Smartkarma Daily Briefs

Masimo Corporation, a global medical technology company, reported strong results in its third quarter of 2025.
The company experienced an 8% increase in revenue, driven by sustained demand for its innovative healthcare technologies.
The company also delivered a 450 basis point expansion in operating margins and a 38% year-over-year increase in adjusted earnings per share, signaling robust operational efficiency and revenue growth.

WTR Small-Cap Spotlight Recap: AI Nose’s Continuing Momentum in 2025 and What to Expect in 2026

By Water Tower Research

Key takeaways from 3Q25 earnings release. Lu highlighted Ainos’ strong revenue momentum, up more than 4x Y/Y, driven almost entirely by the deployment of AI Nose in senior care programs.
Lu noted that the reported revenue has yet to include any of the $2.1-million, three-year AI Nose subscription order from a semiconductor customer, signaling additional upside in the SmellTech platform’s revenue, the turnaround in gross margin to 82% YTD from negative last year, and Ainos’ cost management with cash operating expenses reduced by 15% YTD versus the previous year.
Lu also highlighted the company’s enhanced visibility through major tech exhibitions resulting in multiple leads, inclusion in a leading tech consultant’s annual tech report, and a GICS code change for the company to technology.

ORMP: Advancing Clinical Activities

By Zacks Small Cap Research

ORMP is leveraging its strong balance sheet to invest in early stage companies, primarily focusing on the medical & biopharma space.
ORMP has substantial liquidity as it both advances its oral drug delivery platform and pursues strategic opportunities, including strategic investments.
The company received ~$27m on its Scilex investment in 3Q25, with the principal on the Scilex investment now fully repaid.

RVPH: Brilaroxazine Poster Presentations

By Zacks Small Cap Research

Reviva is a research and development pharmaceutical company with two portfolio compounds targeting nine indications.
The candidates address multiple related mental disorders, rare diseases & other categories of un met need.
Reviva’s lead indication in schizophrenia with brilaroxazine completed its Phase III RECOVER trial & may pursue future studies.

Madrigal Pharma: Inside the MAESTRO-NASH Breakthrough- How Weight Loss Supercharges Antifibrotic Effects!

Madrigal Pharmaceuticals, a company focused on the treatment of nonalcoholic steatohepatitis (NASH), shared significant progress during its third-quarter 2025 results.
The primary highlight was the robust performance of its lead product Rezdiffra, which is garnering noteworthy sales traction.
Rezdiffra has quickly climbed the ladder in the specialty pharmaceutical market with annualized revenues surpassing $1 billion, achieved in just six quarters post-launch.

CSPC Pharma (1093 HK): 9M25 Remain Subdued on Finished Drugs; Key Pivotal Data Read Outs Awaited

By Tina Banerjee

CSPC Pharmaceutical Group (1093 HK) 9M25 revenue dropped 12% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.
Pressure on revenue will continue to be felt. Newly launched products, pipeline strength and out licensing opportunities would help ward off the effects of lower revenues from finished drugs.
CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. Pivotal data read outs awaited.

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Nov 25

Daily Brief TMT/Internet: Taiwan Mobile, Gabia Inc, TSMC (Taiwan Semiconductor Manufacturing) – ADR, Klook, Softbank Group, Global Payments, Gartner Inc, Meitu Inc, Smec Co Ltd, Lumentum Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Quiddity Leaderboard TDIV Dec25: Final Expectations: Many Changes to Rankings; Final Expectations
A Tender Offer of 10% Stake in Gabia by Align Partners Asset Management
Taiwan Dual-Listings Monitor: TSMC Spread Back in Extreme Range, UMC Discount
Klook Travel Technology (KLK): Peeking at the IPO Prospectus of a Hong Kong Based Travel Platform
SoftBank (9984 JP) Tactical Outlook: Extremely Oversold After -11% Plunge
Global Payments Dumps Issuer Solutions — Could This Game-Changing Divestiture Unlock Massive Cash Flow?
Gartner Inc: Setting the Stage for Breakthrough Revenue Growth With Smart Expansion!
Meitu Inc (1357 HK): AI a Threat? Not Really – Long-Term Compounder Driven by Dual Growth Engines
Primer: Smec Co Ltd (099440 KS) – Nov 2025
Lumentum Is Building A 2026 Technology Supercycle — Could CW

Quiddity Leaderboard TDIV Dec25: Final Expectations: Many Changes to Rankings; Final Expectations

By Janaghan Jeyakumar, CFA

The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
Today is the base date for the final ranks and we see four ADDs and four DELs for the December 2025 rebal.
We estimate one-way flow to be around US$2.2bn with many flow names having multiple days of volume to trade.

A Tender Offer of 10% Stake in Gabia by Align Partners Asset Management

By Douglas Kim

After the market close on 24 November, it was announced that Align Partners is conducting a partial tender offer of a 10% stake in Gabia Inc (079940 KS).
Tender offer price is 33,000 won (20% higher than current price). Tender offer amount is 44.7 billion won.
If Align Partners successfully completes this tender offer, its stake would rise to 19.03%. Plus, the combined stakes of Align Partners and Miri Capital would be 42.99%.

Taiwan Dual-Listings Monitor: TSMC Spread Back in Extreme Range, UMC Discount

By Vincent Fernando, CFA

TSMC: +25.8% Premium; Rebounded to High End of Range, Good Level to Open a Short of the ADR Spread
UMC: -2.2% Discount; Good Level to Open a Short of the ADR Spread
ASE: +3.2% Premium; Wait for More Extreme Level Before Going Long or Short

Klook Travel Technology (KLK): Peeking at the IPO Prospectus of a Hong Kong Based Travel Platform

By IPO Boutique

Klook leads APAC’s fast-growing travel-experiences market with mobile-first, AI-driven personalization and deep merchant integration across 310,000 offerings in 4,200 destinations.
Rapid GTV and profit-margin improvement highlight growing scale, strengthened monetization, and rising APAC demand in an under-digitized, fragmented global experiences sector.
Despite strong positioning, IPO prospects face scrutiny given sector volatility and recent peer underperformance, warranting cautious investor evaluation ahead of 2025 pricing.

SoftBank (9984 JP) Tactical Outlook: Extremely Oversold After -11% Plunge

By Nico Rosti

Softbank Group (9984 JP) crashed nearly -11% between Thursday and Friday close, reaching deeply oversold extremes.
Softbank Group has declined for three consecutive weeks, posting a cumulative -37% correction over this period.
Softbank Group‘s entry into the Outliers zone suggests an extreme oversold condition—potentially creating a tactical long setup for risk-tolerant traders.

Global Payments Dumps Issuer Solutions — Could This Game-Changing Divestiture Unlock Massive Cash Flow?

Global Payments Inc. delivered a strong performance in the third quarter of 2025, showcasing robust operational results and strategic initiatives that position the company for future growth.
The company reported 6% constant currency adjusted net revenue growth, excluding dispositions, alongside 110 basis points of margin expansion and 11% constant currency adjusted EPS growth compared to the prior year.
This performance was bolstered by strong execution across various business units, notably Merchant Solutions and Issuer Solutions.

Gartner Inc: Setting the Stage for Breakthrough Revenue Growth With Smart Expansion!

Gartner’s third-quarter 2025 financial results surpassed expectations amidst a dynamic macroeconomic environment.
The company navigated challenges like changes in the federal government and evolving tariff policies through operational adaptations that contributed to increased client retention and improved contract renewal rates.
Gartner’s client engagement indicators have shown positive trends, signaling potential future growth.

Meitu Inc (1357 HK): AI a Threat? Not Really – Long-Term Compounder Driven by Dual Growth Engines

By Raj S, CA, CFA

Meitu’s business model is not threatened by new AI image generation models. Long-term positioning remains intact. Last-mile workflows, a seventeen-year aesthetic dataset, and stable founder-led execution sustainable clear Moats.
Overseas markets offer materially higher pay-ratios and ARPU. Productivity and e-commerce tools drive the mix shift toward high-margin growth. Both support multi-year revenue compounding independent of AI capex cycles.
Recent Correction due to AI substitution fears drove the multiple to ~27x, placing PEG below 1x on 30% CAGR. Long-term buy with 100% upside and potential for strong re-rating.

Primer: Smec Co Ltd (099440 KS) – Nov 2025

By αSK

Smec Co Ltd is a South Korean company with dual exposure to the cyclical machine tool industry and the evolving telecommunications sector. Its machinery division, rooted in Samsung Heavy Industries, produces CNC lathes, machining centers, and robotic automation solutions. The ICT division provides various gateway solutions.
The company is strategically positioned to benefit from the growth in factory automation and the transition to electric vehicles (EVs), which require advanced manufacturing equipment. Recent corporate actions, including a significant stake acquisition by SNT Holdings with the stated purpose of influencing management, could signal a strategic shift and a more aggressive approach to enhancing corporate value.
Despite a strong growth track record in revenue and net income over the past several years, the company faces intense competition from larger domestic players and is susceptible to the capital expenditure cycles of its key end-markets. The lack of a consistent dividend payment may be a deterrent for income-focused investors.

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

Lumentum Is Building A 2026 Technology Supercycle — Could CW

Lumentum Holdings recently reported a noteworthy increase in revenue for the first quarter of fiscal year 2026, reaching $533.8 million, a 58% year-over-year rise.
This marks the highest quarterly revenue in the company’s history.
The growth was propelled by strong demand for artificial intelligence (AI) infrastructure, specifically from laser chips and optical transceivers used in data centers and network interconnects.

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Nov 25

Daily Brief Consumer: Pan Pacific International Holdings, LOTTE Corporation, Alibaba, Fast Retailing, Oriental Land, Chagee Holdings, Banyan Tree Holdings, TSE Tokyo Price Index TOPIX, ADT , Comcast Corp Class A and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

[Quiddity Index] Nikkei 225 Mar26 – Kioxia (285A) On the Menu, Others Not Far Behind
Ruling Party Unveils Key Details of 3rd Commercial Act Amendment: Mandatory Treasury-Share Disposal
ALIBABA (9988.HK) Earnings: Option Market Expectations and Post-Release Price Behavior
Asian Equities: Secular DPS Growth Matters, Not Just Dividend Yield. Presenting Our “Asia 50”.
A Pair Trade Basket Of Korean Consumer/Leisure Stocks (Long) And Japanese Names (Short)
Chagee Holdings (CHA) Six-Month Summary: Stark Warning on Volatility, China-Based IPO Risk
Tourism and Real Estate Stocks Dominate Filed Transactions Last Week
The Game Has Changed Since the Era of Cross-Shareholdings
ADT Rises as a Smart-Security Juggernaut With Powerful Tech Upgrades & Market-Shifting Strategy!
Weekly Update (MEDXF, MAGN, LEN/MRP, MODG)

[Quiddity Index] Nikkei 225 Mar26 – Kioxia (285A) On the Menu, Others Not Far Behind

By Travis Lundy

The March 2026 review for the Nikkei 225 is turning out to be a little more interesting than one might have expected a few months ago.
As of the end of August, the 3mo ADTV for Kioxia (285A) was ¥18bn despite expectations it would go into M _ _ _. The 1mo average today? ¥383bn.
That means it has rapidly climbed into the top echelons of 5yr trading history. Importantly, JX Advanced Metals (5016 JP) and Kokusai Electric (6525 JP) are not far behind.

Ruling Party Unveils Key Details of 3rd Commercial Act Amendment: Mandatory Treasury-Share Disposal

By Sanghyun Park

The proposed bill fully closes the treasury-share loopholes, bans all exchangeable/pledge uses, blocks M&A allocations, and imposes strict cancellation deadlines—1 year for new buys, 6 months for existing.
The amendment tightens disposal rules: no cancellation means pro-rata sales to existing shareholders only, shutting down selective deals and closing the wide-open disposal gap under current law.
The proposal is far tougher than expected, likely to become the final version, and should drive a near-term mandatory-cancel narrative and notable price action in governance-sensitive holding-co names.

ALIBABA (9988.HK) Earnings: Option Market Expectations and Post-Release Price Behavior

By John Ley

Alibaba will announce Q2 earnings on after the market close (HK time) November 25.
Earnings implied jump pricing is similar to the last release, but recent downside skew in past Q2 moves highlights why traders may focus more on potential weakness.
Recent market patterns, including muted reactions to beats and sharp responses to misses, add weight to risks around Baba’s earnings day move.

Asian Equities: Secular DPS Growth Matters, Not Just Dividend Yield. Presenting Our “Asia 50”.

By Manishi Raychaudhuri

While focus on dividend yield is common, we think secular growth in DPS over a long period of time is a stronger marker of robust earnings trajectory and shareholder friendliness.
Among stocks in Asian EM and DM, we screen 50 that raised their DPS every year over the past decade – a commendable performance given earnings dislocations during this period.
Stocks from Japan (24), HK (10), onshore China (6), India (6), Singapore (2) and Taiwan (2) make up our list. 10 are large and liquid with strong forecast EPS growth.

A Pair Trade Basket Of Korean Consumer/Leisure Stocks (Long) And Japanese Names (Short)

By Douglas Kim

In this insight, we discuss a pair trade involving a basket of Korean consumer stocks (long) and a basket of Japanese consumer stocks (short) over the next 3-6 months.
The 10 Korean names (long basket) include Samyang Food, APR, Amorepacific Corp, Korean Air, CJ Corp, Classys, Nongshim, Shinsegae, Hotel Shilla, and Lotte Tour Development.
The 10 Japanese names (short basket) include Fast Retailing, Oriental Land, Kao Corp, Seibu Holdings, ANA Holdings, Shiseido, J.Front Retailing, Kose Corp, Pola Orbis Holdings, and Kyoritsu Maintenance.

Chagee Holdings (CHA) Six-Month Summary: Stark Warning on Volatility, China-Based IPO Risk

By IPO Boutique

Chagee’s IPO surged early but collapsed, falling nearly 70% from its debut high amid intense market and China-based issuer volatility.
Weak U.S. sponsorship and a sales miss triggered sustained selling pressure, pushing CHA far below its $28 issue price.
The deal highlights 2025’s unforgiving IPO environment, where consumer and China-linked listings face sharp downside risk when momentum fades.

Tourism and Real Estate Stocks Dominate Filed Transactions Last Week

By Geoff Howie

Institutions were net sellers of Singapore stocks from Nov 14 to Nov 20, with a net outflow of S$131 million.
United Overseas Bank led share buybacks, acquiring 997,700 shares at an average price of S$34.01, totaling S$58.2 million.
Wing Tai Holdings’ Cheng Wai Keung increased his interest to 62.24%, while Banyan Tree Holdings’ Goodview Properties raised its stake to 6.06%.

The Game Has Changed Since the Era of Cross-Shareholdings

By Aki Matsumoto

Share buybacks peak every year in June when AGMs are held, after which the “Quiet Period” begins. Toward the fiscal year-end, buybacks are expected as a means to resolve cross-shareholdings.
Given that the capital profitability of all TSE-listed companies hasn’t shown improvement, investors must continue to call for reducing excess cash reserves through dissolution of cross-shareholdings and the share buybacks.
Shareholders entrust management with the responsibility to maximize shareholder interest, which includes shareholder returns and corporate value growth. It’s natural for shareholders to demand that management fulfill this fiduciary duty.

ADT Rises as a Smart-Security Juggernaut With Powerful Tech Upgrades & Market-Shifting Strategy!

ADT’s third-quarter 2025 financial performance indicates a steady trajectory with both positive and negative elements impacting its outlook.
The company’s financial highlights reveal a 4% increase in total revenue to $1.3 billion and a 3% growth in adjusted EBITDA to $676 million.
Additionally, the adjusted earnings per diluted share rose by 15% year-over-year to $0.23, reflecting robust cash flow generation amounting to $709 million year-to-date.

Weekly Update (MEDXF, MAGN, LEN/MRP, MODG)

By Richard Howe

Comcast (CMCSA) announced in late 2024 that it would spin off a bundle of its traditional U.S. cable networks and related digital properties into a new independent company, now named Versant Media Group (VSNT).
Versant will host an analyst day on Thursday, December 4th and the spin-off is expected to take place in early 2026.
The move is driven by the secular decline of linear TV and the “transition of our video businesses”, as Comcast’s President Michael Cavanagh described.

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Nov 24

Daily Brief Quantitative Analysis: Bursa Short Interest Weekly (Nov 21st): Frontken and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

Bursa Short Interest Weekly (Nov 21st): Frontken, Eco World Develop, Astro Malaysia
HK Connect Flows Weekly (Nov 21st): Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy
A-H Premium Weekly (Nov 21st): Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal Energy, CATL
Thailand Short Interest Weekly (Nov 21st): Intouch, Gulf Energy Development, Minor International
TWSE Foreign Holding Weekly (Nov 21st): TSMC, Hon Hai Precision, Fubon Financial, ASE Industrial
TWSE Short Interest Weekly (Nov 21st): King Yuan Electronics, MediaTek, Asustek Computer
HK Short Interest Weekly: Xpeng
KRX Foreign Holding Weekly (Nov 21st): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

Bursa Short Interest Weekly (Nov 21st): Frontken, Eco World Develop, Astro Malaysia

We analyzed the changes in short interest of Bursa stocks as of Nov 21st. The aggregated short interest is USD450m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Frontken, Eco World Develop, Astro Malaysia, Genting Malaysia, Telekom Malaysia.

HK Connect Flows Weekly (Nov 21st): Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy

We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy.

A-H Premium Weekly (Nov 21st): Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal Energy, CATL

We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 63.5% as of Nov 21st.
The average A-H premium changed by 2.5ppt week-on-week, led by information technology, materials, financials and offset by health care.
We highlight weekly changes in A-H premium for Tianqi Lithium, BOC, CSSC O&M Engineering, China Coal Energy, CATL, Sinopec.

Thailand Short Interest Weekly (Nov 21st): Intouch, Gulf Energy Development, Minor International

We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 21st. We estimate that they had an aggregated short interest worth USD2.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, Gulf Energy Development, Minor International, Advanced Info Service, CP AXTRA NVDR, Minor International, Advanced Info Service, Gulf Energy Development, Cp Axtra Nvdr.

TWSE Foreign Holding Weekly (Nov 21st): TSMC, Hon Hai Precision, Fubon Financial, ASE Industrial

We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 21st. The aggregated holding was USD1,288.6bn.
We estimate that foreign flows to be outflows of USD4,241mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Fubon Financial, ASE Industrial, Alchip Technologies, Ase Industrial, TSMC, Hon Hai Precision, Fubon Financial, Alchip Technologies.

TWSE Short Interest Weekly (Nov 21st): King Yuan Electronics, MediaTek, Asustek Computer

We analyzed the changes in short interest of TWSE Stocks as of Nov 21st. The aggregated short interest was USD28.0bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in King Yuan Electronics, MediaTek, Asustek Computer, Nan Ya Plastics, Zhen Ding Technology, King Yuan Electronics, MediaTek, Asustek Computer, Nan Ya Plastics, Zhen Ding Technology.

HK Short Interest Weekly: Xpeng

We analyzed the latest HK SFC report for aggregate short position as of Nov 14th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Xpeng (9868 HK), TraHK HSI ETF (2800 HK).

KRX Foreign Holding Weekly (Nov 21st): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

We analyzed the changes in foreign holdings of KRX stocks as of Nov 21st. The aggregated holding was USD776.5bn.
We estimate that foreign flows to be outflows of USD3,001mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES, KB Financial, Samsung Elec (PREF).

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Nov 24

Daily Brief Thematic (Sector/Industry): SG RE Developers: The Physical Market Recovery and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

SG RE Developers: The Physical Market Recovery, Improved Capital Recycling, & Valuation Dislocation
Ohayo Japan | Rate Cuts Back on the Table

SG RE Developers: The Physical Market Recovery, Improved Capital Recycling, & Valuation Dislocation

By Jacob Cheng

We think Singapore developers is at a sweet spot on the back of market recovery, stronger capital management and attractive valuation
Residential and office market are seeing solid recovery, on the back of steep rate decline. Accelerated M&As and buyback programs will further unlock value to shareholders
Sector is trading at 0.64x PB and 55% discount to RNAV, assuming mean version, this implies 72% and 60% upside to historical mean of 1.1x and 28% respectively

Ohayo Japan | Rate Cuts Back on the Table

By Mark Chadwick

U.S. stocks, including rate-sensitive names like Home Depot and D.R. Horton, rose Friday, driven by a Fed official’s comments signalling a potential rate cut.
Japan’s Parliament approved a JPY 21.3 trillion stimulus package, the largest since the pandemic, but the resulting JPY 17.7 trillion supplementary budget raises fiscal sustainability concerns.
Japanese markets closed for Labour Thanksgiving Day. US closed for Thanksgiving on Thursday

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Nov 24

Daily Brief Australia: Monash IVF, Qube Holdings, Webjet Group, BHP Group Ltd, Fenix Resources , Technology One and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

Monash IVF (MVF AU): Genesis Capital to Launch a Takeover Proposal?
Qube (QUB AU): Macquarie’s Lobs NBIO
Webjet Group (WJL AU): BGH Capital Counters Helloworld with a Competing Proposal
Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (24 Nov)
Iron Ore At 104 USD/Ton: Where To Now With Simandou Online? Still Like Fenix, Others Fairly Valued
Technology One Ltd – Outlook Intact Post Tech1’s FY25 Punishment

Monash IVF (MVF AU): Genesis Capital to Launch a Takeover Proposal?

The AFR reports that a mystery buyer, believed to be Genesis Capital, will launch a takeover proposal for Monash IVF (MVF AU) at A$0.80, a 31.1% premium to the last close.
On Friday, the mystery buyer acquired a pre-bid stake of 6.01% of outstanding shares at A$0.80. The timing is opportunistic as the shares are down 51% YTD.
It is unclear whether Genesis is aiming to launch a scheme or an off-market takeover offer. Nevertheless, the rumoured offer is light.

Qube (QUB AU): Macquarie’s Lobs NBIO

By David Blennerhassett

Qube Holdings (QUB AU), a logistics and infrastructure play, has announced a A$5.20/share non-binding indicative Offer from Macquarie Asset Management, a unit of Macquarie Group (MQG AU).
That is a 27.8% premium to last close. And ~14.4x FY25 EV/EBITDA. The proposal “follows an earlier unsolicited, non-=binding and indicative offer at lower value.” Dividends paid will be netted.
Qube directors are supportive. The proposal is conditional on due diligence, board approvals, no MACs at Qube, plus regulatory clearance, including FIRB and ACCC signing off.

Webjet Group (WJL AU): BGH Capital Counters Helloworld with a Competing Proposal

On 21 November, Webjet Group (WJL AU) disclosed a non-binding takeover offer from BGH Capital at A$0.91 per share, a 1.1% premium to the Helloworld Ltd (HLO AU) offer.
BGH’s takeover offer is conditional on a 75% minimum acceptance condition, which is too high a threshold to meet. The acceptance condition is likely to be revised to 50.1%.
Helloworld has justification to engage in a bidding war, particularly due to potential synergies and multiple re-rating. I would expect at least another round of bids.

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (24 Nov)

By Gaudenz Schneider

Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
Highlights: Currently twelve pair trade opportunities across three markets and five sectors persist.
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

Iron Ore At 104 USD/Ton: Where To Now With Simandou Online? Still Like Fenix, Others Fairly Valued

Iron ore prices have remained rock-solid at 104 USD/ton, but the fundamentals are on slightly shaky ground as Rio Tinto (RIO US) commenced shipments from its Simandou project.
Chinese steel production and apparent demand in October tracked an extremely weak 12%/12.5% YoY, with annualized production rates now 864 million tons, and lending (TSF) was lacklustre at -42% YoY.
We like Fenix Resources (FEX AU) despite the negative sentiment, due to its production growth profile from 4 million to 10 million tons over the next 3 years.

Technology One Ltd – Outlook Intact Post Tech1’s FY25 Punishment

By FNArena

Shares in TechnologyOne reacted negatively on the release of a record FY25 performance, as not all metrics met elevated expectations as as the global technology sector is de-rated.
-TechnologyOne delivers record FY25 metrics -Profit exceeds guidance, strong UK growth -Market concerns on softer than expected ARR and NRR -Global de-rating for the sector equally impacts on updated valuations/price targets

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Nov 24

Daily Brief ECM: Weekly Deals Digest (23 Nov) – SBI Shinsei and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Weekly Deals Digest (23 Nov) – SBI Shinsei, Toyoda Gosei, Jinke, Digital Hldgs, Webjet, RPM
Pre-IPO UltraGreen.ai – Thoughts on the Business, the Concerns and the Valuation
ECM Weekly (24 November 2025) – CATL, Hengrui, Hongqiao, WT Micro, SBI Shinsei, NS Group, Ultragreen
Chuangxin Industries IPO Trading: Good Insti Sub Rates but Peers Have Traded Down

Weekly Deals Digest (23 Nov) – SBI Shinsei, Toyoda Gosei, Jinke, Digital Hldgs, Webjet, RPM

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: SBI Shinsei Bank (8303 JP) is looking to relist by raising about US$2 billion, and Toyoda Gosei (7282 JP)‘s US$0.8 billion secondary offering.
Event-Driven developments: Digital Holdings Inc (2389 JP), Jinke Smart Services (9666 HK), RPMGlobal Holdings Limited (RUL AU), Webjet Group (WJL AU).

Pre-IPO UltraGreen.ai – Thoughts on the Business, the Concerns and the Valuation

By Xinyao (Criss) Wang

UltraGreen.ai’s IPO valuation of US$1.6 billion is 6x the total 2030 market size for FGS systems. Such valuation is not based on current financial performance but on future growth expectations.
For UltraGreen.ai to justify its valuation, it would need to capture a dominant/growing share of this expanding market. This creates a high risk of valuation correction if growth is slower-than-expected.
The entire AI sector has been full of bubble.A market-wide correction could impact UltraGreen.ai’s valuation regardless of its individual performance.US$1.3bn is a comfortable valuation for us to invest in UltraGreen.ai.

ECM Weekly (24 November 2025) – CATL, Hengrui, Hongqiao, WT Micro, SBI Shinsei, NS Group, Ultragreen

By Sumeet Singh

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, most of the listings over the past week ended up doing well, irrespective of overall demand.
On the placements front, there was a lockup release for Contemporary Amperex Technology (CATL) (3750 HK), along with a number of other placements.

Chuangxin Industries IPO Trading: Good Insti Sub Rates but Peers Have Traded Down

By Nicholas Tan

Chuangxin Industries (CXI HK) raised around US$700m in its upcoming Hong Kong IPO.
It is focused on alumina refining and aluminum smelting within the upstream of the aluminum industry chain.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

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Nov 24

Daily Brief Event-Driven: HK Connect SOUTHBOUND Flows (Wk To 21 Nov 2025) – BIG Net Buy on Lower Gross Flows. BABA Bought and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

HK Connect SOUTHBOUND Flows (Wk To 21 Nov 2025) – BIG Net Buy on Lower Gross Flows. BABA Bought
Monash IVF (MVF AU): Genesis Capital to Launch a Takeover Proposal?
Qube (QUB AU): Macquarie’s Lobs NBIO
Curator’s Cut: Powering Down CATL, Iron Ore Plays & Japan Consumer Consolidation
Merger Arb Mondays (24 Nov) – ANE, Dongfeng, ENN, Jinke, Shengmu, AUB, Digital Hldgs, Pacific Ind
A/H Premium Tracker (Week to 21 Nov 2025): Hs Sharply Underperform As. Year-End Unwinding?
Webjet Group (WJL AU): BGH Capital Counters Helloworld with a Competing Proposal
Axalta Through Deal Value: Market Pricing a Bump, Not a Spread

HK Connect SOUTHBOUND Flows (Wk To 21 Nov 2025) – BIG Net Buy on Lower Gross Flows. BABA Bought

By Travis Lundy

HK$100bn a day of gross SOUTHBOUND activity with US$600mm+ of net buying on average. Net flows continue to be impressive. SOEs/Energy/Financials dominate.
Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could up the pace of things.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there – free – for all SK readers.

Monash IVF (MVF AU): Genesis Capital to Launch a Takeover Proposal?

The AFR reports that a mystery buyer, believed to be Genesis Capital, will launch a takeover proposal for Monash IVF (MVF AU) at A$0.80, a 31.1% premium to the last close.
On Friday, the mystery buyer acquired a pre-bid stake of 6.01% of outstanding shares at A$0.80. The timing is opportunistic as the shares are down 51% YTD.
It is unclear whether Genesis is aiming to launch a scheme or an off-market takeover offer. Nevertheless, the rumoured offer is light.

Qube (QUB AU): Macquarie’s Lobs NBIO

By David Blennerhassett

Qube Holdings (QUB AU), a logistics and infrastructure play, has announced a A$5.20/share non-binding indicative Offer from Macquarie Asset Management, a unit of Macquarie Group (MQG AU).
That is a 27.8% premium to last close. And ~14.4x FY25 EV/EBITDA. The proposal “follows an earlier unsolicited, non-=binding and indicative offer at lower value.” Dividends paid will be netted.
Qube directors are supportive. The proposal is conditional on due diligence, board approvals, no MACs at Qube, plus regulatory clearance, including FIRB and ACCC signing off.

Curator’s Cut: Powering Down CATL, Iron Ore Plays & Japan Consumer Consolidation

By Pranav Rao

Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma.
In this cut, we review CATL’s H-share lock-up expiry, iron ore equity opportunities in the face of Simandou’s expected supply, and the accelerating consolidation in Japan’s consumer sector.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.

Merger Arb Mondays (24 Nov) – ANE, Dongfeng, ENN, Jinke, Shengmu, AUB, Digital Hldgs, Pacific Ind

I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Smart Share Global (EM US), Dongfeng Motor (489 HK), AUB Group Limited (AUB AU), ENN Energy (2688 HK), Digital Holdings Inc (2389 JP), Jinke Smart Services (9666 HK).
Lowest spreads: Bright Smart Securities (1428 HK), Mandom Corp (4917 JP), Pacific Industrial (7250 JP), Toyota Industries (6201 JP), Seven West Media (SWM AU), Star Micronics (7718 JP).

A/H Premium Tracker (Week to 21 Nov 2025): Hs Sharply Underperform As. Year-End Unwinding?

By Travis Lundy

Hs underperformed As on average by 1.88% within the liquid AH pair universe. Defensive Hs outperform As. Others not.
Nine new recos last week. The one labelled saw H underperform A by 2%. Ouch. 15+ new trades this week.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there – free – for all SK readers.

Webjet Group (WJL AU): BGH Capital Counters Helloworld with a Competing Proposal

On 21 November, Webjet Group (WJL AU) disclosed a non-binding takeover offer from BGH Capital at A$0.91 per share, a 1.1% premium to the Helloworld Ltd (HLO AU) offer.
BGH’s takeover offer is conditional on a 75% minimum acceptance condition, which is too high a threshold to meet. The acceptance condition is likely to be revised to 50.1%.
Helloworld has justification to engage in a bidding war, particularly due to potential synergies and multiple re-rating. I would expect at least another round of bids.

Axalta Through Deal Value: Market Pricing a Bump, Not a Spread

By Jesus Rodriguez Aguilar

The Akzo–Axalta merger provides strong industrial logic and substantial synergies, but value allocation favours Akzo via its large dividend and greater synergy share, driving emerging Axalta shareholder resistance.
Axalta trades above adjusted deal value, implying a 2–3% bump. Artisan and Shapiro opposition increases pressure to improve terms, but current pricing already embeds bump expectations, making arbitrage unattractive.
At €26.21, expected returns are negative across scenarios without a larger, near-certain bump. Break risk dominates, making the trade unattractive. Recommendation: avoid initiating AXTA-long/AKZO-short positions until spread materially widens.

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Nov 24

Daily Brief Equity Bottom-Up: TSMC (2330.TT; TSM.US): Retired Sr. VP Joins Intel; U.S. Fab Impact; Arizona Earnings Decline. and more

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

In today’s briefing:

TSMC (2330.TT; TSM.US): Retired Sr. VP Joins Intel; U.S. Fab Impact; Arizona Earnings Decline.
Short Wharf REIC: Structural De-Rating and Weakened Luxury Consumption
Primer: Meitu Inc (1357 HK) – Nov 2025
3SBio Inc (1530 HK): Proposed Mandi Spin Off and Listing Sensible; 3SBio Ex Mandi Formidable Enough
Iron Ore At 104 USD/Ton: Where To Now With Simandou Online? Still Like Fenix, Others Fairly Valued
Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (24 Nov)
Pinduoduo (PDD): 3Q25, Growth Stops Declining, Op Cashflow Rises Again After a Year
Chuangxin Industries (2788 HK): It Doesn’t Pay to Be Aggressive
Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – November 2025
Stockpiling of Copper in the Comex: A One-Year Trade, Inventories Now at 25% of US Demand

TSMC (2330.TT; TSM.US): Retired Sr. VP Joins Intel; U.S. Fab Impact; Arizona Earnings Decline.

By Patrick Liao

TSMC (Taiwan Semiconductor Manufacturing) – ADR (TSM US)’s retired Senior Vice President Dr. Wei-Jen Lo has taken a position at Intel.
Trump has been in power for less than a year, and the U.S.’s measures have fully revealed its purpose of confrontation between China and the United States.
TSMC’s Arizona fab profit dropped from NT$4.32 billion in 2Q25 to NT$410 million in 3Q25.

Short Wharf REIC: Structural De-Rating and Weakened Luxury Consumption

By Jacob Cheng

We think Wharf REIC, which owns luxury malls in Hong Kong, is undergoing a structural de-rating, on the back of macro headwinds, currency impact and company fundamentals
Southbound consumption into Hong Kong has weakened deeply, catalyzed by a punitive USD-pegged Hong Kong Dollar (HKD) and a collapsing Japanese Yen (JPY)
In latest interim results, Wharf REIC reported HK$5.1 billion revaluation deficit and a HK$2.4 billion net loss, representing negative rental reversions crystallizing into lower asset values.

Primer: Meitu Inc (1357 HK) – Nov 2025

By αSK

Transition to AI-Driven Subscriptions Fueling Growth: Meitu is successfully transitioning its business model from advertising to a high-margin, AI-driven subscription service for its photo, video, and design products. This strategic shift is the primary driver behind significant revenue and profit growth, with paying subscribers reaching 15.4 million.
Strategic Divestment from Cryptocurrency: The company has fully divested its cryptocurrency holdings, realizing a substantial net gain of nearly US$80 million. This move de-risks the balance sheet from the volatility of digital assets and allows management to refocus capital and attention on its core AI imaging business.
Expanding Global Footprint and Enterprise Solutions: Meitu is aggressively expanding its international user base, which now accounts for 35% of total Monthly Active Users (MAUs). Concurrently, it is leveraging its core AI technology to launch productivity-focused tools for e-commerce and advertising, opening new avenues for enterprise revenue.

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

3SBio Inc (1530 HK): Proposed Mandi Spin Off and Listing Sensible; 3SBio Ex Mandi Formidable Enough

By Tina Banerjee

3SBio Inc (1530 HK) proposed to spin-off and separately list the shares of Mandi, a subsidiary of the company.
In 2024 and 1H25, Mandi contributed 16% and 17% of total consolidated sales respectively, while its EBITDA contribution was 14.4% (in 2024) and 11.5% (in 1H25).
As far as 3SBio (ex-Mandi) is concerned, marketing approvals for key pipeline product like SSGJ-608, along with indication expansion, geographical expansion of few drugs will be key in near term.

Iron Ore At 104 USD/Ton: Where To Now With Simandou Online? Still Like Fenix, Others Fairly Valued

Iron ore prices have remained rock-solid at 104 USD/ton, but the fundamentals are on slightly shaky ground as Rio Tinto (RIO US) commenced shipments from its Simandou project.
Chinese steel production and apparent demand in October tracked an extremely weak 12%/12.5% YoY, with annualized production rates now 864 million tons, and lending (TSF) was lacklustre at -42% YoY.
We like Fenix Resources (FEX AU) despite the negative sentiment, due to its production growth profile from 4 million to 10 million tons over the next 3 years.

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (24 Nov)

By Gaudenz Schneider

Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
Highlights: Currently twelve pair trade opportunities across three markets and five sectors persist.
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

Pinduoduo (PDD): 3Q25, Growth Stops Declining, Op Cashflow Rises Again After a Year

By Ming Lu

PDD’s total revenue increased by 9% YoY in 3Q25 higher than 7% YoY in 2Q25.
In 3Q25, operating cash flows stopped decreasing after a year and grew by 66% YoY.
We believe PDD’s stock price can be double for the next twelve month according to other e-commerce companies’ EV/EBITDA.

Chuangxin Industries (2788 HK): It Doesn’t Pay to Be Aggressive

By Osbert Tang, CFA

Despite an overwhelming response and a 26-30% surge in the grey market, at 8.3x FY26 PER, Chuangxin Industries (2788 HK)‘s IPO price does not generate much excitement for us.
Heavy reliance on connected transactions with the controlling shareholder, pressure on margins in the future, and a highly leveraged balance sheet are concerns.
We do not think it justifies trading at a premium to peers, hence, limited upside from now. The small free float, however, will increase the share price volatility.

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – November 2025

We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.
We compile updates on Oriental Watch (398 HK), The Keepers Holdings (KEEPR PM), and Ginebra San Miguel (GSMI PM), and others into the results.
Our top picks are Asian Terminals (ATI PM), The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).

Stockpiling of Copper in the Comex: A One-Year Trade, Inventories Now at 25% of US Demand