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Smartkarma Daily Briefs

Nov 28
0

Most Read: Toyoda Gosei, Daehan Shipbuilding, Kioxia Holdings , Bengo4.Com Inc, Digital Holdings Inc, Mandom Corp, Korea Stock Exchange KOSPI 200 and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Kioxia (285A JP) Placement: Limited Passive Buying & Big Runup Opens Up More Downside
  • [Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF
  • KOSPI Size Indices: Lots of Change as Averaging Starts
  • KIOXIA (285A JP) — Q2 FY25 Update, Selldown Context, and Valuation
  • [Quiddity Index] Bengo4.com (6027 JP) To TSE Prime and TOPIX Inclusion
  • Digital Holdings (2389 JP): SilverCape Revised Terms Faces Twin Challenges
  • [Japan Activism] Mandom (4917) Holders Get an Early Win as MBO Bidder CVC Bumps 29%
  • [Japan Activism/M&A] SilverCape Renews Its Effort on Digital HD (2389 JP) To Resolve Board Complaint
  • Korea FSC Omnibus Rollout Dropped Today: Key Backdrop & Trade-Relevant Angle
  • Mandom (4917 JP): A Big Win for Activists as CVC-Sponsored MBO Price Raised to JPY2,520

Kioxia (285A JP) Placement: Limited Passive Buying & Big Runup Opens Up More Downside

By Brian Freitas

  • Bain Capital is looking to place 36m shares of Kioxia Holdings (285A JP) to overseas investors at a 7-9% discount to the last close of the stock.
  • The stock has run up a lot since its IPO with the last leg driven by inclusion in a global index that took place at the close on Friday.
  • Toshiba (6502 JP) had already been selling stock, and the Bain selling could take the stock lower, especially with limited passive buying in the short-term to support the big runup.

[Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF

By Travis Lundy

  • Last week, before the long weekend, Toyota Motor (7203 JP) and Sumitomo Mitsui Financial Group (8316 JP) announced a very big secondary selldown of shares in Toyoda Gosei (7282 JP). 
  • The selldown is 85x 3mo ADV, 27% of shares out. 125% of Max Real World Float. It’s a lot of stock at $750mm. One wonders where demand is.
  • They also announced a big buyback, which is some of it, and there are index impacts, BUT this offering needs to find LOTS of new fundamental owners quickly.

KOSPI Size Indices: Lots of Change as Averaging Starts

By Brian Freitas

  • The review period for the March rebalance of the KOSPI Size Indices will commence on 1 December and will end on 28 February.
  • Nearing the start of the averaging period, we forecast 34 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap and 2 to SmallCap.
  • The upward migrations have outperformed the downward migrations by a lot over the last 3 months. The gap in returns versus the KOSPI2 INDEX is a lot smaller.

KIOXIA (285A JP) — Q2 FY25 Update, Selldown Context, and Valuation

By Rahul Jain

  • Q2 results confirmed a clear earnings inflection, driven by strong enterprise SSD demand, improving ASPs, and recovering smartphone NAND volumes.
  • Q3 guidance signals record revenue and further margin expansion supported by tight NAND supply and AI-linked storage demand.
  • Despite near-term pressure from Bain’s selldown, long-term fundamentals remain intact; valuation discounts justify a ¥12,500 target and accumulate-on-weakness stance.

[Quiddity Index] Bengo4.com (6027 JP) To TSE Prime and TOPIX Inclusion

By Travis Lundy

  • Back in mid-August, Bengo4.Com Inc (6027 JP) (“Bengoshi.com”) announced that it had applied to transfer to TSE Prime. 3+mos later, today it announced it will move on 4 Dec 2025.
  • That sets up a TOPIX inclusion for end-January 2026 and then a likely upweight at end-April 2026.
  • There is no accompanying offering, and the float is likely small. But the inclusion displaces the current active base. And there’s at least one large holder selling recently.

Digital Holdings (2389 JP): SilverCape Revised Terms Faces Twin Challenges

By Arun George

  • SilverCape has increased its tender offer price for Digital Holdings Inc (2389 JP) by 2.9% to JPY2,450 and raised the minimum tendering condition to 6.8 million shares (36.61% ownership ratio).
  • The SilverCape hostile offer faces twin challenges: preventing completion of the Hakuhodo Dy Holdings (2433 JP) offer and gaining the Board’s support/stopping the implementation of countermeasures.
  • SilverCape’s revised terms are unlikely to address these challenges. While Hakuhodo may (again) revise its offer, I expect the bump to be marginal (less than 5%). 

[Japan Activism] Mandom (4917) Holders Get an Early Win as MBO Bidder CVC Bumps 29%

By Travis Lundy

  • Today late in the afternoon session, the Nikkei reported that the MBO price would be bumped by “about 30%”. The stock popped 4.6%. 
  • Post-Close, the deal is bumped from ¥1,960 to ¥2,520 (+29%). Activist holders Murakami Group with 21.4% and Hibiki Path Advisors with 5.5% have agreed to tender. 
  • With the two main activists publicly engaged now agreed to tender, this looks like a done deal.

[Japan Activism/M&A] SilverCape Renews Its Effort on Digital HD (2389 JP) To Resolve Board Complaint

By Travis Lundy

  • Digital Holdings Inc (2389 JP) jumped today after spending a week or more at levels just above the revised Tender Price of Hakuhodo Dy Holdings (2433 JP). 
  • SilverCape had promised to bid ¥2,380 against Hakuhodo’s ¥1,970 and the Company responded by threatening a Poison Pill against SilverCape, for relatively spurious reasons (as discussed here).
  • Hakuhodo bid slightly more, and lowered its minimum, thereby nearly ensuring their success. HOWEVER…. SilverCape’s CIO interviewed yesterday promised a higher price. The stock popped today. But…

Korea FSC Omnibus Rollout Dropped Today: Key Backdrop & Trade-Relevant Angle

By Sanghyun Park

  • FSC confirms December rollout; beyond procedural cleanup, this structural shift in flows brings small-to-mid shops and offshore retail, creating new order patterns in the local market.
  • Omnibus accounts aggregate orders under one broker, blurring classic smart-money signals, slowing local retail follow-ons, and creating wider price-action gaps in the order book.
  • MSCI volatility trades also require attention; the omnibus rollout will likely intensify flows as new accounts follow major institutions, impacting the Korea sleeve short-term.

Mandom (4917 JP): A Big Win for Activists as CVC-Sponsored MBO Price Raised to JPY2,520

By Arun George

  • Mandom Corp (4917 JP) has disclosed that the CVC-sponsored MBO price has increased by 28.6% from JPY1,960 to JPY2,520.
  • The revised terms mark a big win for activists, Murakami and Hibiki. Both activists will tender, with Hibiki reinvesting around 40% of its proceeds into the offeror’s parent entity.
  • The revised terms are attractive, and this is a done deal. The offer closes on 18 December, with payment from 25 December.

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Nov 28
0

Daily Brief Industrials: Dynamatic Technologies, Brookfield Business , Ferrovial Sa, James Latham, Okumura Engineering, Strix Group, bpost SA, Vp PLC and more

By | Daily Briefs, Industrials

In today’s briefing:

  • The Beat Ideas: Dynamatic Technologies – An Indian Tier-1 Supplier’s Flight Path in Global Aerospace
  • Brookfield Business Corporation (BBUC): How the New Merger Plan Hides Problems
  • Primer: Ferrovial Sa (FER SM) – Nov 2025
  • Primer: James Latham (LTHM LN) – Nov 2025
  • (25 Nov 2025) OKM <6229> — Fisco Company Research
  • Strix Group – Is Change Afoot?
  • bpost SA – What’s News in Amsterdam
  • Vp plc – Brandon Hire Station repositioned for profitability

The Beat Ideas: Dynamatic Technologies – An Indian Tier-1 Supplier’s Flight Path in Global Aerospace

By Nimish Maheshwari

  • The structural shift in Dynamatic Technologies’ revenue mix is accelerating, with the high-margin Aerospace segment now contributing 82% of consolidated EBITDA in FY25, underpinned by major new contract industrialization.
  • The premium valuation is justified by its annuity-like, high-barrier sole-supplier status for the Airbus A320 family and significant new program wins (Airbus A220 doors), providing a multi-decade visibility.
  • DTL’s core value is increasingly diverging from its legacy segments; success hinges on efficient capital deployment in India and mitigating the persistent drag from its European Metallurgy business.

Brookfield Business Corporation (BBUC): How the New Merger Plan Hides Problems

By J Capital Research

  • We believe a pending combination of Canadian and U.S.-listed sister corporations BBU and BBUC into a single new entity may be designed to absorb $1.5 bln in off-balance-sheet liabilities belonging to BBUC into a larger entity to brace for potential financial problems.
  • These off-balance-sheet “arrangements,” if they default, will probably not sink the newly formed company in the near term.
  • But the new company will still be weighed down with a substantial on-balance-sheet debt load. 

Primer: Ferrovial Sa (FER SM) – Nov 2025

By αSK

  • Ferrovial is a global infrastructure operator with a strategic focus on high-value transportation assets, particularly in North America. The company’s integrated business model, encompassing the entire project lifecycle from design and construction to financing and operation, provides a significant competitive advantage in complex public-private partnership (P3) projects.
  • The company is in a strong financial position, characterized by a net cash position (excluding infrastructure project debt) and a track record of robust cash flow generation from its portfolio of mature assets. This financial strength allows for continued investment in growth projects and shareholder returns.
  • Future growth is expected to be driven by a strong pipeline of infrastructure projects in North America, including managed lanes and airport expansions, as well as opportunities in the energy transition and water infrastructure sectors. The recent listing on Nasdaq is anticipated to enhance visibility and access to capital to fund these growth initiatives.

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

Primer: James Latham (LTHM LN) – Nov 2025

By αSK

  • James Latham is a leading UK-based independent distributor of timber, panels, and decorative surfaces with a history spanning over 265 years, demonstrating significant resilience and market understanding.
  • After a period of peak earnings in FY2023, the company has seen a normalization of performance, with revenue and net income declining in FY2024 and FY2025, reflecting more challenging market conditions and stabilizing timber prices.
  • The company maintains a strong balance sheet and a long-term growth focus, underscored by consistent dividend payments and strategic investments, such as a planned national distribution centre to enhance operational efficiency.

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

(25 Nov 2025) OKM <6229> — Fisco Company Research

By FISCO

Key points (machine generated)

  • OKM Corporation holds over 90% market share in Japan and approximately 40% globally in the valve industry.
  • The company has revised its financial outlook upward for the fiscal year ending March 2026, driven by strong marine market sales and effective cost management.
  • The second medium-term management plan aims for sales of 13.2 billion yen and an operating profit of 1.3 billion yen by March 2028, aligning with the long-term vision ‘Create 200.’

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

Strix Group – Is Change Afoot?

By Equity Development

  • The trading update for the six months to September covers three areas: trading, indebtedness and the Board.
  • With Billi and Consumer goods performing to plan, the Controls division remains the outlier, reflecting a slower than hoped for recovery in its markets.
  • We have reduced estimates as a result, with adj. PBT / EPS declining by 9.7%.

bpost SA – What’s News in Amsterdam

By The IDEA!

  • In this edition: • Aegon | rumoured to be considering divesting part or all of its non-US operations • Ferrari Group | no real surprises in 3Q25; reiterates FY25 guidance • bpostgroup | signs MoU to expand collaboration with Temu in Belgium and Canada • Black Friday | spike in online transactions on Tuesday; November MTD volumes +32% • E-commerce & Logistics | France takes legal action against AliExpress and Joom

Vp plc – Brandon Hire Station repositioned for profitability

By Equity Development

  • Vp’s interims confirm a solid performance, highlighting the strength of the Groups’ diversified business model.
  • Strong demand in International (specialist activities in Ireland, Transmission in Germany) continues to offset persistent weakness in General Construction in the UK.
  • Decisive action has been taken to reposition Brandon Hire Station for sustainable profitability, supporting the Group’s strategic and B2B customers.

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  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
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Nov 28
0

Daily Brief Industrials: Dynamatic Technologies, Brookfield Business , Ferrovial Sa, James Latham, Okumura Engineering, Strix Group, bpost SA, Vp PLC and more

By | Daily Briefs, Industrials

In today’s briefing:

  • The Beat Ideas: Dynamatic Technologies – An Indian Tier-1 Supplier’s Flight Path in Global Aerospace
  • Brookfield Business Corporation (BBUC): How the New Merger Plan Hides Problems
  • Primer: Ferrovial Sa (FER SM) – Nov 2025
  • Primer: James Latham (LTHM LN) – Nov 2025
  • (25 Nov 2025) OKM <6229> — Fisco Company Research
  • Strix Group – Is Change Afoot?
  • bpost SA – What’s News in Amsterdam
  • Vp plc – Brandon Hire Station repositioned for profitability

The Beat Ideas: Dynamatic Technologies – An Indian Tier-1 Supplier’s Flight Path in Global Aerospace

By Nimish Maheshwari

  • The structural shift in Dynamatic Technologies’ revenue mix is accelerating, with the high-margin Aerospace segment now contributing 82% of consolidated EBITDA in FY25, underpinned by major new contract industrialization.
  • The premium valuation is justified by its annuity-like, high-barrier sole-supplier status for the Airbus A320 family and significant new program wins (Airbus A220 doors), providing a multi-decade visibility.
  • DTL’s core value is increasingly diverging from its legacy segments; success hinges on efficient capital deployment in India and mitigating the persistent drag from its European Metallurgy business.

Brookfield Business Corporation (BBUC): How the New Merger Plan Hides Problems

By J Capital Research

  • We believe a pending combination of Canadian and U.S.-listed sister corporations BBU and BBUC into a single new entity may be designed to absorb $1.5 bln in off-balance-sheet liabilities belonging to BBUC into a larger entity to brace for potential financial problems.
  • These off-balance-sheet “arrangements,” if they default, will probably not sink the newly formed company in the near term.
  • But the new company will still be weighed down with a substantial on-balance-sheet debt load. 

Primer: Ferrovial Sa (FER SM) – Nov 2025

By αSK

  • Ferrovial is a global infrastructure operator with a strategic focus on high-value transportation assets, particularly in North America. The company’s integrated business model, encompassing the entire project lifecycle from design and construction to financing and operation, provides a significant competitive advantage in complex public-private partnership (P3) projects.
  • The company is in a strong financial position, characterized by a net cash position (excluding infrastructure project debt) and a track record of robust cash flow generation from its portfolio of mature assets. This financial strength allows for continued investment in growth projects and shareholder returns.
  • Future growth is expected to be driven by a strong pipeline of infrastructure projects in North America, including managed lanes and airport expansions, as well as opportunities in the energy transition and water infrastructure sectors. The recent listing on Nasdaq is anticipated to enhance visibility and access to capital to fund these growth initiatives.

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

Primer: James Latham (LTHM LN) – Nov 2025

By αSK

  • James Latham is a leading UK-based independent distributor of timber, panels, and decorative surfaces with a history spanning over 265 years, demonstrating significant resilience and market understanding.
  • After a period of peak earnings in FY2023, the company has seen a normalization of performance, with revenue and net income declining in FY2024 and FY2025, reflecting more challenging market conditions and stabilizing timber prices.
  • The company maintains a strong balance sheet and a long-term growth focus, underscored by consistent dividend payments and strategic investments, such as a planned national distribution centre to enhance operational efficiency.

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

(25 Nov 2025) OKM <6229> — Fisco Company Research

By FISCO

Key points (machine generated)

  • OKM Corporation holds over 90% market share in Japan and approximately 40% globally in the valve industry.
  • The company has revised its financial outlook upward for the fiscal year ending March 2026, driven by strong marine market sales and effective cost management.
  • The second medium-term management plan aims for sales of 13.2 billion yen and an operating profit of 1.3 billion yen by March 2028, aligning with the long-term vision ‘Create 200.’

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

Strix Group – Is Change Afoot?

By Equity Development

  • The trading update for the six months to September covers three areas: trading, indebtedness and the Board.
  • With Billi and Consumer goods performing to plan, the Controls division remains the outlier, reflecting a slower than hoped for recovery in its markets.
  • We have reduced estimates as a result, with adj. PBT / EPS declining by 9.7%.

bpost SA – What’s News in Amsterdam

By The IDEA!

  • In this edition: • Aegon | rumoured to be considering divesting part or all of its non-US operations • Ferrari Group | no real surprises in 3Q25; reiterates FY25 guidance • bpostgroup | signs MoU to expand collaboration with Temu in Belgium and Canada • Black Friday | spike in online transactions on Tuesday; November MTD volumes +32% • E-commerce & Logistics | France takes legal action against AliExpress and Joom

Vp plc – Brandon Hire Station repositioned for profitability

By Equity Development

  • Vp’s interims confirm a solid performance, highlighting the strength of the Groups’ diversified business model.
  • Strong demand in International (specialist activities in Ireland, Transmission in Germany) continues to offset persistent weakness in General Construction in the UK.
  • Decisive action has been taken to reposition Brandon Hire Station for sustainable profitability, supporting the Group’s strategic and B2B customers.

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Sign Up for Free

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
Sign Up for Free


Nov 28
0

Daily Brief Health Care: Percheron Therapeutics , Alliance Healthcare Group Ltd, Asian Healthcare Specialists and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Percheron Therapeutics — Phase II visibility drives valuation upgrade
  • Percheron Therapeutics — Phase II visibility drives valuation upgrade
  • Primer: Alliance Healthcare Group Ltd (AHG SP) – Nov 2025
  • Primer: Asian Healthcare Specialists (AHSP SP) – Nov 2025

Percheron Therapeutics — Phase II visibility drives valuation upgrade

By Edison Investment Research

We have refreshed our investment case for Percheron as the company heads into CY26 with a clearly defined Phase II plan for HMBD-002, backed by positive Phase I data and a strengthened management team. Our model now reflects the likely Phase II basket design, comprising exploratory and subsequent expansion cohorts, along with refined assumptions on study size, sequencing and timelines across the four priority indications: triple-negative breast cancer (TNBC), EGFR-mutant non-small cell lung cancer (NSCLC), HER2-negative oesophageal adenocarcinoma and endometrial cancer. With trial initiation likely to be staggered (we model a three- to six-month gap between each arm), we anticipate TNBC and NSCLC to be the lead indications, reflecting their larger addressable markets and clearer early-stage partnering interest. We expect the company to self-sponsor the Phase II studies with a global licensing deal in 2029, ahead of Phase III. Our valuation increases to A$79.0m or 7.3c/share, from A$66.7m or 6.1c/share.

Percheron Therapeutics — Phase II visibility drives valuation upgrade

By Edison Investment Research

We have refreshed our investment case for Percheron as the company heads into CY26 with a clearly defined Phase II plan for HMBD-002, backed by positive Phase I data and a strengthened management team. Our model now reflects the likely Phase II basket design, comprising exploratory and subsequent expansion cohorts, along with refined assumptions on study size, sequencing and timelines across the four priority indications: triple-negative breast cancer (TNBC), EGFR-mutant non-small cell lung cancer (NSCLC), HER2-negative oesophageal adenocarcinoma and endometrial cancer. With trial initiation likely to be staggered (we model a three- to six-month gap between each arm), we anticipate TNBC and NSCLC to be the lead indications, reflecting their larger addressable markets and clearer early-stage partnering interest. We expect the company to self-sponsor the Phase II studies with a global licensing deal in 2029, ahead of Phase III. Our valuation increases to A$79.0m or 7.3c/share, from A$66.7m or 6.1c/share.

Primer: Alliance Healthcare Group Ltd (AHG SP) – Nov 2025

By αSK

  • Alliance Healthcare Group (AHG) is an integrated healthcare provider in Singapore, strategically positioned to capitalize on favorable industry tailwinds, including an aging population and increasing demand for digital health services.
  • The company’s growth is driven by its diversified business segments, encompassing Managed Healthcare Solutions, GP and Specialist Clinics, Pharmaceutical Services, and a growing Mobile and Digital Health division.
  • While demonstrating strong revenue growth, the company faces challenges related to rising operating costs and investments in new ventures that are currently impacting profitability.

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

Primer: Asian Healthcare Specialists (AHSP SP) – Nov 2025

By αSK

  • Multi-disciplinary Specialist Group with Regional Aspirations: Asian Healthcare Specialists (AHS) is a growing multi-disciplinary medical services group in Singapore, offering a wide range of specialised healthcare services. Initially focused on orthopaedics, the company has expanded through organic growth and acquisitions to include anaesthesia, dermatology, gastroenterology, ophthalmology, urology, and family medicine. A key part of its strategy is to export the Singapore brand of high-quality healthcare to the region, with an initial foray into Myanmar.
  • Experienced Medical Professionals Driving Quality Care: The group’s strength lies in its team of experienced medical professionals, with many having over 20 years of experience in both public and private healthcare sectors. This deep expertise allows AHS to focus on providing ethical, high-quality, and patient-centric care, which is a core tenet of its business philosophy. The company aims to provide a comprehensive suite of in-house services for complex medical issues that require input from various specialities.
  • Favorable Industry Tailwinds Supporting Growth: AHS is well-positioned to benefit from favorable demographic and industry trends in Singapore. An ageing population is expected to drive demand for healthcare services, particularly in areas like orthopaedics. Furthermore, rising income levels, a growing number of insured patients, and Singapore’s reputation as a regional healthcare hub are expected to contribute to the growth of the private healthcare market.

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

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

Sign Up for Free

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
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Nov 28
0

Daily Brief Energy/Materials: Iron Ore, Daido Steel, Nicca Chemical, Nevada King Gold, Panther Metals, Arrow Exploration Corp, Serica Energy, Crude Oil, Gerdau S.A. and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Iron Ore Upside Persists, but Easing Fundamentals and Risk Reduction Cap Enthusiasm
  • DAIDO STEEL CO., LTD (5471 JP): RESEARCH UPDATE
  • Primer: Nicca Chemical (4463 JP) – Nov 2025
  • NKG: High-Grade Oxide Gold in Nevada; Accelerating Development
  • Hybridan Small Cap Feast: 20 November 2025
  • Hybridan Research: Panther Metals plc
  • Arrow Exploration Corp. (AIM: AXL): Rebuilding cash momentum; Icaco prospect drilling on track for 1Q26
  • Serica Energy Plc (AIM: SQZ): UK Budget Neutral for Serica
  • Oil futures: Crude prices nudge up, benchmarks rangebound
  • Gerdau 3Q25: North America Drives Earnings as Brazil Margins Compress

Iron Ore Upside Persists, but Easing Fundamentals and Risk Reduction Cap Enthusiasm

By Umang Agrawal

  • Iron ore futures hit a three-week high as shipments fell by 8.3% WoW, but blast furnace shutdowns signal weak demand and limit further upside.
  • Managed money participants reduced net long exposure across all futures and options expiries, reflecting a more cautious market stance.
  • The DCE-SGX spread has retreated from the upper Bollinger band and slipped below the 9-day MA, indicating softening momentum. 

DAIDO STEEL CO., LTD (5471 JP): RESEARCH UPDATE

By Nippon Investment Bespoke Research UK

  • Daido Steel (5471 JP) produced FY25 (March year-end) 1H OP [IFRS basis] of ¥18,464mil (+1.1% YoY) on sales of ¥284,499mil (+0.4% YoY).
  • Both sales and OP surpassed guidance which called for OP of ¥12,500mil (-31.5% YoY) on sales of ¥275,000mil (-3.0% YoY), thanks primarily to stronger than expected demand for ship engine valves in the open die forging business and despite having incurred about ¥2,300mil of costs related to the Superalloy Manufacturing Process Transformation Project, one of the firm’s ongoing strategic investments in the current MTP.
  • The Mid-Term Plan [MTP], which ends in FY26, was revised down to reflect (1) a larger than expected decline in steel product sales volumes, (2) sluggish auto production and weaker than expected industrial machinery-related orders and (3) increasing lack of clarity in the business environment.

Primer: Nicca Chemical (4463 JP) – Nov 2025

By αSK

  • Nicca Chemical is a leading Japanese specialty chemical manufacturer with a dual-pillar business model in Chemicals (surfactants for textiles, paper, etc.) and Cosmetics (professional hair care). The company holds a dominant market share in the domestic textile chemicals sector and is pursuing growth through high-value-added products and overseas expansion, primarily in Asia.
  • The company presents an attractive valuation profile, trading at a significant discount to book value and a low P/E ratio. This is complemented by a strong commitment to shareholder returns, evidenced by a robust dividend yield and a remarkable 3-year dividend per share CAGR of over 33%.
  • Future growth is expected to be driven by the “INNOVATION25″strategic plan, which focuses on increasing the sales ratio of high-value-added products (Environment, Health, Digital), expanding the cosmetics business, and improving capital efficiency with a focus on raising its price-to-book ratio.

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

NKG: High-Grade Oxide Gold in Nevada; Accelerating Development

By Atrium Research

  • Nevada King Gold is a leading gold explorer, focused on the exploration and development of its flagship Atlanta Project in Nevada.
  • The Atlanta Project hosts a 1.12Moz resource at an average grade of 1.11 g/t Au, of which 91% is in the Measured and Indicated category.
  • Atlanta is aggressively exploring for new resources while progressing towards a PEA.

Hybridan Small Cap Feast: 20 November 2025

By Hybridan

  • 88 Energy Limited 1.08p £12.15m (88E.L) The Australian oil and gas Company advised that on 19 November, its wholly owned subsidiary, Captivate Energy Alaska, Inc., was declared the successful bidder for select acreage in the North Slope Areawide 2025W Oil and Gas Lease Sale.
  • The successful bids expand 88 Energy’s operated acreage across two high-potential areas to the east and west of Project Leonis, consistent with the Company’s infrastructure-led and data-driven exploration approach.
  • The bid included fourteen new leases secured covering approximately 34,560 acres across two focus areas—South Prudhoe and Kad River East.

Hybridan Research: Panther Metals plc

By Hybridan

  • The Canadian focused development and exploration Company raised £656K earlier this month at 60p in a placing and WRAP offer.
  • The priority for the use of funds is the Tailings Project at the historic Winston Mine which was operational between 1988 and 1998 in Ontario.
  • There is plenty of evidence that there is a significant quantity of valuable minerals in the Tailings which is supported by sample assays showing high grades of gold, gallium, and silver as well as polymetallic zinc and copper.

Arrow Exploration Corp. (AIM: AXL): Rebuilding cash momentum; Icaco prospect drilling on track for 1Q26

By Auctus Advisors

  • Arrow reported 3Q25 production of 4,214 boe/d, broadly in line with our ~4.4 mboe/d expectation.
  • The company held US$6.5 mm in cash at end‑September (with no debt), rising to US$8.2 mm by 1 November.
  • With only one rig currently in operation, recent drilling success at M‑5 and M‑6, and the imminent contribution from the M‑HZ7 horizontal well, we expect Arrow’s cash position to continue to strengthen.

Serica Energy Plc (AIM: SQZ): UK Budget Neutral for Serica

By Auctus Advisors

  • Average 3Q25 production was 27.5 mboe/d, comprising 15.4 mboe/d from Bruce, 7.7 mboe/d from Triton, and 4.4 mboe/d from other assets.
  • This performance is in line with expectations, given issues at Triton, that are now solved, were previously flagged.
  • Production at the Bruce hub is above 20 mboe/d, though output was temporarily curtailed to ~16 mboe/d in October.

Oil futures: Crude prices nudge up, benchmarks rangebound

By Quantum Commodity Intelligence

  • Crude oil futures were moving sideways Thursday as markets entered into a holding pattern amid ongoing talks on the Russia-Ukraine peace deal.
  • Front-month Jan26 ICE Brent  futures were trading at  $63.34/b (1930 GMT) versus Wednesday’s settle of $63.13/b, while Jan26 NYMEX WTI  was at  $59.10/b against a previous close of $58.65/b.
  • Analysts said that while both Moscow and Kyiv have accepted versions of the US-brokered plan, there are still several key sticking points, particularly regarding Russia’s territorial demands.

Gerdau 3Q25: North America Drives Earnings as Brazil Margins Compress

By Leandro Gubler

  • Persistent pricing pressure in Brazil limits margin recovery, while reduced future investments highlight challenges; stronger trade-defense measures will be needed to restore competitiveness.
  • North America remains Gerdau’s key earnings driver, supported by tariffs, healthy construction demand, and a resilient balance sheet that underpins credit strength.
  • We maintain Neutral, seeing limited spread-compression potential; we find greater value in the 2044s for their yield pickup and see overall valuations close to fair value across the curve.

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Nov 28
0

Daily Brief TMT/Internet: Bengo4.Com Inc, Korea Stock Exchange KOSPI 200, NVIDIA Corp, Mphasis Ltd, Allfunds Group, Vobile Group, Advantest Corp, Paytm, Wonderfi Technologies and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • [Quiddity Index] Bengo4.com (6027 JP) To TSE Prime and TOPIX Inclusion
  • Korea FSC Omnibus Rollout Dropped Today: Key Backdrop & Trade-Relevant Angle
  • The Cost of Running Hot: Nvidia’s Warranty Reserves Spike 168%
  • Mphasis Ltd- Unbilled Receivables to the Rescue
  • Allfunds: A High-Conviction Arb With Dividend Carry and DB1-Backed Upside
  • Primer: Allfunds Group (ALLFG NA) – Nov 2025
  • Primer: Vobile Group (3738 HK) – Nov 2025
  • Primer: Advantest Corp (6857 JP) – Nov 2025
  • Primer: Paytm (PAYTM IN) – Nov 2025
  • Robinhood’s Acquisition of WonderFi Faces Regulatory Hurdles Amid Canada’s New Crypto Exchange Rules

[Quiddity Index] Bengo4.com (6027 JP) To TSE Prime and TOPIX Inclusion

By Travis Lundy

  • Back in mid-August, Bengo4.Com Inc (6027 JP) (“Bengoshi.com”) announced that it had applied to transfer to TSE Prime. 3+mos later, today it announced it will move on 4 Dec 2025.
  • That sets up a TOPIX inclusion for end-January 2026 and then a likely upweight at end-April 2026.
  • There is no accompanying offering, and the float is likely small. But the inclusion displaces the current active base. And there’s at least one large holder selling recently.

Korea FSC Omnibus Rollout Dropped Today: Key Backdrop & Trade-Relevant Angle

By Sanghyun Park

  • FSC confirms December rollout; beyond procedural cleanup, this structural shift in flows brings small-to-mid shops and offshore retail, creating new order patterns in the local market.
  • Omnibus accounts aggregate orders under one broker, blurring classic smart-money signals, slowing local retail follow-ons, and creating wider price-action gaps in the order book.
  • MSCI volatility trades also require attention; the omnibus rollout will likely intensify flows as new accounts follow major institutions, impacting the Korea sleeve short-term.

The Cost of Running Hot: Nvidia’s Warranty Reserves Spike 168%

By Raghav Vashisht

  • Nvidia’s warranty liabilities have ballooned from $1.29B in Q4 FY25 to $2.7B in Q3 FY26, with actual warranty spending surging 14× YoY.
  • The jump comes as Blackwell-generation racks grow hotter, denser and more complex (up to 2 million individual parts), driving higher expected incident rates.
  • Rising warranty reserves paired with rising finished-goods inventory suggest the same underlying tension that systems are getting harder to operate and harder to absorb downstream.

Mphasis Ltd- Unbilled Receivables to the Rescue

By Nitin Mangal

  • Mphasis Ltd (MPHL IN) is a global information technology (IT) services and consulting company that specializes in providing cloud and cognitive services to help enterprises undergo digital transformation. 
  • It is majority-owned by the Blackstone Group, one of the world’s largest private equity firms.
  • Key forensic takeaways include hints of aggressive revenue booking via unbilled receivables, risk of goodwill impairment, etc.

Allfunds: A High-Conviction Arb With Dividend Carry and DB1-Backed Upside

By Jesus Rodriguez Aguilar

  • Deutsche Börse’s proposed €8.80/share acquisition of Allfunds, supported by exclusivity and strong industrial logic, transforms Allfunds into a strategically synergistic IFS asset, unlocking meaningful cost efficiencies and platform consolidation benefits.
  • The market-implied 60% deal probability, attractive 8.5% headline spread, and dividend-adjusted 11.5–12.2% return create a compelling merger-arbitrage setup, with limited interloper risk and manageable regulatory scrutiny.
  • For investors, hedging €4.30 in DB1 stock per Allfunds share (≈1 DB1 short per 52–53 ALLFG long) enables clean exposure to the spread, while long-term value remains strongest in DB1.

Primer: Allfunds Group (ALLFG NA) – Nov 2025

By αSK

  • Allfunds Group is a leading B2B WealthTech platform with a resilient business model, characterized by high recurring revenues and a strong network effect. Its extensive network of fund houses and distributors creates a significant competitive advantage.
  • The company is well-positioned to capitalize on secular growth trends in the wealth management industry, including the increasing demand for open architecture solutions and the ongoing digitalization of wealth management services.
  • Despite a challenging macroeconomic environment, Allfunds has demonstrated robust financial performance with consistent revenue growth and strong profitability. However, potential risks include margin pressure from competition and sensitivity to market fluctuations impacting assets under administration.

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

Primer: Vobile Group (3738 HK) – Nov 2025

By αSK

  • Vobile Group is a global leader in SaaS solutions for digital content asset protection and monetization, poised for growth driven by the proliferation of online video and the increasing need for intellectual property protection.
  • The company is strategically focused on leveraging Artificial Intelligence (AI) to enhance its service offerings and is expanding its footprint in the rapidly growing Chinese market, which now accounts for a significant portion of its revenue.
  • Recent financial performance indicates strong top-line growth and improving profitability, with a notable surge in net profit and expanding gross margins, though the company currently does not pay a dividend.

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

Primer: Advantest Corp (6857 JP) – Nov 2025

By αSK

  • Advantest is a dominant force in the Automated Test Equipment (ATE) market, holding a significant global market share in a duopolistic industry structure with its primary competitor, Teradyne.
  • The company is a key beneficiary of secular growth trends in the semiconductor industry, particularly the proliferation of Artificial Intelligence (AI), high-performance computing (HPC), and complex system-on-a-chip (SoC) designs, which drive demand for more sophisticated testing solutions.
  • While exhibiting a robust growth trajectory and strong profitability, the stock trades at a premium valuation. Investors should also be aware of potential near-term stock price pressure due to index capping rules and the inherent cyclicality of the semiconductor industry.

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

Primer: Paytm (PAYTM IN) – Nov 2025

By αSK

  • Paytm is a leading digital payments and financial services company in India, evolving from a mobile wallet to a comprehensive ecosystem encompassing payments, commerce, and high-margin financial products like lending and insurance.
  • The company is navigating an intensely competitive landscape, dominated by PhonePe and Google Pay in the UPI segment, and a dynamic regulatory environment overseen by the Reserve Bank of India.
  • After a history of significant losses, recent quarterly results indicate a strategic shift towards profitability, driven by growth in financial services distribution and cost optimization, marking a potential inflection point for the company’s financial trajectory.

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

Robinhood’s Acquisition of WonderFi Faces Regulatory Hurdles Amid Canada’s New Crypto Exchange Rules

By Special Situation Investments

  • Robinhood’s acquisition of WonderFi Technologies at C$0.36/share faces CIRO approval, expected to close in H1 2026.
  • The spread widened to 36% after the closing date was delayed due to a longer CIRO review.
  • Robinhood’s controversial compliance history includes US$300m in fines, aligning with industry standards for crypto exchanges.

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Nov 28
0

Daily Brief Consumer: Digital Holdings Inc, Mandom Corp, Wynn Resorts, Chow Tai Fook Jewellery, Crompton Greaves Consumer Electricals, Toyota Motor, Waterways Leisure Tourism, Dentsu Inc and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Digital Holdings (2389 JP): SilverCape Revised Terms Faces Twin Challenges
  • [Japan Activism] Mandom (4917) Holders Get an Early Win as MBO Bidder CVC Bumps 29%
  • [Japan Activism/M&A] SilverCape Renews Its Effort on Digital HD (2389 JP) To Resolve Board Complaint
  • Mandom (4917 JP): A Big Win for Activists as CVC-Sponsored MBO Price Raised to JPY2,520
  • StubWorld: Wynn Resorts (WYNN US) Ekes Out New Highs
  • Chow Tai Fook(1929 HK): Dark Clouds Are Looming; Valuation Multiple Could Decline
  • Asian Equities: India’s Nifty Is at All-Time High, These Quality Stocks Are Not.
  • Toyota (7203 JP) Vs. Suzuki (7269 JP): Statistical Arbitrage Pair Reignites with 7% Target Return
  • Cordelia Cruises IPO: A Game-Changer in India’s Growing Cruise Market
  • Dentsu Group — Strength in Japan feeds FY25 profit upgrade

Digital Holdings (2389 JP): SilverCape Revised Terms Faces Twin Challenges

By Arun George

  • SilverCape has increased its tender offer price for Digital Holdings Inc (2389 JP) by 2.9% to JPY2,450 and raised the minimum tendering condition to 6.8 million shares (36.61% ownership ratio).
  • The SilverCape hostile offer faces twin challenges: preventing completion of the Hakuhodo Dy Holdings (2433 JP) offer and gaining the Board’s support/stopping the implementation of countermeasures.
  • SilverCape’s revised terms are unlikely to address these challenges. While Hakuhodo may (again) revise its offer, I expect the bump to be marginal (less than 5%). 

[Japan Activism] Mandom (4917) Holders Get an Early Win as MBO Bidder CVC Bumps 29%

By Travis Lundy

  • Today late in the afternoon session, the Nikkei reported that the MBO price would be bumped by “about 30%”. The stock popped 4.6%. 
  • Post-Close, the deal is bumped from ¥1,960 to ¥2,520 (+29%). Activist holders Murakami Group with 21.4% and Hibiki Path Advisors with 5.5% have agreed to tender. 
  • With the two main activists publicly engaged now agreed to tender, this looks like a done deal.

[Japan Activism/M&A] SilverCape Renews Its Effort on Digital HD (2389 JP) To Resolve Board Complaint

By Travis Lundy

  • Digital Holdings Inc (2389 JP) jumped today after spending a week or more at levels just above the revised Tender Price of Hakuhodo Dy Holdings (2433 JP). 
  • SilverCape had promised to bid ¥2,380 against Hakuhodo’s ¥1,970 and the Company responded by threatening a Poison Pill against SilverCape, for relatively spurious reasons (as discussed here).
  • Hakuhodo bid slightly more, and lowered its minimum, thereby nearly ensuring their success. HOWEVER…. SilverCape’s CIO interviewed yesterday promised a higher price. The stock popped today. But…

Mandom (4917 JP): A Big Win for Activists as CVC-Sponsored MBO Price Raised to JPY2,520

By Arun George

  • Mandom Corp (4917 JP) has disclosed that the CVC-sponsored MBO price has increased by 28.6% from JPY1,960 to JPY2,520.
  • The revised terms mark a big win for activists, Murakami and Hibiki. Both activists will tender, with Hibiki reinvesting around 40% of its proceeds into the offeror’s parent entity.
  • The revised terms are attractive, and this is a done deal. The offer closes on 18 December, with payment from 25 December.

StubWorld: Wynn Resorts (WYNN US) Ekes Out New Highs

By David Blennerhassett

  • I see Wynn Resorts (WYNN US) trading around all-time highs – both the implied stub (net of Wynn Macau Ltd (1128 HK)) and on a simple ratio (WYNN/1280). 
  • Preceding my comments on Wynn 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%.

Chow Tai Fook(1929 HK): Dark Clouds Are Looming; Valuation Multiple Could Decline

By Sreemant Dudhoria,CFA

  • In this insight, we discuss about various aspects of Chow Tai Fook Jewellery (1929 HK) ‘s H1 FY2026 financial performance. It discusses about divergent performance by region and product.
  • Details in this note include why dark clouds are looming over the stock price of this counter and why the valuation multiple could decline.
  • Finally, we conclude discuss on valuation and how this will impact the stock price.

Asian Equities: India’s Nifty Is at All-Time High, These Quality Stocks Are Not.

By Manishi Raychaudhuri

  • India’s Nifty50 index reached an all-time high yesterday. However, many Indian stocks are near their 52-week lows. Many among them have strong forecast earnings growth, good balance sheets, attractive valuations.
  • We screen 17 stocks with double digit forecast EPS growth, PEG < 1.4x, net debt to equity less than 50%. They are spread across construction, chemicals, healthcare, industrials and technology.
  • The largest five are Deepak Nitrite (DN IN), Cohance Lifesciences, BASF India Ltd (BASF IN), Crompton Greaves Consumer Electricals (CROMPTON IN), Clean Science and Technology (CLEAN IN).

Toyota (7203 JP) Vs. Suzuki (7269 JP): Statistical Arbitrage Pair Reignites with 7% Target Return

By Gaudenz Schneider

  • Context: The Toyota Motor (7203 JP) vs. Suzuki Motor (7269 JP) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
  • Highlights: Going long Toyota and short Suzuki targets a 7% return.
  • Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Cordelia Cruises IPO: A Game-Changer in India’s Growing Cruise Market

By Sudarshan Bhandari

  • Cordelia Cruises, India’s only domestic cruise operator, is going public through an IPO of Rs. 7.27 billion. It plans to triple its fleet by 2028, expanding its passenger capacity significantly.
  • The Indian cruise market remains under-penetrated with a CAGR forecast of 35-40% from FY2025-2030, creating a prime opportunity for growth, especially for domestic players like Cordelia.
  • The IPO is a crucial step for Cordelia to expand its fleet, cater to increasing demand, and capitalize on the underpenetrated Indian cruise market.

Dentsu Group — Strength in Japan feeds FY25 profit upgrade

By Edison Investment Research

Dentsu Group’s better-than-expected Q325 profit performance, which was driven by Japan, and the phasing of restructuring costs and investment have enabled management to upgrade underlying profit guidance for the year. The regional revenue trends remain consistent with prior quarters, with Japan leading the charge and outperforming management’s expectations, while international markets remain weak with trends quite mixed. Relative to its peers, Dentsu’s organic growth position is broadly in the middle of the pack. Although the upgrade is encouraging, there is uncertainty due to management’s ongoing search for strategic partnerships for its international business and regarding the FY25 dividend.

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Nov 28
0

Daily Brief Financials: Japan Post Bank, Tata Capital Limited, Cross The Ages, DN Group, Centurion Accommodation REIT, Mugen Estate, Papanets and more

By | Daily Briefs, Financials

In today’s briefing:

  • Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale
  • Tata Capital (TATACAP IN): Partial Global Index Inclusion Post-IPO
  • Cross the Ages: IP-Based Transmedia Operation in GameFi
  • Research Note english – DN Deutsche Nachhaltigkeit AG – 24.11.2025
  • Primer: Centurion Accommodation REIT (CAREIT SP) – Nov 2025
  • (26 Nov 2025) Mugen Estate(3299 JP) — Fisco Company Research
  • (25 Nov 2025) Papanez <9388> — Fisco Company Research

Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale

By Rikki Malik

  • The Bank has reached its three-year target one year ahead of schedule
  • Focus has now turned to growth and new opportunities as unleashed from full  government supervision
  • Valuations do not yet discount an improvement in returns from here

Tata Capital (TATACAP IN): Partial Global Index Inclusion Post-IPO

By Dimitris Ioannidis

  • Tata Capital Limited (TATACAP IN) went public on 13 October 2025 on NSE and has a current market cap of over $15bn.
  • Partial inclusion in Global indices is expected in June 2026, as the security fails the float cap threshold in one Global index.
  • Free float is projected to increase incrementally following lock-up expiries of anchor investors and pre-offer shareholders.

Cross the Ages: IP-Based Transmedia Operation in GameFi

By Animoca Brands Research

  • Cross the Ages (CTA) exemplifies the transmedia IP practice in the gaming sector by establishing literary content as its foundational asset and expanding it across interactive and physical formats.
  • The game originated from a seven-volume dystopian novel saga and began development in 2020, leading the team to secure a $12 million Series A investment in March 2022.
  • The Trading Card Game (TCG), the flagship product, is designed to translate narrative elements into interactive gameplay. The TCG has achieved over 400,000 cumulative worldwide downloads and maintains robust engagement with approximately 148,000 monthly active users.

Research Note english – DN Deutsche Nachhaltigkeit AG – 24.11.2025

By GBC AG

  • DN Deutsche Nachhaltigkeit AG (formerly NEON Equity AG) realigned its business model in the past financial year.
  • The company’s focus is currently described as ‘impact investing’.
  • This means that in future, it will primarily invest in companies that are active in future-oriented industries.

Primer: Centurion Accommodation REIT (CAREIT SP) – Nov 2025

By αSK

  • Centurion Accommodation REIT (CAREIT) is Singapore’s first publicly listed real estate investment trust with a pure-play focus on specialized accommodation assets, specifically Purpose-Built Worker Accommodation (PBWA) in Singapore and Purpose-Built Student Accommodation (PBSA) in the United Kingdom and Australia.
  • The REIT benefits from a strong, committed sponsor, Centurion Corporation Limited, which is the largest PBWA operator in Singapore. This relationship provides a robust pipeline for future growth, operational expertise, and significant alignment of interests, with the sponsor retaining a substantial stake post-IPO.
  • CAREIT exhibits a compelling financial profile characterized by high initial portfolio occupancy (over 96%), strong revenue and net income growth, and an attractive forward distribution yield, underpinned by a commitment to distribute 100% of its distributable income until 2027.

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

(26 Nov 2025) Mugen Estate(3299 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • MUGEN ESTATE Co., Ltd. has seen a 2.8 times year-on-year increase in net sales to ¥3,010 million, driven by growth in the Kansai and Chubu regions.
  • The company is expanding by opening new offices and hiring personnel, improving its market information network.
  • Despite a forecast revision, MUGEN ESTATE plans to increase annual dividends to ¥112 for FY12/25, maintaining a payout ratio of 42.3% and focusing on stable dividends.

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

(25 Nov 2025) Papanez <9388> — Fisco Company Research

By FISCO

Key points (machine generated)

  • Papanets (Ticker: 9388) is a service company listed on the Fukuoka Stock Exchange Q-Board in March 2025.
  • The company supports real estate management firms and operators through its ‘Management Company Support Business’ and ‘Interior Total Support Business.’
  • Papanets aims to establish a strong foundation for growth in the real estate service sector.

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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Nov 27
0

Daily Brief Thematic (Sector/Industry): Japan Morning Connection: Kioxia Weakness Unlikely to Last with Bain’s 36m Shs Sale a Blip at Best and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Japan Morning Connection: Kioxia Weakness Unlikely to Last with Bain’s 36m Shs Sale a Blip at Best
  • Ohayo Japan | Feel Good Factor Pre-Thanksgiving
  • Singapore Market Roundup (26-Nov-2025): RHB initiates ‘buy’ on KIT, forecasts 1.2% FFO CAGR.
  • Exencial Industry Tidings 26/11/2025

Japan Morning Connection: Kioxia Weakness Unlikely to Last with Bain’s 36m Shs Sale a Blip at Best

By Andrew Jackson

  • Dell bouncing in regular trading after initial weakness after-mkt on numbers the day before.
  • Semi-Cap names strong led by Teradyne and ASML sets a good tone for Japan SPE overall.
  • Homebuilders follow through with more gains on rate outlook, watch Shin Etsu on PVC.

Ohayo Japan | Feel Good Factor Pre-Thanksgiving

By Mark Chadwick

  • Thanksgiving week seasonality drives strong market performance and renewed risk-on sentiment. 
  • Dovish Fed chair speculation and December rate cut bets fuel buy-the-dip in oversold tech/AI stocks.
  • Absence of Japan/China headlines keeps Japanese equities well-supported in the near term..

Singapore Market Roundup (26-Nov-2025): RHB initiates ‘buy’ on KIT, forecasts 1.2% FFO CAGR.

By Singapore Market Roundup

  • RHB starts ‘buy’ on KIT, predicts 1.2% FFO CAGR from FY2024 to FY2027.
  • CGS International boosts Wee Hur’s target price to 95 cents on strong orderbook outlook.
  • PhillipCapital’s Chew reaffirms ‘buy’ rating for TeleChoice International.

Exencial Industry Tidings 26/11/2025

By Viral Kishorchandra Shah

  • Horticulture production increases by 4% to 369 mt in crop year 2024-25
  • Cotton & blended yarn industry’s sales stagnate in September 2025 quarter
  • Readymade garments industry’s sales grow by 3.9% in September 2025 quarter

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Nov 27
0

Daily Brief Quantitative Analysis: JPX Margin Trading Weekly (Nov 21st): SoftBank and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • JPX Margin Trading Weekly (Nov 21st): SoftBank, Mitsubishi Heavy Industries, SBI

JPX Margin Trading Weekly (Nov 21st): SoftBank, Mitsubishi Heavy Industries, SBI

By Ke Yan, CFA, FRM

  • We analyzed the changes in margin trading positions of JPX stocks as of Nov 21st. The aggregated net margin trading position is USD19,632m.
  • We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
  • We highlight net margin buy/sell changes in SoftBank, Mitsubishi Heavy Industries, SBI, Nippon Telegraph and Telephone, Sanrio, Tokyo Electric Power Company, Tokio Marine, Mitsubishi UFJ Financial, Furukawa Electric.

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