Smartkarma Daily Briefs, Author at Smartkarma

Nov 27

Daily Brief ESG: Who Benefits from Hoarding Cash Without Implementing Measures to Boost Profit Margins? and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Who Benefits from Hoarding Cash Without Implementing Measures to Boost Profit Margins?

Who Benefits from Hoarding Cash Without Implementing Measures to Boost Profit Margins?

By Aki Matsumoto

For years, overseas investors have raised concerns about management’s lack of awareness regarding fiduciary duty to fulfill corporate value growth and shareholder returns, which are integral to maximizing shareholder interest.
While the weak yen has certainly increased the “foreign currency translation adjustment” and impacted ROE, it has also had a positive effect on profits.
Among the three components of ROE, Net Profit Margin showed the highest correlation. There is a problem with accumulating cash on the balance sheet without investing to improve profit margins.

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Nov 27

Daily Brief ECM: [Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

[Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF
Human Made IPO: Making A Fashion Statement With Premium Valuation
Busy Ming IPO Update: Cash-Generating Machine With Improving Gross Margins, IPO Is on the Horizon
Suzhou Novosense A/H Listing – Growth Has Been Strong but Margins Weak
JD Industrials Pre-IPO – Updated Peer Comparison and Thoughts on Valuations
Artificial Intelligent Interconnection Technology Pre-IPO Tearsheet
Pre-IPO InxMed – The Pipeline and the Outlook

[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.

Human Made IPO: Making A Fashion Statement With Premium Valuation

By Hong Jie Seow

Human Made (456A JP) raised US$116m in its Japan IPO.
Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods.
In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.

Busy Ming IPO Update: Cash-Generating Machine With Improving Gross Margins, IPO Is on the Horizon

By Andrei Zakharov

Busy Ming Group, a founder-led food and beverage chain retailer in China with strong presence in third- and lower-tier cities, filed the updated Application Proof in October.
In the six months ended Jun-25, the company’s revenue was ~RMB28,124m, representing a year-over-year growth of ~87%. LTM net profit was ~RMB2,025m.
Busy Ming Group enjoys superior growth profile coupled with improving gross profit margins. The company ended Aug-25 with RMB3,393m net cash on the balance sheet.

Suzhou Novosense A/H Listing – Growth Has Been Strong but Margins Weak

By Sumeet Singh

Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise around US$500m in its H-share listing.
According to Frost & Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

JD Industrials Pre-IPO – Updated Peer Comparison and Thoughts on Valuations

By Sumeet Singh

JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.

Artificial Intelligent Interconnection Technology Pre-IPO Tearsheet

By Hong Jie Seow

Artificial Intelligent Interconnection Technology (AII HK) (AIIT) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CITIC and CCB International.
Artificial Intelligent Interconnection Technology (AIIT) is a provider of AI technology, products, and spatial intelligence solutions in China, with a particular strength in high-precision AI-based urban traffic management.
Its solutions combine hardware, software, and scenario-derived datasets to deliver full-stack AI systems that improve traffic efficiency, safety, and the management of public spaces.

Pre-IPO InxMed – The Pipeline and the Outlook

By Xinyao (Criss) Wang

FAK inhibitors’ R&D is not smooth.The breakthrough in FAK clinical protocol lies in the possibility of finding new application scenarios, such as the potential for combination with various anticancer drugs.
If ifebemtinib can be successfully approved for 2-3 core indications (e.g. PROC, NSCLC) and enter medical insurance smoothly, its sales peak in the China market may reach RMB2-3 billion.
Post-Money valuation after Series C Financing was USD306 million. The issuance valuation of InxMed may be given a certain premium on top of Series C valuation, such as US$350-500 million.

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Nov 27

Daily Brief Equity Bottom-Up: Can Nidec (6594) Ever Wake Up from Its Compliance Nightmare? and more

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

In today’s briefing:

Can Nidec (6594) Ever Wake Up from Its Compliance Nightmare?
KIOXIA (285A JP) — Q2 FY25 Update, Selldown Context, and Valuation
Haier Smart Home (6690 HK) – Steady Execution to Win the Race
Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!
BHP: Few Viable Targets After Anglo Bid Abandoned
Biogen’s $50 Million Immunology Power Move: Are Oral Peptides The Future?
TechChain Insights: Visit with Taiwan’s Critical Battery Supplier
PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E
Dynatrace: ServiceNow & Atlassian Partnerships Could Transform Its Growth Trajectory!
Ohba (9765 Jp) – November 5, 2025

Can Nidec (6594) Ever Wake Up from Its Compliance Nightmare?

By Michael Allen

Until the latest accounting scandal, Nidec was just another stupidly over-valued company that chased too many rainbows and missed too many targets.
Now, finally, it has fallen to interesting valuations and there is a real incentive to fix the things that need fixing.
Nidec is a governance nightmare with poor oversight, a history of bad strategic decisions, and shoddy execution. If these are fixed, though, the upside is enormous.

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.

Haier Smart Home (6690 HK) – Steady Execution to Win the Race

By Sreemant Dudhoria,CFA

Solid Q3 and 9M FY25 Financial Delivery: Despite challenging market conditions in China, Haier Smart Home (6690 HK) delivered solid third-quarter results reinforcing company’s strategic positioning and operational execution.
Operational Efficiency and Mix Upgrade: The company continued to benefit from digitalised manufacturing, supply-chain optimisation, and higher contribution from high-end segments, supporting EBITDA and net profit resilience despite macro softness
Strategic Focus Driving Sustainable Growth:Emphasis on Smart Home ecosystem expansion, global penetration, and disciplined capital allocation reinforce its competitive positioning and sets the foundation for sustained earnings momentum into FY26.

Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!

By Baptista Research

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business segments.
Total revenue reached $180.2 billion, marking a year-over-year increase of 12% when adjusting for foreign exchange impacts.
Operating income was reported at $17.4 billion, however, this was impacted by two significant expenses: a $2.5 billion FTC settlement and $1.8 billion in estimated severance costs.

BHP: Few Viable Targets After Anglo Bid Abandoned

By Graeme Cunningham

BHP has abandoned a last minute bid for Anglo American, which will likely see the latter’s planned merger with Teck with proceed
We consider other potential targets for BHP, all copper, concluding that most seem unlikely for now, especially with the company stating a focus on organic growth
BHP faces the risks of a decline in iron ore (consensus) and copper (non-consensus) prices in our view, while it trades at premium to the sector and above our DCF

Biogen’s $50 Million Immunology Power Move: Are Oral Peptides The Future?

By Baptista Research

Biogen Inc. has made headlines with its latest strategic maneuver: a $50 million research partnership with Dayra Therapeutics, a biotech innovator specializing in macrocyclic peptides.
This move signals Biogen’s intensified push into the immunology space, a significant pivot from its traditional focus on neuroscience.
The deal gives Biogen early access to a platform designed to develop oral treatments for autoimmune and inflammatory conditions—categories currently dominated by injectable therapies.

TechChain Insights: Visit with Taiwan’s Critical Battery Supplier

By Vincent Fernando, CFA

Factory visit to GUS Technology reveals Taiwan’s strategic position as a non-China battery supplier for defense and critical infrastructure applications.
Proprietary pouch cell technology with patents in Taiwan and Japan addresses weight-sensitive applications including drones, underwater vehicles, and data center UPS systems.
Dual product strategy (safety-focused Mettle Series and energy-dense Hyper Series) targets both commercial reliability and mission-critical performance markets.

PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E

By Vincent Fernando, CFA

AI PCs turning the PC refresh into a gradual, extended up-cycle
Memory inflation is one of the major margin risks for PC makers in 2026
Dell’s server business indicates AI factory build-outs becoming a multi-year investment cycle. Remain long Dell, Asustek, Acer.

Dynatrace: ServiceNow & Atlassian Partnerships Could Transform Its Growth Trajectory!

By Baptista Research

Dynatrace recently reported its fiscal second quarter of 2026 results, showcasing a robust performance that exceeded its guidance across various metrics.
The company reported a 16% growth in Annual Recurring Revenue (ARR), a 17% growth in subscription revenue, and a pretax free cash flow representing 32% of revenue on a trailing 12-month basis.
Such strong results underline the company’s successful strategy execution, driven by growing demand in end-to-end observability and multi-cloud tool consolidation.

Ohba (9765 Jp) – November 5, 2025

By Sessa Investment Research

OHBA (hereafter, the Company) is a general construction consulting firm boasting a leading market share in the field of urban planning.
In the construction consulting industry, there were 56 companies with annual sales of JPY 5 bn or more and 106 companies with JPY 2 bn or more in the 12 months from January to December 2024.
The Company ranks 24th, positioning it as a mid-tier player. Over its century-long history, however, the Company has specialized in urban development fields such as city planning, and in this domain, it holds the top domestic market share, ahead of the runner-up, Nippon Koei Urban Space, by just under JPY 1 bn in annual sales.

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Nov 27

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By Smartkarma Daily Briefs | Credit, Daily Briefs

In today’s briefing:

Lucror Analytics – Morning Views Asia
CSN 3Q25: Mining Strength Offsets Steel Weakness

Lucror Analytics – Morning Views Asia

By Trung Nguyen

In today’s Morning Views publication we comment on developments of the following high yield issuers: Bharti Airtel, China Hongqiao, West China Cement
UST yields fell for a fourth straight day, led by the front end, following reports that Kevin Hassett has emerged as the front-runner to be the next Fed chairman.
The yield declines were also supported by soft September retail sales and PPI data.

CSN 3Q25: Mining Strength Offsets Steel Weakness

By Leandro Gubler

We maintain Overweight on the 2031s and 2032s for their attractive carry, meaningful spread pickup versus LatAm BB peers, and stronger downside protection at current discounted prices.
We think credit metrics will remain stable, supported by strong liquidity covering maturities through 2027, easier-to-roll bank debt, and expected EBITDA improvement from recovering steel and resilient mining.
We see potential spread compression from recovering steel prices, protectionist measures, asset-sale-driven deleveraging, and solid operating assets, reinforcing the bonds’ attractive relative value at current wide levels.

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Nov 27

Daily Brief Event-Driven: National Storage REIT (NSR AU): Brookfield and GIC’s Attractive NBIO at A$2.86 and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

National Storage REIT (NSR AU): Brookfield and GIC’s Attractive NBIO at A$2.86
M&A Battle for APlus Asset Advisor Heats Up Amid Tender Offer
Naver Financial and Dunamu Finalizes the Merger Ratio
Ingdan (400 HK) Reloads Comtech’s Spin-Off and Listing
Alphawave: Fully Valued, Waiting for the Wire
Thyssenkrupp Marine Systems (TKMS) Spin-off Deep Dive

National Storage REIT (NSR AU): Brookfield and GIC’s Attractive NBIO at A$2.86

By Arun George

National Storage REIT (NSR AU) has received a non-binding proposal from Brookfield and GIC at A$2.86 per unit, a 26.5% premium to the undisturbed price.
The Board has granted exclusive due diligence until 7 December. A scheme offer would be conditional on FIRB, NZ OIO and ACCC approval.
The offer is attractive as it represents an all-time high and implies a P/NTA of 1.11x. The short exclusivity period increases the odds of a binding proposal.

M&A Battle for APlus Asset Advisor Heats Up Amid Tender Offer

By Douglas Kim

There appears to be a M&A battle heating up for APlus Asset Advisor. This is because it was reported that Aplus Asset Advisor Chairman Kwak Geun-ho has increased his stake.
Chairman Kwak Geun-ho purchased additional 30,904 shares of Aplus Asset’s common stock over three trading days and his stake increased by 0.14 percentage points from 20.06% to 20.20%.
In the next 3-6 months, we expect additional upside to the stock price (to 10,000 won to 12,000 won) as more investors perceive this could be an attractive M&A target.

Naver Financial and Dunamu Finalizes the Merger Ratio

By Douglas Kim

On 26 November, Naver Financial and Dunamu finalized the merger ratio. Under the proposed share swap, one share of Dunamu will be exchanged for 2.54 shares of Naver Financial.
Dunamu’s equity value is 15.1 trillion won, and Naver Financial’s is 4.9 trillion won.
Overall, we have a positive view of this merger and it is likely to positively impact Naver’s share price as well.

Ingdan (400 HK) Reloads Comtech’s Spin-Off and Listing

By David Blennerhassett

Technology platform play Ingdan (400 HK) is moving ahead, again, with the spin-off and listing of 72.42%-held Shenzhen Comtech in the PRC.
The listing – should it go ahead, as the previous attempt was abandoned – is expected to involve the issuance of new shares. Ingdan will maintain a stake in Comtech.
Comtech accounted for 95% of Ingdan’s revs in the 1H25. Expect the market to heavily discount Ingdan’s stub ops, and Ingdan’s NAV post spin-off.

Alphawave: Fully Valued, Waiting for the Wire

By Jesus Rodriguez Aguilar

Qualcomm’s $2.48/share offer for Alphawave is fully recommended and cleared by regulators, with completion expected mid-December. FX-linked cash value limits remaining upside; no sweetener or bump indicated.
Alphawave shares now trade above implied value, reflecting full deal certainty. Arbitrage returns attractive only for early entrants; current negative spread makes new positions unattractive.
Founders aligned via exchangeable securities; structure supports completion. Qualcomm gains SerDes IP and custom silicon capabilities for AI data center growth, diversifying away from mobile reliance.

Thyssenkrupp Marine Systems (TKMS) Spin-off Deep Dive

By Richard Howe

On October 30, 2025, Thyssenkrupp AG (TKA) spun off 49% of its stake in its naval/-marine defense-systems business, TKMS AG & Co. (TKMS).
TKMS stands out as Germany’s only full-systems provider for non-nuclear submarines, surface vessels and maritime electronics.
The spin-off is part of a broader move by Thyssenkrupp to unlock shareholder value by simplifying its conglomerate structure.

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Nov 27

Daily Brief Macro: UK Backloads A Tax Trap and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

UK Backloads A Tax Trap
China’s Rubber Defence Deepens as Tariffs Reshape Global Supply Chains
CX Daily: Where China Stands in the Nuclear Medicine Gold Rush
Diesel Tightness Isn’t Done Yet: Refining Margins Look Set to Stay Elevated
Oil futures: Crude slides as Ukraine backs new peace proposal
Oil futures: Prices higher as Russia response awaited for peace deal
RBNZ Eases While Eyeing Medium-Term Inflation

UK Backloads A Tax Trap

By Phil Rush

The UK’s fiscal hole was even smaller than we thought (£6bn), allowing the government to backload a fiscal tightening that is unsurprisingly focused on tax increases.
Delaying prudence to an election year is implausible. There will be a substantial deficit in 2029-30, not the current budget surplus in the OBR forecasts based on existing policy.
Labour is setting up a tax trap for Reform and the Conservatives to say how they’d avoid tax increases, similar to the backloaded spending cuts they myopically ignored in 2024.

China’s Rubber Defence Deepens as Tariffs Reshape Global Supply Chains

By Vinod Nedumudy

Highlights

• MOFCOM imposes steep tariffs on Canadian, Japanese HIIR

• Domestic and Indian firms gain, but Indian gain may be short-lived

• Sinopec bets big on green high-end rubber materials

MOFCOM’s inquiry, launched in September 2024 at the request of domestic producers, found preliminary evidence that imported HIIR from the two nations had been sold in China at unfairly low prices, inflicting “substantial harm” on local manufacturers.

CX Daily: Where China Stands in the Nuclear Medicine Gold Rush

By Caixin Global

In Depth: Where China Stands in the Nuclear Medicine Gold Rush
China Approves New Asset Investment Arms for CITIC Bank, China Merchants Bank
Top Sovereign Lending Official at Exim Bank Under Investigation

Diesel Tightness Isn’t Done Yet: Refining Margins Look Set to Stay Elevated

By Suhas Reddy

Refining margins surged as diesel shortages deepened, driven by outages, sanctions, and shrinking Western capacity. Diesel-led product strength lifted refining margins even as crude stayed weak.
The U.S. crack spread hit its 2025 high in November. Despite a brief correction, Europe’s structural tightness will keep the demand for diesel high.
Europe’s sanctions, limited capacity, and winter demand will boost U.S. exports, keeping gasoline and distillate inventories tight despite temporary price corrections.

Oil futures: Crude slides as Ukraine backs new peace proposal

By Quantum Commodity Intelligence

Crude oil futures fell on Tuesday after Ukraine agreed to an amended peace deal following negotiations with the US, although Russia’s reaction to the new terms remains unclear.
Front-month Jan26 ICE Brent futures were trading at $62.42/b (1951 GMT) versus Monday’s settle of $63.37/b, while Jan26 NYMEX WTI was at $57.91/b against a previous close of $58.84/b.
The original 28-point blueprint was widely viewed as too lopsided in favour of Moscow, but following weekend talks in Geneva, the proposals have been reduced to 19 points, removing some of the more onerous conditions that were backed by Russia.

Oil futures: Prices higher as Russia response awaited for peace deal

By Quantum Commodity Intelligence

Crude oil futures closed higher Wednesday amid volatile trade, with investors waiting for a response from Russia after Ukraine backed the revised US-brokered peace deal.
Front-month Jan26 ICE Brent futures were trading at $63.05/b (1951 GMT) versus Tuesday’s settle of $62.48/b, while Jan26 NYMEX WTI was at $58.57/b against a previous close of $57.95/b.
Benchmarks recovered after closing at the lowest levels in a month as investors priced in what was seen as significant progress towards a peace deal.

RBNZ Eases While Eyeing Medium-Term Inflation

By Heteronomics AI

The RBNZ surprised some economists by lowering the OCR 25bps to 2.25%, prioritising support for a hesitant economic recovery.
The policy outlook will hinge on real-time inflation, labour, and external data, with macro risks remaining broadly balanced.
Cautious, flexible monetary policy is expected, with future interest rate moves highly data-dependent and state-contingent.

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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Nov 27

Daily Brief Australia: National Storage REIT, BHP Group Ltd and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

National Storage REIT (NSR AU): Brookfield and GIC’s Attractive NBIO at A$2.86
BHP: Few Viable Targets After Anglo Bid Abandoned

National Storage REIT (NSR AU): Brookfield and GIC’s Attractive NBIO at A$2.86

By Arun George

National Storage REIT (NSR AU) has received a non-binding proposal from Brookfield and GIC at A$2.86 per unit, a 26.5% premium to the undisturbed price.
The Board has granted exclusive due diligence until 7 December. A scheme offer would be conditional on FIRB, NZ OIO and ACCC approval.
The offer is attractive as it represents an all-time high and implies a P/NTA of 1.11x. The short exclusivity period increases the odds of a binding proposal.

BHP: Few Viable Targets After Anglo Bid Abandoned

By Graeme Cunningham

BHP has abandoned a last minute bid for Anglo American, which will likely see the latter’s planned merger with Teck with proceed
We consider other potential targets for BHP, all copper, concluding that most seem unlikely for now, especially with the company stating a focus on organic growth
BHP faces the risks of a decline in iron ore (consensus) and copper (non-consensus) prices in our view, while it trades at premium to the sector and above our DCF

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Nov 27

Daily Brief Singapore: Rubber Future SGX TSR20, Kimly Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

China’s Rubber Defence Deepens as Tariffs Reshape Global Supply Chains
Kimly: Results Slightly Better than Expected

China’s Rubber Defence Deepens as Tariffs Reshape Global Supply Chains

By Vinod Nedumudy

Highlights

• MOFCOM imposes steep tariffs on Canadian, Japanese HIIR

• Domestic and Indian firms gain, but Indian gain may be short-lived

• Sinopec bets big on green high-end rubber materials

Kimly: Results Slightly Better than Expected

By Punit Khanna

No surprises in the results, margins better than our anticipation
Business continues to be steady & the company has negative working capital
Kimly maintained dividend of 2 cents with a yield of 5.1%

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Nov 27

Daily Brief South Korea: Daehan Shipbuilding, Hanwha Engine, APlus Asset Advisor, Naver Corp and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

KOSPI Size Indices: Lots of Change as Averaging Starts
Front-Running the Dec KOSPI 200: Heavy Industries Names Set Up the Real Flow Trade
M&A Battle for APlus Asset Advisor Heats Up Amid Tender Offer
Naver Financial and Dunamu Finalizes the Merger Ratio

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.

Front-Running the Dec KOSPI 200: Heavy Industries Names Set Up the Real Flow Trade

By Sanghyun Park

IT adds barely move (~0.1x DTV), but Heavy Industries pops: Sanil/Hanwha Engine draw ~0.4x DTV inflows, while Hanwha Vision faces ~0.6x DTV passive outflow.
June precedent: HD Marine Solution grabbed ~0.3x DTV extra inflow and ripped ~12% pre-rebalance, handily outperforming the tape and other KOSPI 200 adds.
Play the same setup: focus on Heavy Industries flow pockets—Sanil, Hanwha Engine, Hanwha Vision out—and eye entries starting Monday ahead of the Dec 8 go-live.

M&A Battle for APlus Asset Advisor Heats Up Amid Tender Offer

By Douglas Kim

There appears to be a M&A battle heating up for APlus Asset Advisor. This is because it was reported that Aplus Asset Advisor Chairman Kwak Geun-ho has increased his stake.
Chairman Kwak Geun-ho purchased additional 30,904 shares of Aplus Asset’s common stock over three trading days and his stake increased by 0.14 percentage points from 20.06% to 20.20%.
In the next 3-6 months, we expect additional upside to the stock price (to 10,000 won to 12,000 won) as more investors perceive this could be an attractive M&A target.

Naver Financial and Dunamu Finalizes the Merger Ratio

By Douglas Kim

On 26 November, Naver Financial and Dunamu finalized the merger ratio. Under the proposed share swap, one share of Dunamu will be exchanged for 2.54 shares of Naver Financial.
Dunamu’s equity value is 15.1 trillion won, and Naver Financial’s is 4.9 trillion won.
Overall, we have a positive view of this merger and it is likely to positively impact Naver’s share price as well.

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Nov 27

Daily Brief United States: Amazon, Biogen Inc, Dynatrace , US Foods Holding Corp, Jones Lang Lasalle, NY Harbor ULSD Futures, Guess? Inc, Snap , Alphabet and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!
Biogen’s $50 Million Immunology Power Move: Are Oral Peptides The Future?
Dynatrace: ServiceNow & Atlassian Partnerships Could Transform Its Growth Trajectory!
US Foods Ends Mega Merger Talks With Performance Food—What’s Next?
JLL Inside the Leasing Comeback: How the Firm Is Securing Bigger, Faster Deals!
Diesel Tightness Isn’t Done Yet: Refining Margins Look Set to Stay Elevated
GES: With Terms Fully Set, Time to Bow Out; Dropping Coverage of GES
Snap Inc.: Inside the Strategy Supercharging Engagement Across Ads, AI, & AR!
Google’s Bold AI Leap: Gemini 3 Gains, Surging Profits, and Meta’s Billion-Dollar TPU Bet!
Oil futures: Crude slides as Ukraine backs new peace proposal

Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!

By Baptista Research

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business segments.
Total revenue reached $180.2 billion, marking a year-over-year increase of 12% when adjusting for foreign exchange impacts.
Operating income was reported at $17.4 billion, however, this was impacted by two significant expenses: a $2.5 billion FTC settlement and $1.8 billion in estimated severance costs.

Biogen’s $50 Million Immunology Power Move: Are Oral Peptides The Future?

By Baptista Research

Biogen Inc. has made headlines with its latest strategic maneuver: a $50 million research partnership with Dayra Therapeutics, a biotech innovator specializing in macrocyclic peptides.
This move signals Biogen’s intensified push into the immunology space, a significant pivot from its traditional focus on neuroscience.
The deal gives Biogen early access to a platform designed to develop oral treatments for autoimmune and inflammatory conditions—categories currently dominated by injectable therapies.

Dynatrace: ServiceNow & Atlassian Partnerships Could Transform Its Growth Trajectory!

By Baptista Research

Dynatrace recently reported its fiscal second quarter of 2026 results, showcasing a robust performance that exceeded its guidance across various metrics.
The company reported a 16% growth in Annual Recurring Revenue (ARR), a 17% growth in subscription revenue, and a pretax free cash flow representing 32% of revenue on a trailing 12-month basis.
Such strong results underline the company’s successful strategy execution, driven by growing demand in end-to-end observability and multi-cloud tool consolidation.

US Foods Ends Mega Merger Talks With Performance Food—What’s Next?

By Baptista Research

US Foods and Performance Food Group have officially ended their merger discussions, closing the door on what could have been the most consequential consolidation event in modern food‑distribution history.
After months of due diligence and information‑sharing, both companies independently concluded that pursuing their standalone strategies would create greater long‑term shareholder value than combining into a $30 billion foodservice powerhouse capable of rivaling Sysco.
The decision follows heightened regulatory considerations, diverging strategic priorities, and each company’s confidence in its independent business trajectory.

JLL Inside the Leasing Comeback: How the Firm Is Securing Bigger, Faster Deals!

By Baptista Research

Jones Lang LaSalle Incorporated (JLL) has reported robust third-quarter results for 2025, marking continued growth and momentum across its diverse real estate services and investment management operations.
The firm continues to benefit from its expansive global presence and diversified platform, emphasizing strong investment in technology as a key differentiator in enhancing productivity and client solutions.
During the third quarter, JLL achieved a 10% increase in revenue and a 16% rise in adjusted EBITDA, contributing to a 29% climb in adjusted earnings per share (EPS).

Diesel Tightness Isn’t Done Yet: Refining Margins Look Set to Stay Elevated

By Suhas Reddy

Refining margins surged as diesel shortages deepened, driven by outages, sanctions, and shrinking Western capacity. Diesel-led product strength lifted refining margins even as crude stayed weak.
The U.S. crack spread hit its 2025 high in November. Despite a brief correction, Europe’s structural tightness will keep the demand for diesel high.
Europe’s sanctions, limited capacity, and winter demand will boost U.S. exports, keeping gasoline and distillate inventories tight despite temporary price corrections.

GES: With Terms Fully Set, Time to Bow Out; Dropping Coverage of GES

By Small Cap Consumer Research

We are dropping research coverage of GES after the company reported strong 3Q results (handily beating the Street in almost every level) but, more importantly, provided the final pieces to the merger puzzle timing and return.
With Guess?
disclosing the November 21st approval of the Merger Agreement at a special shareholder meeting and the issuance of a final $0.225 per GES share dividend to shareholders of record on December 10th, the management buyout with leading brand licensee Authentic Brands Group will provide GES shareholders with a confirmed final payment of $16.975 in cash per GES share ($16.75 for the merger and dividend of $0.225) a slight discount to Tuesday’s closing price.

Snap Inc.: Inside the Strategy Supercharging Engagement Across Ads, AI, & AR!

By Baptista Research

Snap Inc.’s recent earnings report highlights a mix of progress and challenges as the company continues its strategic initiatives.
On the positive side, Snap has demonstrated significant growth in user engagement and revenue.
The company reported 477 million daily active users, marking an 8% increase year-over-year, and achieved a 10% year-over-year increase in revenue, reaching $1.51 billion.

Google’s Bold AI Leap: Gemini 3 Gains, Surging Profits, and Meta’s Billion-Dollar TPU Bet!

By Baptista Research

Alphabet Inc. is redefining the AI race.
In just one year, the company has turned investor fears of regulatory pressure and AI disruption into an explosive rally, with nearly 90% stock gains driven equally by earnings growth and multiple expansion.
At the core of this resurgence lies the successful launch of Gemini 3—Alphabet’s newest large language model featuring advanced tools like Deep Think and generative interfaces—alongside four consecutive earnings beats and an unprecedented operating margin expansion.

Oil futures: Crude slides as Ukraine backs new peace proposal

By Quantum Commodity Intelligence

Crude oil futures fell on Tuesday after Ukraine agreed to an amended peace deal following negotiations with the US, although Russia’s reaction to the new terms remains unclear.
Front-month Jan26 ICE Brent futures were trading at $62.42/b (1951 GMT) versus Monday’s settle of $63.37/b, while Jan26 NYMEX WTI was at $57.91/b against a previous close of $58.84/b.
The original 28-point blueprint was widely viewed as too lopsided in favour of Moscow, but following weekend talks in Geneva, the proposals have been reduced to 19 points, removing some of the more onerous conditions that were backed by Russia.

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