Smartkarma Daily Briefs

BillionToOne (BLLN US) set terms for its IPO on October 17th by offering 3.846 million shares at $49-$55 and to debut on November 6th.
The underwriters have reserved up to 5% of the shares of Class A common stock through a directed share program.
There is a lot to like about this company including the explosive revenue growth and the narrowing losses.

Cardinal Infrastructure Group Inc. (CDNL): Peeking at the IPO Prospectus of a Utility Developer

Cardinal Infrastructure Group Inc. is an infrastructure investment company focused on acquiring, owning and operating core infrastructure assets across sectors such as transportation, energy, utilities and data-centers.
Their revenue was $153.9 million and $187.9 million and their net income was $16.7 million and $16.1 million in the first half of 2024 and 2025, respectively.
Today, they primarily operate in North Carolina, specifically the greater Charlotte, Raleigh, and Greensboro areas of North Carolina.

Ningbo Joyson A/H Listing: Spotty Track Record but a Potential “robotics Play”

By Nicholas Tan

Ningbo Joyson Electronic (600699 CH), a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.
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 look at its past performance and other deal dynamics that might impact the listing.

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Oct 24

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: Genting Berhad, Softbank Group
UST yields fell c. 1 bp across the curve yesterday, on the back of a strong auction of 20Y notes and amid little macro developments.
The yields on the 2Y and 10Y UST dropped 1 bp to 3.45% and 3.95%, respectively. Equities retreated, with the S&P 500 and Nasdaq declining 0.5% and 0.9%, respectively.

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Oct 24

Daily Brief Event-Driven: [Japan M&A/Activism] – Activism Wins as MBO Bidder Pays 42.4% More for Pacific Industrial (7250 JP) and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

[Japan M&A/Activism] – Activism Wins as MBO Bidder Pays 42.4% More for Pacific Industrial (7250 JP)
IDT (167 HK): Expect Long-Dated MGO As Major Shareholder Placed In Receivership
Pacific Industrial (7250 JP): The Wow Factor as MBO Bumped by 42% to JPY2,919
Minmetals Land (230 HK): China Minmetals’ Scheme Offer at 2x the Last Close Price
Minmetals Land (230 HK): An Offer Premium Of 179% To NAV? Yes Please
First Pacific (142 HK): Maynilad’s IPO (Now With Prospectus Numbers)
Prosus–JET Arbitrage: Offer Unconditional, Squeeze-Out and Delisting Confirmed
Industrivärden Q3 2025: NAV Growth, Narrowing Discount, and Portfolio Rotation

[Japan M&A/Activism] – Activism Wins as MBO Bidder Pays 42.4% More for Pacific Industrial (7250 JP)

By Travis Lundy

When the Pacific Industrial (7250 JP) deal was announced in late July, I said it needed to be done 20-40% higher. I hadn’t expected someone to push so hard.
But Effissimo pushed. They bought 12.5% of shares out, and 13+% of votes at an average price of ¥2,365/share – 15% through terms.
Three months later after multiple extensions, Bidco bid up. +42.4%, to 1.002x March 2025 BVPS. A raging win for activists and minority investors. I’m genuinely surprised by the quantum.

IDT (167 HK): Expect Long-Dated MGO As Major Shareholder Placed In Receivership

Consumer electronics play IDT International (167 HK) is currently suspended pursuant to the Takeovers Code. But don’t expect your usual Offer to unfold.
On the 2nd October, IDT announced that Tiger Energy Technology, which holds 72.1% of share out, has been placed into receivership. Tiger Energy is 50% owned by Tiger Chen (ED).
IDT was recently suspended for 581 days after failing to publish its annual results. Upon resumption of trading, predicated on a re-organisation, the major shareholder promptly exited. Without telling anyone.

Pacific Industrial (7250 JP): The Wow Factor as MBO Bumped by 42% to JPY2,919

By Arun George

The MBO price for Pacific Industrial (7250 JP) has increased by 42.4% from JPY2,050 to JPY2,919 per share. The revised offer represents a P/B of 1.01x.
While Effissimo has publicly built a 13.25% ownership stake, behind the scenes, Murakami agitated for a bump by suggesting that he would help fund the increase in the consideration.
The Ogawas rebuffed Murakami’s funding but secured his verbal agreement to tender. While Effissimo’s intentions remain unknown, it is likely to support the revised offer.

Minmetals Land (230 HK): China Minmetals’ Scheme Offer at 2x the Last Close Price

By Arun George

Minmetals Land (230 HK) has disclosed a Bermuda scheme offer from China Minmetals at HK$1.00 per share, a 104.1% premium to the last close price of HK$0.49.
Key conditions include approval by at least 75% independent shareholders (<10% of independent shareholders’ rejection) and the headcount test. The offer is final.
No disinterested shareholder holds a blocking stake. This is a done deal in large part due to the significant takeover premium.

Minmetals Land (230 HK): An Offer Premium Of 179% To NAV? Yes Please

After suspending shares on the 30th September, SOE-Backed, Chinese property play Minmetals Land (230 HK), has now announced an Offer, by way of a Scheme buyback, from parent China Minmetals.
The Offer Price of HK$1/share, declared final, is a punchy 185.71% premium to last close. And also a 179% premium over the 30th June 2025 NAV. Optically, looks solid also.
Disinterested shareholders hold 38.12%. They should be happy with terms. This should wrap up (perhaps) late February 2026.

First Pacific (142 HK): Maynilad’s IPO (Now With Prospectus Numbers)

By Quantum Commodity Intelligence

In First Pacific (142 HK): Maynilad’s IPO Price Firmed, I discussed Maynilad’s upcoming IPO, a company controlled by MPIC, which in turn, is controlled by First Pacific Co (142 HK).
Since that note, I have tracked down Maynilad’s elusive prospectus.
This insight is largely a rehash of yesterday’s note, together with updated numbers applying prospectus figures. I thought this warranted a fresh insight as opposed to a boomerang.

Prosus–JET Arbitrage: Offer Unconditional, Squeeze-Out and Delisting Confirmed

By Jesus Rodriguez Aguilar

Prosus’s €4.1bn all-cash acquisition of Just Eat Takeaway.com is now unconditional, with 98.19% ownership secured. Shares will delist from Euronext Amsterdam on 17 November ahead of statutory squeeze-out.
Early arbitrage entrants earned roughly 9.3% annualized return, late entrants about 3.6%. With settlement complete, the residual spread has closed, leaving no remaining event-driven opportunity.
The transaction cements Prosus as Europe’s largest food delivery platform and the world’s fourth largest globally, following Meituan, DoorDash, and Uber, under CEO Fabricio Bloisi’s expansion strategy.

Industrivärden Q3 2025: NAV Growth, Narrowing Discount, and Portfolio Rotation

By Jesus Rodriguez Aguilar

NAV rose 8% YTD to SEK 179 bn; Industrivärden C trades at a tight 4.5% discount.
Concentrated, high-quality portfolio: Sandvik + Volvo ≈ 60% NAV; ultra-low 0.07% costs. Solid balance sheet (A+/Stable, 3% leverage) but limited near-term upside after discount compression.
Tactically, short-bias positioning (short holdco / long asset basket) is attractive near a 3–6% discount, while a renewed 8–10% gap would again justify a reversal into the classic long-holdco trade.

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Oct 24

Daily Brief Energy/Materials: Gold, Zijin Gold, KH Neochem Co Ltd, Crude Oil, Goliath Resources , Hunting PLC, Intermin Resources, Chemcon Speciality Chemicals, Akzo Nobel NV, Condor Energies and more

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

In today’s briefing:

Gold Part 2: Implied Volatility Dynamics Offer Insight into the Tone of This Bull Market
Zijin Gold International – World-Class Portfolio, Execution-Driven Upside
Long-Overdue Consolidation in Japanese Chemicals Drives Growth & Mispricing
Oil futures: Crude up as Trump-Putin talks shelved, SPR tender
GOTRF: Zacks Company Report
Hunting PLC – Further EBITDA progress, FY25 guidance narrowed
Horizon Minerals Ltd – Quarterly mining update
Primer: Chemcon Speciality Chemicals (CHEMCON IN) – Oct 2025
What’s New(s) in Amsterdam – 23 October (AkzoNobel | Besi | Heineken | RELX | Aalberts | Kendrion)
Condor Energies Inc. (TSX: CDR): Well results derisk the deeper clastic play. The horizontal leg could add 13-20 mmcf/d

Gold Part 2: Implied Volatility Dynamics Offer Insight into the Tone of This Bull Market

By John Ley

Gold’s latest surge shows rising implied volatility but little sign of market stress, suggesting limited parallels with the explosive 1980 bull market.
Tuesday’s correction was the largest selloff in 12 years and marked the end of a series of successively larger positive moves.
Rising implied vols and strong Call demand reveal active trading but not the manic levels typically seen near a major blowoff.

Zijin Gold International – World-Class Portfolio, Execution-Driven Upside

By Rahul Jain

9M 2025 unaudited results (17 Oct): 1.03 Moz gold, US$905 m profit, 26% margin; operational ramp intact despite AISC at US$1,574/oz.
Strong listing: IPO HK$71.6 → current HK$131.3 (+83%), backed by US$1.6 bn cornerstones (GIC, BlackRock etc.).
Valuation & risk: Trades ~8.5× EV/EBITDA; fair value HK$115–145/sh; key risks — execution, Kazakhstan policy, Colombia security.

Long-Overdue Consolidation in Japanese Chemicals Drives Growth & Mispricing

By Michael Allen

Japan’s chemicals industry is finally undergoing a long-overdue consolidation that should lead to fewer companies, higher profitability, and less volatility.
These changes may be driving significant mispricing. Like most segments, RoE drives most of the variance in PBR, but with more frequent and far larger outliers.
KH Neochem, Daicel, and Mitsui Chemicals are the undervalued outliers, and all three are positioned for rapid growth in our view.

Oil futures: Crude up as Trump-Putin talks shelved, SPR tender

Crude oil futures were trending higher Wednesday after markets finally found some support, coming after the heavy losses so far in October that had seen benchmarks challenge post-Covid lows.
Front-month Dec25 ICE Brent futures were trading at $63.12/b (2034 BST) versus Tuesday’s settle of $61.32/b, while Dec25 NYMEX WTI was at $59.21/b against a previous close of $57.24/b.
Prices rebounded on reports that talks between US President Donald Trump and Russian President Vladimir Putin had been put on hold, increasing the threat of sanctions on Russia and broader supply disruptions from attacks on infrastructure.

GOTRF: Zacks Company Report

By Zacks Small Cap Research

Goliath Resources provides investors with exposure to gold, silver, and copper resource exploration, as well as leverage to an increasing in-ground inventory with discovery upside, during a gold price market that has reached new all-time highs.
The downside is limited by the expected significant positive news flow ongoing in 2026.
Since our last update, the Company completed more than 64,000 m of drilling providing infill, depth, and lateral testing of the Surebet prospect.

Hunting PLC – Further EBITDA progress, FY25 guidance narrowed

By Equity Development

In a Q3 update, Hunting has narrowed FY25 EBITDA guidance towards the lower end of the existing U$135m-145m range, noting that this remains slightly above our existing FY25 estimate.
This broadly-based group has performed substantially in line with management expectations although EMEA re-structuring has perhaps been a modest drag.
Underlying cash flow/year-end net cash looks to be slightly better than we anticipated.

Horizon Minerals Ltd – Quarterly mining update

By Research as a Service (RaaS)

Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.
HRZ has released its September 2025 quarterly report which provides a progress update on mining, exploration and development activities.
Revenue of $35.8m was generated from gold sales at Boorara with another $3.64m received as a distribution from the Phillips Find JV.

Primer: Chemcon Speciality Chemicals (CHEMCON IN) – Oct 2025

By αSK

Chemcon holds a dominant market position in its niche specialty chemical products, being the sole manufacturer of HMDS and the largest manufacturer of CMIC in India. This provides a significant competitive advantage.
The company is demonstrating a strong financial recovery, with improving margins and a significant turnaround in operating and free cash flow in the latest fiscal year, following a period of decline. This is supported by high resilience and market momentum scores.
Despite recent recovery, Chemcon faces challenges from a poor long-term growth track record, with negative 3-year compound annual growth rates in revenue, net income, and EPS. The suspension of dividends for the past two years also signals underlying business pressure.

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What’s New(s) in Amsterdam – 23 October (AkzoNobel | Besi | Heineken | RELX | Aalberts | Kendrion)

By The IDEA!

In this edition: • AkzoNobel | a Janus-faced case?
• BE Semiconductor Industries | as forecasted, order intake improved strongly; launches new EUR 60m share buyback program • Heineken | presents new medium term strategy and targets at today’s CMD • RELX Group | 9M25 trading update shows no surprises (as it should be) • Aalberts | foresees FY25 EBITA-margin of 13%, 50bps below market consensus • Kendrion | completes sale of its China business

Condor Energies Inc. (TSX: CDR): Well results derisk the deeper clastic play. The horizontal leg could add 13-20 mmcf/d

By Auctus Advisors

Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations.
The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November.
IP rates are estimated between 13–20 mmcf/d, representing a potentially significant uplift in output.

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Oct 24

Daily Brief Industrials: Honeywell International, Beijer Ref , Cardinal Infrastructure, Enerchina Holdings, Ningbo Joyson Electronic, Volvo AB and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Primer: Honeywell International (HON US) – Oct 2025
Beijer Ref’s Smart Expansion: Turning Acquisitions Into a Global Powerhouse!
Cardinal Infrastructure Group Inc. (CDNL): Peeking at the IPO Prospectus of a Utility Developer
Primer: Enerchina Holdings (622 HK) – Oct 2025
Ningbo Joyson A/H Listing: Spotty Track Record but a Potential “robotics Play”
Volvo Group’s Secret Weapon: Can Its Booming Service Business Shield Profits from a Market Downturn?

Primer: Honeywell International (HON US) – Oct 2025

By αSK

Honeywell is a diversified industrial leader poised to unlock shareholder value through the strategic spin-off of its high-margin Advanced Materials business, Solstice, in late 2025.
The remaining company will be more focused on its core, high-performing segments—Aerospace, Building Automation, and Industrial Automation—which are aligned with powerful secular megatrends like energy transition and digitalization.
While the company faces execution risks with the portfolio transformation and is exposed to macroeconomic cycles, its strong market positions, technological leadership, and consistent capital return program present a compelling long-term investment case.

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Beijer Ref’s Smart Expansion: Turning Acquisitions Into a Global Powerhouse!

Beijer Ref AB has reported its second quarter results for 2025, showcasing robust growth and financial stability in challenging market conditions.
The company’s performance is underscored by notable increases in sales, EBITDA, and EPS, reflecting effective strategic initiatives and operational efficiency.
Beijer Ref AB achieved a 12% sales increase, excluding currency effects, with a 2% organic growth despite one less working day, illustrating resilience in core operations.

Cardinal Infrastructure Group Inc. (CDNL): Peeking at the IPO Prospectus of a Utility Developer

Cardinal Infrastructure Group Inc. is an infrastructure investment company focused on acquiring, owning and operating core infrastructure assets across sectors such as transportation, energy, utilities and data-centers.
Their revenue was $153.9 million and $187.9 million and their net income was $16.7 million and $16.1 million in the first half of 2024 and 2025, respectively.
Today, they primarily operate in North Carolina, specifically the greater Charlotte, Raleigh, and Greensboro areas of North Carolina.

Primer: Enerchina Holdings (622 HK) – Oct 2025

By αSK

Oshidori International Holdings, formerly Enerchina Holdings, has transitioned from a clean energy focus to an investment holding company primarily engaged in financial services in Hong Kong. Its core operations include securities brokerage, tactical investments, and credit and lending services.
The company’s financial performance has been volatile, heavily influenced by gains and losses on its investment portfolio. While the first half of 2025 showed a return to profitability, the full year 2024 resulted in a significant net loss, highlighting the inherent risks in its business model.
Recent strategic moves, such as the disposal of its entire stake in Shengjing Bank, indicate a dynamic approach to its investment portfolio. However, the lack of dividend payments since 2019 and reliance on market-sensitive income streams present key considerations for investors.

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Ningbo Joyson A/H Listing: Spotty Track Record but a Potential “robotics Play”

By Nicholas Tan

Ningbo Joyson Electronic (600699 CH), a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.
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 look at its past performance and other deal dynamics that might impact the listing.

Volvo Group’s Secret Weapon: Can Its Booming Service Business Shield Profits from a Market Downturn?

By Quantum Commodity Intelligence

The Volvo Group’s third-quarter performance revealed a mixed set of results impacted by a blend of global economic conditions and strategic adjustments.
The group reported a 1% year-over-year increase in net sales when adjusted for currency, primarily driven by service sales growth across all business areas.
However, vehicle sales experienced a slight decline, with trucks particularly underperforming in North and South America.

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Oct 24

Daily Brief Macro: A Sharp Increase in Short Selling Balance in the Korean Stock Market Past Seven Months and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

A Sharp Increase in Short Selling Balance in the Korean Stock Market Past Seven Months
Oil futures: Crude up as Trump-Putin talks shelved, SPR tender
CX Daily: Dumping Case Shows How Chemical-Makers Shield Themselves From Liability

A Sharp Increase in Short Selling Balance in the Korean Stock Market Past Seven Months

By Douglas Kim

The net short selling balance in KOSPI reached 12.6 trillion won as of 20 October. This is the largest amount ever.
The top 5 companies in KOSPI with highest short selling balance/market cap ratio include Kakaopay, L&F, Hanmi Semiconductor, Cosmax, and LG H&H.
Net short position In KOSDAQ as a percentage of total KOSDAQ market cap more than doubled from 0.5% as of 31 March to 1.1% as of 21 October 2025.

Oil futures: Crude up as Trump-Putin talks shelved, SPR tender

Crude oil futures were trending higher Wednesday after markets finally found some support, coming after the heavy losses so far in October that had seen benchmarks challenge post-Covid lows.
Front-month Dec25 ICE Brent futures were trading at $63.12/b (2034 BST) versus Tuesday’s settle of $61.32/b, while Dec25 NYMEX WTI was at $59.21/b against a previous close of $57.24/b.
Prices rebounded on reports that talks between US President Donald Trump and Russian President Vladimir Putin had been put on hold, increasing the threat of sanctions on Russia and broader supply disruptions from attacks on infrastructure.

CX Daily: Dumping Case Shows How Chemical-Makers Shield Themselves From Liability

By Caixin Global

Law / In Depth: Dumping Case Shows How Chemical-Makers Shield Themselves From Liability
Autos /: China’s Carmakers Shift Price War Tactics With Low Launch Prices
Insurance /: JD.com Obtains Hong Kong Insurance Brokerage License, Sources Say

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Oct 24

Daily Brief TMT/Internet: Taiwan Mobile, Tencent, Lam Research, Pony AI, Synspective, DreamArts , Millicom Intl Cellular-Sdr, Freelancer Ltd, Insight Enterprises and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Quiddity Leaderboard TDIV Dec25: ~US$3bn One-Way; Some Changes to Expectations; New Ideas
Tencent/Netease: Zero for Big Names Despite Optimism in October
Lam Research: Sept-25 Beat (15%), 4Q Above Consensus, but After 88% Rally the Stock Is Expensive.
Primer: Pony AI (PONY US) – Oct 2025
Primer: Synspective (290A JP) – Oct 2025
Primer: DreamArts ( 4811 JP) – Oct 2025
Primer: Millicom Intl Cellular-Sdr (TIGO SS) – Oct 2025
LRCX Q325. Solid Results, Outlook But China Exposure Is A Glaring Red Flag
Freelancer — Stable performance in Q3
Insight Enterprises Makes A Bold Cybersecurity Power Play With Sekuro Acquisition!

Quiddity Leaderboard TDIV Dec25: ~US$3bn One-Way; Some Changes to Expectations; New Ideas

By Janaghan Jeyakumar, CFA

The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
In this insight, we take look at Quiddity’s expectations for index changes and capping flows for the TDIV Index for the December 2025 index rebal event.
We expect at least six index changes for the TDIV index. On top of that, there will be capping flows too.

Tencent/Netease: Zero for Big Names Despite Optimism in October

By Ke Yan, CFA, FRM

China announced game approval for the October batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
Of the companies that we are monitoring, none got approval.

Lam Research: Sept-25 Beat (15%), 4Q Above Consensus, but After 88% Rally the Stock Is Expensive.

By Nicolas Baratte

LAM beats largely Sept-25 (15% above), Dec-25 guidance slightly above (4%), long-term drivers are concrete: $100bn in Data Center = 8bn in semi equipment, $40bn of NAND equipment to upgrade.
LAM is gaining share (depo / etch growing faster than litho), is ahead in the new stuff (Moly ALD, dry resist EUV). YTD Net Income is up 44%. Very impressive.
Among Semi Equipment stocks, LRCX is the best performer YTD: up 88%. LRCX is trading at +2.5 standard deviations: 30x forward EPS versus average 17x. Time to sell.

Primer: Pony AI (PONY US) – Oct 2025

By αSK

Pony AI is a leading autonomous vehicle (AV) technology company with a strategic dual focus on the US and Chinese markets, developing Level 4 autonomous driving systems for robotaxis and commercial trucking.
The company is in a high-growth, pre-profitability phase, marked by surging revenues from its expanding robotaxi services and technology licensing, but also significant cash burn due to heavy R&D and operational investments.
Key catalysts include the mass production of its cost-efficient 7th-generation hardware, strategic partnerships with major automotive OEMs like Toyota and Stellantis, and a planned secondary listing in Hong Kong to fund future expansion.

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Primer: Synspective (290A JP) – Oct 2025

By αSK

Synspective is a Japanese space-tech company specializing in the development and operation of a constellation of Synthetic Aperture Radar (SAR) satellites, known as StriX. The company provides SAR data and value-added analytical solutions to government and commercial clients for applications such as disaster monitoring, infrastructure management, and urban planning.
The company is in a high-growth phase, aiming to expand its satellite constellation to 30 satellites by the latter half of the 2020s to enable near real-time global observation. This expansion is capital-intensive, reflected in the company’s current unprofitability and negative cash flows.
The satellite-based Earth observation market is experiencing robust growth, driven by increasing demand for geospatial data and advancements in satellite technology. Synspective is well-positioned to capture a share of this expanding market, particularly in the Asia-Pacific region, but faces intense competition from established and emerging players.

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Primer: DreamArts ( 4811 JP) – Oct 2025

By αSK

DreamArts is a high-growth Japanese SaaS provider capitalizing on the domestic digital transformation trend with its flagship no-code platform, ‘SmartDB®’, which targets non-IT personnel in large enterprises.
The company has demonstrated a strong financial track record, with significant revenue growth, margin expansion, and robust cash flow generation over the past three years.
Management has set an ambitious medium-term target to exceed JPY 10 billion in sales by 2028, driven by the continued adoption of ‘SmartDB®’ and a strategic focus on empowering ‘citizen developers’.

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Primer: Millicom Intl Cellular-Sdr (TIGO SS) – Oct 2025

By αSK

Millicom is a leading telecommunications operator in nine Latin American markets, demonstrating strong market share and brand recognition under the ‘TIGO’ name. The company is well-positioned to capitalize on the growing demand for data and digital services in the region.
A strategic shift to focus exclusively on Latin America, coupled with targeted acquisitions and a disciplined approach to cost management, has improved profitability and cash flow generation. The company’s focus is now on deleveraging its balance sheet.
Key risks include significant exposure to volatile emerging markets, facing political, economic, and currency fluctuation challenges. Intense competition and the high capital expenditure required for network expansion (fiber, 5G) also present considerable hurdles.

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LRCX Q325. Solid Results, Outlook But China Exposure Is A Glaring Red Flag

By William Keating

LRCX reported September 2025 quarter revenues of $5.32 billion, marginally above the guided midpoint, up 3% QoQ and up 27.7% YoY.
LRCX is forecasting current quarter revenues of $5.2 billion at the midpoint, slightly down sequentially, but up 18% YoY. In other words, the AI boost is coming, just not yet.
The elephant in the room was once again revenue mix from China which accounted for a whopping 43% of sales, up from 35% in the prior quarter. Oh my!

Freelancer — Stable performance in Q3

By Edison Investment Research

Freelancer reported essentially flat revenues in Q325 on a lower gross marketplace volume (GMV). Higher take rates in Escrow.com more than compensated for lower volumes, essentially offsetting a small decline in the Freelancer division’s revenue. The company saw good progress in the Loadshift division and has multiple initiatives ongoing to drive growth in the enterprise business. AI-related projects are making an increasing contribution to core marketplace volumes and the company continues to make use of AI tools to improve internal efficiency and platform quality. We maintain our forecasts.

Insight Enterprises Makes A Bold Cybersecurity Power Play With Sekuro Acquisition!

Insight Enterprises is making bold moves to shore up its position in the fast-evolving cybersecurity and digital transformation space.
On October 20, 2025, the company announced a definitive agreement—via its Australian subsidiary—to acquire Sekuro, a global cybersecurity and digital resiliency services firm.
With over 200 professionals and more than 450 certifications across top platforms like Microsoft, AWS, CrowdStrike, Zscaler, and Okta, Sekuro provides 24/7 managed security services, governance, and risk compliance solutions.

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Oct 24

Daily Brief Consumer: Pacific Industrial, Idt International, Nintendo, Lenskart Solutions, BYD, Just Eat Takeaway.com NV, Seiren Co Ltd, Genting Bhd, Clear Channel Outdoor Cl A and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

[Japan M&A/Activism] – Activism Wins as MBO Bidder Pays 42.4% More for Pacific Industrial (7250 JP)
IDT (167 HK): Expect Long-Dated MGO As Major Shareholder Placed In Receivership
Pacific Industrial (7250 JP): The Wow Factor as MBO Bumped by 42% to JPY2,919
Nintendo and the Switch 2: An Options Menu
Lenskart Solutions Pre-IPO – The Negatives – International Ops Largely Acquisition Driven
BYD (1211 HK) Earnings on 30 Oct: Options Price in Larger-Than-Usual Move
Prosus–JET Arbitrage: Offer Unconditional, Squeeze-Out and Delisting Confirmed
Primer: Seiren Co Ltd (3569 JP) – Oct 2025
Lucror Analytics – Morning Views Asia
Clear Channel Outdoor in Play: Mubadala Sparks M&A Frenzy!

[Japan M&A/Activism] – Activism Wins as MBO Bidder Pays 42.4% More for Pacific Industrial (7250 JP)

By Travis Lundy

When the Pacific Industrial (7250 JP) deal was announced in late July, I said it needed to be done 20-40% higher. I hadn’t expected someone to push so hard.
But Effissimo pushed. They bought 12.5% of shares out, and 13+% of votes at an average price of ¥2,365/share – 15% through terms.
Three months later after multiple extensions, Bidco bid up. +42.4%, to 1.002x March 2025 BVPS. A raging win for activists and minority investors. I’m genuinely surprised by the quantum.

IDT (167 HK): Expect Long-Dated MGO As Major Shareholder Placed In Receivership

Consumer electronics play IDT International (167 HK) is currently suspended pursuant to the Takeovers Code. But don’t expect your usual Offer to unfold.
On the 2nd October, IDT announced that Tiger Energy Technology, which holds 72.1% of share out, has been placed into receivership. Tiger Energy is 50% owned by Tiger Chen (ED).
IDT was recently suspended for 581 days after failing to publish its annual results. Upon resumption of trading, predicated on a re-organisation, the major shareholder promptly exited. Without telling anyone.

Pacific Industrial (7250 JP): The Wow Factor as MBO Bumped by 42% to JPY2,919

By Arun George

The MBO price for Pacific Industrial (7250 JP) has increased by 42.4% from JPY2,050 to JPY2,919 per share. The revised offer represents a P/B of 1.01x.
While Effissimo has publicly built a 13.25% ownership stake, behind the scenes, Murakami agitated for a bump by suggesting that he would help fund the increase in the consideration.
The Ogawas rebuffed Murakami’s funding but secured his verbal agreement to tender. While Effissimo’s intentions remain unknown, it is likely to support the revised offer.

Nintendo and the Switch 2: An Options Menu

By Jay Cameron

Nintendo is poised for a significant growth phase, driven by its new console and an expansive intellectual property ecosystem, promising sustained financial performance.
Strategic capacity expansion and a robust balance sheet position Nintendo to capitalize on strong demand, mitigating risks and reinforcing its market leadership.
Despite potential market volatility and competitive pressures, aggressive production targets and a strong financial foundation suggest a compelling investment opportunity.

Lenskart Solutions Pre-IPO – The Negatives – International Ops Largely Acquisition Driven

By Sumeet Singh

Lenskart Solutions is looking to raise about US$1bn 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.
In this note, we talk about the not-so-positive aspects of the deal.

BYD (1211 HK) Earnings on 30 Oct: Options Price in Larger-Than-Usual Move

By Gaudenz Schneider

Context:BYD (1211 HK) reports Q3 2025 results on 30 October after market close.
Options markets imply a ±4.7% move, notably larger than the historical ±3.0% average. The stock has shown asymmetric reactions, with fewer but stronger upside moves.
Why Read: Understand how implied swings compare with history and how the earnings-linked volatility peak offers tactical opportunities around BYD’s 31 Oct weekly expiry.

Prosus–JET Arbitrage: Offer Unconditional, Squeeze-Out and Delisting Confirmed

By Jesus Rodriguez Aguilar

Prosus’s €4.1bn all-cash acquisition of Just Eat Takeaway.com is now unconditional, with 98.19% ownership secured. Shares will delist from Euronext Amsterdam on 17 November ahead of statutory squeeze-out.
Early arbitrage entrants earned roughly 9.3% annualized return, late entrants about 3.6%. With settlement complete, the residual spread has closed, leaving no remaining event-driven opportunity.
The transaction cements Prosus as Europe’s largest food delivery platform and the world’s fourth largest globally, following Meituan, DoorDash, and Uber, under CEO Fabricio Bloisi’s expansion strategy.

Primer: Seiren Co Ltd (3569 JP) – Oct 2025

By αSK

Seiren is a global leader in high-performance textiles, with a dominant position in the automotive interior market, which constitutes the majority of its revenue. The company is poised to benefit from the growing demand for advanced, functional, and aesthetically pleasing materials in vehicles.
The company’s proprietary ‘Viscotecs’ digital production system provides a significant competitive advantage, enabling mass customization, short delivery times, and inventory-free production. This technology is a key driver of efficiency and innovation, allowing expansion into non-textile applications.
Financial performance has been robust, with a strong track record of revenue, net income, and dividend growth. High resilience and momentum scores, coupled with a solid balance sheet, position the company well for future investments and shareholder returns.

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

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: Genting Berhad, Softbank Group
UST yields fell c. 1 bp across the curve yesterday, on the back of a strong auction of 20Y notes and amid little macro developments.
The yields on the 2Y and 10Y UST dropped 1 bp to 3.45% and 3.95%, respectively. Equities retreated, with the S&P 500 and Nasdaq declining 0.5% and 0.9%, respectively.

Clear Channel Outdoor in Play: Mubadala Sparks M&A Frenzy!

Clear Channel Outdoor Holdings surged 27% on October 17, 2025, following a Bloomberg report that Mubadala Capital, the asset management arm of Abu Dhabi’s Mubadala Investment Company, is exploring a potential acquisition of the billboard advertising company.
This development comes amid mounting pressure from activist investor Anson Funds Management, which has been pushing for a sale to unlock shareholder value.
Clear Channel, with a market capitalization of just over $700 million and approximately $6.4 billion in outstanding debt, has been aggressively restructuring its operations to focus solely on the U.S. market.

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Oct 24

Daily Brief Industrials: Honeywell International, Beijer Ref , Cardinal Infrastructure, Enerchina Holdings, Ningbo Joyson Electronic, Volvo AB and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Primer: Honeywell International (HON US) – Oct 2025
Beijer Ref’s Smart Expansion: Turning Acquisitions Into a Global Powerhouse!
Cardinal Infrastructure Group Inc. (CDNL): Peeking at the IPO Prospectus of a Utility Developer
Primer: Enerchina Holdings (622 HK) – Oct 2025
Ningbo Joyson A/H Listing: Spotty Track Record but a Potential “robotics Play”
Volvo Group’s Secret Weapon: Can Its Booming Service Business Shield Profits from a Market Downturn?

Primer: Honeywell International (HON US) – Oct 2025

By αSK

Honeywell is a diversified industrial leader poised to unlock shareholder value through the strategic spin-off of its high-margin Advanced Materials business, Solstice, in late 2025.
The remaining company will be more focused on its core, high-performing segments—Aerospace, Building Automation, and Industrial Automation—which are aligned with powerful secular megatrends like energy transition and digitalization.
While the company faces execution risks with the portfolio transformation and is exposed to macroeconomic cycles, its strong market positions, technological leadership, and consistent capital return program present a compelling long-term investment case.

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

Beijer Ref’s Smart Expansion: Turning Acquisitions Into a Global Powerhouse!

Beijer Ref AB has reported its second quarter results for 2025, showcasing robust growth and financial stability in challenging market conditions.
The company’s performance is underscored by notable increases in sales, EBITDA, and EPS, reflecting effective strategic initiatives and operational efficiency.
Beijer Ref AB achieved a 12% sales increase, excluding currency effects, with a 2% organic growth despite one less working day, illustrating resilience in core operations.

Cardinal Infrastructure Group Inc. (CDNL): Peeking at the IPO Prospectus of a Utility Developer

Cardinal Infrastructure Group Inc. is an infrastructure investment company focused on acquiring, owning and operating core infrastructure assets across sectors such as transportation, energy, utilities and data-centers.
Their revenue was $153.9 million and $187.9 million and their net income was $16.7 million and $16.1 million in the first half of 2024 and 2025, respectively.
Today, they primarily operate in North Carolina, specifically the greater Charlotte, Raleigh, and Greensboro areas of North Carolina.

Primer: Enerchina Holdings (622 HK) – Oct 2025

By αSK

Oshidori International Holdings, formerly Enerchina Holdings, has transitioned from a clean energy focus to an investment holding company primarily engaged in financial services in Hong Kong. Its core operations include securities brokerage, tactical investments, and credit and lending services.
The company’s financial performance has been volatile, heavily influenced by gains and losses on its investment portfolio. While the first half of 2025 showed a return to profitability, the full year 2024 resulted in a significant net loss, highlighting the inherent risks in its business model.
Recent strategic moves, such as the disposal of its entire stake in Shengjing Bank, indicate a dynamic approach to its investment portfolio. However, the lack of dividend payments since 2019 and reliance on market-sensitive income streams present key considerations for investors.

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

Ningbo Joyson A/H Listing: Spotty Track Record but a Potential “robotics Play”

By Nicholas Tan

Ningbo Joyson Electronic (600699 CH), a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.
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 look at its past performance and other deal dynamics that might impact the listing.

Volvo Group’s Secret Weapon: Can Its Booming Service Business Shield Profits from a Market Downturn?