Smartkarma Daily Briefs

Citizens Financial Group reported its second quarter 2025 results, showcasing several financial highlights and strategic initiatives that reflect its current operational state and future outlook.
The company experienced a 3.3% increase in net interest income (NII) quarter-over-quarter, mainly driven by a net interest margin (NIM) expansion of 5 basis points to 2.95%.
There was also notable fee income growth of 10% linked quarter, paced by wealth management, card, and mortgage operations.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

UST yields declined 2-3 bps yesterday, amid limited macro news and ahead of the Fed’s expected 25-bp rate cut on Wednesday.
The yield on the 2Y UST fell 2 bps to 3.54%, while that on the 10Y UST was down 3 bps at 4.04%.
Equities rose to fresh record highs, with the S&P 500 and Nasdaq up 0.5% and 0.9%, respectively.

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Sep 17

Daily Brief Event-Driven: Zijin Mining (2899 HK): This Is A Short and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Zijin Mining (2899 HK): This Is A Short
Mori Hills REIT (3234) – Large Sponsor Buy in Market as % of Max Real World Float
Key Findings on When to Enter Long-Short in the SKT Foreign Room Trade
Soft99 Corp (4464 JP): Effissimo Sheds More Light on Its Hostile Offer
Chery Auto (9973 HK) IPO: No Inclusion in Global Indices; HSTECH Is Interesting
Shengjing Bank (2066 HK): Minimum Acceptance Condition in Focus as Offer Opens
SK Innovation’s Subsidiary SK Geo Centric to Sell Its Entire 35% Stake in Sinopec-SK Petrochem JV
Kraft Heinz (Nasdaq: KHC) To Separate into Two Businesses Via a Tax-Free Spin-Off
Ørsted: State-Backed DKK 60bn Rights Issue | IPO-Scale, Heavy Dilution

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.

Mori Hills REIT (3234) – Large Sponsor Buy in Market as % of Max Real World Float

By Travis Lundy

In the past 24 months, J-REIT sponsors have bought units in their REITs at sharp discounts to PNAV to raise PNAV and reduce overhang pressure.
The goal is, basically transparently, to get PNAV to a level at which the REIT can buy more properties from the sponsor, who carries them at a much higher WACC.
Mori Building has announced a 4.99% buy on Mori Hills REIT Investment Corporation (3234 JP) which is a Very Big portion of Max Real World Float. This should influence price.

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.

Soft99 Corp (4464 JP): Effissimo Sheds More Light on Its Hostile Offer

By Arun George

Effissimo has formally launched its hostile tender offer for Soft99 Corp (4464 JP) at JPY4,100, which is 66.3% higher than the MBO price of JPY2,465.
The Board stonewalled Effissimo’s attempts to negotiate a friendly offer. The huge premium of Effissimo’s offer relies on lower WACC assumptions compared to the target/special committee IFA.
Management’s initial approach will be to rely on the Board to oppose the Effissimo offer. There is a good chance that Soft99 will remain listed with two large shareholders.

Chery Auto (9973 HK) IPO: No Inclusion in Global Indices; HSTECH Is Interesting

By Brian Freitas

Chery Automobile Co. Ltd. (9973 HK)‘s IPO range is HK$27.75-HK$30.75/share and will raise up to HK$10bn (US$1.3m) if the oversubscription option is exercised, valuing the company at HK$169bn (US$21.7bn).
The stock should be added to the HSCI Index in December and that will make the stock eligible for inclusion in Southbound Stock Connect.
There will be no inclusion in global indexes for the next year, but there is a possibility of inclusion in the Hang Seng TECH Index (HSTECH INDEX) in December.

Shengjing Bank (2066 HK): Minimum Acceptance Condition in Focus as Offer Opens

By Arun George

On 12 September, Shenyang SASAC increased its Shengjing Bank Co Ltd H (2066 HK) offer by 21.2% from HK$1.32 to HK$1.60. The IFA opines it is fair and reasonable.
The revised terms should ensure the support of key shareholders. However, the IFA analysis is flawed, and the revised offer is light.
While the 21 October vote on the delisting proposal should pass, the satisfaction of the minimum acceptance condition (90% of independent H shares) poses a challenge.

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.

Kraft Heinz (Nasdaq: KHC) To Separate into Two Businesses Via a Tax-Free Spin-Off

By Garvit Bhandari

Kraft Heinz will separate into two independent publicly-traded companies via a tax-free spin-off expected to close in H2 2026
The two entities : Global Taste Elevation Co. focusing on sauces, spreads, seasonings, shelf-stable meals and North American Grocery Co. centered on staples sold in North America
The move is designed to disentangle distinct brand portfolios, so each can pursue clearer growth, margin and capital-allocation strategies.

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.

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Sep 17

Daily Brief Equity Bottom-Up: TOTO (5332 JP) | Beyond China and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

TOTO (5332 JP) | Beyond China
CICT SP: Buy Singapore REITs on Steep Interest Rate Decline (3M SORA)
The Beat Ideas: Indegene Ltd- The Quiet Tech Player Powering Big Pharma
Kenvue Crashing?—New RFK Jr. Report May Blame Tylenol Use In Pregnancy For Autism!
Rubrik 2Q’FY26 Wrap: Subscription NRR, Cash Flow Metrics Remain Robust. Growth Is Slowing Into FY27
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
Wells Fargo’s Post-Consent Order Comeback – Can It Rebuild Trust Fast Enough?
Bank of America’s Digital Payments Approach – How Zelle Can Crush Venmo!
MediaTek: Satellite Connectivity the Next Strategic Battleground for Mobile SoCs (Structural Long)

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

CICT SP: Buy Singapore REITs on Steep Interest Rate Decline (3M SORA)

By Jacob Cheng

The Singapore’s interest rate, 3M SORA, has declined steeply from 3.034% in January to 1.563% in September
The steep decline in interest rate will directly benefit S-REITs, through reduced borrow cost, more attractive valuation, as well as stabilizing cap rates to support book valuation
Among S-REITs, we think CICT SP, with its portfolio mostly Singapore assets, will benefit the most from this structural trend

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

By Sudarshan Bhandari

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.

Kenvue Crashing?—New RFK Jr. Report May Blame Tylenol Use In Pregnancy For Autism!

Shares of Kenvue Inc., maker of Tylenol, dropped roughly 10% in early September 2025 after media reports—primarily from The Wall Street Journal—indicated that U.S. Health Secretary Robert F.
Kennedy Jr. will release a forthcoming HHS report that likely links prenatal use of acetaminophen (Tylenol’s active ingredient) to autism.
This decline followed investor concern over what such a regulatory conclusion could mean for Kenvue’s reputation, sales, litigation exposure, and overall risk profile.

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.

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.

Wells Fargo’s Post-Consent Order Comeback – Can It Rebuild Trust Fast Enough?

Wells Fargo & Company, in its second quarter of 2025 results, showcased a balanced mix of progression in growth strategies and sustained financial discipline.
The net income of $5.5 billion, translating to $1.60 per diluted share, was an improvement from both the previous quarter and the same period last year.
This growth indicates consistent execution amidst a transitioning phase post asset cap removal.

Bank of America’s Digital Payments Approach – How Zelle Can Crush Venmo!

Bank of America Corporation reported robust second-quarter results that highlight strong organic growth across its varied business segments.
The bank saw a 4% year-over-year increase in revenue, reaching $26.6 billion, alongside a 7% growth in net income to $7.1 billion.
Earnings per share increased by 7%, reflecting effective cost management and growth strategies.

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

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Sep 17

Daily Brief Macro: UK Jobs Find Their Floor and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

UK Jobs Find Their Floor
Copper’s Perfect Storm: Supply Strains Meet Fed Tailwinds
HarmoniQ Insights Partners with Columbia University for Groundbreaking AI Conference
CX Daily: Why Modi Won’t Play Cowboys and Indians With Trump, Opting Instead for Strategic Autonomy
Nasdaq Proposes Stricter IPO Rules, Raising Bar for Smaller Chinese Listings
Americas/EMEA base oils demand outlook: Week of 15 September
Global base oils arb outlook: Week of 15 September
Global base oils margins outlook: Week of 15 September
Asia base oils demand outlook: Week of 15 September
Americas/EMEA base oils supply outlook: Week of 15 September

UK Jobs Find Their Floor

By Phil Rush

Stability in unemployment at 4.66%, while payrolls only marginally decline, suggests the labour market has found its floor before disinflationary pressures accumulate.
A narrative-breaking improvement could occur next month. Tax rises structurally explain the scale of the previous shock, with weakness seemingly not going beyond that.
Excess supply is needed to break wage growth to a target-consistent trend. Without that, the MPC should hold rates before potentially reversing by raising them in 2026.

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.

HarmoniQ Insights Partners with Columbia University for Groundbreaking AI Conference

By William Mann

HarmoniQ Leadership Role: HarmoniQ Insights co-sponsors the September 30th Generative AI Investment Management Conference at Columbia, with Bill Mann and Debby Goan leading fireside chats with industry leaders.
Industry Transformation Moment: Conference addresses how fundamental investors can leverage AI to scale from analyzing 15 companies to screening 100+ opportunities, as discussed in yesterday’s New Barbarians podcast.
Practical Implementation Focus: Attendees access 20+ AI providers, real-world case studies, and networking opportunities addressing build-vs-buy decisions to capitalize on AI’s performance advantages.

CX Daily: Why Modi Won’t Play Cowboys and Indians With Trump, Opting Instead for Strategic Autonomy

By Caixin Global

India-U.S. /Cover Story: Why Modi Won’t Play Cowboys and Indians With Trump, Opting Instead for Strategic Autonomy
Asia New Vision Forum /: EV Suppliers Must Innovate and Find a Niche to Survive, Insiders Say
Military /: China’s Top Legislature Ousts Four More Generals in Widening Anti-Corruption Campaign

Nasdaq Proposes Stricter IPO Rules, Raising Bar for Smaller Chinese Listings

By Caixin Global

Nasdaq is moving to tighten its listing standards, a step that could sharply limit the flow of smaller Chinese companies onto the exchange even after U.S. audit disputes have been resolved.
In a proposal announced Wednesday, the exchange said it would raise the minimum public float and fundraising requirements for new listings, while enforcing faster suspension and delisting procedures for companies that fail to meet ongoing standards.
For companies listing under income-based standards, the minimum public float would rise from $5 million to $15 million. Firms with deficiencies and a market value below $5 million could face swifter suspension and delisting. For companies that primarily operate in China, new IPOs would need to raise at least $25 million.

Americas/EMEA base oils demand outlook: Week of 15 September

US base oils demand likely to stay muted.
Expectations of sufficient supplies, downward-pressure on prices and seasonal slowdown in consumption at year-end incentivize buyers to trim stocks.
Outright demand likely to stay weak even as recent fire at major blending plant triggers shift in consumption to other blenders, boosting their base oils requirements.

Global base oils arb outlook: Week of 15 September

UAE’s imported Group I SN 500 price extends rise relative to prices in Europe and Asia in H1 Sept 2025.
UAE SN 500 price-strength reflects tight availability of Group I heavy neutrals in Middle East market.
Tight availability contrasts with improving or surplus availability of Group I heavy neutrals in Asia and Europe.

Global base oils margins outlook: Week of 15 September

Global base oils prices mostly hold firm versus feedstock/competing fuel prices.
Firm margins point to strong supply-demand fundamentals, incentivize refiners to maintain or raise output.
Demand would need to hold firm to absorb steady-to-higher supplies.

Asia base oils demand outlook: Week of 15 September

Asia’s base oils demand could get support from signs of steady requirements in markets like southeast Asia and India.
Regional demand could get additional support from blenders’ balanced-to-tight stocks in some markets.
Balanced-to-tight-stocks would boost need for regular replenishment supplies.

Americas/EMEA base oils supply outlook: Week of 15 September

US base oils prices hold firm in narrow range versus vacuum gasoil prices.
Still-firm margins curb pressure on refiners to adjust output.
Moves to maintain steady-to-high output would help to cushion impact of planned plant-maintenance work in coming weeks.

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Sep 16

Daily Brief Industrials: SK Inc, Nisshinbo Holdings, Emeco Holdings, SBS Transit Ltd, Yangzijiang Shipbuilding, Hesai Group, Kingsmen Creative, Parkson Retail Asia, WaterBridge Infrastructure and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Divorce Between SK Group Chairman Chey Tae-Won and Roh So-Young Coming to an End: Impact on SK Inc
Can Nisshinbo (3105) Become a Superstock?
Emeco (EHL AU): Offer Rumours Abound
SBS Transit: Stable and a Slow Growth Business but Expensive at Current Prices
Earnings Delivery, Reasonable Valuations, Healthy Balance Sheet – Ten Stocks in ASEAN
Hesai Secondary Trading – Decent Demand, Despite Lack of Correction
Kingsmen Creatives Chair & Deputy Chair Build Stakes
Stocks Surpassing Turnover Thresholds in 3Q25
WaterBridge Infrastructure LLC (WBI): Sponsor Five Point Looks to Replicate Landbridge IPO Success

Divorce Between SK Group Chairman Chey Tae-Won and Roh So-Young Coming to an End: Impact on SK Inc

By Douglas Kim

More than eight years have passed since Chairman Chey first filed for a divorce from this wife Roh So-young in July 2017.
This divorce case has finally reached the Supreme Court of Korea. Although the final outcome still remains unknown, it appears that this divorce case is finally coming to an end.
We also provide an NAV analysis of SK Inc. Our NAV valuation of SK Inc suggests implied market cap of 24.1 trillion won which is 42% higher than current levels.

Can Nisshinbo (3105) Become a Superstock?

By Michael Allen

Nisshinbo is aiming for a radical transformation from old-fashioned textile business to high-tech, aiming for 80% revenue from defense and high-end tech within 3-5 years
New President Yasuji Ishii promises swift decision-making and a comprehensive restructuring plan by February 2026, targeting 10% RoE, up from a 8% deficit at the trough.
Nisshinbo trades at 70% of book value but should easily trade up to 1.5x if it achieves its Roe target.

Emeco (EHL AU): Offer Rumours Abound

By David Blennerhassett

Reportedly, heavy earthmoving equipment play Emeco Holdings (EHL AU) is in the crosshairs.
Local media are indicating that Emeco has been testing the water on possible domestic suitors, and this has spurred interest from overseas.
The share price is up 27% YTD and 58% over the past year, and currently trading around a four-year high.

SBS Transit: Stable and a Slow Growth Business but Expensive at Current Prices

By Punit Khanna

55% market share in Singapore bus market. SBS runs 3 train lines.
The company has only one customer which is LTA and does not have much pricing power
The company is asset light and has lots of cash on its books.

Raising Money for Persons with Disabilities in Singapore

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All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.

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Earnings Delivery, Reasonable Valuations, Healthy Balance Sheet – Ten Stocks in ASEAN

By Manishi Raychaudhuri

Our focus on earnings delivery continues, this time turning to ASEAN. We screen stocks with consistent EPS estimate upgrades, strong EPS growth forecasts, net debt/equity below 1 and PEG<1.3x.
In the six ASEAN markets, 10 stocks satisfy our criteria – four from Vietnam, two each from Indonesia and Thailand and one each from Singapore and Malaysia.
Nine of the ten stocks appreciated sharply over the past 3 and 6 months. Over the past 12 months 7 stocks appreciated and three declined.

Hesai Secondary Trading – Decent Demand, Despite Lack of Correction

By Sumeet Singh

Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the ADS movement and trading dynamics.

Kingsmen Creatives Chair & Deputy Chair Build Stakes

Institutions were net buyers of Singapore stocks with S$11.1 million inflow, major inflows to DBS, ST Engineering, UOL.
Stamford Land’s Ow Chio Kiat increased interest to 46.23%, maintaining a debt-free position with S$0.5 billion cash.
Nordic Group’s Chang Yeh Hong increased interest to 54.87%, with a strong S$184.9 million orderbook as of June 2025.

Stocks Surpassing Turnover Thresholds in 3Q25

Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion.
Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion.
LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund’s 18.45% stake acquisition.

WaterBridge Infrastructure LLC (WBI): Sponsor Five Point Looks to Replicate Landbridge IPO Success

The Delaware Basin–focused water infrastructure operator set terms Monday to sell 27 million shares at $17–$20, with a debut slated for Wednesday, September 17.
According to our sources, the deal’s order book is classified as multiple-times oversubscribed with 1-on-1 and long-only conversions.
With a strong anchor order and a 10% directed share program and the sponsor having a history of success, we like the risk-reward profile of this deal at this time.

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Sep 16

Daily Brief Health Care: Sun Pharmaceutical Industries, Butong Group, Alphamab Co Ltd, Kestra Medical Technologies and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Sun Pharma’s Halol Hurdles; No Major Impact on Operations
Pre-IPO Butong Group (PHIP Updates) – Some Points Worth the Attention
Alphamab Oncology (9966 HK): Phase III Candidates Hold Opportunity Beyond KN035 (Envafolimab)
Kestra Medical Technologies (KMTS) Six Month Summary: Steady Rebound Amid Sector Volatility

Sun Pharma’s Halol Hurdles; No Major Impact on Operations

By Sudarshan Bhandari

Sun Pharma’s innovative medicines like Ilumya, Cequa, Winlevi, and Leqselvi are driving strong growth, now contributing 20% of revenues. But the Halol plant remains under USFDA restrictions, blocking new approvals.
Specialty medicines such as Ilumya are fueling profitable growth, but continued compliance issues at Halol damage regulatory confidence and delay approvals for new products in the US market.
Sun Pharma’s growth is supported by its specialty portfolio and strong India presence, but improving Halol’s compliance record is essential to rebuild trust and unlock higher market valuations.

Pre-IPO Butong Group (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

BUTONG adopt a marketing-driven model, which lacks underlying innovation in products, may be effective during market expansion, but is prone to the problem of sluggish growth during valuation transition period.
If the approach of promoting expansion by relying on high growth of low-profit business continues, profit space will be suppressed,which isn’t friendly to the narrative of capital market after IPO.
2025-2027 revenue growth could be 30%, 25%, 20% respectively. Considering the high growth in the short term as well as the concerns, P/E of 20-25x could be a comfortable range

Alphamab Oncology (9966 HK): Phase III Candidates Hold Opportunity Beyond KN035 (Envafolimab)

By Tina Banerjee

Alphamab Co Ltd (9966 HK) ‘s NDA of KN026 (anbenitamab) in combination with chemotherapy for the treatment of patients with HER2+ gastric or gastroesophageal junction cancer was accepted by NMPA.
Alphamab has four major products at this moment, one of them commercialized (KN035) and the rest (KN026, JSKN003 and KN046) in the advanced stages of trial or regulatory approval.
In 1H25, company reported an increase of 84% YoY in revenue mainly driven by licensing income. The strong Phase III line up provides a fair bit of revenue visibility.

Kestra Medical Technologies (KMTS) Six Month Summary: Steady Rebound Amid Sector Volatility

The company, which debuted in March 2025 with 11.9 million shares priced at $17.00—above its $14–$16 range—opened at $22.95 for a 35% gain.
Following its debut, Kestra Medical Technologies (KMTS US) hit an early post-IPO high of $26.15 but traded as low as $13.25 in the summer.
The stock has jumped in the last month on the heels of strong first-quarter financial results, where the company not only beat revenue expectations but also raised full-year guidance.

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Sep 16

Daily Brief TMT/Internet: Intel Corp, DeFi Development, F5 Networks Inc, StubHub Holdings, Reddit , Pattern Group, Netskope, Concurrent Technologies, MFE-MediaForEurope and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Intel CFO @ Citi’s 2025 Global TMT Conference: “We Will Use TSMC Forever”
Defi Development Corp (DFDV) – Friday, Jun 13, 2025
F5’s $180 Million CalypsoAI Bet: Can Security Synergies Justify The Price?
StubHub Holdings (STUB): Big Brand, Heavy Debt Weighs on IPO Outlook
Reddit Inc (RDDT) – Monday, Jun 16, 2025
Pattern Group Inc. (PTRN): Profitable and a Potential Discount to Peers Highlights IPO Bull Case
Netskope, Inc. (NTSK): Cybersecurity Leader Draws Eyes with Robust Recurring Revenue
Synopsys Crashes On “Major Foundry Challenges”. Intel, What Have You Done?
Concurrent Technologies — Platform for sustainable growth
Liquid Universe of European Ordinary and Preferred Shares: September’25 Report

Intel CFO @ Citi’s 2025 Global TMT Conference: “We Will Use TSMC Forever”

By William Keating

We will be putting products on TSMC you know, forever, really. TSMC is a great partner for us. Obviously everyone understands that their support and technology are great.
18A is actually a good node for us. We want to milk that node We won’t get peak volume on 18A until the 2030 timeframe.
Kevork Kechichian joined Intel as head of the Data Center Group. He will lead Intel’s data center business across cloud and enterprise, including the Intel Xeon processor family

Defi Development Corp (DFDV) – Friday, Jun 13, 2025

Key points (machine generated)

DFDV is a closed-end digital asset fund providing liquid exposure to Solana and select DeFi protocols, currently valued at 5x its net asset value.
The fund holds 609,000 shares of Solana, totaling approximately $85 million, with a per-share value of around $4.00 compared to a market price of $28.
DFDV lacks a recurring revenue model, depending on asset appreciation and market sentiment, with a complex ownership structure affecting its market dynamics.

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.

F5’s $180 Million CalypsoAI Bet: Can Security Synergies Justify The Price?

F5 Networks (NASDAQ:FFIV) is moving aggressively to deepen its footprint in AI security, announcing plans to acquire CalypsoAI for $180 million in cash.
The deal, expected to close in the fourth quarter of fiscal 2025, comes on the heels of F5’s strongest product revenue growth in over a decade, buoyed by data center modernization, hybrid multi-cloud adoption, and increasing AIrelated workloads.
CalypsoAI, headquartered in Dublin, Ireland, specializes in adaptive real-time AI security solutions, including red-teaming at scale and advanced data protection for enterprises deploying generative and agentic AI.

StubHub Holdings (STUB): Big Brand, Heavy Debt Weighs on IPO Outlook

The company that describes itself as an operator of the largest global secondary ticketing marketplace will offer 34.042 million shares at a $22-25 range and will debut on Wednesday, 9/17.
According to guidance the deal is considered “multiple-times oversubscribed” with continued 1-on-1 conversions. The underwriters state that there is currently no price sensitivity in the book.
With growth mixed and debt burdens high, we view this IPO as one to approach with caution.

Reddit Inc (RDDT) – Monday, Jun 16, 2025

Key points (machine generated)

The author has a positive outlook on Reddit (RDDT US) as a strong multi-year investment post its public debut.
Reddit is modernizing its platform and exploring new revenue streams, while currently generating $1.4 billion in annual revenue with significant growth potential.
Despite some analyst concerns, the author believes risks are overstated and projects a diluted free cash flow of over $12 per share by 2030, indicating a compelling investment opportunity.

Pattern Group Inc. (PTRN): Profitable and a Potential Discount to Peers Highlights IPO Bull Case

Pattern Group will will offer 21.4 million shares at $13–$15, set to debut Friday, September 19.
According to our sources, the deal is classified as well-oversubscribed with early 1-on-1 conversions.
At the $14.00 midpoint, Pattern is targeting an enterprise value of around $2.5bn, valuing it at a mid-teens multiple of expected Ebitda for 2026.

Netskope, Inc. (NTSK): Cybersecurity Leader Draws Eyes with Robust Recurring Revenue

Netskope will offer 47.8 million shares at $15-$17 equating to a market cap of $5.7b-$6.5b and will debut on Thursday, 9/18.
According to our sources, the deal is multiple-times oversubscribed with long-only and 1-on-1 conversions. There is currently no price sensitivity in the offering.
While the company operates with steep losses, it is our opinion that the business continues to be innovative and grow in a sticky cybersecurity sector.

Synopsys Crashes On “Major Foundry Challenges”. Intel, What Have You Done?

By William Keating

Last week, Synopsys reported Q325 results and guidance both well below expectations causing the share price to collapse over 34% in the immediate aftermath.
The company revised down full year revenue targets, noting that “challenges at a major foundry customer are also having a sizeable impact on the year”
That “major foundry customer” is likely Intel. Who’s next in line to face similar revenue impact from Intel’s challenges?

Concurrent Technologies — Platform for sustainable growth

By Edison Investment Research

Concurrent’s interims showed encouraging momentum despite headwinds, underlined by management’s confidence that FY25 financial performance will be ahead of consensus. We believe that management is establishing a platform for sustaining long-term growth, supported by growth of the Systems business, new products, deepening relationships with tier one prime contractors and capacity expansion. With the Systems business now clicking into gear, further acquisitions could accelerate this growth. While the shares have a growth rating, we believe this is a business with a platform, plan and ambition to scale up a number of times over.

Liquid Universe of European Ordinary and Preferred Shares: September’25 Report

By Jesus Rodriguez Aguilar

Across Europe’s dual-class names, spreads mostly tightened: Atlas Copco B-to-A 10.8%, BMW prefs 7.2%, Volvo at par; notable wideners include Carlsberg B at 19.5% discount and SSAB B at 2.6%.
Drivers include index inclusion, liquidity and control: Volkswagen prefs gain from flows and €0.06 dividend uplift; Telecom Italia savings widen on arrears prospects; Handelsbanken and Fuchs maintain puzzling elevated premiums.
Actionables: long MFE A versus B as ProSieben settlement lifts liquidity; Grifols B versus A on deleveraging; Henkel ords versus prefs; Volkswagen prefs versus ords; monitor Ericsson, Investor, Industrivärden parity.

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Sep 16

Daily Brief Industrials: SK Inc, Nisshinbo Holdings, Emeco Holdings, SBS Transit Ltd, Yangzijiang Shipbuilding, Hesai Group, Kingsmen Creative, Parkson Retail Asia, WaterBridge Infrastructure and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Divorce Between SK Group Chairman Chey Tae-Won and Roh So-Young Coming to an End: Impact on SK Inc
Can Nisshinbo (3105) Become a Superstock?
Emeco (EHL AU): Offer Rumours Abound
SBS Transit: Stable and a Slow Growth Business but Expensive at Current Prices
Earnings Delivery, Reasonable Valuations, Healthy Balance Sheet – Ten Stocks in ASEAN
Hesai Secondary Trading – Decent Demand, Despite Lack of Correction
Kingsmen Creatives Chair & Deputy Chair Build Stakes
Stocks Surpassing Turnover Thresholds in 3Q25
WaterBridge Infrastructure LLC (WBI): Sponsor Five Point Looks to Replicate Landbridge IPO Success

Divorce Between SK Group Chairman Chey Tae-Won and Roh So-Young Coming to an End: Impact on SK Inc

By Douglas Kim

More than eight years have passed since Chairman Chey first filed for a divorce from this wife Roh So-young in July 2017.
This divorce case has finally reached the Supreme Court of Korea. Although the final outcome still remains unknown, it appears that this divorce case is finally coming to an end.
We also provide an NAV analysis of SK Inc. Our NAV valuation of SK Inc suggests implied market cap of 24.1 trillion won which is 42% higher than current levels.

Can Nisshinbo (3105) Become a Superstock?

By Michael Allen

Nisshinbo is aiming for a radical transformation from old-fashioned textile business to high-tech, aiming for 80% revenue from defense and high-end tech within 3-5 years
New President Yasuji Ishii promises swift decision-making and a comprehensive restructuring plan by February 2026, targeting 10% RoE, up from a 8% deficit at the trough.
Nisshinbo trades at 70% of book value but should easily trade up to 1.5x if it achieves its Roe target.

Emeco (EHL AU): Offer Rumours Abound

By David Blennerhassett

Reportedly, heavy earthmoving equipment play Emeco Holdings (EHL AU) is in the crosshairs.
Local media are indicating that Emeco has been testing the water on possible domestic suitors, and this has spurred interest from overseas.
The share price is up 27% YTD and 58% over the past year, and currently trading around a four-year high.

SBS Transit: Stable and a Slow Growth Business but Expensive at Current Prices

By Punit Khanna

55% market share in Singapore bus market. SBS runs 3 train lines.
The company has only one customer which is LTA and does not have much pricing power
The company is asset light and has lots of cash on its books.

Raising Money for Persons with Disabilities in Singapore

For your kind consideration

To contribute, please visit this URL.

Earnings Delivery, Reasonable Valuations, Healthy Balance Sheet – Ten Stocks in ASEAN

By Manishi Raychaudhuri

Our focus on earnings delivery continues, this time turning to ASEAN. We screen stocks with consistent EPS estimate upgrades, strong EPS growth forecasts, net debt/equity below 1 and PEG<1.3x.
In the six ASEAN markets, 10 stocks satisfy our criteria – four from Vietnam, two each from Indonesia and Thailand and one each from Singapore and Malaysia.
Nine of the ten stocks appreciated sharply over the past 3 and 6 months. Over the past 12 months 7 stocks appreciated and three declined.

Hesai Secondary Trading – Decent Demand, Despite Lack of Correction

By Sumeet Singh

Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the ADS movement and trading dynamics.

Kingsmen Creatives Chair & Deputy Chair Build Stakes

Institutions were net buyers of Singapore stocks with S$11.1 million inflow, major inflows to DBS, ST Engineering, UOL.
Stamford Land’s Ow Chio Kiat increased interest to 46.23%, maintaining a debt-free position with S$0.5 billion cash.
Nordic Group’s Chang Yeh Hong increased interest to 54.87%, with a strong S$184.9 million orderbook as of June 2025.

Stocks Surpassing Turnover Thresholds in 3Q25

Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion.
Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion.
LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund’s 18.45% stake acquisition.

WaterBridge Infrastructure LLC (WBI): Sponsor Five Point Looks to Replicate Landbridge IPO Success

The Delaware Basin–focused water infrastructure operator set terms Monday to sell 27 million shares at $17–$20, with a debut slated for Wednesday, September 17.
According to our sources, the deal’s order book is classified as multiple-times oversubscribed with 1-on-1 and long-only conversions.
With a strong anchor order and a 10% directed share program and the sponsor having a history of success, we like the risk-reward profile of this deal at this time.

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Sep 16

Daily Brief Energy/Materials: Ramelius Resources, Zijin Gold, Resonac Holdings , Lundin Mining, Crude Oil, Perimeter Solutions , Anglo American and more

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

In today’s briefing:

[Quiddity Index] VanEck Gold Miners ETF (GDX) Rebal Results – 8 ADDs, 24 DELs
Zijin Gold IPO: PHIP Updates Support the Investment Thesis
Resonac Holdings – Strategic Transition and Re-Rating Potential
Zijin Gold Int’l IPO Preview: High-Growth Gold Mining Leader (PHIP, 14 Sep 2025)
Zijin Gold Pre-IPO: PHIP Update: Acquisition of Raygorodok Mine for a Song
The Transformation of Lundin Mining: A Five Year Capital Allocation Masterclass (2020-2024)
MacroVoices #497 Dr. Anas Alhajji: The Impact of Trump Polices on Russia, China, India & OPEX+
Global Commodities: Beware the Ides of September
Dialogue. Perimeter, CSU, and Copart Update + Nvidia GPU Risks and Fed Rate History
Anglo Teck Mega Merger… and a Retail Revolt

[Quiddity Index] VanEck Gold Miners ETF (GDX) Rebal Results – 8 ADDs, 24 DELs

By Travis Lundy

Friday post-close the MarketVector™️ Global Gold Miners Index announced its rebalance changes and as a result, the flows for the VanEck Gold Miners ETF are known.
As per the expectations of our Quiddity Index PS, the MVGDX added only Ramelius Resources (RMS AU) resulting in 8 ADDs and 24 DELs for the VanEck benchmark change.
The significant move in gold prices the last month have more than doubled the deletion/capping flow total to $12.6bn. There are some REALLY big flows here.

Zijin Gold IPO: PHIP Updates Support the Investment Thesis

By Arun George

Zijin Gold (2579355D HK) is a global leading gold mining company and the overseas gold segment of Zijin Mining Group (601899 CH). It is pre-marketing an HKEx IPO to raise US$3bn.
I previously discussed the IPO and outlined my investment thesis in Zijin Gold IPO: The Investment Case.
In this note, I take a look at the new information from the PHIP. The 1H25 results and latest developments underscore my previous bullish thesis.

Resonac Holdings – Strategic Transition and Re-Rating Potential

Resonac continues to reshape its portfolio, scaling growth materials while rationalising legacy chemicals and electrodes.
FY2025 guidance appears conservative, particularly on profit, leaving room for upside if current momentum is sustained.
Valuation & risk: Shares trade at a discount to global peers, with re-rating potential contingent on execution and balance sheet discipline.

Zijin Gold Int’l IPO Preview: High-Growth Gold Mining Leader (PHIP, 14 Sep 2025)

High Growth: ~80% production increase (36t to 65t, 2024–27E) via Buriticá, Aurora, Porgera, Central Asia.
Valuation: Filing suggests US$12–16bn (US$3–4bn raise, 6–7.5× EV/EBITDA); market eyes US$30–40bn.
Key Dynamics: SOE-backed expansion; risks in EM execution and AISC (~US$1,350/oz by 2027E).

Zijin Gold Pre-IPO: PHIP Update: Acquisition of Raygorodok Mine for a Song

By Nicholas Tan

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 provide a PHIP update.

The Transformation of Lundin Mining: A Five Year Capital Allocation Masterclass (2020-2024)

By Massif Capital Research

In the history of mining corporate strategy, few companies have executed a more comprehensive and successful transformation than Lundin Mining between 2020 and 2024.
Under the sequential leadership of CEO Peter Rockandel and his successor, Jack Lundin, the company has orchestrated a methodical repositioning from an unfocused, geographically diversified base metals producer into a concentrated, copper-dominant miner with world-class greenfield growth prospects.
This transformation, achieved through the sale of non-core assets, a doubling down on the pursuit of operational excellence, and over four billion dollars in strategic capital allocation decisions, represents a masterclass in corporate strategy within the cyclical and capital-intensive mining industry.

MacroVoices #497 Dr. Anas Alhajji: The Impact of Trump Polices on Russia, China, India & OPEX+

By Macro Voices

OPEC’s Group of Eight discussed unwinding production cuts and increasing oil production, led by Saudi Arabia to bring energy prices down
OPEC’s cooperation with non-OPEC producers, including Russia and Kazakhstan, resulted in a 2 million barrels per day production cut in late 2022
Dr. Anas Alhaji, Energy Outlook Advisors managing partner, discussed OPEC’s actions and outlook on oil prices in an interview with Macro Voices host, Eric Townsend

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Commodities: Beware the Ides of September

By At Any Rate

Price structures have remained resilient in 2025, with Brent and WTI in backwardation despite OPEC supply hikes and increasing crude inventories
Five conditions were needed for crude prices to start reflecting year-end weakness, but only two have materialized so far
OECD crude inventories have not built as aggressively as expected, with a lopsided increase in global stocks outside of Western markets, particularly in China

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Dialogue. Perimeter, CSU, and Copart Update + Nvidia GPU Risks and Fed Rate History

By The Synopsis

Perimeter had a strong quarter with revenues up 28% year over year to 163 million, driven by growth in both their fire safety and specialty products segments
EBITDA growth was even stronger at 91 million, with the Fire Safety segment enjoying a 98% incremental margin, showing operating leverage and operational efficiency
Perimeter’s acquisition strategy and diversification into new platforms are helping to offset the impact of wildfires on their business, with promising growth potential for the future.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Anglo Teck Mega Merger… and a Retail Revolt

By Money of Mine

Anglo Tech merger is a massive deal with significant potential synergies and benefits for both companies, particularly in copper production
The deal is well structured with operational synergies and nil premium merger, making it difficult for potential interlopers to compete
Anglo has shown remarkable turnaround from being undervalued and criticized to being a key player in the industry, with significant government approvals and listing requirements in place for the deal to be successful

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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Sep 16

Daily Brief Consumer: Alibaba, Central Plaza Hotel, Potbelly Corp, J Sainsbury PLC, Thunderbird Entertainment Group, Kweichow Moutai, KRBL Ltd, Hesai Group, Kingsmen Creative and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Alibaba Taps AI Chips, Raises $3.2 Billion, & Sends Wall Street Buzzing!
Quiddity Leaderboard SET50 Dec25: Delta Capping in Sep25; At Least Two Index Changes Likely in Dec25
Potbelly Corp (PBPB) – Monday, Jun 16, 2025
JD Walks from Argos – But Sainsbury’s Valuation Case Strengthens
Sophon Capital’s Thunderbird Entertainment Thesis $TBRD
Moutai (600519) – Monday, Jun 16, 2025
KRBL Ltd- Not Just Another Resignation
Unpacking KRBL’s Corporate Challenges
Hesai Secondary HK Offering: What Is LiDAR’s Real TAM? Big Upside, One Big Risk.
Kingsmen Creatives Chair & Deputy Chair Build Stakes

Alibaba Taps AI Chips, Raises $3.2 Billion, & Sends Wall Street Buzzing!

Alibaba Group is back in the spotlight after unveiling a trifecta of high-profile moves that have reignited investor interest and sent its shares sharply higher.
The Chinese tech conglomerate raised $3.2 billion through the issuance of zero-coupon convertible bonds due 2032, a financing round earmarked for strengthening its AI and cloud infrastructure.
At the same time, reports surfaced that Alibaba is beginning to deploy in-house AI training chips, reducing reliance on Nvidia’s costly accelerators and signaling a shift toward technological sovereignty in the middle of China’s broader AI race.

Quiddity Leaderboard SET50 Dec25: Delta Capping in Sep25; At Least Two Index Changes Likely in Dec25

By Janaghan Jeyakumar, CFA

The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we take a look at our capping flow expectations for the September 2025 index rebal event.
Separately, we expect at least two index changes during the next index review in December 2025.

Potbelly Corp (PBPB) – Monday, Jun 16, 2025

Key points (machine generated)

The article highlights Potbelly (PBPB) as a promising investment opportunity in the fast-casual restaurant sector.
Under CEO Bob Wright, Potbelly has made operational improvements leading to increased average-unit volumes and profit margins.
The author believes Potbelly is shifting from a turnaround story to a growth stock, with potential for shares to double.

JD Walks from Argos – But Sainsbury’s Valuation Case Strengthens

By Jesus Rodriguez Aguilar

Argos’s strategic value remains underappreciated, despite JD.com walking away. A sale or internal turnaround could unlock up to £2 billion in value based on realistic, post-tax synergy assumptions.
Sainsbury acquired Argos for £1.4 billion in 2016, aiming for multichannel scale. While digital integration succeeded, long-term profit delivery has lagged — offering a compelling restructuring opportunity today.
My event-driven SOTP model shows 10–25% share price upside, with optionality from renewed M&A interest, internal margin improvement, or capital allocation catalysts including divestment or spin-off.

Sophon Capital’s Thunderbird Entertainment Thesis $TBRD

By Yet Another Value Podcast

Thunderbird Entertainment is a highly illiquid Canadian stock with a market cap of $75 million CAD, traded at low volumes.
Sofon Capital Research is interested in microcap companies like Thunderbird, defining them as high quality businesses at fair to great prices.
Thunderbird is considered a very good business at an outstanding price, trading at less than 2x next 12 months EBITDA, making it an attractive investment opportunity.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Moutai (600519) – Monday, Jun 16, 2025

Key points (machine generated)

Moutai is a premium baijiu essential for social gatherings in China, symbolizing respect and status.
Despite strong financial performance, Moutai’s stock price has stagnated due to oversupply and pricing volatility.
The long-term outlook for Moutai remains optimistic, with potential for recovery as market conditions stabilize.

KRBL Ltd- Not Just Another Resignation

By Nitin Mangal

Shares of KRBL Ltd (KRB IN) dropped as much as 12% intraday on September 15th, owing to resignation of Independent Director, Mr. Anil Kumar Chaudhary.
His letter highlights suppression of dissent, lack of transparency in decision-making, questionable receivable write-offs, and CSR mismanagement among several governance concerns currently at the company.
When triangulated with auditor qualifications, committee overlaps, CSR lapses, frequent Board/CS exits, and major write off, a pattern of weak checks and board oversight emerges.

Unpacking KRBL’s Corporate Challenges

By Nimish Maheshwari

Independent Director Anil Kumar Chaudhary resigned in September 2025 citing serious governance issues including suppression of dissent, withholding of information, arbitrary financial decisions, and board process irregularities.
These recent events suggest that previous governance controversies are not fully resolved, raising issues around board transparency, independent oversight, and risk to stakeholder trust.
While KRBL’s operational performance remains strong, this development raises serious red flags about the company’s governance culture.

Hesai Secondary HK Offering: What Is LiDAR’s Real TAM? Big Upside, One Big Risk.

By Raj S, CA, CFA

LiDAR TAM is underestimated – Current consensus misses the true size. Our work suggests 2030 TAM can be 70–120% higher than implied; Hesai best positioned as the market leader.
Three Sub-segments Key –China LiDAR penetration reaching 60% penetration, Global ex-China ADAS (and LiDAR) adoption accelerating to 25–35%, and Robotics (logistics, humanoids, appliances) building upto $60bn market by 2030.
Though the use-cases and upside for the sector can be far beyond current estimates, the industry faces a significant technology risk and the jury is still out.

Kingsmen Creatives Chair & Deputy Chair Build Stakes