Smartkarma Daily Briefs

• JIP and MitHeavy have announced a takeunder to buy out MitHeavy sub Mitsubishi Logisnext Co., Ltd. (7105 JP) at a weighted average price 42% lower than Target Advisor DCF range midpoint.
• No/Minimal transparency. A sales process interrupted by Trump tariffs, leaving one low-ball bidder. And the sellers goes ahead with it BUT gets to reinvest on the back end. You don’t.
• The Board “supports” the Tender Offer, but leaves it to the opinion of the shareholders as to whether they tender. MitHeavy has 64.4% already so that basically gets done. But…

• Rocket Lab has taken a significant strategic step toward becoming a fully vertically integrated space company with its intent to acquire a controlling stake in Mynaric AG, a German-based laser communications provider.
• The deal, still subject to regulatory and restructuring approvals, comes on the heels of Rocket Lab’s Q2 2025 earnings, where the company reported $39.6 million in revenue and reiterated its commitment to expanding across the entire space value chain.
• If completed, the acquisition will give Rocket Lab access to Mynaric’s production capabilities, intellectual property, and workforce of over 300 engineers.

• In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2025.
• This was a STRONG REVERSAL of the relative share price performances of these 38 pairs in 3Q 2025 versus in 2Q 2025.
• We provide four holdco/opco pairs that have experienced noticeable divergence in the past three months and we expect closing of their gaps could occur in the next several weeks

• ST Engineering‘s growth is underpinned by a record-high order book, fueled by strong demand in its Commercial Aerospace and Defence & Public Security segments, which are benefiting from the global recovery in air travel and increased military spending.
• The company is a global leader in aircraft Maintenance, Repair, and Overhaul (MRO) and is strategically expanding its capabilities in smart city solutions and defence technology, including AI-driven systems and unmanned vehicles.
• While operational performance is strong, valuation appears stretched. The Urban Solutions & Satcom segment, particularly the satellite communications (SATCOM) business, has faced headwinds from supply chain disruptions and restructuring costs, acting as a drag on overall profitability.

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

• Rollins Inc, the parent company of Orkin and other leading pest control brands, has emerged as one of the most resilient performers of 2025, gaining over 25% year-to-date.
• While many businesses scramble to adapt to the rapid disruption of artificial intelligence, Rollins stands apart.
• It’s not just surviving the AI wave—it’s thriving.

Key points (machine generated)

• Lockheed Martin is considered a strong investment due to geopolitical tensions and increased defense spending.
• The company has four main divisions, including Aeronautics and Missiles and Fire Control, focusing on advanced military technology.
• Lockheed Martin’s diverse portfolio positions it for growth in the defense sector amid current global security challenges.

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.

• Dominant Market Position with High Barriers to Entry: Credit Bureau Asia (CBA) holds a near-monopolistic position in Singapore’s Financial Institution (FI) data business with an estimated 99.9% market share. It is also the sole credit bureau in Cambodia and Myanmar, creating significant barriers to entry for potential competitors.
• Resilient and Cash-Generative Business Model: The company’s business model is resilient across economic cycles, benefiting from increased demand for credit risk assessment during both economic expansions and downturns. CBA is highly cash-generative with minimal capital expenditure requirements, supporting a consistent dividend payout.
• Multiple Growth Levers: Growth is expected to be driven by the expansion of digital banking in Singapore, increasing credit penetration in emerging markets like Cambodia and Myanmar, and the growth of its Non-Financial Institution (Non-FI) data business through new product offerings and regional expansion.

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

• Huationg Global is a well-established civil engineering firm in Singapore, poised to benefit from a robust public infrastructure spending pipeline, including major projects like the Changi Airport Terminal 5 and various MRT lines.
• The company has demonstrated a strong growth trajectory, with a 3-year net income compound annual growth rate (CAGR) of 45.35% and operating cash flow CAGR of 65.09%, indicating efficient execution and strong project management.
• Valuation appears attractive, with a very low P/E ratio and a strong net cash position. The company also offers a compelling dividend yield, which has been consistently high over the past three years.

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

• ICTSI is a leading global, independent container terminal operator with a geographically diverse portfolio across Asia, the Americas, Europe, the Middle East, and Africa, positioning it to capitalize on global trade flows.
• The company has demonstrated a strong growth track record, with double-digit compound annual growth rates in revenue, net income, and dividends over the past decade, driven by both organic expansion and strategic acquisitions.
• Future growth is expected to be supported by tariff hikes at key terminals, continued strategic capacity expansion in high-growth emerging markets, and a focus on operational efficiency, though risks from global economic slowdowns and geopolitical tensions remain.

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

• Rich Sparkle is an absurd, Hong Kong based financial printing company whose share-price rise can only be attributed to the thin float—about 10% of the company.
• That means that, if the 90% of under-the-surface owners chose to buy at prices higher than the company merits, a few purchases would drive up the price of the whole company.
• We do not know whether this stock is manipulated, but there is nothing we can identify in the fundamentals or the sector it operates in that would make ANPA an attractive company to own at its current valuation.

• JIP and MitHeavy have announced a takeunder to buy out MitHeavy sub Mitsubishi Logisnext Co., Ltd. (7105 JP) at a weighted average price 42% lower than Target Advisor DCF range midpoint.
• No/Minimal transparency. A sales process interrupted by Trump tariffs, leaving one low-ball bidder. And the sellers goes ahead with it BUT gets to reinvest on the back end. You don’t.
• The Board “supports” the Tender Offer, but leaves it to the opinion of the shareholders as to whether they tender. MitHeavy has 64.4% already so that basically gets done. But…

• Rocket Lab has taken a significant strategic step toward becoming a fully vertically integrated space company with its intent to acquire a controlling stake in Mynaric AG, a German-based laser communications provider.
• The deal, still subject to regulatory and restructuring approvals, comes on the heels of Rocket Lab’s Q2 2025 earnings, where the company reported $39.6 million in revenue and reiterated its commitment to expanding across the entire space value chain.
• If completed, the acquisition will give Rocket Lab access to Mynaric’s production capabilities, intellectual property, and workforce of over 300 engineers.

• In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2025.
• This was a STRONG REVERSAL of the relative share price performances of these 38 pairs in 3Q 2025 versus in 2Q 2025.
• We provide four holdco/opco pairs that have experienced noticeable divergence in the past three months and we expect closing of their gaps could occur in the next several weeks

• ST Engineering‘s growth is underpinned by a record-high order book, fueled by strong demand in its Commercial Aerospace and Defence & Public Security segments, which are benefiting from the global recovery in air travel and increased military spending.
• The company is a global leader in aircraft Maintenance, Repair, and Overhaul (MRO) and is strategically expanding its capabilities in smart city solutions and defence technology, including AI-driven systems and unmanned vehicles.
• While operational performance is strong, valuation appears stretched. The Urban Solutions & Satcom segment, particularly the satellite communications (SATCOM) business, has faced headwinds from supply chain disruptions and restructuring costs, acting as a drag on overall profitability.

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

• Rollins Inc, the parent company of Orkin and other leading pest control brands, has emerged as one of the most resilient performers of 2025, gaining over 25% year-to-date.
• While many businesses scramble to adapt to the rapid disruption of artificial intelligence, Rollins stands apart.
• It’s not just surviving the AI wave—it’s thriving.

Key points (machine generated)

• Lockheed Martin is considered a strong investment due to geopolitical tensions and increased defense spending.
• The company has four main divisions, including Aeronautics and Missiles and Fire Control, focusing on advanced military technology.
• Lockheed Martin’s diverse portfolio positions it for growth in the defense sector amid current global security challenges.

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.

• Dominant Market Position with High Barriers to Entry: Credit Bureau Asia (CBA) holds a near-monopolistic position in Singapore’s Financial Institution (FI) data business with an estimated 99.9% market share. It is also the sole credit bureau in Cambodia and Myanmar, creating significant barriers to entry for potential competitors.
• Resilient and Cash-Generative Business Model: The company’s business model is resilient across economic cycles, benefiting from increased demand for credit risk assessment during both economic expansions and downturns. CBA is highly cash-generative with minimal capital expenditure requirements, supporting a consistent dividend payout.
• Multiple Growth Levers: Growth is expected to be driven by the expansion of digital banking in Singapore, increasing credit penetration in emerging markets like Cambodia and Myanmar, and the growth of its Non-Financial Institution (Non-FI) data business through new product offerings and regional expansion.

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

• Huationg Global is a well-established civil engineering firm in Singapore, poised to benefit from a robust public infrastructure spending pipeline, including major projects like the Changi Airport Terminal 5 and various MRT lines.
• The company has demonstrated a strong growth trajectory, with a 3-year net income compound annual growth rate (CAGR) of 45.35% and operating cash flow CAGR of 65.09%, indicating efficient execution and strong project management.
• Valuation appears attractive, with a very low P/E ratio and a strong net cash position. The company also offers a compelling dividend yield, which has been consistently high over the past three years.

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

• ICTSI is a leading global, independent container terminal operator with a geographically diverse portfolio across Asia, the Americas, Europe, the Middle East, and Africa, positioning it to capitalize on global trade flows.
• The company has demonstrated a strong growth track record, with double-digit compound annual growth rates in revenue, net income, and dividends over the past decade, driven by both organic expansion and strategic acquisitions.
• Future growth is expected to be supported by tariff hikes at key terminals, continued strategic capacity expansion in high-growth emerging markets, and a focus on operational efficiency, though risks from global economic slowdowns and geopolitical tensions remain.

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

• Rich Sparkle is an absurd, Hong Kong based financial printing company whose share-price rise can only be attributed to the thin float—about 10% of the company.
• That means that, if the 90% of under-the-surface owners chose to buy at prices higher than the company merits, a few purchases would drive up the price of the whole company.
• We do not know whether this stock is manipulated, but there is nothing we can identify in the fundamentals or the sector it operates in that would make ANPA an attractive company to own at its current valuation.