Smartkarma Daily Briefs

Dongfang Electric (1072 HK) is looking to raise around US$141m from a primary placement.
The deal is a small one, representing 3.2 days of the stock’s three month ADV, and 1.5% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework

Jack Ma-Backed Yunfeng Dives Into Crypto With $44 Million Ether Purchase

By Caixin Global

A financial group backed by Alibaba Group founder Jack Ma has made a major foray into digital assets, investing $44 million to acquire 10,000 units of Ether, the native token of the Ethereum blockchain.
Yunfeng Financial Group Ltd., a Hong Kong-listed company in which Ma holds an 11.15% stake, disclosed the acquisition in a regulatory filing Tuesday. The company said it purchased the Ether on the open market using internal cash and would classify the asset as a long-term investment on its financial books.
The purchase marks a growing trend of publicly traded companies adding cryptocurrencies to their balance sheets, a strategy known on Wall Street as digital asset treasury, or DAT.

Yusys Technologies A/H Listing: Market Share Loss but Profit Margins Have Expanded

Yusys Technologies (300674 CH) is looking to raise around US$350m in its upcoming H-share listing.
Yusys Technologies is a PRC leading fintech solution provider operating in the domestic and overseas market, providing full-stack product-oriented technology solutions to a wide spectrum of financial institutions.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Pre-IPO TenNor Therapeutics (Suzhou) Limited – The Pipelines and the Concerns

By Xinyao (Criss) Wang

China has vigorously restricted the use of antibiotics. Even for novel antibiotics, they won’t replace old antibiotics completely considering higher price/the difficulty of changing prescription habits of existing clinical guidelines.
The NMPA’s approval standards for new antibiotics are becoming increasingly strict. So, regulatory agencies’ evaluation of the true efficacy of TNP-2198 may lead to the delay in its market launch.
Post-Money valuation after Series E financing reached RMB2 billion. Valuation of TenNor could be lower than peers Zai Lab and Everest Medicines who already have commercialized products on the market.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 18

Daily Brief India: HDFC Bank, Physicswallah Limited, SRM Contractors, Zinc, Styrenix Performance Materials, Urban Company and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

HDFC Bank (HDFCB IN): Ready for the Rally with Tactical Low-Cost Options
Physicswallah Ltd Pre-IPO Tearsheet
The Beat Ideas- SRM Contractors: A Niche Play in India’s Infrastructure Push
Zinc Rally – Supply-Led Momentum Near US$3,000/T: Can It Last?
The Beat Ideas: Styrenix Performance Ltd – Unlocking Synergies with Acquisition of INEOS Thailand
Much Expected, Much Priced In — Why Urban Company Has Little Upside Left?

HDFC Bank (HDFCB IN): Ready for the Rally with Tactical Low-Cost Options

By Gaudenz Schneider

Context:HDFC Bank (HDFCB IN) remains in a bullish setup. Quantitative models highlight further upside potential in the near term and identify key support levels.
Trade Idea: With implied volatility near multi-year lows (12th percentile), long call strategies are favored. Suitable expiries and strikes are outlined, with an alternative structure discussed for reducing premium outlay.
Why Read: This Insight combines directional analysis with volatility signals, highlighting a tactical options strategy where low implied volatility and bullish probabilities align, offering investors defined risk/reward.

Physicswallah Ltd Pre-IPO Tearsheet

By Akshat Shah

Physicswallah Limited (2076103D IN) is looking to raise about US$434m in its upcoming India IPO. The deal will be run by Axis, Kotak, GS, and JPM.
Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
According to Redseer, PWL was among the top-five education companies in terms of revenue in India and one of the fastest-growing companies in terms of revenue growth during FY22-24.

The Beat Ideas- SRM Contractors: A Niche Play in India’s Infrastructure Push

SRM Contractors (SRM IN)‘s strategic focus on high-margin projects like tunnels and slope stabilization, positions it to benefit from the government’s infrastructure push.
Company has given guidance of INR 900Cr of revenue and 500bps margin improvement in the coming year.
Order book reached a record INR 1,476 crore as of Aug-25, giving strong revenue visibility for the next two to three years, equivalent to approximately 2.8 times its FY25 revenue.

Zinc Rally – Supply-Led Momentum Near US$3,000/T: Can It Last?

Supply-Led Rally: Zinc has rebounded ~15% to ~US$3,000/t, driven by mine curtailments, smelter shutdowns, collapsing TCs, and low inventories.
China Stimulus Tailwind: Beijing’s CNY 1tn package lifts sentiment for galvanised steel, which makes up ~60% of zinc demand, reinforcing price momentum.
Valuation Impact: Hindustan Zinc justifies a premium on pure-play exposure, while Vedanta offers cheaper diversified optionality; sustainability of prices above US$3,000/t remains the key investor question.

The Beat Ideas: Styrenix Performance Ltd – Unlocking Synergies with Acquisition of INEOS Thailand

Styrenix, after returning to promoter control, is stepping up capacity expansion and riding demand tailwinds from ABS, SAN, PS driven by white goods, automotive, and packaging.
India’s demand for styrene‐based polymers is accelerating (styrene demand projected 15% growth in FY2025-26) and government policy (Atmanirbhar, petchem investment) is increasingly favorable.
Styrenix offers a strong lever to India’s structural growth in engineering plastics, but valuation must account for margin cyclicity, FX exposure, and capex risk.

Much Expected, Much Priced In — Why Urban Company Has Little Upside Left?

Urban Company has delivered FY25 profitability and strong revenue growth, its IPO was oversubscribed ~100×, listing at ~57–58% premium. But many growth levers are now under pressure.
At its current price, even modest slippages (in margin, in expansion pace, in competition) could sharply reduce returns. The risk/reward seems tilted towards downside in near‑to‑mid term.
Investors should watch closely how UC executes outside its “easy” markets (Tier‑1 / large cities), how it manages competition and costs, and whether post‑IPO lock‑ups/quarterly earnings present buying windows.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 18

Daily Brief United States: Ciena Corp, StubHub Holdings, Rubrik , Samsara, Gitlab , Chewy , DocuSign , Sprinklr, Guidewire Software, Faraday Future Intelligent Ele and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Ciena Corporation: Expansion of Interconnect Pluggable Business As a Key To Doubling Revenue From This Segment In Consecutive Years!
StubHub Holdings (STUB): Strong Open, Quick Retreat as Debt and Flipping Pressure Loom
Rubrik’s DSPM Integration – Could This Be the Future of Cyber Resilience?
Samsara Inc.: Larger Enterprise Deals
GitLab Doubles Down on AI with OpenAI & Anthropic Partnerships — Here’s Why It Matters!
Has Chewy FINALLY Cracked the Code for High-Margin Growth – What Happened In The Latest Results?
DocuSign Inc.: Strategic Growth in IAM and International Markets Is Pushing Them Forward! – Major Drivers
Sprinklr Inside: How Hardened CCaaS Infrastructure Sets the Stage for Big Growth!
Guidewire Software’s Growth Story Is A Tale Of Cloud Transformation & Strategic Partnerships!
Faraday Future to Spin Off Crypto Assets into a Standalone Company “CXC10”

Ciena Corporation: Expansion of Interconnect Pluggable Business As a Key To Doubling Revenue From This Segment In Consecutive Years!

Ciena Corporation delivered strong results in its fiscal third quarter of 2025, showcasing significant top-line growth and improved profitability metrics.
The company reported revenues of $1.22 billion, outpacing the high end of its guidance and representing a 30% increase year-over-year.
The gains were driven by broad-based demand, particularly from cloud providers and service providers, with reported strong orders setting a new quarterly record for Ciena.

StubHub Holdings (STUB): Strong Open, Quick Retreat as Debt and Flipping Pressure Loom

By IPO Boutique

The company priced a full-size offering of 34.04 million shares at $23.50, the midpoint of the $22–$25 range, raising more than $750 million.
Shares opened at $25.35, a 7.8% premium to the issue price, but that initial pop quickly evaporated. The stock closed its opening session at $22.00.
Over the next 30 days, we expect investors to remain cautious, with many likely trimming exposure until upcoming quarterly results offer greater clarity.

Rubrik’s DSPM Integration – Could This Be the Future of Cyber Resilience?

Rubrik’s recent quarterly performance showcased a notable blend of robust growth and strategic initiatives, presenting both opportunities and challenges for investors.
Key positives highlighted in the earnings call include impressive top-line growth and strong financial metrics.
The company reported a 36% year-over-year increase in subscription Annual Recurring Revenue (ARR), reaching over $1.25 billion.

Samsara Inc.: Larger Enterprise Deals

Samsara Inc. has demonstrated considerable growth in the second quarter of fiscal 2026, with key financial metrics reflecting the company’s strong market position and strategic direction.
The company reported an Annual Recurring Revenue (ARR) of $1.6 billion, representing a 30% year-over-year increase.
Notably, customers contributing over $100,000 in ARR accounted for nearly $1 billion, growing by 35% from the previous year.

GitLab Doubles Down on AI with OpenAI & Anthropic Partnerships — Here’s Why It Matters!

GitLab’s second quarter of fiscal year 2026 results highlight both achievements and challenges for the company.
The company experienced a significant revenue growth of 29% year-over-year, reaching $236 million, demonstrating strong demand for its AI-native DevSecOps platform.
Additionally, GitLab reported an impressive non-GAAP operating margin of 17%, reflecting effective cost management and operational efficiency.

Has Chewy FINALLY Cracked the Code for High-Margin Growth – What Happened In The Latest Results?

Chewy’s latest financial performance in the second quarter of fiscal year 2025 showcased solid growth, with net sales increasing by approximately 9% year-over-year to $3.1 billion, surpassing the upper end of the company’s guidance range.
This growth is particularly noteworthy in a market environment characterized by low to midsingle-digit industry growth, highlighting Chewy’s ability to capture market share.
The company’s Autoship program, especially in consumables and health categories, played a significant role, generating $2.58 billion in customer sales and constituting 83% of total sales for the quarter.

DocuSign Inc.: Strategic Growth in IAM and International Markets Is Pushing Them Forward! – Major Drivers

Docusign continues to demonstrate resilience and innovation as evidenced in its Q2 Fiscal 2026 performance.
Revenue reached $801 million, marking a 9% year-over-year growth, with billings up by 13% year-over-year to $818 million.
The company’s strategic focus on platform innovation, particularly through its AI-native Docusign Intelligent Agreement Management (IAM) platform, has contributed positively to this growth.

Sprinklr Inside: How Hardened CCaaS Infrastructure Sets the Stage for Big Growth!

Sprinklr, a company specializing in customer experience management software, reported $212 million in total revenue for the second quarter of fiscal year 2026, marking an 8% year-over-year growth.
Subscription revenue accounted for $188.5 million, reflecting a 6% increase.
The company achieved a record $38.2 million in nonGAAP operating income, resulting in an 18% operating margin, indicating improved cost management.

Guidewire Software’s Growth Story Is A Tale Of Cloud Transformation & Strategic Partnerships!

Guidewire Software Inc. reported its fourth-quarter and fiscal year 2025 results, showcasing notable achievements in cloud transformation while addressing key challenges in the insurance software sector.
Guidewire’s transition to a cloud-based model continues to drive growth, with Annual Recurring Revenue (ARR) increasing by 19% and fully ramped ARR advancing by 22% on a constant currency basis.
Surpassing the $1 billion ARR milestone is a significant achievement, underlining Guidewire’s strong market position.

Faraday Future to Spin Off Crypto Assets into a Standalone Company “CXC10”

By Garvit Bhandari

Faraday Future to spin-off its “Crypto Flywheel” / C10 Treasury assets into a separate entity (CXC10), enabling independent fundraising and clearer strategic focus.
Post separation, Faraday Future remains an EV story, focused on vehicle development, production milestones, and shared mobility initiatives.
The separation of the volatile, high-risk crypto assets from the EV business will reduce investor confusion and may uplift valuation by removing any conglomerate discount.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 18

Daily Brief Japan: Mandom Corp, Nikkei 225, Shibaura Electronics, TSE Tokyo Price Index TOPIX, Nippon Aqua, Sojitz Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Mandom (4917 JP): Welcome Activism as Hibiki Takes Issue with the Price
‘Toppish’ Nikkei 225’s Outlook: Where to Cover, Where to Buy
Shibaura Electronics – Yageo Tender Offer Defines the Endgame
As Role of Outside Directors Becomes More Important, Is Effectiveness of BODs Improving Accordingly?
Q2 Follow-Up – Nippon Aqua (1429 JP)
Sojitz – Non-Resource Pivot in Motion, Valuation Discount Persists

Mandom (4917 JP): Welcome Activism as Hibiki Takes Issue with the Price

By Arun George

On 15 September, Hibiki Path Advisors issued an open letter questioning the rationale for the Mandom Corp (4917 JP) Board to recommend a CVC-sponsored preconditional MBO at JPY1,960 per share.
Hibiki opines that the MBO is being done at the wrong price (Hibiki’s value is JPY3,050). Some of Hibiki’s criticisms are valid, while others are not.
CVC’s initial approach will wait for precondition satisfaction and secure additional irrevocables. However, this is a stopgap measure, and a bump is likely to occur.

‘Toppish’ Nikkei 225’s Outlook: Where to Cover, Where to Buy

By Nico Rosti

The Nikkei 225 (NKY INDEX) reached 44790 on Wednesday, this is the 3rd week up in a row for the index, this market is OVERBOUGHT.
The outlook remains bullish, the forecast is for a pullback, followed by another leg up.
This insight’s goal is to help you figure out where to cover your LONG Nikkei 225 positions, and where to add more LONG positions during the pullback.

Shibaura Electronics – Yageo Tender Offer Defines the Endgame

With Minebea out, Yageo’s ¥7,130/share bid (55% premium, ~18× FY25E P/E) is the sole path forward; board support makes completion highly probable.
Japanese takeover rules ensure eventual squeeze-out (>90%) or illiquidity (50–90%); past bumps without rivals have been modest (+1–5%).
Clear Timeline: Tender closes mid-Oct 2025, results late Oct, squeeze-out Nov–Dec, delisting by Jan 2026 — shareholders should tender to lock in value.

As Role of Outside Directors Becomes More Important, Is Effectiveness of BODs Improving Accordingly?

By Aki Matsumoto

Corporate Governance Code, which makes the appointment of outside directors mandatory, was introduced in the hope of restructuring corporate governance and restoring profitability.
We must explore why, as the role of outside directors expands and dependence on them grows, the challenges of profitability and rising stock prices remain far from being resolved.
It’s a good idea to have half of directors be independent outside directors. Companies with fewer than that should improve the skills of the entire BOD to increase their effectiveness.

Q2 Follow-Up – Nippon Aqua (1429 JP)

Japan’s leading on-site urethane foam insulation installer with strong growth Nippon Aqua Co., Ltd. (hereinafter, “the Company”) is a high-growth enterprise listed on the Prime Market of the Tokyo Stock Exchange.
Guided by its management philosophy— “Contribution to society through the creation of living environments that are friendly to people and the earth”—the Company leverages insulation and waterproofing technologies to drive energy efficiency and support a sustainable society.
It holds the leading domestic share in on-site urethane foam insulation installation and operates its business through three key divisions: Single-family homes , Buildings, and Waterproofing.

Sojitz – Non-Resource Pivot in Motion, Valuation Discount Persists

Sojitz is a mid-tier sōgō shōsha with, shifting its earnings base from coal and resources toward Chemicals, Energy Solutions, and Healthcare.
FY25 profit is guided flat at ¥115bn, with Metals weakness offset by non-resource growth; by FY27, ~80% of profits are expected from non-resource segments.
Shares trade at 7.8x P/E (30–40% discount to peers) with a 4.2% yield, but cash flow volatility, coal exposure, and smaller scale remain key overhangs.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 17

Daily Brief Energy/Materials: Zijin Mining Group Co Ltd H, Zijin Gold, Copper, SK Innovation, Jindal Steel, Glencore , CGN Mining, Chifeng Jilong Gold Mining and more

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

In today’s briefing:

Zijin Mining (2899 HK): This Is A Short
Zijin Gold Pre-IPO: Superior to Peers; Should Trade at High End of Group
Pre-IPO Zijin Gold (PHIP Updates) – Thoughts on the Business, the Forecast and Valuation Outlook
Copper’s Perfect Storm: Supply Strains Meet Fed Tailwinds
SK Innovation’s Subsidiary SK Geo Centric to Sell Its Entire 35% Stake in Sinopec-SK Petrochem JV
Zijin Gold IPO – The World’s Fastest-Growing Gold Producer, but at What Price?
Naveen Jindal’s Bid for Thyssenkrupp Steel Europe – Sensible Valuation, Execution Critical
JSE September ’25 Rebalance: GLN to Enter Top 40, APN to Be Deleted
CGN Mining (1164 HK) – THE NUCLEAR OPTION!
Chifeng Jilong Gold (600988 CH) – Earnings Step-Change, Valuation Undemanding

Zijin Mining (2899 HK): This Is A Short

By David Blennerhassett

In my June note, Zijin Mining Group (2899 HK) appeared fully valued; but I (thankfully) stopped short of being outright bearish. Its share price is up 48% since!
A basket of peers is also up 37% since that note. Gold is up~8%, and 41% YTD. On the 14th September, Zijin released Zijin Gold’s PHIP. 1H25 numbers were solid.
However, Zijin Gold’s earnings are by no stretch an outlier. Zijin’s Mining’s current share price is now baking in exceptional (unrealistic?) metrics for the gold play spin-off.

Zijin Gold Pre-IPO: Superior to Peers; Should Trade at High End of Group

Zijin Gold (2579355D HK) is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.
It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
We have looked at the company’s past performance and done a peer comparison in our previous note. In this note, we will look at the firm’s valuation.

Pre-IPO Zijin Gold (PHIP Updates) – Thoughts on the Business, the Forecast and Valuation Outlook

By Xinyao (Criss) Wang

The spin-off of Zijin for an independent listing is equivalent to presenting a “pure gold business” to the market. Such “asset revaluation” can unlock the hidden value of gold business.
For enterprises like Zijin in the upstream of gold industry chain, a sustained high and rising gold price is usually a significant positive factor. However, there are also potential risks.
Zijin Gold has better growth potential than peers, so we think its valuation range could be P/E of 18-22x. If based on 2025 net profit forecast, valuation is US$36.9-45.1 billion.

Copper’s Perfect Storm: Supply Strains Meet Fed Tailwinds

By Pranay Yadav

China’s refined copper output is projected to contract 4–5% this month—the first seasonal decline since 2016—driven by smelter inefficiencies and concentrate shortages.
Exchange inventories show divergence: LME and SHFE stocks are falling while CME stocks rise, amplifying regional supply tightness and premium volatility.
CME Copper futures show strengthening bullish momentum, with RSI above 50 and MACD nearing a bullish crossover, signaling improving market sentiment.

SK Innovation’s Subsidiary SK Geo Centric to Sell Its Entire 35% Stake in Sinopec-SK Petrochem JV

By Douglas Kim

On 16 September, it was reported in the local media that SK Innovation’s subsidiary SK Geo Centric plans to sell its entire 35% stake in the Sinopec-SK Petrochem JV.
The transaction is expected to be priced closed to its book value of about 819 billion won. Sinopec is a leading potential buyer.
From 2020 to 2024, SK Geo Centric generated cumulative operating profit of 695 billion won, accounting for 12.7% of SK Innovation’s cumulative operating profit in this period.

Zijin Gold IPO – The World’s Fastest-Growing Gold Producer, but at What Price?

Buy Case: ~20% CAGR growth to 2027E, SOE backing, and potential index inclusion make Zijin the fastest-growing gold producer globally.
Sell Case: At $40bn, Zijin trades at major-level multiples with mid-tier reserve depth, raising questions on sustainability.
Swing Factor: Gold price trajectory and flawless execution in Ghana, Laos, and Kazakhstan will determine if the IPO clears closer to the low or high end of the range.

Naveen Jindal’s Bid for Thyssenkrupp Steel Europe – Sensible Valuation, Execution Critical

Funding not a hurdle: Promoter strength provides comfort despite past negative precedents.
Valuation undemanding: Entry at ~US$440–475/t is below replacement cost and past cycle-peak deals.
Execution heavy: Success depends on managing restructuring, integration, and EU policy commitments.

JSE September ’25 Rebalance: GLN to Enter Top 40, APN to Be Deleted

By Charlotte van Tiddens, CFA

JSE indices are due for rebalancing in the closing auction on Friday.
GLN will enter the Top 40, with APN falling out (projections sent out on 26 Aug, confirmed by the JSE on Wednesday 3 Sep).
There is quite a bit on the go on the economic calendar this week – FOMC on Wednesday evening, BOE and SARB on Thursday.

CGN Mining (1164 HK) – THE NUCLEAR OPTION!

By David Mudd

Global uranium demand is escalating quickly as China doubles its nuclear power plants by 2030 and the U.S. increases its inventory for its energy independence and growing energy needs.
CGN Mining (1164 HK) is China’s largest uranium trading company, with partnerships with the Kazakhstan government in some of the largest uranium mines in the world.
CGN secured an off-take contract with China General Nuclear Power Group at prices that are 50% higher than previous contract. Approximately 60% of CGN’s revenue is from EU and U.S.

Chifeng Jilong Gold (600988 CH) – Earnings Step-Change, Valuation Undemanding

H1 2025 delivered record profitability, with realized gold prices up 41% YoY to ~US$3,020/oz and production surging 77% to 6.75t, lifting margins to ~US$1,440/oz.
Growth is anchored in the Sepon and Wassa ramp-ups, with optionality from the newly identified SND discovery (maiden reserve expected 2026, potential production from 2027–28).
On 2026E, Chifeng trades at ~8× P/E and ~4.6× EV/EBITDA with >10% FCF yields, offering inexpensive exposure to earnings growth; risks remain around execution at overseas mines, cost pressures etc.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 17

Daily Brief Utilities: Orsted AS, Rubis SCA and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

Ørsted: State-Backed DKK 60bn Rights Issue | IPO-Scale, Heavy Dilution
Rubis — Resilient performance amid macro headwinds

Ørsted: State-Backed DKK 60bn Rights Issue | IPO-Scale, Heavy Dilution

By Jesus Rodriguez Aguilar

Ørsted launches a large, DKK 60bn, fully underwritten rights issue, backed by the Danish State, to repair funding after U.S. disruptions and restore balance-sheet flexibility. Dilution is ~68%.
Scale is akin to an IPO placing by market volume, with substantial dilution for non-participants. Fully underwritten and state-backed, likely strong institutional take-up; expect volatility into allocation and listing.
Post-Announcement, shares reset lower yet still trade well above theoretical value, leaving mispricing pockets. Expect active flow, volatility through subscription, and potential listing-day pressure.

Rubis — Resilient performance amid macro headwinds

By Edison Investment Research

Rubis’s interim results demonstrated the resilience of its business model amid challenging commodity market conditions and currency headwinds. Despite healthy growth in sales volumes, H125 revenue was down 2% y-o-y on lower realised pricing and a stronger euro. However, tight cost control supported profitability, with EBITDA improving 3%. The company maintained its FY25 guidance, noting positive operating momentum in its key markets. We have slightly tweaked our estimates post results, with our DCF-based valuation remaining broadly unchanged at €37.0/share.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 17

Daily Brief Industrials: Toto Ltd, Fuel Tech, Ohba Co Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

TOTO (5332 JP) | Beyond China
Sustainable Investing Surveyor Focus on Fuel Tech
Ohba (9765 Jp) – Q4 Follow-Up

TOTO (5332 JP) | Beyond China

By Mark Chadwick

Toto stock price -16% over past year vs index +24% as China growth story collapses. Restructuring China ops; targeting breakeven FY3/27
New growth drivers: US capacity buildout underpins Americas sales growth, while electrostatic chucks beneficiary of SPE spend
Stock trading at 30% discount to historical average and deep discount to global peers

Sustainable Investing Surveyor Focus on Fuel Tech

By Water Tower Research

Last week, the WTR Sustainable Index was up 2.1% W/W versus the S&P 500 Index (up 1.6%), the Russell 2000 Index (up 0.3%), and the Nasdaq Index (up 1.9%).
Energy Technology (43% of the index) was up 3.3%, while Transportation Solutions (33% of the index) was up 2.0%, Climate Tech and Clean Tech (18% of the index) was up 1.4%, and Climate Tech Mining and Processing (7% of the index) was down 1.1%.
Top 10 Performers: SAENF, SNRG, ASYS, RAIN, SKYQ, KARX, BLNK, NEOV, LBNKF, MVST

Ohba (9765 Jp) – Q4 Follow-Up

Q4 FY2025/5 Results | On July 10, 2025, OHBA (hereinafter, “the Company”) announced its Q4 FY2025/5 results. The full year figures saw an increase in both sales and profits.
In the three-month period of Q4, orders recovered mainly in the design field, with a steady accumulation of orders in the core construction consulting business.
Although the Company projects lower sales in FY2026/5 due to the absence of one-off projects from a year earlier, it plans to report its 15th consecutive year of operating profit growth, underpinned by improved profitability.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 17

Daily Brief TMT/Internet: SK Telecom, AvePoint , Indegene, Rubrik , Mediatek Inc, Paramount Skydance, Taiwan Semiconductor (TSMC) – ADR, Urban Company, Poletowin Pitcrew Holdings, Torex Semiconductor and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Key Findings on When to Enter Long-Short in the SKT Foreign Room Trade
Avepoint Placement: Improving Fundamentals; Secondary Selldown onto SGX
The Beat Ideas: Indegene Ltd- The Quiet Tech Player Powering Big Pharma
Rubrik 2Q’FY26 Wrap: Subscription NRR, Cash Flow Metrics Remain Robust. Growth Is Slowing Into FY27
MediaTek: Satellite Connectivity the Next Strategic Battleground for Mobile SoCs (Structural Long)
Paramount Skydance’s Bold $70 Billion Gamble: Ellison-Backed Bid For Warner Bros. Discovery!
Taiwan Tech Weekly: Starlink Engaging Chipmakers in Direct-To-Phone Push; Intel’s TSMC Dependency
Urban Company IPO Trading – Highest Demand so Far This Year
Poletowin Pitcrew Holdings: 1H FY01/26 flash update and revision of full-year earnings forecasts
Torex Semiconductor (6616 Jp) – September 12, 2025

Key Findings on When to Enter Long-Short in the SKT Foreign Room Trade

By Sanghyun Park

SKT’s foreign stake drop sparked early divergence vs KT—long SKT/short KT paying off, though KT’s hacking risk muddies how much is pure event-driven.
This isn’t an add/delete, just a weight bump—flows lag until announcement. Aug ’20 SKT doubling factor is the cleanest comp for today’s setup.
SKT vs KT spread widened post-screening; SKT outperformed 12%. Weight bumps lag vs ins/outs, so expect similar flow—timing long-short entry matters to avoid bleeding carry.

Avepoint Placement: Improving Fundamentals; Secondary Selldown onto SGX

AvePoint (AVPT US) is looking to raise around US$207m to enable it to undertake a secondary listing on SGX.
This deal represents 9.5 days of ADV and ~6% of shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

The Beat Ideas: Indegene Ltd- The Quiet Tech Player Powering Big Pharma

Indegene is shifting from transactional work to large-scale, transformative “Tectonic” deals, securing over US$1 million from two paid pilots in Q1 FY26.
This pivot moves the company up the value chain, creating a durable competitive moat and positioning it as a strategic partner, not just a vendor.
Indegene’s strong balance sheet and focused M&A strategy will likely accelerate this high-value growth, cementing its role as a key player in pharma’s digital future.

Rubrik 2Q’FY26 Wrap: Subscription NRR, Cash Flow Metrics Remain Robust. Growth Is Slowing Into FY27

By Andrei Zakharov

While Rubrik reported all key operating metrics and cash flow above expectations for 2Q’FY26, shares sold off over 10% on heavy volume.
+35% y/y 3Q’FY26/+25% y/y 4Q’FY26 revenue growth guide raises questions about next FY27, in my view. Rubrik stock continues to trade at a premium valuation.
Given the trends in the quarter and guidance, I believe the cybersecurity company can achieve and sustain 25%+ y/y revenue growth in FY26, FY27 and FY28.

MediaTek: Satellite Connectivity the Next Strategic Battleground for Mobile SoCs (Structural Long)

By Vincent Fernando, CFA

Starlink’s Direct-to-Phone Semiconductor Integration Push Signals a Major Shift Coming for Telecom
Direct-To-Satellite Connectivity Could Become Critical for a Market-Competitive Smartphone SoC Design
Leadership in Satellite Connectivity Will Soon Mean Leadership in Smartphone SoCs

Paramount Skydance’s Bold $70 Billion Gamble: Ellison-Backed Bid For Warner Bros. Discovery!

Paramount Skydance is preparing to launch one of the most ambitious takeover attempts in Hollywood’s history: a majority cash bid to acquire Warner Bros. Discovery, backed by the vast fortune of Larry Ellison.
Fresh off the August 2025 completion of their own merger, Paramount and Skydance are positioning themselves for another transformative leap.
Warner Bros. Discovery, with an enterprise value of roughly $71 billion and a library that includes DC Comics, Harry Potter, HBO, and CNN, represents a target more than twice the size of Paramount’s own $19 billion market capitalization.

Taiwan Tech Weekly: Starlink Engaging Chipmakers in Direct-To-Phone Push; Intel’s TSMC Dependency

By Vincent Fernando, CFA

Starlink Engaged with Chipmakers to Bring Satellite Connectivity Direct to Smartphones — Mediatek Well Placed to Benefit
Intel CFO @ Citi’s 2025 Global TMT Conference: “We Will Use TSMC Forever”
TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain

Urban Company IPO Trading – Highest Demand so Far This Year

By Sumeet Singh

Urban Company (UC) raised around US$220m in its heavily subscribed India IPO.
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

Poletowin Pitcrew Holdings: 1H FY01/26 flash update and revision of full-year earnings forecasts

By Shared Research

FY01/26 revenue reached 91.3% of forecast, with losses at all profit levels due to Media Contents withdrawal.
Revised FY01/26 forecast predicts JPY49.7bn revenue, JPY1.1bn operating profit, and JPY316mn net income.
Domestic Solutions revenue rose 5.0% YoY; Overseas Solutions increased 8.0% YoY; Media Contents declined 31.9% YoY.

Torex Semiconductor (6616 Jp) – September 12, 2025

As can be seen from the exhibit below, as of May 31, 2025, TOREX had 1 unmet criterion out of the criteria required to maintain listing on the TSE prime market.
Market capitalization of tradable shares of JPY 8.12bn was below the requirement of JPY 10.0bn or more. The number of tradable shares subtracts: 1) the number of shares held by major shareholders who individually own 10% or more of the number of listed shares (however the number of shares held by investment trusts or pension trusts are included), 2) the number of shares held by officers, etc., 3) the number of treasury shares, and 4) the number of shares held by common banks, insurance companies and business corporations in Japan.
The tradable shares ratio is the number of tradable shares ÷ the number of listed shares. Tradable market capitalization is the tradable shares ratio × market capitalization.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 17

Daily Brief Industrials: Toto Ltd, Fuel Tech, Ohba Co Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

TOTO (5332 JP) | Beyond China
Sustainable Investing Surveyor Focus on Fuel Tech
Ohba (9765 Jp) – Q4 Follow-Up

TOTO (5332 JP) | Beyond China

By Mark Chadwick

Toto stock price -16% over past year vs index +24% as China growth story collapses. Restructuring China ops; targeting breakeven FY3/27
New growth drivers: US capacity buildout underpins Americas sales growth, while electrostatic chucks beneficiary of SPE spend
Stock trading at 30% discount to historical average and deep discount to global peers

Sustainable Investing Surveyor Focus on Fuel Tech

By Water Tower Research

Last week, the WTR Sustainable Index was up 2.1% W/W versus the S&P 500 Index (up 1.6%), the Russell 2000 Index (up 0.3%), and the Nasdaq Index (up 1.9%).
Energy Technology (43% of the index) was up 3.3%, while Transportation Solutions (33% of the index) was up 2.0%, Climate Tech and Clean Tech (18% of the index) was up 1.4%, and Climate Tech Mining and Processing (7% of the index) was down 1.1%.
Top 10 Performers: SAENF, SNRG, ASYS, RAIN, SKYQ, KARX, BLNK, NEOV, LBNKF, MVST

Ohba (9765 Jp) – Q4 Follow-Up