Smartkarma Daily Briefs

• While focus on dividend yield is common, we think secular growth in DPS over a long period of time is a stronger marker of robust earnings trajectory and shareholder friendliness. 
• Among stocks in Asian EM and DM, we screen 50 that raised their DPS every year over the past decade – a commendable performance given earnings dislocations during this period.
• Stocks from Japan (24), HK (10), onshore China (6), India (6), Singapore (2) and Taiwan (2) make up our list. 10 are large and liquid with strong forecast EPS growth.

• GlobalData is a data analytics and consulting company with a strong, subscription-based recurring revenue model, which accounts for approximately 75-80% of its total revenue.
• The company has demonstrated a solid long-term growth track record through both organic development and strategic acquisitions, though recent performance shows signs of slowing revenue growth and margin pressure.
• Positioned in the growing business intelligence and analytics market, the company’s ‘One Platform’ model offers a scalable and integrated solution, but it faces significant competition from larger, established players.

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

• In this insight, we discuss a pair trade involving a basket of Korean consumer stocks (long) and  a basket of Japanese consumer stocks (short) over the next 3-6 months.
• The 10 Korean names (long basket) include Samyang Food, APR, Amorepacific Corp, Korean Air, CJ Corp, Classys, Nongshim, Shinsegae, Hotel Shilla, and Lotte Tour Development. 
• The 10 Japanese names (short basket) include Fast Retailing, Oriental Land, Kao Corp, Seibu Holdings, ANA Holdings, Shiseido, J.Front Retailing, Kose Corp, Pola Orbis Holdings, and Kyoritsu Maintenance. 

• TSMC: +25.8% Premium; Rebounded to High End of Range, Good Level to Open a Short of the ADR Spread
• UMC: -2.2% Discount; Good Level to Open a Short of the ADR Spread
• ASE: +3.2% Premium; Wait for More Extreme Level Before Going Long or Short

• Institutions were net sellers of Singapore stocks from Nov 14 to Nov 20, with a net outflow of S$131 million.
• United Overseas Bank led share buybacks, acquiring 997,700 shares at an average price of S$34.01, totaling S$58.2 million.
• Wing Tai Holdings’ Cheng Wai Keung increased his interest to 62.24%, while Banyan Tree Holdings’ Goodview Properties raised its stake to 6.06%.

• Global Payments Inc. delivered a strong performance in the third quarter of 2025, showcasing robust operational results and strategic initiatives that position the company for future growth.
• The company reported 6% constant currency adjusted net revenue growth, excluding dispositions, alongside 110 basis points of margin expansion and 11% constant currency adjusted EPS growth compared to the prior year.
• This performance was bolstered by strong execution across various business units, notably Merchant Solutions and Issuer Solutions.

• In Q1 2026, BDX will merge its Biosciences & Diagnostic Solutions segment to Waters (WAT). BDX will receive $4BN in cash and 0.14 WAT shares per BDX share, leaving its shareholders with roughly 39 percent of the combined company.

• The remaining business, referred to as New BD, will be a focused med-tech company with ~$18BN in revenue across Medical Essentials, Connected Care, BioPharma Systems, and Interventional. More than 90 percent of revenue will be recurring, and management expects high single-digit earnings growth.

• New BD’s valuation looks appealing. Based on where BDX and WAT currently trade, New BD implies a P/E of roughly 11x earnings. I believe the business deserves at least a 13x multiple, which would equate to about 12% upside. That said, I’m not ready to buy yet.

• Paymentus is a high-growth, cloud-based bill payment technology provider, capitalizing on the secular shift from paper to electronic transactions. Its strong revenue growth is driven by onboarding new clients and increasing transaction volumes.
• The company’s proprietary Instant Payment Network (IPN) and omni-channel platform create a network effect, enhancing its competitive moat. Strategic partnerships with major financial institutions and technology companies are expanding its market reach.
• While the company exhibits strong top-line momentum and improving profitability, it faces risks from customer concentration, potential margin pressure from large enterprise clients, and intense competition in the fragmented electronic payments market.

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

• ADT’s third-quarter 2025 financial performance indicates a steady trajectory with both positive and negative elements impacting its outlook.
• The company’s financial highlights reveal a 4% increase in total revenue to $1.3 billion and a 3% growth in adjusted EBITDA to $676 million.
• Additionally, the adjusted earnings per diluted share rose by 15% year-over-year to $0.23, reflecting robust cash flow generation amounting to $709 million year-to-date.

• Khazanchi Jewellers posts a strong Q2FY26 with 46% revenue growth, 119% PAT surge, and a major 10,000 sq. ft. Chennai flagship store set to launch in Jan 2026.
• High-Margin retail and diamond segments are accelerating, supported by a stable B2B engine with 90% repeat orders, positioning the company for structural margin expansion and stronger long-term earnings visibility.
• Khazanchi enters a high-growth phase, with premiumisation, retail expansion, and strong execution driving sustainable profitability and transforming it from a wholesale-led player into a high-margin retail-focused jewellery brand.