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Smartkarma Daily Briefs

Oct 01
0

Daily Brief Macro: UK: Government Leads Imbalances and more

By | Daily Briefs, Macro

In today’s briefing:

  • UK: Government Leads Imbalances
  • Asia Structural Underweight Persists as Americas Stay Overweight, EMEA Recovers
  • Global Fund Positioning in Asia
  • ASEAN Rotation: Indonesia Weakens, Singapore Gains, Thailand Stabilises
  • Americas/EMEA base oils supply outlook: Week of 29 September
  • Oil futures: Crude extends losses, focus on OPEC+ unwinding
  • MENA: From Structural Underweight to Selective Rebuild
  • Global base oils arb outlook: Week of 29 September
  • Asia base oils demand outlook: Week of 29 September
  • Asia base oils supply outlook: Week of 29 September

UK: Government Leads Imbalances

By Phil Rush

  • Household saving and inflation have eroded their debt burden while corporates remain prudent. A lack of imbalances to correct starves the UK of fuel for a recession fire.
  • Persistent fiscal and current account deficits highlight where the UK’s primary risk lies. If the market regime focuses on fiscal issues, the corrective pressures could be fierce.
  • We don’t expect that correction to occur, but the Chancellor should tread carefully, while doves need not worry about a recession arising from healthier other UK sectors.

Asia Structural Underweight Persists as Americas Stay Overweight, EMEA Recovers

By Steven Holden

  • Asia dominates EM allocations at ~70–75%, though funds remain structurally underweight versus benchmark; Americas overweight has plateaued, and EMEA is recovering from 2022 lows.
  • 83.8% of funds overweight Americas, just 17.5% overweight Asia; EMEA shows signs of rotation but still leans underweight overall.
  • Sub-Region trends: EM Asia ex-ASEAN underweight deepens, LATAM remains consensus overweight, MENA underweight narrows, while Developed Market exposure fades to record lows.

Global Fund Positioning in Asia

By Steven Holden

  • Global funds remain structurally underweight Asia, with Japan and China & HK widely held but still below index weight; India stands out as the clearest consensus underweight.
  • Taiwan Technology dominates sector positioning as the largest regional overweight, while Australian and Asian Financials are structural underweights; rotation shows China sectors and Japan Financials/Industrials gaining traction.
  • Stock leadership is highly concentrated in TSMC, now owned by 61% of funds; second-tier names stagnate while SK Hynix, BYD, and Sea Ltd attract rising investor participation.

ASEAN Rotation: Indonesia Weakens, Singapore Gains, Thailand Stabilises

By Steven Holden

  • The ASEAN overweight rests on Indonesia and non-benchmark Singapore/Vietnam, offset by Malaysia’s structural underweight. Recent flows show pressure on Indonesia and Malaysia, with Singapore and Thailand benefiting.
  • Indonesian Financials dominate ASEAN exposure but are losing momentum; fresh inflows support Singapore Discretionary and Technology, plus Thailand Communication Services and Staples.
  • Stock trends highlight fading Indonesian banks, while new highs come from ICTSI, Grab, GoTo, and Singtel, signalling a potential shift in leadership.

Americas/EMEA base oils supply outlook: Week of 29 September

By Iain Pocock

  • US light-grade base oils domestic prices weaken versus feedstock/competing fuel prices; export price-differentials hold firmer.
  • Diverging trends reflect weaker outright prices for domestic supplies and firmer prices for export volumes.
  • Premium of Group II domestic light-grade base oils prices over export prices falls in response to narrowest level in more than two months.

Oil futures: Crude extends losses, focus on OPEC+ unwinding

By Quantum Commodity Intelligence

  • Crude oil futures extended early-week losses Tuesday as concerns over a Q4 supply glut took hold, with sluggish demand growth seen unable to match growing supplies from OPEC+.
  • Dec25 ICE Brent  futures were trading at  $66.21/b (2030 BST) versus Monday’s settle of $67.09/b, while Nov25 NYMEX WTI  was at  $62.57/b against a previous close of $63.45/b.
  • The latest retreat also came after Bloomberg reported that OPEC+ could unwind an additional 1.5 million bpd over the next three months , with the option said to be under consideration.

MENA: From Structural Underweight to Selective Rebuild

By Steven Holden

  • MENA remains a structural underweight, absent in nearly 25% of EM funds, though participation has climbed to a decade high with 75.9% of EM funds now holding positions.
  • UAE has overtaken Saudi as the largest allocation, supported by inflows into Real Estate and Financials; Saudi remains underweight, while Qatar and Kuwait attract little investor interest.
  • Emaar, Al Rajhi, Aldar, and Saudi National Bank anchor MENA exposure, with second-tier growth from ADCB, Emirates NBD, and UAE Energy sectors.

Global base oils arb outlook: Week of 29 September

By Iain Pocock

  • Asia’s Group II base oils prices stay unusually firm vs US export prices so far this year.
  • Strength of Asia Group II prices curbs arbitrage flows from Asia to Americas so far this year.
  • Strength of Asia prices facilitates flows of base oils shipments from US to markets like UAE and India so far this year.

Asia base oils demand outlook: Week of 29 September

By Iain Pocock

  • Asia’s base oils demand could turn more cautious amid improving availability of supply.
  • Rising supply gives buyers more flexibility to procure smaller volumes more frequently.
  • Rising supply raises concern about exposure to price-volatility, adding to attraction of managing stocks carefully.

Asia base oils supply outlook: Week of 29 September

By Iain Pocock

  • Asia’s base oils prices slip versus gasoil prices amid recent rise in crude oil prices.
  • Heavy-grade base oils margins stay relatively firm even with recent downward pressure.
  • Recent squeeze on margins could prompt refiners to resist price-adjustments to reflect any change in supply-demand fundamentals.

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Oct 01
0

Daily Brief Equity Bottom-Up: Primer: Blink Charging Co (BLNK US) – Sep 2025 and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Primer: Blink Charging Co (BLNK US) – Sep 2025
  • Primer: Zijin Gold (2259 HK) – Sep 2025
  • Edelweiss: All Stars Aligned for Next Two Years
  • PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category
  • Primer: The Pinkfong Company (TPC KS) – Sep 2025
  • [Blue Lotus Sector Update]: How Will China Monetize AI Differently?
  • Primer: Taste Gourmet (8371 HK) – Sep 2025
  • Primer: Kbr Inc (KBR US) – Sep 2025
  • Primer: Mandarin Oriental International (MAND SP) – Sep 2025
  • Primer: Nippon Life India Asset Management (NAM IN) – Sep 2025

Primer: Blink Charging Co (BLNK US) – Sep 2025

By αSK

  • Blink Charging is navigating a high-growth phase, marked by significant revenue increases over the past several years, driven by both organic expansion and strategic acquisitions. However, this growth has been accompanied by substantial and persistent net losses and negative cash flow, raising concerns about its path to profitability.
  • The company operates with a flexible business model, offering equipment sales (host-owned), a turnkey owner-operator model, and hybrid variations. There is a strategic shift towards the owner-operator model to build a recurring revenue base from charging services, which command higher margins than hardware sales.
  • The Electric Vehicle (EV) charging industry is intensely competitive and capital-intensive. Blink faces significant competition from larger, better-capitalized players. The company’s success is heavily reliant on the continued growth of EV adoption, favorable government policies and subsidies, and its ability to manage high operational costs and secure ongoing funding.

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

Primer: Zijin Gold (2259 HK) – Sep 2025

By αSK

  • Zijin Mining Group is a leading global mining company with a significant presence in gold, copper, and zinc production. The company is strategically focused on expanding its international footprint through acquisitions and organic growth, particularly in gold and copper.
  • The company is capitalizing on high commodity prices, especially for gold, to fuel its growth and is undertaking a significant corporate action by spinning off its international gold assets into a separately listed entity, Zijin Gold, in Hong Kong to attract global investors.
  • While demonstrating strong financial performance and production growth, the company faces challenges related to geopolitical risks, resource nationalism, and the inherent volatility of commodity markets. A key focus for the future is balancing its aggressive expansion with sustainable and responsible mining practices.

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

Edelweiss: All Stars Aligned for Next Two Years

By Ankit Agrawal, CFA

  • In Q1FY26, Edelweiss reported 20% YoY PAT growth.  Edelweiss is growing from strength to strength with its businesses scaling up well. Its insurance and asset management businesses are growing rapidly. 
  • During Q1FY26, Edelweiss divested 15% stake in its Mutual Fund business, Edelweiss Asset Management, to WestBridge Capital for INR 450cr, valuing the business at INR 3000cr. 
  • YoY, Edelweiss has reduced its consolidated net debt by INR 4845cr (down 31% YoY) and corporate debt by INR 2260cr (down 26% YoY). Corporate debt is now at INR 6350cr.

PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category

By Vincent Fernando, CFA

  • GB10 Brings Nvidia AI Performance From Data Center to the Desktop
  • GB10 PCs Will Be “True” AI PCs, Their Capabilities Will Be More Evident
  • From Niche to Market Driver; Maintain Structural Long for Mediatek, Asustek, Acer

Primer: The Pinkfong Company (TPC KS) – Sep 2025

By αSK

  • The Pinkfong Company, creator of the global phenomenon ‘Baby Shark’, is poised for a KOSDAQ IPO in Q4 2025, aiming to raise capital for content development and global expansion.
  • While the company possesses an immensely powerful and globally recognized IP in ‘Baby Shark’, it faces significant challenges related to revenue concentration and recent declines in sales, which have fallen from a peak in 2022.
  • The company’s strong balance sheet, characterized by a net cash position, and its strategic shift towards higher-margin digital content sales are key strengths, but its future success hinges on its ability to replicate its hit-making success and diversify its IP portfolio.

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

[Blue Lotus Sector Update]: How Will China Monetize AI Differently?

By Ying Pan

  • US as the world’s largest service economy means artificial general intelligence (AGI) saves cost by replacing knowledge workers. 
  • China’s AI monetization is today 1/3 of US but will improve to 1/2 by 2030. 
  • We reiterate our TOP PICKS of Alibaba, HESAI, CATL and Kuaishou. BIDU stays as SELL.

Primer: Taste Gourmet (8371 HK) – Sep 2025

By αSK

  • Taste Gourmet is a fast-growing, multi-brand restaurant operator in Hong Kong, demonstrating a remarkable growth trajectory with a 3-year net income CAGR of 53.6%.
  • The company is an attractive income play, offering a high dividend yield of approximately 8.6%, supported by robust free cash flow generation.
  • Valuation appears compelling at a significant discount to peers, with a potential rerating catalyst from its proposed migration from the GEM to the Main Board of the Hong Kong Stock Exchange.

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Primer: Kbr Inc (KBR US) – Sep 2025

By αSK

  • Strategic Repositioning Through Spin-Off: KBR is undergoing a significant transformation by spinning off its Mission Technology Solutions (MTS) segment. This strategic move aims to create two distinct, publicly-traded companies, allowing for greater focus, tailored capital allocation, and potentially unlocking significant shareholder value through a valuation re-rating for both the government-focused MTS and the technology-centric Sustainable Technology Solutions (STS) businesses.
  • Favorable End-Market Exposure: The company is well-positioned in attractive, high-growth sectors. The STS segment is a key player in the global energy transition and sustainability movement, providing proprietary technologies for clean energy and petrochemicals. The MTS segment benefits from stable, long-term government contracts in defense, space, and national security, areas with consistent and growing budget allocations.
  • Solid Financial Performance and Growth Outlook: KBR has demonstrated robust financial health, with consistent revenue growth, margin expansion, and strong cash flow generation. The company has a strong track record of earnings growth and has been consistently increasing its dividend, signaling confidence in its future prospects. Management has reiterated ambitious 2027 financial targets, projecting double-digit revenue CAGR for both of its core segments.

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Primer: Mandarin Oriental International (MAND SP) – Sep 2025

By αSK

  • Shift to Asset-Light Model: Mandarin Oriental is strategically pivoting to an asset-light model, focusing on lucrative hotel management and branding fees while selectively disposing of owned assets, such as its Paris property. This transition aims to enhance financial flexibility and accelerate growth.
  • Aggressive Expansion Pipeline: The Group has a robust growth strategy, aiming to more than double its portfolio over the next decade from its current 41 hotels. The pipeline is geographically diverse, with a strong focus on key capital cities and resort destinations in the Middle East, Japan, North America, and Europe.
  • Resilient Post-Pandemic Recovery: The company is demonstrating a solid recovery, with a 13% increase in combined total revenue and a 15% growth in hotel management fees in its latest results, driven by strong RevPAR (Revenue per Available Room) increases across all regions. This signals robust demand for luxury travel and the power of the Mandarin Oriental brand.

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Primer: Nippon Life India Asset Management (NAM IN) – Sep 2025

By αSK

  • Nippon Life India Asset Management (NAM IN) is a leading asset manager in India, well-positioned to capitalize on the structural growth of the country’s financialization of savings, driven by rising incomes and financial literacy.
  • The company has demonstrated a strong growth trajectory, consistently gaining market share in high-margin equity AUM and rapidly growing its Systematic Investment Plan (SIP) book, which provides a stable and recurring revenue stream.
  • While the outlook is positive, key risks include intense competition from existing players and new entrants, potential pressure on yields from the growing share of lower-fee passive products, and market volatility impacting AUM growth and investor sentiment.

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

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Oct 01
0

Daily Brief Industrials: Mitsubishi Logisnext Co., Ltd., Doosan Robotics , KBR, OKP Holdings, Air France-KLM, KeePer Technical Laboratory, Man Industries (India), Jain Resource Recycling, United Tractors and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Mitsubishi Logisnext (7105 JP): JIP’s Takeunder Offer
  • Doosan Robotics – End of Lockup Period For 34% of Outstanding Shares
  • Primer: Kbr Inc (KBR US) – Sep 2025
  • Primer: OKP Holdings (OKP SP) – Sep 2025
  • Air France‑KLM (AF) SLBs, High Miss Risk Into 2026
  • KBR to Spin Off Mission Technology Solutions: Creating Two Focused Platforms
  • Primer: KeePer Technical Laboratory (6036 JP) – Sep 2025
  • SEBI Bars Man Industries and Key Management: Misstatement & Fund Diversion
  • Jain Resource Recycling IPO Trading – Decent Anchor; Tepid Overall Demand
  • Primer: United Tractors (UNTR IJ) – Sep 2025

Mitsubishi Logisnext (7105 JP): JIP’s Takeunder Offer

By Arun George

  • Mitsubishi Logisnext Co., Ltd. (7105 JP) announced a pre-conditional tender offer from Japan Industrial Partners (JIP) at JPY1,537 per share, representing a 15.3% discount to the last close price.
  • The offer resulted from an auction process. The offer is light in comparison to peer multiples and is below the midpoint of the target IFA DCF valuation.
  • While Mitsubishi Heavy Industries (7011 JP) irrevocable has a competing proposal clause, it is unlikely that a bidding war will transpire. The low required tendering rate suggests a done deal. 

Doosan Robotics – End of Lockup Period For 34% of Outstanding Shares

By Douglas Kim

  • There is an end of a lock-up period for 22.1 million shares (34% of outstanding shares) for Doosan Robotics (454910 KS) starting 5 October 2025. 
  • This could potentially result in additional selling by insiders which could negatively impact its share price in the coming weeks. 
  • Doosan Robotics’ valuation multiples remain extremely high. We remain BEARISH on Doosan Robotics. 

Primer: Kbr Inc (KBR US) – Sep 2025

By αSK

  • Strategic Repositioning Through Spin-Off: KBR is undergoing a significant transformation by spinning off its Mission Technology Solutions (MTS) segment. This strategic move aims to create two distinct, publicly-traded companies, allowing for greater focus, tailored capital allocation, and potentially unlocking significant shareholder value through a valuation re-rating for both the government-focused MTS and the technology-centric Sustainable Technology Solutions (STS) businesses.
  • Favorable End-Market Exposure: The company is well-positioned in attractive, high-growth sectors. The STS segment is a key player in the global energy transition and sustainability movement, providing proprietary technologies for clean energy and petrochemicals. The MTS segment benefits from stable, long-term government contracts in defense, space, and national security, areas with consistent and growing budget allocations.
  • Solid Financial Performance and Growth Outlook: KBR has demonstrated robust financial health, with consistent revenue growth, margin expansion, and strong cash flow generation. The company has a strong track record of earnings growth and has been consistently increasing its dividend, signaling confidence in its future prospects. Management has reiterated ambitious 2027 financial targets, projecting double-digit revenue CAGR for both of its core segments.

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

Primer: OKP Holdings (OKP SP) – Sep 2025

By αSK

  • OKP Holdings is a leading Singapore-based infrastructure and civil engineering company with a strong reliance on public sector projects, complemented by a growing maintenance business and rental income from investment properties.
  • The company has demonstrated a significant financial turnaround, with robust revenue growth and a substantial improvement in profitability in FY2024, driven by higher-margin projects and effective cost management.
  • Fueled by a strong order book of S$600.7 million providing revenue visibility until 2027 and a favorable outlook for Singapore’s construction sector, OKP is well-positioned for sustained growth, though it remains exposed to the cyclical nature of the industry and potential project delays.

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Air France‑KLM (AF) SLBs, High Miss Risk Into 2026

By Evan Campbell, CFA

  • High miss probability: Latest emissions intensity 920 gCO₂e per RTK (YE 2024) vs 851 target for 2025. A 7.5% one‑year cut after flat 2024. Base case miss and event-driven opportunity. 
  • Catalyst within months: The observation window ends YE 2025. Coupons adjust (up to +75bps) from May 2026 on the 2026s and over 2027-2028 on the 2028s, creating a tradable window. 
  • How to position: Own selected credit and optionality rather than step‑up carry. Trade around KPI disclosures and verification when the probability of a miss is priced before payments change. 

KBR to Spin Off Mission Technology Solutions: Creating Two Focused Platforms

By Garvit Bhandari

  • KBR will separate Mission Technology Solutions (government services, defense, space) from Sustainable Technology Solutions (process technologies, clean energy, and infrastructure), sharpening strategic focus and valuation clarity.
  • STS is asset-light with strong FCF and IP-driven growth, while MTS is capital-intensive with long-term government contracts; independence allows each to tailor capital allocation and pursue targeted M&A.
  • Post-Spin, STS could be benchmarked against clean tech/process peers and MTS against defense contractors, giving investors cleaner comparables and potential sum-of-the-parts upside.

Primer: KeePer Technical Laboratory (6036 JP) – Sep 2025

By αSK

  • Dominant Market Position with Strong Growth Engine: KeePer Technical Laboratory is a market leader in Japan’s car coating industry, demonstrating a robust growth trajectory. This is driven by the continuous expansion of its dual-format network: company-owned ‘KeePer LABO’ stores and franchised ‘KeePer PROSHOP’ locations. The company has a proven track record of double-digit revenue and profit growth, supported by strong same-store sales and new openings.
  • Vertically Integrated Business Model Creates Synergies: The company’s integrated model, which spans from the development and manufacturing of proprietary coating chemicals to the direct provision of services, creates significant competitive advantages. This ensures high-quality, standardized service across its network, reinforces its brand, and allows the KeePer LABO (B2C) stores to provide direct market feedback for the Products (B2B) segment.
  • Attractive Financial Profile with Shareholder Returns: KeePer exhibits a strong financial profile characterized by high margins, robust cash flow generation, and a solid balance sheet with low leverage. The company has a consistent history of impressive earnings growth, which has translated into a rapidly growing dividend, signaling a commitment to shareholder returns.

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SEBI Bars Man Industries and Key Management: Misstatement & Fund Diversion

By Nimish Maheshwari

  • SEBI barred Man Industries and three key executives from the securities market for 2Yrs, imposing 1 crore penalty on the company and officials for alleged “deliberate misstatement”.
  • The order fundamentally questions the quality and credibility of past reported earnings, especially the non-consolidation of the loss-making subsidiary, Merino Shelters, and the alleged round-tripping of funds.
  • While MIIL cites its strong ₹4,700 crore order book and minimal operational impact, the significant governance discount will persist until the SAT appeal is settled.

Jain Resource Recycling IPO Trading – Decent Anchor; Tepid Overall Demand

By Akshat Shah

  • Jain Resource Recycling (2300699D IN)  raised about US$142m in its India IPO.
  • The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
  • We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Primer: United Tractors (UNTR IJ) – Sep 2025

By αSK

  • United Tractors (UNTR) is a market leader in Indonesia’s heavy equipment and mining contracting sectors, but faces significant near-term headwinds from weak coal prices and weather-related production shortfalls in its contracting business.
  • Despite challenges in the coal sector, the Construction Machinery segment shows robust growth, driven by strong demand for Komatsu equipment, particularly from the forestry and construction sectors. This diversification provides a partial hedge against coal market volatility.
  • The company maintains a strong financial position characterized by robust free cash flow generation and a commitment to shareholder returns through dividends. Management is actively pursuing a diversification strategy into non-coal minerals like gold and nickel, and renewable energy to ensure long-term sustainable growth.

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

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Oct 01
0

Daily Brief Energy/Materials: Tung Ho Steel Enterprise, Zijin Gold, DuPont, Base Oil, Crude Oil, Emdeki Utama PT, Rajshree Polypack, Tpi Polene Public and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Quiddity Leaderboard TDIV Dec25: Key Methodology Changes; High-Impact Flows; US$3.6bn One-Way
  • Primer: Zijin Gold (2259 HK) – Sep 2025
  • Dupont Spin-off (Qnity) Deep Dive
  • Americas/EMEA base oils supply outlook: Week of 29 September
  • Oil futures: Crude extends losses, focus on OPEC+ unwinding
  • Primer: Emdeki Utama PT (MDKI IJ) – Sep 2025
  • Rajshree Polypack (RPPL): Decent Q1FY26, Considering Weak Demand Environment
  • Primer: Tpi Polene Public (TPIPL TB) – Sep 2025
  • Asia base oils supply outlook: Week of 29 September
  • Americas/EMEA base oils demand outlook: Week of 29 September

Quiddity Leaderboard TDIV Dec25: Key Methodology Changes; High-Impact Flows; US$3.6bn One-Way

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.
  • There were some key methodology changes announced for this index yesterday.
  • 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.

Primer: Zijin Gold (2259 HK) – Sep 2025

By αSK

  • Zijin Mining Group is a leading global mining company with a significant presence in gold, copper, and zinc production. The company is strategically focused on expanding its international footprint through acquisitions and organic growth, particularly in gold and copper.
  • The company is capitalizing on high commodity prices, especially for gold, to fuel its growth and is undertaking a significant corporate action by spinning off its international gold assets into a separately listed entity, Zijin Gold, in Hong Kong to attract global investors.
  • While demonstrating strong financial performance and production growth, the company faces challenges related to geopolitical risks, resource nationalism, and the inherent volatility of commodity markets. A key focus for the future is balancing its aggressive expansion with sustainable and responsible mining practices.

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

Dupont Spin-off (Qnity) Deep Dive

By Richard Howe

  • DuPont (DD) is set to spin off 100% of its Electronics business, Qnity (Q), in early November.
  • Qnity is positioned to grow in line with the semiconductor industry, which is expected to expand at a mid-single-digit CAGR.
  • A large portion of its portfolio consists of consumable products, supporting strong profitability with EBITDA margins around 30% (inclusive of ~$100 million in public company costs).

Americas/EMEA base oils supply outlook: Week of 29 September

By Iain Pocock

  • US light-grade base oils domestic prices weaken versus feedstock/competing fuel prices; export price-differentials hold firmer.
  • Diverging trends reflect weaker outright prices for domestic supplies and firmer prices for export volumes.
  • Premium of Group II domestic light-grade base oils prices over export prices falls in response to narrowest level in more than two months.

Oil futures: Crude extends losses, focus on OPEC+ unwinding

By Quantum Commodity Intelligence

  • Crude oil futures extended early-week losses Tuesday as concerns over a Q4 supply glut took hold, with sluggish demand growth seen unable to match growing supplies from OPEC+.
  • Dec25 ICE Brent  futures were trading at  $66.21/b (2030 BST) versus Monday’s settle of $67.09/b, while Nov25 NYMEX WTI  was at  $62.57/b against a previous close of $63.45/b.
  • The latest retreat also came after Bloomberg reported that OPEC+ could unwind an additional 1.5 million bpd over the next three months , with the option said to be under consideration.

Primer: Emdeki Utama PT (MDKI IJ) – Sep 2025

By αSK

  • Dominant Market Position with Caveats: As the sole producer of calcium carbide in Indonesia, Emdeki Utama holds a strategic position. However, the company faces significant competition from cheaper imports, particularly from China, which pressures pricing and profitability.
  • Challenging Financial Performance: The company has experienced a notable decline in revenue and net income over the past three years, with negative growth rates across key metrics. While recent quarters show some margin improvement, the overall trend points to significant headwinds.
  • Attractive Valuation but High Uncertainty: Trading at a low Price-to-Book ratio, the stock appears undervalued. This is balanced by a high uncertainty rating, driven by volatile financial performance, reliance on a single core product, and intense competition from imports.

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

Rajshree Polypack (RPPL): Decent Q1FY26, Considering Weak Demand Environment

By Ankit Agrawal, CFA

  • Despite early monsoon resulting in weak demand, RPPL posted a decent revenue growth of 4.9% YoY in Q1FY26. This was led by 45% YoY growth in exports.
  • RPPL’s injection molding segment has been doing exceptionally well with revenue doubling in Q1FY26. RPPL’s Olive Ecopak JV has started slow but holds significant potential.
  • At current valuation, RPPL’s stock offers an attractive entry point with potential to more than triple over a holding period of three years. 

Primer: Tpi Polene Public (TPIPL TB) – Sep 2025

By αSK

  • TPI Polene (TPIPL) is Thailand’s third-largest cement manufacturer, with diversified operations in petrochemicals, energy, and agriculture. The company is strategically pivoting towards sustainability, emphasizing ‘green’ cement and expanding its waste-to-energy power generation, which is expected to improve margins and reduce environmental compliance risks.
  • The company faces significant headwinds from a highly concentrated domestic cement market and intense competition in the regional petrochemical sector. Financial performance has deteriorated over the past three years, marked by declining revenues, shrinking profitability, and negative free cash flow, reflecting challenging market conditions and cost pressures.
  • Forward-looking growth is contingent on the successful execution of its green transition strategy and the pace of Thailand’s public infrastructure spending, particularly in the Eastern Economic Corridor (EEC). While the valuation appears inexpensive on a price-to-book basis, significant uncertainty surrounds the timing and magnitude of an earnings recovery.

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Asia base oils supply outlook: Week of 29 September

By Iain Pocock

  • Asia’s base oils prices slip versus gasoil prices amid recent rise in crude oil prices.
  • Heavy-grade base oils margins stay relatively firm even with recent downward pressure.
  • Recent squeeze on margins could prompt refiners to resist price-adjustments to reflect any change in supply-demand fundamentals.

Americas/EMEA base oils demand outlook: Week of 29 September

By Iain Pocock

  • US base oils demand could ease amid expectations of ready availability of supply and steady-to-lower prices.
  • US demand typically rises in month of October from September before slowing in month of November.
  • Typical rise in demand in month of October would coincide with major plant shutdown for scheduled maintenance work.

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Oct 01
0

Daily Brief Industrials: Mitsubishi Logisnext Co., Ltd., Doosan Robotics , KBR, OKP Holdings, Air France-KLM, KeePer Technical Laboratory, Man Industries (India), Jain Resource Recycling, United Tractors and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Mitsubishi Logisnext (7105 JP): JIP’s Takeunder Offer
  • Doosan Robotics – End of Lockup Period For 34% of Outstanding Shares
  • Primer: Kbr Inc (KBR US) – Sep 2025
  • Primer: OKP Holdings (OKP SP) – Sep 2025
  • Air France‑KLM (AF) SLBs, High Miss Risk Into 2026
  • KBR to Spin Off Mission Technology Solutions: Creating Two Focused Platforms
  • Primer: KeePer Technical Laboratory (6036 JP) – Sep 2025
  • SEBI Bars Man Industries and Key Management: Misstatement & Fund Diversion
  • Jain Resource Recycling IPO Trading – Decent Anchor; Tepid Overall Demand
  • Primer: United Tractors (UNTR IJ) – Sep 2025

Mitsubishi Logisnext (7105 JP): JIP’s Takeunder Offer

By Arun George

  • Mitsubishi Logisnext Co., Ltd. (7105 JP) announced a pre-conditional tender offer from Japan Industrial Partners (JIP) at JPY1,537 per share, representing a 15.3% discount to the last close price.
  • The offer resulted from an auction process. The offer is light in comparison to peer multiples and is below the midpoint of the target IFA DCF valuation.
  • While Mitsubishi Heavy Industries (7011 JP) irrevocable has a competing proposal clause, it is unlikely that a bidding war will transpire. The low required tendering rate suggests a done deal. 

Doosan Robotics – End of Lockup Period For 34% of Outstanding Shares

By Douglas Kim

  • There is an end of a lock-up period for 22.1 million shares (34% of outstanding shares) for Doosan Robotics (454910 KS) starting 5 October 2025. 
  • This could potentially result in additional selling by insiders which could negatively impact its share price in the coming weeks. 
  • Doosan Robotics’ valuation multiples remain extremely high. We remain BEARISH on Doosan Robotics. 

Primer: Kbr Inc (KBR US) – Sep 2025

By αSK

  • Strategic Repositioning Through Spin-Off: KBR is undergoing a significant transformation by spinning off its Mission Technology Solutions (MTS) segment. This strategic move aims to create two distinct, publicly-traded companies, allowing for greater focus, tailored capital allocation, and potentially unlocking significant shareholder value through a valuation re-rating for both the government-focused MTS and the technology-centric Sustainable Technology Solutions (STS) businesses.
  • Favorable End-Market Exposure: The company is well-positioned in attractive, high-growth sectors. The STS segment is a key player in the global energy transition and sustainability movement, providing proprietary technologies for clean energy and petrochemicals. The MTS segment benefits from stable, long-term government contracts in defense, space, and national security, areas with consistent and growing budget allocations.
  • Solid Financial Performance and Growth Outlook: KBR has demonstrated robust financial health, with consistent revenue growth, margin expansion, and strong cash flow generation. The company has a strong track record of earnings growth and has been consistently increasing its dividend, signaling confidence in its future prospects. Management has reiterated ambitious 2027 financial targets, projecting double-digit revenue CAGR for both of its core segments.

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

Primer: OKP Holdings (OKP SP) – Sep 2025

By αSK

  • OKP Holdings is a leading Singapore-based infrastructure and civil engineering company with a strong reliance on public sector projects, complemented by a growing maintenance business and rental income from investment properties.
  • The company has demonstrated a significant financial turnaround, with robust revenue growth and a substantial improvement in profitability in FY2024, driven by higher-margin projects and effective cost management.
  • Fueled by a strong order book of S$600.7 million providing revenue visibility until 2027 and a favorable outlook for Singapore’s construction sector, OKP is well-positioned for sustained growth, though it remains exposed to the cyclical nature of the industry and potential project delays.

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

Air France‑KLM (AF) SLBs, High Miss Risk Into 2026

By Evan Campbell, CFA

  • High miss probability: Latest emissions intensity 920 gCO₂e per RTK (YE 2024) vs 851 target for 2025. A 7.5% one‑year cut after flat 2024. Base case miss and event-driven opportunity. 
  • Catalyst within months: The observation window ends YE 2025. Coupons adjust (up to +75bps) from May 2026 on the 2026s and over 2027-2028 on the 2028s, creating a tradable window. 
  • How to position: Own selected credit and optionality rather than step‑up carry. Trade around KPI disclosures and verification when the probability of a miss is priced before payments change. 

KBR to Spin Off Mission Technology Solutions: Creating Two Focused Platforms

By Garvit Bhandari

  • KBR will separate Mission Technology Solutions (government services, defense, space) from Sustainable Technology Solutions (process technologies, clean energy, and infrastructure), sharpening strategic focus and valuation clarity.
  • STS is asset-light with strong FCF and IP-driven growth, while MTS is capital-intensive with long-term government contracts; independence allows each to tailor capital allocation and pursue targeted M&A.
  • Post-Spin, STS could be benchmarked against clean tech/process peers and MTS against defense contractors, giving investors cleaner comparables and potential sum-of-the-parts upside.

Primer: KeePer Technical Laboratory (6036 JP) – Sep 2025

By αSK

  • Dominant Market Position with Strong Growth Engine: KeePer Technical Laboratory is a market leader in Japan’s car coating industry, demonstrating a robust growth trajectory. This is driven by the continuous expansion of its dual-format network: company-owned ‘KeePer LABO’ stores and franchised ‘KeePer PROSHOP’ locations. The company has a proven track record of double-digit revenue and profit growth, supported by strong same-store sales and new openings.
  • Vertically Integrated Business Model Creates Synergies: The company’s integrated model, which spans from the development and manufacturing of proprietary coating chemicals to the direct provision of services, creates significant competitive advantages. This ensures high-quality, standardized service across its network, reinforces its brand, and allows the KeePer LABO (B2C) stores to provide direct market feedback for the Products (B2B) segment.
  • Attractive Financial Profile with Shareholder Returns: KeePer exhibits a strong financial profile characterized by high margins, robust cash flow generation, and a solid balance sheet with low leverage. The company has a consistent history of impressive earnings growth, which has translated into a rapidly growing dividend, signaling a commitment to shareholder returns.

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

SEBI Bars Man Industries and Key Management: Misstatement & Fund Diversion

By Nimish Maheshwari

  • SEBI barred Man Industries and three key executives from the securities market for 2Yrs, imposing 1 crore penalty on the company and officials for alleged “deliberate misstatement”.
  • The order fundamentally questions the quality and credibility of past reported earnings, especially the non-consolidation of the loss-making subsidiary, Merino Shelters, and the alleged round-tripping of funds.
  • While MIIL cites its strong ₹4,700 crore order book and minimal operational impact, the significant governance discount will persist until the SAT appeal is settled.

Jain Resource Recycling IPO Trading – Decent Anchor; Tepid Overall Demand

By Akshat Shah

  • Jain Resource Recycling (2300699D IN)  raised about US$142m in its India IPO.
  • The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
  • We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Primer: United Tractors (UNTR IJ) – Sep 2025

By αSK

  • United Tractors (UNTR) is a market leader in Indonesia’s heavy equipment and mining contracting sectors, but faces significant near-term headwinds from weak coal prices and weather-related production shortfalls in its contracting business.
  • Despite challenges in the coal sector, the Construction Machinery segment shows robust growth, driven by strong demand for Komatsu equipment, particularly from the forestry and construction sectors. This diversification provides a partial hedge against coal market volatility.
  • The company maintains a strong financial position characterized by robust free cash flow generation and a commitment to shareholder returns through dividends. Management is actively pursuing a diversification strategy into non-coal minerals like gold and nickel, and renewable energy to ensure long-term sustainable growth.

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

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Oct 01
0

Daily Brief TMT/Internet: Tekscend Photomask, Mediatek Inc, Microsoft Corp, Netbay Public Company Limited, Airtel Africa PLC, MSCI World Index, BitGo, Money Forward , Pateo Connect Technology and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Tekscend Photomask (429A JP) IPO: TPX Add in Nov; Global Index: One in Feb; One in June
  • PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category
  • Microsoft Corp: Balancing Cloud and AI Strength Against Cost and Execution Risk
  • Netbay Public Company Limited (NETBAY) – Tuesday, Jul 1, 2025
  • Primer: Airtel Africa PLC (AAF LN) – Sep 2025
  • A Rundown of the Last Month’s Futures and Options, Stock Options Views
  • Primer: BitGo (BTGO US) – Sep 2025
  • Money Forward (3994) | Banking on Focus; Q3 Preview
  • Primer: Pateo Connect Technology (PTC HK) – Sep 2025
  • (29 Sep 2025) ZenmuTech(338A JP) — Fisco Company Research

Tekscend Photomask (429A JP) IPO: TPX Add in Nov; Global Index: One in Feb; One in June

By Brian Freitas

  • Tekscend Photomask (429A JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 16 October.
  • At the top end of the IPO range at JPY 3000/share, Tekscend Photomask (429A JP) will be valued at JPY 298bn (US$2bn).
  • The stock should be added to the TOPIX INDEX at the close on 27 November while inclusion in global indices should take place in February and June.

PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category

By Vincent Fernando, CFA

  • GB10 Brings Nvidia AI Performance From Data Center to the Desktop
  • GB10 PCs Will Be “True” AI PCs, Their Capabilities Will Be More Evident
  • From Niche to Market Driver; Maintain Structural Long for Mediatek, Asustek, Acer

Microsoft Corp: Balancing Cloud and AI Strength Against Cost and Execution Risk

By Jay Cameron

  • Microsoft’s cloud strength and AI leadership, particularly with Copilot, position it for growth, though its current valuation likely reflects these expectations, necessitating new market drivers.
  • The company faces increasing pressure on efficiency metrics like gross margin and free cash flow due to significant, long-term AI infrastructure investments.
  • We suggest a tactical approach to capitalize on anticipated stable price movements, leveraging current market conditions and implied volatility.

Netbay Public Company Limited (NETBAY) – Tuesday, Jul 1, 2025

By Value Investors Club (VIC)

Key points (machine generated)

  • Netbay is a Thai SaaS company automating data transmission and form completion for businesses and government organizations.
  • The company has achieved a 13% CAGR in revenue and EBITDA over the past three years and is trading at 14x its 2024 normalized P/FCF.
  • Netbay’s e-Customs software facilitates B2G and B2B transactions, focusing on tax services for clients in 2024.

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: Airtel Africa PLC (AAF LN) – Sep 2025

By αSK

  • Airtel Africa is strategically positioned to capitalize on the significant growth potential of data and mobile money services, driven by favorable demographics and increasing digitalization across its 14 African markets.
  • Strong operational performance, particularly in key markets like Nigeria, has led to a robust recovery in revenue and profitability, underscored by successful tariff adjustments and expanding data consumption.
  • Key risks remain centered on currency volatility in major operational hubs, rising finance costs due to higher interest rates on local currency debt, and intense competitive pressures from other major pan-African operators.

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

A Rundown of the Last Month’s Futures and Options, Stock Options Views

By Jay Cameron

  • 3 global futures and options topics we covered included global equities, Brent, and Gold.  We review the topics discussed and look forward to another interesting month of volatility trades.
  • NK remains moderately interesting for NK vs MSCI World vol with the leadership change coming up, though deep downside swings would not be expected.
  • Were bullish on AI stocks, and highlighted a few favorites with some tactical options trades to monetize existing equity longs or put on new hedged volatility positions.

Primer: BitGo (BTGO US) – Sep 2025

By αSK

  • BitGo is a pioneering digital asset infrastructure provider, offering institutional-grade custody, security, and financial services. Its core strength lies in its multi-signature wallet technology and regulatory-first approach, positioning it as a trusted partner for institutions navigating the complexities of the digital asset market.
  • The company is poised for significant growth, driven by the increasing institutional adoption of cryptocurrencies and a favorable regulatory shift. Having confidentially filed for an IPO, BitGo aims to capitalize on this momentum to expand its global footprint and service offerings.
  • Key risks include intense competition from both crypto-native firms and traditional financial institutions entering the space, the inherent volatility of the cryptocurrency market, and an ongoing lawsuit with Galaxy Digital which, despite a favorable appeal, still presents legal and reputational uncertainty.

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

Money Forward (3994) | Banking on Focus; Q3 Preview

By Mark Chadwick

  • Shares up 18% since Q2; short-term correction likely as valuation nears fair value (~6x EV/Revenue); ValueAct holds 5.6% stake.
  • Q3 sales forecast +24% YoY to ¥12.1bn; adjusted EBITDA margin rising to 7% amid strong ARR growth from mid-sized corporates.
  • Money Forward sharpened focus on core business, divesting non-core assets and forming a ¥3bn JV with SMFG to expand digital banking services.

Primer: Pateo Connect Technology (PTC HK) – Sep 2025

By αSK

  • Pateo Connect is a prominent provider of smart cockpit solutions in China’s rapidly growing New Energy Vehicle (NEV) market, demonstrating robust revenue growth driven by the adoption of high-end products.
  • The company faces substantial profitability hurdles, characterized by persistent net losses and gross margins that are the lowest among its peers, signaling a challenging competitive position.
  • The investment profile is high-risk, marked by a concentrated customer base, increased financial leverage, and a premium valuation for its upcoming IPO that appears stretched relative to its growth and margin outlook.

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

(29 Sep 2025) ZenmuTech(338A JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • ZenmuTech, founded in March 2014, is expected to achieve increased revenue and profit for the fiscal year ending December 2025, marking its third consecutive profitable period.
  • The company specializes in cybersecurity solutions, utilizing its proprietary ‘ZENMU-AONT’ technology to reduce risks from cyberattacks and device loss.
  • ZenmuTech also provides a software development kit for technology integration and collaborates with AIST on secret computation solutions.

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

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Oct 01
0

Daily Brief Health Care: Hangzhou Kangji Medical Instrument Co., Ltd., Personalis Inc, Cadrenal Therapeutics , FunPep Co Ltd, hVIVO plc, Myungin Pharmaceutical, Santen Pharmaceutical, Anges Mg Inc, Soligenix , BioLine RX and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • (Mostly) Asia M&A, Sep 2025 Wrap: ReNew Energy Global, Digital Hold., Mandom, Paramount Bed, Spindex
  • S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining
  • CVKD: Acquires Factor XIa Inhibitors
  • (30 Sep 2025) FunPep Co Ltd(4881 JP) — Fisco Company Research
  • Hybridan Small Cap Feast: 23/09/2025
  • Myungin Pharma Pre-IPO: Strong Insti Subscription Rates
  • Santen Pharmaceutical (4536 JP): Inventory Adjustment Impact Q1, RC28-E BLA Acceptance Augurs Well
  • (30 Sep 2025) Anges Mg Inc(4563 JP) — Fisco Company Research
  • SNGX: Public Offering Raises 7.5 Million Expands European Medical Advisory Board
  • BLRX: A Venture into GBM

(Mostly) Asia M&A, Sep 2025 Wrap: ReNew Energy Global, Digital Hold., Mandom, Paramount Bed, Spindex

By David Blennerhassett

  • For Sep 2025, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$3bn.
  • The average premium for the new transactions announced (or first discussed) in September was ~56%, with a year-to-date average of ~48%.
  • The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.

S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining

By Joe Jasper

  • We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&P 500 (SPX) is above 6028-6059.
  • For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.
  • Speculative growth themes and metals/mining (GDX, XME) remain leadership, which we expect to continue through year-end and into the early part of 2026

CVKD: Acquires Factor XIa Inhibitors

By Zacks Small Cap Research

  • On September 15, 2025, Cadrenal Therapeutics, Inc. (CVKD) announced the acquisition of assets from eXIthera Pharmaceuticals that includes a portfolio of intravenous (IV) and oral Factor XIa inhibitors.
  • The lead asset, frunexian, is a first-in-class, Phase 2-ready, IV Factor XIa inhibitor that is designed for the acute care setting where coagulation by medical devices occurs (e.g., cardiopulmonary bypass, catheter thrombosis, etc.).
  • In exchange for the portfolio, eXIthera will receive milestone payment totaling up to $15 million based upon future clinical and regulatory milestones along with royalties on global sales following commercialization.

(30 Sep 2025) FunPep Co Ltd(4881 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • FunPep, established in 2013, develops pharmaceuticals based on functional peptides as alternatives to antibody drugs.
  • The company is conducting a Phase 1 clinical trial for its hay fever vaccine ‘FPP004X’ with 93 subjects, starting in March 2025.
  • The trial evaluates safety, tolerability, and immunogenicity, with results expected in the second half of 2026.

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

Hybridan Small Cap Feast: 23/09/2025

By Hybridan

  • 8th September: Project Glow Topco Limited, the ultimate holding Company of The Beauty Tech Group Limited, a global leader in the rapidly growing at-home beauty technology market, has confirmed its intention to float on the Main Market.
  • The Beauty Tech Group encompasses three distinct, innovative and premium beauty technology brands – CurrentBody Skin, ZIIP Beauty and Tria Laser – under which it develops, manufactures and retails at-home beauty devices.
  • In FY24, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m. Between the financial period for the 16 months ended 31 January 2023 (FY22) and FY24, the Group’s own-brand revenue and adjusted EBITDA grew at a compound annual growth rate of 73.6% and 92.9% respectively. Timing and deal details TBC.

Myungin Pharma Pre-IPO: Strong Insti Subscription Rates

By Nicholas Tan

  • Myungin Pharmaceutical (MYUNGIN KS) raised around US$142m in its upcoming Korean IPO.
  • It specializes in central nervous system (CNS) therapeutics, with strong technological expertise in developing and producing prescription drugs for stroke, Parkinson’s disease, schizophrenia, and depression.
  • In this note, we talk about the firm’s trading dynamics.

Santen Pharmaceutical (4536 JP): Inventory Adjustment Impact Q1, RC28-E BLA Acceptance Augurs Well

By Tina Banerjee

  • Santen Pharmaceutical (4536 JP) witnessed revenue drop while core operating profit and net profit saw decline in Q1FY26. China and Asia remain key amid overseas business decreasing 6%.
  • Santen reiterated FY26 guidance where revenue is projected at ¥294B (down 2% YoY) and core operating profit at ¥54B (down 9% YoY).
  • Regular drug development, consistent approvals for new indications coupled with licensing deals and its market leadership position will help Santen to see through the sluggishness.

(30 Sep 2025) Anges Mg Inc(4563 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • AnGes, founded in 1999, develops gene therapies for diseases with no effective treatments.
  • The company anticipates manufacturing and marketing approval for its HGF gene therapy by 2027.
  • AnGes acquired EmendoBio Inc. in 2020 and established a clinical research lab in 2021 to enhance its capabilities.

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

SNGX: Public Offering Raises 7.5 Million Expands European Medical Advisory Board

By Zacks Small Cap Research

  • On September 29, 2025, Soligenix, Inc. (SNGX) announced the closing of a previously announced public offering that resulted in gross proceeds of approximately $7.5 million through the sale of 5,555,560 shares of common stock at a price of $1.35 and warrants to purchase up to 5,555,560 shares of common stock at an exercise price of $1.35 per share.
  • Following this financing, we estimate that the company has sufficient capital to fund operations through the end of 2026, which is beyond several anticipated key inflection points.
  • On September 30, 2025, Soligenix announced the expansion of its European Medical Advisory Board to provide additional strategic guidance as the company advances its Phase 3 trial of HyBryte in the treatment of cutaneous T cell lymphoma (CTCL).

BLRX: A Venture into GBM

By Zacks Small Cap Research

  • BioLineRx is a commercial stage biopharmaceutical company with a development portfolio advancing motixafortide, a platform molecule targeting indications in stem cell mobilization (SCM) & in the treatment of advanced pancreatic cancer.
  • The candidate is approved in the US for SCM and is undergoing studies for use in gene therapy and in pancreatic cancer.
  • Partner Gloria Biosciences is developing motixafortide in Asia & is expected to be conducting bridging studies in the near term for SCM & longer-term studies for other indications.

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Oct 01
0

Daily Brief Consumer: Pan Pacific International Holdings, Blink Charging Co, LG Electronics India, Melco International Development, Hyundai Motor , Seven West Media, Fast Retailing, The Pinkfong Company, Alibaba, Deliveroo and more

By | Consumer, Daily Briefs

In today’s briefing:

  • [Quiddity Index] Oct25 Leaderboard for Nikkei 225 Mar26 Review; One In One Out Likely
  • Primer: Blink Charging Co (BLNK US) – Sep 2025
  • LG Electronics’ BOD Gives the Green Light for LG Electronics India IPO in 2025 – Updated Valuation
  • StubWorld: Melco (200 HK) Looking Toppish. Again.
  • Fiduciary Duty Expansion in Korea Fuels Class A Prefs Relative Value Trade
  • Seven West Media (SWM AU) Enters Scheme With Southern Cross (SXL AU). But Not Everyone Is Happy
  • Earnings Kickoff Dominates October 2025 Key Events
  • Primer: The Pinkfong Company (TPC KS) – Sep 2025
  • [Blue Lotus Sector Update]: How Will China Monetize AI Differently?
  • DoorDash-Deliveroo $3.9B Deal Closes, Index Replacements Ahead

[Quiddity Index] Oct25 Leaderboard for Nikkei 225 Mar26 Review; One In One Out Likely

By Travis Lundy

  • Today we saw the culmination of the ridiculously wrong-way Nikkei 225 Sep25 rebalance. Shift Inc (3697 JP) looked like a classic deletion, not addition.
  • 93.3% of the observation period has now passed, which means we can look at the March 2026 Periodic Review with a fair bit of accuracy.
  • It is likely to be the runner-ups in the Sep25 review from the Consumer Goods sector, though the second-runner-up ADD needs a stock split to have any chance. More below.

Primer: Blink Charging Co (BLNK US) – Sep 2025

By αSK

  • Blink Charging is navigating a high-growth phase, marked by significant revenue increases over the past several years, driven by both organic expansion and strategic acquisitions. However, this growth has been accompanied by substantial and persistent net losses and negative cash flow, raising concerns about its path to profitability.
  • The company operates with a flexible business model, offering equipment sales (host-owned), a turnkey owner-operator model, and hybrid variations. There is a strategic shift towards the owner-operator model to build a recurring revenue base from charging services, which command higher margins than hardware sales.
  • The Electric Vehicle (EV) charging industry is intensely competitive and capital-intensive. Blink faces significant competition from larger, better-capitalized players. The company’s success is heavily reliant on the continued growth of EV adoption, favorable government policies and subsidies, and its ability to manage high operational costs and secure ongoing funding.

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

LG Electronics’ BOD Gives the Green Light for LG Electronics India IPO in 2025 – Updated Valuation

By Douglas Kim

  • LG Electronics’ BOD finally approved a plan to sell a 15% stake in LG Electronics India in an IPO to be completed in 2025.
  • According to local media, LG Electronics India is now valued at about US$13 billion which is higher than LG Electronics’ market cap of US$8.8 billion. 
  • Our base case valuation of LG Electronics India is implied market cap of 1,280 billion INR or US$14.4 billion.

StubWorld: Melco (200 HK) Looking Toppish. Again.

By David Blennerhassett

  • Melco International Development (200 HK) is now trading at a premium to NAV for the first time since announcing a one-for-two rights issue.
  • Preceding my comments on Melco are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Fiduciary Duty Expansion in Korea Fuels Class A Prefs Relative Value Trade

By Sanghyun Park

  • Fiduciary duty expansion gains teeth once the third-stage treasury cancellation passes—setting up Class A prefs as prime re-rating, discount-compression plays in local flows.
  • Fiduciary duty expansion gives Class A prefs new legal backing, making them standout re-rating plays with discount-compression potential, unlike Class B with built-in dividend protections.
  • Hyundai Motor 1P vs 2PB offers a tight but tradable setup, while CJ Corp and AmoreH show wider A/B gaps, even after adjusting convertible premiums.

Seven West Media (SWM AU) Enters Scheme With Southern Cross (SXL AU). But Not Everyone Is Happy

By David Blennerhassett

  • Television broadcaster and publisher Seven West Media (SWM AU) has entered into a Scheme with radio network play Southern Cross Media (SXL AU).
  • SXL will issue 0.1552 new shares for every SWM. Should the Scheme get up, SXL will hold 50.1% of the combined entity and SWM the remainder.
  • Kerry Stokes backed SGH Limited (SGH AU) will hold ~20% in the merged entity. But not all shareholders are on board with the Offer. Trading through terms.

Earnings Kickoff Dominates October 2025 Key Events

By Gaudenz Schneider

  • Exchange holidays: Early October holidays in China (Golden Week) and South Korea (Chuseok) may dampen market activity, while India’s Diwali on 21–22 October brings the traditional Muhurat trading session.
  • Earnings season begins in the final third of October across India, Japan, China/Hong Kong, and South Korea, alongside key central bank meetings and the TOPIX rebalance on 30 October.
  • Why Read: Plan ahead and take into account known market events when making investment and trading decision.

Primer: The Pinkfong Company (TPC KS) – Sep 2025

By αSK

  • The Pinkfong Company, creator of the global phenomenon ‘Baby Shark’, is poised for a KOSDAQ IPO in Q4 2025, aiming to raise capital for content development and global expansion.
  • While the company possesses an immensely powerful and globally recognized IP in ‘Baby Shark’, it faces significant challenges related to revenue concentration and recent declines in sales, which have fallen from a peak in 2022.
  • The company’s strong balance sheet, characterized by a net cash position, and its strategic shift towards higher-margin digital content sales are key strengths, but its future success hinges on its ability to replicate its hit-making success and diversify its IP portfolio.

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

[Blue Lotus Sector Update]: How Will China Monetize AI Differently?

By Ying Pan

  • US as the world’s largest service economy means artificial general intelligence (AGI) saves cost by replacing knowledge workers. 
  • China’s AI monetization is today 1/3 of US but will improve to 1/2 by 2030. 
  • We reiterate our TOP PICKS of Alibaba, HESAI, CATL and Kuaishou. BIDU stays as SELL.

DoorDash-Deliveroo $3.9B Deal Closes, Index Replacements Ahead

By Harry Kalfas

  • DoorDash (DASH US) has agreed to acquire Deliveroo (ROO LN) in an all-cash transaction valued at approximately $3.9 billion, with Deliveroo shareholders receiving 180 pence per share.
  • The acquisition is expected to become effective on October 2, 2025, with Deliveroo (ROO LN) founder and CEO Will Shu and several non-executive directors stepping down upon completion.
  • Following the deal, Deliveroo (ROO LN) will be removed from UK and European indices, with replacements expected imminently.

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Oct 01
0

Daily Brief Financials: Tata Capital Limited, Edelweiss Financial Services, SK D&D Co Ltd, Minmetals Land, WeWork India Management Ltd, Nuvama Wealth Management, Nippon Life India Asset Management, Virtu Financial Inc Class A, &Do Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • Tata Capital IPO: Big Listing, Big Valuation, Small Float
  • Edelweiss: All Stars Aligned for Next Two Years
  • SK D&D Tender to Be Announced Pre-Market This Morning – Assessing the Trading Angle
  • Tata Capital Pre-IPO – RHP Updates
  • Minmetals Land (230 HK): China Minmetals to Launch a Privatisation Offer?
  • WeWork India IPO – RHP Updates – Growing Footprint, Softening Operational Trends
  • Nuvama: Consistent Strong Execution
  • Primer: Nippon Life India Asset Management (NAM IN) – Sep 2025
  • Primer: Virtu Financial Inc Class A (VIRT US) – Sep 2025
  • (29 Sep 2025) And Do Holdings <3457> — Fisco Company Research

Tata Capital IPO: Big Listing, Big Valuation, Small Float

By Brian Freitas

  • Tata Capital Limited (TATACAP IN) is looking to list on the exchanges by selling up to INR155bn (US$1.75bn) of stock at a valuation of around INR 1,384bn (US$15.6bn).
  • The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in June 2026.
  • The stock should be added to the Large Cap segment in the AMFI Classification in January and to the Nifty Next 50 Index in March.

Edelweiss: All Stars Aligned for Next Two Years

By Ankit Agrawal, CFA

  • In Q1FY26, Edelweiss reported 20% YoY PAT growth.  Edelweiss is growing from strength to strength with its businesses scaling up well. Its insurance and asset management businesses are growing rapidly. 
  • During Q1FY26, Edelweiss divested 15% stake in its Mutual Fund business, Edelweiss Asset Management, to WestBridge Capital for INR 450cr, valuing the business at INR 3000cr. 
  • YoY, Edelweiss has reduced its consolidated net debt by INR 4845cr (down 31% YoY) and corporate debt by INR 2260cr (down 26% YoY). Corporate debt is now at INR 6350cr.

SK D&D Tender to Be Announced Pre-Market This Morning – Assessing the Trading Angle

By Sanghyun Park

  • Hahn & Co. to buy SK Discovery’s 31.3% stake, launch ₩12,750/share tender for 37.4% float (₩88.8B), fully debt-financed, Oct 1–29.
  • SK D&D likely gaps to offer price at open; 95% triggers delisting, but bidder must hit ~85%—tender size is heavy, so success isn’t guaranteed.
  • Setup for possible 2nd-round tender; current offer one-third of FY25 BPS, minorities unlikely to bite—trade is positioning for a potential price bump.

Tata Capital Pre-IPO – RHP Updates

By Sumeet Singh

  • Tata Capital Limited (TATACAP IN) is looking to raise up to US$1.7bn in its upcoming India IPO.
  • Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
  • We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates

Minmetals Land (230 HK): China Minmetals to Launch a Privatisation Offer?

By Arun George

  • Minmetals Land (230 HK) entered a trading halt “pending the release of an announcement in relation to certain inside information and pursuant to the Hong Kong Code on Takeovers and Mergers.“
  • It is likely that the controlling shareholder (China Minmetals), representing 61.88% of outstanding shares, is seeking to launch a privatisation through a Bermuda scheme. 
  • With a 40% surge in its share price on Monday, Minmetals is trading at a significant premium to book, suggesting limited upside. I estimate a potential offer range of HK$0.54-HK$0.69.

WeWork India IPO – RHP Updates – Growing Footprint, Softening Operational Trends

By Akshat Shah

  • WeWork India Management Ltd (1690124D IN)  is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.
  • WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
  • In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates.

Nuvama: Consistent Strong Execution

By Ankit Agrawal, CFA

  • Nuvama Wealth Management (“Nuvama”) posted a strong Q1FY26 despite a challenging market environment. Q1FY26 revenue grew 15% YoY and PAT grew 19% YoY led by improved cost efficiency.
  • Managed Products and Investment Solutions (MPIS) which is a core focus area for Nuvama Wealth saw strong inflows representing 77% of the INR 2900cr total inflows.
  • Even within Nuvama Private, the recurring assets net flows were INR 2900cr+, which on an annualized basis implies a growth of 25%+ YoY.

Primer: Nippon Life India Asset Management (NAM IN) – Sep 2025

By αSK

  • Nippon Life India Asset Management (NAM IN) is a leading asset manager in India, well-positioned to capitalize on the structural growth of the country’s financialization of savings, driven by rising incomes and financial literacy.
  • The company has demonstrated a strong growth trajectory, consistently gaining market share in high-margin equity AUM and rapidly growing its Systematic Investment Plan (SIP) book, which provides a stable and recurring revenue stream.
  • While the outlook is positive, key risks include intense competition from existing players and new entrants, potential pressure on yields from the growing share of lower-fee passive products, and market volatility impacting AUM growth and investor sentiment.

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

Primer: Virtu Financial Inc Class A (VIRT US) – Sep 2025

By αSK

  • Virtu Financial is a premier, technology-driven market maker whose financial performance is intrinsically linked to market volatility and trading volumes. Higher volatility generally leads to wider bid-ask spreads and increased revenue.
  • The company faces intense competition from larger, private firms like Citadel Securities and Jane Street, which presents a significant challenge to market share and profitability. Additionally, the high-frequency trading (HFT) industry is subject to significant regulatory scrutiny, posing a persistent risk to its business model, particularly concerning practices like payment-for-order-flow.
  • Despite competitive and regulatory pressures, Virtu maintains a highly capital-efficient business model with a strong track record of returning value to shareholders through consistent dividends and share buybacks. Future growth opportunities lie in expansion into new asset classes, such as cryptocurrencies and fixed income, and leveraging its technology for execution services.

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

(29 Sep 2025) And Do Holdings <3457> — Fisco Company Research

By FISCO

Key points (machine generated)

  • And Do Holdings announced a five-year management plan to restructure its business and improve profitability.
  • For the fiscal year ending June 2025, the company reported a 4.2% decline in revenues to 64.735 billion yen and a 27% drop in operating profit to 2.62 billion yen.
  • The declines were mainly due to lower-than-expected transfers to the HLB fund, affected by reduced purchase contracts in the house leaseback business.

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

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Oct 01
0

Daily Brief China: Melco International Development, Zijin Gold, Alibaba, Minmetals Land, Taste Gourmet, Hangzhou Kangji Medical Instrument Co., Ltd., Pateo Connect Technology, CHINAGOV CDS USD SR 5Y D14, Shanghai Keying E-Commerce and more

By | China, Daily Briefs

In today’s briefing:

  • StubWorld: Melco (200 HK) Looking Toppish. Again.
  • Primer: Zijin Gold (2259 HK) – Sep 2025
  • [Blue Lotus Sector Update]: How Will China Monetize AI Differently?
  • Minmetals Land (230 HK): China Minmetals to Launch a Privatisation Offer?
  • Primer: Taste Gourmet (8371 HK) – Sep 2025
  • (Mostly) Asia M&A, Sep 2025 Wrap: ReNew Energy Global, Digital Hold., Mandom, Paramount Bed, Spindex
  • Primer: Melco International Development (200 HK) – Sep 2025
  • Primer: Pateo Connect Technology (PTC HK) – Sep 2025
  • Asian Bond Monitor: Chinese Bonds Are Back
  • Pre-IPO Shanghai Keying E-Commerce – Concerns About the Business Model and Prospects

StubWorld: Melco (200 HK) Looking Toppish. Again.

By David Blennerhassett

  • Melco International Development (200 HK) is now trading at a premium to NAV for the first time since announcing a one-for-two rights issue.
  • Preceding my comments on Melco are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Primer: Zijin Gold (2259 HK) – Sep 2025

By αSK

  • Zijin Mining Group is a leading global mining company with a significant presence in gold, copper, and zinc production. The company is strategically focused on expanding its international footprint through acquisitions and organic growth, particularly in gold and copper.
  • The company is capitalizing on high commodity prices, especially for gold, to fuel its growth and is undertaking a significant corporate action by spinning off its international gold assets into a separately listed entity, Zijin Gold, in Hong Kong to attract global investors.
  • While demonstrating strong financial performance and production growth, the company faces challenges related to geopolitical risks, resource nationalism, and the inherent volatility of commodity markets. A key focus for the future is balancing its aggressive expansion with sustainable and responsible mining practices.

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

[Blue Lotus Sector Update]: How Will China Monetize AI Differently?

By Ying Pan

  • US as the world’s largest service economy means artificial general intelligence (AGI) saves cost by replacing knowledge workers. 
  • China’s AI monetization is today 1/3 of US but will improve to 1/2 by 2030. 
  • We reiterate our TOP PICKS of Alibaba, HESAI, CATL and Kuaishou. BIDU stays as SELL.

Minmetals Land (230 HK): China Minmetals to Launch a Privatisation Offer?

By Arun George

  • Minmetals Land (230 HK) entered a trading halt “pending the release of an announcement in relation to certain inside information and pursuant to the Hong Kong Code on Takeovers and Mergers.“
  • It is likely that the controlling shareholder (China Minmetals), representing 61.88% of outstanding shares, is seeking to launch a privatisation through a Bermuda scheme. 
  • With a 40% surge in its share price on Monday, Minmetals is trading at a significant premium to book, suggesting limited upside. I estimate a potential offer range of HK$0.54-HK$0.69.

Primer: Taste Gourmet (8371 HK) – Sep 2025

By αSK

  • Taste Gourmet is a fast-growing, multi-brand restaurant operator in Hong Kong, demonstrating a remarkable growth trajectory with a 3-year net income CAGR of 53.6%.
  • The company is an attractive income play, offering a high dividend yield of approximately 8.6%, supported by robust free cash flow generation.
  • Valuation appears compelling at a significant discount to peers, with a potential rerating catalyst from its proposed migration from the GEM to the Main Board of the Hong Kong Stock Exchange.

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

(Mostly) Asia M&A, Sep 2025 Wrap: ReNew Energy Global, Digital Hold., Mandom, Paramount Bed, Spindex

By David Blennerhassett

  • For Sep 2025, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$3bn.
  • The average premium for the new transactions announced (or first discussed) in September was ~56%, with a year-to-date average of ~48%.
  • The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.

Primer: Melco International Development (200 HK) – Sep 2025

By αSK

  • Melco International Development is a holding company whose primary asset is its majority stake in Melco Resorts & Entertainment (MLCO), a leading operator of integrated casino resorts with a strong presence in Macau and expanding operations in the Philippines and Cyprus.
  • The company is experiencing a significant financial turnaround, with revenues and cash flows rebounding strongly from pandemic-era lows. This recovery is driven by the resurgence of tourism and gaming demand in Macau, particularly in the high-margin premium mass market segment.
  • Despite strong operational performance and growth, valuation appears stretched. The parent company (200 HK) trades at a premium to its Net Asset Value (NAV), a reversal of its historical discount, suggesting the market may have already priced in the near-term recovery.

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

Primer: Pateo Connect Technology (PTC HK) – Sep 2025

By αSK

  • Pateo Connect is a prominent provider of smart cockpit solutions in China’s rapidly growing New Energy Vehicle (NEV) market, demonstrating robust revenue growth driven by the adoption of high-end products.
  • The company faces substantial profitability hurdles, characterized by persistent net losses and gross margins that are the lowest among its peers, signaling a challenging competitive position.
  • The investment profile is high-risk, marked by a concentrated customer base, increased financial leverage, and a premium valuation for its upcoming IPO that appears stretched relative to its growth and margin outlook.

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

Asian Bond Monitor: Chinese Bonds Are Back

By Warut Promboon

  • Asian USD high-yield bonds have outperformed on an improving sentiment toward emerging market credits.
  • China 5-year CDS has declined 14 bps since June and we expect non-property Chinese credits to have more capital inflow on  the hunt for a better yield.
  • We are in favor of Chinese high-yield credits with recurring revenue and operate in more defensive industries such as consumer non-discretionary, utilities, and pharmaceuticals.

Pre-IPO Shanghai Keying E-Commerce – Concerns About the Business Model and Prospects

By Xinyao (Criss) Wang

  • The essence of KEYING’s business model is a “middle man” and relies on making money through price difference in the process of sales of goods, but “de-intermediation” is a trend.
  • The pain point is most retail solution providers are unlikely to become industry giants due to excessive investment/lack the say in core technologies/products.The underlying logic of the industry is changing.
  • As the platform traffic dividend disappears and the trend of brand self-built teams intensifies, KEYING’s bargaining power is weakening.Valuation should be lower than peers due to weaker performance growth rate/profitability.  

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