticals, Fresenius & KGaA and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Sichuan Biokin A/H Listing: Milestone Payment and New Clinical Data
Primer: Alvotech (ALVO US) – Oct 2025
Shionogi & Co (4507 JP): Muted 1H Result; Solid HIV Business Leads FY Profit Guidance Raise
Novartis’s Boldest Move Yet: Inside the $12 Billion Avidity Deal!
Trellus Health Plc – Hybridan Small Cap Feast: 21 October 2025
BB Biotech — Turning milestones into momentum
(28 Oct 2025) Symbio Pharmaceuticals(4582 JP) — Fisco Company Research
Primer: Fresenius & KGaA (FRE GY) – Oct 2025

Sichuan Biokin A/H Listing: Milestone Payment and New Clinical Data

By Ke Yan, CFA, FRM

Sichuan Biokin is looking to raise up to USD 500 million from an A-H listing. The sponsors are GS, JPM, and CITIC.
Sichuan Biokin recently published its post-hearing prospectus. The company also released financial results for 3Q 2025.
We think the company has progressed well in its core asset and has reported encouraging clinical data since the beginning of the year.

Primer: Alvotech (ALVO US) – Oct 2025

By αSK

Alvotech is a pure-play biosimilar company at a pivotal inflection point, transitioning from a development-focused entity to a commercial-stage enterprise with multiple approved products.
The company’s success hinges on securing regulatory approvals, particularly from the U.S. FDA, for its key pipeline assets and successfully navigating patent litigation with originator companies.
Strategic partnerships with global pharmaceutical leaders like Teva Pharmaceuticals and Advanz Pharma are fundamental to Alvotech’s commercialization strategy, providing global reach and leveraging local market expertise.

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Shionogi & Co (4507 JP): Muted 1H Result; Solid HIV Business Leads FY Profit Guidance Raise

By Tina Banerjee

During H1FY26, Shionogi & Co (4507 JP) maintained revenue, operating profit, and net profit at the same level as previous year. None of the key parameters achieved their respective targets.
Better-Than-Expected contribution from Torii, additional revenue generation from Quviviq, double-digit revenue growth of cefiderocol in the U.S. and EU, and stable growth in HIV royalty drove overall performance.
Shionogi has reduced FY26 revenue guidance (due to weak prescription drug sales) and raised operating and net profit guidance, driven by strong growth in royalty income and cost optimization initiatives.

Novartis’s Boldest Move Yet: Inside the $12 Billion Avidity Deal!

Novartis is aggressively deepening its presence in neuromuscular disease therapeutics with the recently announced $12 billion acquisition of Avidity Biosciences.
The San Diego-based biotech specializes in RNAbased drugs using a proprietary antibody oligonucleotide conjugate (AOC) platform that enables targeted delivery of RNA therapeutics to muscle tissue—a capability that traditional RNA technologies have struggled with.
The all-cash deal offers Avidity shareholders $72 per share, representing a 46% premium, and excludes Avidity’s cardiovascular-focused subsidiary.

Trellus Health Plc – Hybridan Small Cap Feast: 21 October 2025

By Hybridan

Acuity RM Group 0.95p £2.16m (ACRM.L) The software Group announced that its wholly owned subsidiary, Acuity Risk Management Limited (ARML), which is focused on the cyber-security sector of the Governance, Risk and Compliance (GRC) market has won a new contract.
The contract is with a new client, a leading European defence contractor, for Vendor Management Hub (VMH) software and services to be used in a new programme.
VMH is a product that will help provide protection against the type of cyber security breaches recently suffered by leading retailers and manufacturers.

BB Biotech — Turning milestones into momentum

By Edison Investment Research

BB Biotech (BION) delivered strong Q325 results, underpinned by its focus on innovative biotech companies with differentiated clinical pipelines and promising long-term potential. NAV increased 24.0% (in CHF terms) and its share price rose 20.0%, both comfortably outperforming BION’s benchmark, the Nasdaq Biotech Index (15.7%). The most recent quarter benefited from improving macroeconomic conditions, including the Federal Reserve’s first rate cut in September. The sector outlook remains favourable, with M&A expected to be a key performance driver as big pharmaceutical companies replenish their pipelines ahead of a looming patent cliff. Several core portfolio holdings achieved significant clinical and regulatory milestones, supporting BION’s momentum, and others are anticipated before year-end, serving as potential near-term catalysts for portfolio performance.

(28 Oct 2025) Symbio Pharmaceuticals(4582 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

Symbio Pharmaceuticals focuses on unmet medical needs in cancer, blood disorders, and viral infections.
The company plans to file for approval of its antiviral drug Brincidofovir (BCV) by 2028.
BCV shows strong antiviral and antitumor activity, with ongoing research in adenovirus infections and neurodegenerative diseases.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Primer: Fresenius & KGaA (FRE GY) – Oct 2025

By αSK

Strategic Overhaul Driving Focus and Efficiency: Under its ‘#FutureFresenius’ program, the company is undergoing a significant transformation by deconsolidating Fresenius Medical Care (FMC) and streamlining its structure to focus on its two primary growth drivers: Fresenius Kabi ((Bio)Pharma) and Fresenius Helios (Care Provision). This simplification is aimed at improving profitability, reducing debt, and increasing management focus on core competencies.
Resilient Operating Segments with Favorable Tailwinds: Fresenius Kabi is well-positioned to capitalize on the growing global markets for generic drugs and biosimilars, driven by patent expiries and cost-containment pressures in healthcare systems. Fresenius Helios, a leading private hospital operator in Europe, benefits from demographic trends such as aging populations and the rising prevalence of chronic diseases, which ensures stable demand for its services.
Financial Performance Recovering Post-Restructuring: After a period of underperformance and a significant net loss in 2023, recent quarterly results indicate a recovery in profitability and margins. The strategic changes, including cost-saving initiatives and a renewed focus on organic growth, are beginning to yield positive financial results, although the company’s long-term growth track record remains challenged.

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Oct 29

Daily Brief TMT/Internet: Taiwan Semiconductor (TSMC) – ADR, Hanmi Semiconductor, Pony AI, Delta Electronics Thailand , Wonderfi Technologies, Qualcomm Inc, Intel Corp, Groww, Via Transportation and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount
Introducing the Unusual Policy Narrative Now Pushed: Korea–Japan Economic Integration
Pony AI Secondary HK Offering – Needs to Correct Some More
SET50 Index Rebalance Preview: Two Changes in Dec, Big DELTA Capping
Taiwan Tech Weekly: Apple’s Macbook Windfall; Yageo’s Rally; TSMC’s Massive Rare Earth Stockpile
Merger Arbitrage Opportunities and Legal Developments: WNDR, ABCP, STAA, GLXZ, PLYM, ASLI:L
Qualcomm’s Weird AI Announcement
Intel Inside the Foundry Race — Will 18A & 14A Nodes Change Everything?
Groww Pre-IPO – Scaling Fast in a Competitive Market
Via Transportation (VIA US): US Index Inclusion in 2025; Going Global in 2026

Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount

TSMC: +23.4% Premium; Near Levels to Open Fresh ADR Spread Short
ASE: +0.3% Premium; Good Level to Long the ADR Spread
ChipMOS: -7.5% Discount; Local Shares Rally Makes ADR Deeply Discounted

Introducing the Unusual Policy Narrative Now Pushed: Korea–Japan Economic Integration

By Sanghyun Park

Chey Tae‑won’s Korea–Japan integration push is fresh tape—unpriced and unconsumed—unlike the exhausted dividend tax story, making it the real policy‑momentum trade to watch.
Korea’s export model is fading, but a $6T Korea–Japan bloc plus CPTPP buzz offers a fresh policy‑momentum catalyst, with AI/data angles luring incremental global flows.
Korea–Japan cooperation isn’t a real bloc yet, but it trades like a policy theme—Chey’s 3PRO push makes it a headline‑driven short‑term play ripe for desks.

Pony AI Secondary HK Offering – Needs to Correct Some More

By Sumeet Singh

Pony AI (PONY US) plans to raise around US$825m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the deal structure and updates since then.

SET50 Index Rebalance Preview: Two Changes in Dec, Big DELTA Capping

By Brian Freitas

With a third of the review period yet to go, we forecast 2 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) in December.
Capping changes for Delta Electronics Thailand (DELTA TB) will result in big passive selling in the stock and funding inflows for the other index constituents.
The forecast adds have moved higher and outperformed the index while the forecast deletes have drifted lower over the last 6 months.

Taiwan Tech Weekly: Apple’s Macbook Windfall; Yageo’s Rally; TSMC’s Massive Rare Earth Stockpile

By Special Situation Investments

Windows 10’s End-of-Life Becomes Apple’s Windfall as Second Fastest Growing Computer Brand
Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge
China Tightens Rare Earth Grip: TSMC Says It’s Prepared with Inventory

Merger Arbitrage Opportunities and Legal Developments: WNDR, ABCP, STAA, GLXZ, PLYM, ASLI:L

Robinhood’s acquisition of WonderFi Technologies at C$0.36/share has a current spread of 14%, with closing expected soon.
Ambase is litigating against developers over a $150m Equity Put Right, with court opposition due by 11/18/25.
Plymouth Industrial REIT announced a $22/share acquisition by Makakora Management, with a 30-day go-shop period included.

Qualcomm’s Weird AI Announcement

By Nicolas Baratte

Qualcomm is a great, very profitable firm, with a critical vulnerability: 75% of revenues come from Mobile market. Auto has been growing nicely but that’s 10% of revenue.
Qualcomm has been looking for a large market to diversify into and has been working for 10 years on Server CPU. Not successful so far.
Qualcomm has 2 AI chips which are in non-mainstream Clouds. Now 2 new chips announced for 2026-27: AI200 AI250. That’s good but what we have yesterday is a PR announcement.

Intel Inside the Foundry Race — Will 18A & 14A Nodes Change Everything?

Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance.
A notable outcome is the fourth consecutive quarter of results surpassing revenue guidance, reaching $13.7 billion, up 6% sequentially, with a non-GAAP gross margin of 40%, higher than expected by four percentage points.
This performance is attributed to robust demand and effective cost management, though tempered by capacity constraints, particularly on Intel 10 and Intel 7 processes.

Groww Pre-IPO – Scaling Fast in a Competitive Market

By Akshat Shah

Groww (1573648D IN) is looking to raise up to US$736m in its upcoming India IPO.
Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.
In this note, we talk about the company’s historical performance.

Via Transportation (VIA US): US Index Inclusion in 2025; Going Global in 2026

By Dimitris Ioannidis

Via Transportation (VIA US) went public on 12 September 2025 on the NYSE and has a current market cap of more than $4bn.
Inclusion in US indices is expected in December 2025, as the security meets eligibility criteria ahead of the lock-up expiry.
Inclusion in Global indices is expected in 2026 with a potential delay due to free float and float cap constraints.

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Oct 29

Daily Brief Industrials: ANE Cayman Inc, New Horizon Aircraft, Honeywell International, Lalbaba Engineering Limited, Quanta Services, Vertical Aerospace , Ningbo Joyson Electronic, Allcargo Logistics, JRC , Airbus and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

ANE (9956 HK): Consortium’s Attractive Preconditional Offer
HOVR: Methodically working toward commercialization. Investor enthusiasm for eVTOLs remains euphoric.
Honeywell International: A Tale Of Aerospace Aftermarket Expansion and Installed Base Monetization!
Lalbaba Engineering Pre-IPO Tearsheet
Primer: Quanta Services (PWR US) – Oct 2025
Primer: Vertical Aerospace (EVTL US) – Oct 2025
Ningbo Joyson A/H Listing: Not the Cheapest; Decent A/H Premium but Robotics Angle
Primer: Allcargo Logistics (AGLL IN) – Oct 2025
(27 Oct 2025) JRC<6224> — Fisco Company Research
Primer: Airbus (EADSY US) – Oct 2025

ANE (9956 HK): Consortium’s Attractive Preconditional Offer

ANE Cayman Inc (9956 HK) has disclosed a preconditional scheme privatisation offer from a consortium. The offer is cash (HK$12.18) or scrip (One TopCo Class A Share per scheme share).
The precondition relates to SAMR approval. The scheme vote is low risk, as the offer is attractive relative to historical ranges and peer multiples.
The offer price is final. Mr Wang Yongjun, the former chairman, holds a blocking stake but should be supportive. Timing is the key risk.

HOVR: Methodically working toward commercialization. Investor enthusiasm for eVTOLs remains euphoric.

By Zacks Small Cap Research

Horizon Aircraft (NASDAQ: HOVR) has made several positive announcements over the past month, further boosting our confidence in the company’s ability to achieve commercialization.
Horizon Aircraft also released its first-quarter financial results, which were largely in line with our expectations, and the balance sheet has been strengthened by recent capital infusions, giving the company adequate capital to fund operations for at least the next twelve months.
All publicly traded North American eVTOL companies are still pre-revenue, but several will likely have commercial products in the market next year.

Honeywell International: A Tale Of Aerospace Aftermarket Expansion and Installed Base Monetization!

Honeywell International Inc. reported its financial performance for the third quarter of 2025, presenting a mixed picture with several strategic changes and operational highlights.
Organic sales growth stood out, delivering a 6% year-over-year increase, driven predominantly by the Aerospace and Building Automation segments.
Aerospace showed a notable rebound with a 12% organic growth led by commercial aftermarket and defense sectors, aligning well with supply chain improvements and defense spending.

Lalbaba Engineering Pre-IPO Tearsheet

By Akshat Shah

Lalbaba Engineering Limited (LALBABA IN) (LEL) is looking to raise about US$113m in its upcoming India IPO. The deal will be run by Motilal Oswal, Nuvama and IIFL.
LEL is an engineering solutions company focussed on the development and manufacture of high-performance seamless tubes, precision forgings and integrated rail systems.
As of Aug 31, 2025, LEL was ranked as India’s largest manufacturer of cold-finished seamless tubes and second-largest overall for cold-finished steel tubes, by installed capacity, according to CRISIL.

Primer: Quanta Services (PWR US) – Oct 2025

By αSK

Quanta Services is a premier provider of specialized infrastructure solutions, strategically positioned to capitalize on long-term secular growth trends including grid modernization, renewable energy integration, and the build-out of data centers and communication networks.
The company exhibits a robust financial profile, characterized by consistent double-digit revenue growth, a record backlog of nearly $36 billion, and a strong track record of successful strategic acquisitions to enhance its service capabilities.
While facing challenges such as elevated valuation, competition for skilled labor, and regulatory uncertainties, Quanta’s scale, comprehensive service offerings, and entrenched customer relationships provide significant competitive advantages.

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

Primer: Vertical Aerospace (EVTL US) – Oct 2025

By αSK

Vertical Aerospace is a UK-based aerospace company at the forefront of the developing electric vertical takeoff and landing (eVTOL) aircraft market, with its flagship VX4 aircraft. The company is pursuing a capital-light, OEM-focused business model, leveraging established aerospace suppliers for manufacturing, which differentiates it from more vertically integrated peers.
The company faces significant financial hurdles, including substantial cash burn, a need for future capital raises which could lead to shareholder dilution, and a commercialization timeline that extends towards the end of the decade. Profitability is not expected until around 2030.
Vertical has secured a substantial pre-order book and key partnerships with major aviation players like American Airlines, Japan Airlines, and Bristow, which provides a potential future revenue stream and operational expertise. However, these pre-orders are largely non-binding.

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Ningbo Joyson A/H Listing: Not the Cheapest; Decent A/H Premium but Robotics Angle

By Nicholas Tan

Ningbo Joyson Electronic (600699 CH) is looking to raise up to US$471m in its upcoming Hong Kong IPO.
It is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Primer: Allcargo Logistics (AGLL IN) – Oct 2025

By αSK

Allcargo Logistics is a global leader in LCL consolidation and a major player in India’s integrated logistics sector. The company is currently undergoing a strategic restructuring to create four distinct listed entities, aiming to unlock value by fostering focused management and independent growth trajectories.
The company has outlined an ambitious growth strategy to 2030, targeting significant expansion in emerging markets, the launch of new trade lanes, and the implementation of AI-driven digital platforms to enhance operational efficiency. Financial goals include a substantial increase in gross profit and EBITDA.
Despite a challenging recent financial performance characterized by declining net income and negative cash flows, Allcargo is focused on a turnaround. The company is leveraging its extensive network and investing in technology to improve profitability and capitalize on the positive outlook for the Indian and global logistics industry.

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(27 Oct 2025) JRC<6224> — Fisco Company Research

By FISCO

Key points (machine generated)

FISCO Ltd. released a report on JRC Corporation following its interim financial results for the fiscal year ending February 2026.
JRC’s second quarter results met revised expectations, with projected year-on-year growth exceeding 20% in revenue and profit.
Analysts anticipate a CAGR of over 20% in operating profit until February 2028, with a potential stock price of around 3,000 yen.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Primer: Airbus (EADSY US) – Oct 2025

By αSK

Market Leadership in a Duopoly: Airbus maintains a strong position in the global commercial aircraft market, a duopoly with Boeing. It has surpassed its main competitor in orders and deliveries in recent years, driven by the high demand for its A320neo family of aircraft. A robust backlog of over 8,600 planes provides significant revenue visibility for years to come.
Production Ramp-Up and Supply Chain Risks: The company is focused on increasing production rates to meet strong demand, targeting 75 A320-family aircraft per month by 2027. However, this ramp-up faces significant headwinds from persistent supply chain disruptions and engine availability issues, which have already caused delays in delivery schedules and production targets for models like the A220.
Strategic Focus on Innovation and Sustainability: Airbus is actively investing in the future of aviation, with a strong emphasis on sustainability and digital solutions. Key initiatives include the development of more fuel-efficient aircraft and research into hydrogen-powered aviation (ZEROe). The company’s digital platform, Skywise, aims to enhance operational efficiency for airlines.

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Oct 29

Daily Brief Industrials: ANE Cayman Inc, New Horizon Aircraft, Honeywell International, Lalbaba Engineering Limited, Quanta Services, Vertical Aerospace , Ningbo Joyson Electronic, Allcargo Logistics, JRC , Airbus and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

ANE (9956 HK): Consortium’s Attractive Preconditional Offer
HOVR: Methodically working toward commercialization. Investor enthusiasm for eVTOLs remains euphoric.
Honeywell International: A Tale Of Aerospace Aftermarket Expansion and Installed Base Monetization!
Lalbaba Engineering Pre-IPO Tearsheet
Primer: Quanta Services (PWR US) – Oct 2025
Primer: Vertical Aerospace (EVTL US) – Oct 2025
Ningbo Joyson A/H Listing: Not the Cheapest; Decent A/H Premium but Robotics Angle
Primer: Allcargo Logistics (AGLL IN) – Oct 2025
(27 Oct 2025) JRC<6224> — Fisco Company Research
Primer: Airbus (EADSY US) – Oct 2025

ANE (9956 HK): Consortium’s Attractive Preconditional Offer

ANE Cayman Inc (9956 HK) has disclosed a preconditional scheme privatisation offer from a consortium. The offer is cash (HK$12.18) or scrip (One TopCo Class A Share per scheme share).
The precondition relates to SAMR approval. The scheme vote is low risk, as the offer is attractive relative to historical ranges and peer multiples.
The offer price is final. Mr Wang Yongjun, the former chairman, holds a blocking stake but should be supportive. Timing is the key risk.

HOVR: Methodically working toward commercialization. Investor enthusiasm for eVTOLs remains euphoric.

By Zacks Small Cap Research

Horizon Aircraft (NASDAQ: HOVR) has made several positive announcements over the past month, further boosting our confidence in the company’s ability to achieve commercialization.
Horizon Aircraft also released its first-quarter financial results, which were largely in line with our expectations, and the balance sheet has been strengthened by recent capital infusions, giving the company adequate capital to fund operations for at least the next twelve months.
All publicly traded North American eVTOL companies are still pre-revenue, but several will likely have commercial products in the market next year.

Honeywell International: A Tale Of Aerospace Aftermarket Expansion and Installed Base Monetization!

Honeywell International Inc. reported its financial performance for the third quarter of 2025, presenting a mixed picture with several strategic changes and operational highlights.
Organic sales growth stood out, delivering a 6% year-over-year increase, driven predominantly by the Aerospace and Building Automation segments.
Aerospace showed a notable rebound with a 12% organic growth led by commercial aftermarket and defense sectors, aligning well with supply chain improvements and defense spending.

Lalbaba Engineering Pre-IPO Tearsheet

By Akshat Shah

Lalbaba Engineering Limited (LALBABA IN) (LEL) is looking to raise about US$113m in its upcoming India IPO. The deal will be run by Motilal Oswal, Nuvama and IIFL.
LEL is an engineering solutions company focussed on the development and manufacture of high-performance seamless tubes, precision forgings and integrated rail systems.
As of Aug 31, 2025, LEL was ranked as India’s largest manufacturer of cold-finished seamless tubes and second-largest overall for cold-finished steel tubes, by installed capacity, according to CRISIL.

Primer: Quanta Services (PWR US) – Oct 2025

By αSK

Quanta Services is a premier provider of specialized infrastructure solutions, strategically positioned to capitalize on long-term secular growth trends including grid modernization, renewable energy integration, and the build-out of data centers and communication networks.
The company exhibits a robust financial profile, characterized by consistent double-digit revenue growth, a record backlog of nearly $36 billion, and a strong track record of successful strategic acquisitions to enhance its service capabilities.
While facing challenges such as elevated valuation, competition for skilled labor, and regulatory uncertainties, Quanta’s scale, comprehensive service offerings, and entrenched customer relationships provide significant competitive advantages.

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

Primer: Vertical Aerospace (EVTL US) – Oct 2025

By αSK

Vertical Aerospace is a UK-based aerospace company at the forefront of the developing electric vertical takeoff and landing (eVTOL) aircraft market, with its flagship VX4 aircraft. The company is pursuing a capital-light, OEM-focused business model, leveraging established aerospace suppliers for manufacturing, which differentiates it from more vertically integrated peers.
The company faces significant financial hurdles, including substantial cash burn, a need for future capital raises which could lead to shareholder dilution, and a commercialization timeline that extends towards the end of the decade. Profitability is not expected until around 2030.
Vertical has secured a substantial pre-order book and key partnerships with major aviation players like American Airlines, Japan Airlines, and Bristow, which provides a potential future revenue stream and operational expertise. However, these pre-orders are largely non-binding.

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

Ningbo Joyson A/H Listing: Not the Cheapest; Decent A/H Premium but Robotics Angle

By Nicholas Tan

Ningbo Joyson Electronic (600699 CH) is looking to raise up to US$471m in its upcoming Hong Kong IPO.
It is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Primer: Allcargo Logistics (AGLL IN) – Oct 2025

By αSK

Allcargo Logistics is a global leader in LCL consolidation and a major player in India’s integrated logistics sector. The company is currently undergoing a strategic restructuring to create four distinct listed entities, aiming to unlock value by fostering focused management and independent growth trajectories.
The company has outlined an ambitious growth strategy to 2030, targeting significant expansion in emerging markets, the launch of new trade lanes, and the implementation of AI-driven digital platforms to enhance operational efficiency. Financial goals include a substantial increase in gross profit and EBITDA.
Despite a challenging recent financial performance characterized by declining net income and negative cash flows, Allcargo is focused on a turnaround. The company is leveraging its extensive network and investing in technology to improve profitability and capitalize on the positive outlook for the Indian and global logistics industry.

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

(27 Oct 2025) JRC<6224> — Fisco Company Research

By FISCO

Key points (machine generated)

FISCO Ltd. released a report on JRC Corporation following its interim financial results for the fiscal year ending February 2026.
JRC’s second quarter results met revised expectations, with projected year-on-year growth exceeding 20% in revenue and profit.
Analysts anticipate a CAGR of over 20% in operating profit until February 2028, with a potential stock price of around 3,000 yen.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Primer: Airbus (EADSY US) – Oct 2025

By αSK

Market Leadership in a Duopoly: Airbus maintains a strong position in the global commercial aircraft market, a duopoly with Boeing. It has surpassed its main competitor in orders and deliveries in recent years, driven by the high demand for its A320neo family of aircraft. A robust backlog of over 8,600 planes provides significant revenue visibility for years to come.
Production Ramp-Up and Supply Chain Risks: The company is focused on increasing production rates to meet strong demand, targeting 75 A320-family aircraft per month by 2027. However, this ramp-up faces significant headwinds from persistent supply chain disruptions and engine availability issues, which have already caused delays in delivery schedules and production targets for models like the A220.
Strategic Focus on Innovation and Sustainability: Airbus is actively investing in the future of aviation, with a strong emphasis on sustainability and digital solutions. Key initiatives include the development of more fuel-efficient aircraft and research into hydrogen-powered aviation (ZEROe). The company’s digital platform, Skywise, aims to enhance operational efficiency for airlines.

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

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Oct 29

Daily Brief Financials: AUB Group Limited, Krungthai Card, HDFC Bank, Union Bank Of India, HDFC Life Insurance, HSBC Holdings, Philippine Stock Exchange, Henderson Land Development, Moody’s Corp, Guoco Group Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

AUB Group (AUB AU): EQT’s NBIO at A$45.00
Thai Pledged Shares: The Prakitchaiwattana Complex Remains Static
HDFC Bank (HDFCB): Management Upbeat on Growth
Bank Of India (BOI IN) Vs. Union Bank Of India (UNBK IN): Statistical Arbitrage Play Targeting 5%
HDFC Life (HDFCLIFE IN) Vs. SBI Life (SBILIFE IN): Quant-Driven Pair Trade in Indian Life Insurance
HSBC – 3Q25 Results Are Out, Major Deterioration in Credit Metrics
Primer: Philippine Stock Exchange (PSE PM) – Oct 2025
Primer: Henderson Land Development (12 HK) – Oct 2025
Moody’S Corp (MCO) – Tuesday, Jul 29, 2025
Primer: Guoco Group Ltd (53 HK) – Oct 2025

AUB Group (AUB AU): EQT’s NBIO at A$45.00

In response to an AFR article, AUB Group Limited (AUB AU) confirmed that on 26 September, it received a non-binding proposal from EQT (EQT SS) at A$45.00.
While the offer represents an all-time high, it is arguably light compared to precedent transactions and peer multiples. EQT’s history of unsuccessful ASX tilts warrants some caution.
The Board has granted a six-week exclusive due diligence period, which ends on 20 November. The shareholder structure reduces the vote risk.

Thai Pledged Shares: The Prakitchaiwattana Complex Remains Static

By David Blennerhassett

As first discussed back in May (see here), shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
As widely reported at the time, Mongkol Prakitchaiwattana reportedly pledged his holdings in all four companies. Pledged shares in KTC ballooned in June versus May, but since fallen.
All four were mostly flat in Sept vs. August. Elsewhere, recent big moves were seen in BCPG (BCPG TB) (up), and Thai Foods Group (TFG TB) (down).

HDFC Bank (HDFCB): Management Upbeat on Growth

By Ankit Agrawal, CFA

HDFCB’s balance sheet has been normalizing post the merger, allowing it to accelerate its growth trajectory. The demand and liquidity environment have also improved.
NIMs are likely to expand led by rate cut tailwind that will reflect fully over the next 18 months. Shift to CASA from term-deposits should further help.
Merger synergies are now being leveraged, especially for cross-selling and up-selling. At the current valuation, an investment in HDFCB offers 25%+ IRR over a holding period of two years.

Bank Of India (BOI IN) Vs. Union Bank Of India (UNBK IN): Statistical Arbitrage Play Targeting 5%

By Gaudenz Schneider

Context: The Bank Of India (BOI IN) vs. Union Bank Of India (UNBK IN) price-ratio has deviated more two standard deviations from its one-year average, signaling a potential pair trade.
Highlights: Going long Union Bank Of India and short Bank Of India targets a 5% return. Union Bank Of India is set to report on 30 October.
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.

HDFC Life (HDFCLIFE IN) Vs. SBI Life (SBILIFE IN): Quant-Driven Pair Trade in Indian Life Insurance

By Gaudenz Schneider

Context: The HDFC Life Insurance (HDFCLIFE IN) vs. SBI Life Insurance (SBILIFE IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Going long HDFC Life Insurance (HDFCLIFE IN) and short SBI Life Insurance (SBILIFE IN) targets a 7% 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.

HSBC – 3Q25 Results Are Out, Major Deterioration in Credit Metrics

By Daniel Tabbush

We focus on the worsening credit metrics at HSBC, especially where stage 2 loan growth is not being matched by ECL
There appears to be great deterioration in 3Q25 alone for its HK and CH commercial real estate lending, just as it raises its investment in Hang Seng Bank
With migration from stage 2 to stage 3 in some regions being likely, there is every likelihood that HSBC will see continued high growth in credit costs

Primer: Philippine Stock Exchange (PSE PM) – Oct 2025

By αSK

Monopolistic Position with Diversifying Revenue Streams: The Philippine Stock Exchange (PSE) operates as the sole securities exchange in the Philippines, a position that affords it a wide economic moat. The recent acquisition of the Philippine Dealing System (PDS) diversifies its operations into the fixed-income market, reducing its reliance on equity trading volumes.
Robust Growth Catalysts on the Horizon: A record initial public offering (IPO) pipeline, expected to surpass ₱200 billion in 2025, presents a significant revenue growth opportunity. Furthermore, the Capital Markets Efficiency Promotion Act (CMEPA) aims to enhance market liquidity by reducing transaction taxes, which could stimulate trading activity.
Attractive Financials and Shareholder Returns: The PSE maintains a strong financial position, with a significant portion of its market capitalization held in cash. The company offers an attractive dividend yield, which stood at approximately 6% according to recent analyst commentary, supported by consistent net income growth.

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

Primer: Henderson Land Development (12 HK) – Oct 2025

By αSK

Dominant Hong Kong Developer with Unmatched Land Bank: Henderson Land is a premier property developer in Hong Kong with a vertically integrated model and a substantial, strategically acquired land bank. Its most significant competitive advantage lies in possessing the largest agricultural land holdings among its peers, positioning it uniquely to benefit from government-led development initiatives like the Northern Metropolis.
Resilient Financials and Attractive Shareholder Returns: Despite challenging market conditions that have impacted net income, the company has demonstrated strong growth in operating and free cash flow. It maintains a commitment to shareholders, evidenced by a stable dividend policy and a high dividend yield, which is a key attraction for income-focused investors.
Navigating a Cyclical Market with a Clear Strategy: The company faces headwinds from Hong Kong’s volatile property market and a high interest rate environment. However, its strategic focus on urban renewal, converting its extensive farmland reserves, and launching new, high-quality projects like ‘The Henderson’ provides a clear path for future growth and value creation.

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

Moody’S Corp (MCO) – Tuesday, Jul 29, 2025

By Value Investors Club (VIC)

Key points (machine generated)

Moody’s Corporation has not been discussed on VIC for over 15 years despite strong performance.
The company operates through two segments: Moody’s Investor Services (70% EBITDA) and Moody’s Analytics (30%).
Moody’s Investor Services is the second largest credit rating agency, with over 80% market share held by Moody’s and S&P Global.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Primer: Guoco Group Ltd (53 HK) – Oct 2025

By αSK

Guoco Group is a diversified investment holding company with a strong presence in property development, hospitality, and financial services across key Asian and European markets. It serves as the overseas investment flagship for Malaysia’s Hong Leong Group.
The company exhibits a stark contrast between its recent operational performance and long-term market valuation. While 3-year compound annual growth rates for revenue (15.33%) and net income (27.06%) are robust, its market capitalization has declined over 3, 5, 7, and 10-year periods, suggesting a significant valuation discount.
Valuation appears attractive, highlighted by a low price-to-book ratio of 0.33. This, combined with a consistent dividend and strong recent cash flow growth, presents a potential value opportunity, albeit with risks associated with its conglomerate structure and exposure to cyclical industries.

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Oct 29

Daily Brief Consumer: Digital Holdings Inc, WeRide, Restaurant Brands NZ, Pop Mart, Godfrey Phillips India, Shimano Inc, Hasbro Inc, Build A Bear Workshop, TSE Tokyo Price Index TOPIX, Unilever and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Digital Holdings (2389 JP): SilverCape’s Hostile Competing Bid Is Met with Countermeasures
WeRide Secondary HK Offering – Has Been Trading Up, Given the Valuation Gap
Restaurant Brands NZ (RBD NZ): Take The Offer
Pop Mart International: Increasing Concerns About Resale Price Declines
Primer: Godfrey Phillips India (GP IN) – Oct 2025
Shimano (7309 JP) | Digesting the Boom
Hasbro Set To Crush Holiday Season With Magic: The Gathering Surge!
BBW: Snapping the Store: Halloween Strong; Early Pivot to Xmas; Reit. Buy, PT
Nevertheless, Concern Remain that TSE Growth Market Might Include Companies that Don’t Pursue Growth
Unilever’s Global Shift, Portfolio Realignment & Strategic Disposals—What Will Shape Its Future?

Digital Holdings (2389 JP): SilverCape’s Hostile Competing Bid Is Met with Countermeasures

The Digital Holdings Inc (2389 JP) Board has responded to SilverCape’s hostile offer by proposing countermeasures ostensibly to protect the interests of minorities.
The precedent Makino countermeasures against Nidec’s hostile offer were intended to buy time for a higher white-knight offer. In this case, it is being done to facilitate a lower offer.
The countermeasures will severely dent SilverCape’s chances of succeeding. Hakuhodo Dy Holdings (2433 JP)’s irrevocables and insiders should be sufficient to pass the shareholder vote to implement the countermeasures.

WeRide Secondary HK Offering – Has Been Trading Up, Given the Valuation Gap

By Sumeet Singh

WeRide (WRD US) plans to raise around US$325m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the deal structure and updates since then.

Restaurant Brands NZ (RBD NZ): Take The Offer

By David Blennerhassett

After issuing a formal takeover notice on the 30th September, restaurant operator Restaurant Brands NZ (RBD NZ) announced an Official Offer from controlling shareholder Finaccess Restauración on the 14th October.
Finaccess is offering NZ$5.05/share in cash for shares not held. Best & final. Finaccess holds 75.02%. Accident Compensation Corporation, with 4.7%, is supportive. The Offer is unconditional.
The Target Statement is now out, with an independent expert fair value of NZ$5.24-NZ$6.20. The Independent Directors believe the risks associated with remaining as a shareholder outweigh the Offer price.

Pop Mart International: Increasing Concerns About Resale Price Declines

By Douglas Kim

Pop Mart (9992 HK)’s share price is down 33% from its peak levels in late August 2025. Going forward, we expect further downside risk on Pop Mart.
We highlight the growing concerns about the declining resale values of Labubu. After reaching their peak prices in this summer, the resale prices of Labubu dolls have continued to drop.
Its share price declining below the critical HK$250 support on big volumes suggest negative technicals on this stock.

Primer: Godfrey Phillips India (GP IN) – Oct 2025

By αSK

Godfrey Phillips India is demonstrating robust top-line growth, consistently outpacing its primary competitor and gaining market share, driven by its strong brand portfolio which includes the licensed production of Marlboro.
Despite impressive revenue and net income growth, the company faces a significant challenge with deteriorating cash flow, as evidenced by negative 3-year compound annual growth rates for both operating and free cash flow.
The company operates within a highly regulated and taxed industry, posing persistent risks to profitability and growth. However, its strong brand equity and expanding distribution provide a solid foundation to navigate these challenges.

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

Shimano (7309 JP) | Digesting the Boom

By Mark Chadwick

Q3 sales fell 4% YoY and operating profit dropped 57%, reflecting continued weakness in bicycles and margin compression, though results aligned with lowered guidance.
Elevated channel inventories in Europe and China highlight lingering post-Covid demand normalization, with 2026 guidance likely to remain conservative amid structural headwinds.
ROIC has halved as invested capital outpaced sales growth; despite strong cash and shareholder returns, Shimano faces slow recovery and limited near-term catalysts.

Hasbro Set To Crush Holiday Season With Magic: The Gathering Surge!

By Small Cap Consumer Research

Retailers’ delayed ordering patterns and recent rush to restock in anticipation of strong year-end toy demand have placed Hasbro in a strategic position to regain lost momentum in Q4 2025.
Toy sellers had initially postponed purchases amid tariff uncertainty and uneven consumer demand, opting instead for domestic shipping and just-in-time inventory strategies.
As trade conditions stabilized and consumer appetite for toys remained solid, retailers have placed accelerated orders for holiday delivery.

BBW: Snapping the Store: Halloween Strong; Early Pivot to Xmas; Reit. Buy, PT

We are reiterating our Buy rating, projections and $75 price target for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.
As the crescendo for Halloween nears, the company is already seeing spot sellouts of key lines, with many Halloween-exclusive “furry friends” at very low levels.
Further, the NFL driven focus has also helped sales and traffic, even with the dismal performances of the Jets and Giants.

Nevertheless, Concern Remain that TSE Growth Market Might Include Companies that Don’t Pursue Growth

By Aki Matsumoto

The decline in IPOs for small-cap companies was as anticipated. Once the topic of revising the listing criteria for Growth Markets arose, IPOs had to pay attention to new criteria.
For companies planning IPOs, the requirement to demonstrate a commitment to growth during the listing review process has a positive aspect: it’ll lead to a decrease in small-scale listings.
Growing companies will move to Prime Market, while those failing to reach JPY10 billion will transition to Standard. Companies maintaining JPY10 billion but without growth may stay in Growth Market.

Unilever’s Global Shift, Portfolio Realignment & Strategic Disposals—What Will Shape Its Future?