Smartkarma Daily Briefs

Doximity, a professional network for physicians, recently reported its fiscal 2026 first-quarter results.
The company posted a revenue of $146 million, marking a 15% year-over-year increase, exceeding its guidance by 4%.
The adjusted EBITDA was $80 million, translating to a 55% margin, which was above the guidance range, reflecting a 21% year-on-year growth.

Block Inc.: Inside the Borrow Platform’s Surge to 6 Million Users & What’s Next!

Block, Inc.’s latest earnings report for the second quarter of 2025 provided key insights into the company’s ongoing strategies, progress, and operational challenges.
Showing signs of a return to growth mode, the company reported a gross profit of $2.5 billion, up 14% year-over-year, and an adjusted operating income of $550 million, reflecting a 38% increase.
This indicates an expansion in margins to a new peak of 22%.

EPAM Systems: Adaptation & Readiness for AI-Driven Transformation to Remain A Competitive Player In Delivering Cutting-Edge Solutions!

EPAM Systems, Inc. reported robust results for the second quarter of 2025, delivering significant growth across multiple dimensions.
Key highlights of the report include a solid year-over-year revenue increase of 18% to $1.353 billion, with organic constant currency growth of 5.3%.
This marks the third consecutive quarter of positive organic growth amidst a challenging macroeconomic environment.

MACOM Technology: Advancements in Photodetector Technology & Other Factors Fueling Our Optimism!

MACOM Technology Solutions Holdings (MACOM) reported its third fiscal quarter of 2025 results showing a strong performance, with revenue reaching $252.1 million, reflecting a 6.9% quarter-on-quarter increase.
Adjusted earnings per share (EPS) were $0.90, marking a new record for the company.
The company demonstrated strong cash generation, ending the quarter with $735 million in cash and short-term investments, reflecting solid financial health.

MP Materials: Initiation of Coverage- Partnership With Apple & the DoD—Are These Deals a Guaranteed Growth Engine?

MP Materials reported a significant transformation in its operations and strategic positioning during the second quarter of 2025.
The company has embarked on strategic partnerships with the Department of Defense (DoD) and Apple, marking a new chapter in its operational history.
These partnerships serve as significant validations of MP Materials’ strategic mission and reflect substantial steps towards enhancing its supply chain capabilities and vertical integration.

Alliant Energy’s Data Center Push: What $10 Billion Means for Growth!

Alliant Energy has reported its second quarter financial results for 2025, showcasing a notable performance amidst ambitious growth objectives and strategic investments.
The company announced ongoing earnings of $0.68 per share, a healthier position than the $0.57 per share reported in the same quarter last year, driven by successful capital investment programs and improved electric and gas sales.
The company reaffirms its full-year 2025 earnings guidance range of $3.15 to $3.25 per share and maintains a long-term annual earnings growth target of 5% to 7%.

Honeywell Files Form 10 for the Spin-Off of Solstice Advanced Materials (SOLS)

By Garvit Bhandari

Honeywell submitted a Form 10 registration statement to the SEC on August 21, formally initiating the planned separation of Solstice Advanced Materials as a standalone company
The new entity will focus on specialty materials such as refrigerants, semiconductor materials, protective fibers, and healthcare packaging.
Honeywell retains Aerospace Technologies, Industrial Automation, Building Automation, and the non-Advanced-Materials pieces of Energy & Sustainability Solutions.

Genpact’s AI Gigafactory Is Live—Could 270+ Solutions Rebuild Its Growth Story?

Genpact Limited’s financial performance in the second quarter of 2025 presented a mix of strengths and potential challenges for investors to consider.
The company reported a revenue of $1.25 billion, marking a 7% year-over-year increase, showing robust growth across its business segments.
Profitability also improved, with gross margin expanding by 50 basis points and adjusted operating income margin increasing by 40 basis points over the previous year.

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Aug 29

Daily Brief South Korea: SK Inc, Robotis, Tovis Co Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

What Was It in SK Inc that Got the Local Pension Funds Loading up Hard Today?
Robotis – Rights Offering of 100 Billion Won
Korea Small Cap Gem #44: Tovis

What Was It in SK Inc that Got the Local Pension Funds Loading up Hard Today?

By Sanghyun Park

LG plans to cancel its remaining 3.02M treasury shares by next year, effectively wiping out all treasury stock—a clear preemptive move ahead of mandatory cancellation rules.
Local pension funds are betting SK Inc will do a partial treasury burn before Q4, front-running the 3rd Commercial Act and sending a pro-policy signal.
The SK treasury burn story offers multiple plays: holdco rerate, SK Inc momentum, and subsidiary rollover as NAV discounts tighten—definitely a multi-layered setup worth active monitoring.

Robotis – Rights Offering of 100 Billion Won

On 28 August, Robotis (108490 KS) announced a rights offering capital increase of 100 billion won.
Rights offering plan is to allocate 1,349,528 new shares (10% of outstanding shares) to existing shareholders, and then conduct a public offering for general investors once forfeited shares are issued.
The expected rights offering price is 74,100 won per share (12.8% lower than current price). We are Negative on this rights offering.

Korea Small Cap Gem #44: Tovis

Tovis is one of the key beneficiaries of continued opening of new casinos in Asia/globally. The company provides specialty monitors for slot machines, casino gaming cabinets, and arcade/gaming machines.
The growth of the automotive/other displays unit has been driven mostly by domestic sales which increased from 36.6 billion won in 2022 to 239.2 billion won in 2024.
Tovis is trading at EV/EBITDA of 4.5x based on LTM financials and recent prices. This is much lower than average EV/EBITDA multiple of 12.4x from 2020 to 2024.

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Aug 29

Most Read: Zijin Mining Group Co Ltd H, Shibaura Electronics, HD Hyundai Heavy Industries , Carenet Inc, PointsBet Holdings , SK Inc, Robotis, XtalPi Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Zijin Mining (2899 HK): Fully Valued Ahead Of (Expected) Gold Unit Spin-Off
[Japan M&A] CareNet (2150 JP) MBO-Ish LBO of Medical Platform Biz; Light. SUPER Opaque Process.
[Japan M&A] YAGEO Says It Expects FDI Clearance on Shibaura – Minebea Likely To Fold
A Merger Between HD Hyundai Heavy Industries and HD Hyundai Mipo
[Japan M&A] CareNet (2150 JP) – Opaque LBO/MBO Garners New Attention from Existing Shareholder
PointsBet (PBH AU): Betr’s Dyslexic Bump. Mixi’s Now Holding 42.38%
CareNet (2150 JP): Kaname Capital Is Potentially a Headache for EQT
What Was It in SK Inc that Got the Local Pension Funds Loading up Hard Today?
Robotis – Rights Offering of 100 Billion Won
Xtalpi Placement: Opportunistic Raise but Thematically Hot, past Deals Did Well

Zijin Mining (2899 HK): Fully Valued Ahead Of (Expected) Gold Unit Spin-Off

By David Blennerhassett

Back on the 30th April 2025, Zijin Mining (2899 HK) said it planned to spin off its overseas gold mine assets on the Hong Kong exchange.
The newly created unit, Zijin Gold International, owns/operates mines in South America, Central Asia, Africa and Oceania, including the Buritica project in Colombia, the nation’s largest gold mine.
A Circular is now out concerning the spin-off, which is not subject to shareholder approval. Pegged to peers, Zijin appears fully valued.

[Japan M&A] CareNet (2150 JP) MBO-Ish LBO of Medical Platform Biz; Light. SUPER Opaque Process.

Todfay after the close, EQT and Carenet Inc (2150 JP) announced an EQT SPC would launch a TOB to buy out the medical platform business.
A growthy business so the multiple looks light. But the founder and his incubation fund is selling. That’s 19%. Insiders/crossholders hold another 25%. One recent seller still has 10%.
This looks like it gets done, but it isn’t at the highs of 4+ years ago. Some retail may be upset.

[Japan M&A] YAGEO Says It Expects FDI Clearance on Shibaura – Minebea Likely To Fold

Last weekend then post-close Monday, Yageo Corporation (2327 TT) raised its TOB Price for Shibaura Electronics (6957 JP) to ¥7,130 – a full 15% through Minebea’s proposed ¥6,200/share terms.
Minebea was playing chicken with the result, closing its tender on 28 August, before Japan’s Foreign Direct Investment approval (FEFTA approval) was cleared, expected 1 Sep or later.
Today post-close, YAGEO announced it had concluded discussions with METI, would make all required regulatory submissions today, and expects to obtain approval “no later than 10 September”

A Merger Between HD Hyundai Heavy Industries and HD Hyundai Mipo

It was announced today that HD Hyundai Heavy Industries will merge with HD Hyundai Mipo. The merger ratio between HD Hyundai Heavy Industries and HD Hyundai Mipo is 1:0.4059146.
HD Korea Shipbuilding & Offshore Engineering (009540 KS) will own a 66.29% stake in the merged entity.
HD KSOE is proceeding with this merger of its two major subsidiaries ahead of the full-scale launch of the MASGA (“Make America Shipbuilding Great Again”) project.

[Japan M&A] CareNet (2150 JP) – Opaque LBO/MBO Garners New Attention from Existing Shareholder

When EQT launched its deal for Carenet Inc (2150 JP) two weeks ago, I thought it opaque, and light, and strangely lacking in information which should be there.
It has not gotten clearer, though three days ago, the largest foreign shareholder as of the announcement reported they had lowered their position by 3.77% (4.22% of votes).
Then yesterday, someone else reported they had gone above 5%. The data implied in that filing suggests this may have legs. I’d buy through terms.

PointsBet (PBH AU): Betr’s Dyslexic Bump. Mixi’s Now Holding 42.38%

By David Blennerhassett

Betr Entertainment (BBT AU) has bumped scrip terms to 4.375 betr shares per PointsBet Holdings (PBH AU) share, equivalent to A$1.31/share, based on betr’s last traded price.
True to form with betr, there’s a typo in its latest announcement stating a 4.735 ratio. betr just issued a Bidder’s Statement with the correct info.
Apologies: in my last note I mentioned Mixi Inc (2121 JP) had bumped to A$1.30/share. However, that was predicated on Mixi securing 90%, which won’t happen if betr doesn’t tender.

CareNet (2150 JP): Kaname Capital Is Potentially a Headache for EQT

By Arun George

Kaname Capital reported a 5.80% ownership ratio in Carenet Inc (2150 JP). Most of the shares were purchased on August 18 and 19, i.e., after the announcement of the offer.
Kaname has a recent history of agitating for a bump in the Proto Corp (4298 JP) tender offer. Kaname failed to prevent Proto from being privatised.
EQT will initially take a wait-and-see approach. If Kaname acquires a 10% stake, EQT will start to worry, but it has several options to respond.

What Was It in SK Inc that Got the Local Pension Funds Loading up Hard Today?

By Sanghyun Park

LG plans to cancel its remaining 3.02M treasury shares by next year, effectively wiping out all treasury stock—a clear preemptive move ahead of mandatory cancellation rules.
Local pension funds are betting SK Inc will do a partial treasury burn before Q4, front-running the 3rd Commercial Act and sending a pro-policy signal.
The SK treasury burn story offers multiple plays: holdco rerate, SK Inc momentum, and subsidiary rollover as NAV discounts tighten—definitely a multi-layered setup worth active monitoring.

Robotis – Rights Offering of 100 Billion Won

On 28 August, Robotis (108490 KS) announced a rights offering capital increase of 100 billion won.
Rights offering plan is to allocate 1,349,528 new shares (10% of outstanding shares) to existing shareholders, and then conduct a public offering for general investors once forfeited shares are issued.
The expected rights offering price is 74,100 won per share (12.8% lower than current price). We are Negative on this rights offering.

Xtalpi Placement: Opportunistic Raise but Thematically Hot, past Deals Did Well

By Nicholas Tan

XtalPi Holdings (2228 HK) is looking to raise up to US$300m in a primary placement.
The deal is a small one in ADV terms, at 1.6 days, despite leading to a 5.7% increase in shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

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Aug 29

Daily Brief Japan: Carenet Inc, Orion Breweries Limited, Sumitomo Metal Mining, LY , Torex Semiconductor, Dydo Drinco Inc, Geechs Inc, Shimojima and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

[Japan M&A] CareNet (2150 JP) – Opaque LBO/MBO Garners New Attention from Existing Shareholder
CareNet (2150 JP): Kaname Capital Is Potentially a Headache for EQT
Orion Breweries Pre-IPO – Brewing Growth Beyond Okinawa, Headwinds Ahead
Sumitomo Metal Mining (5713 JP): Recovery Driven by Resources
LY Finally Improves LINE Integration with Shopping Assets
Q1 Follow-Up – TOREX SEMICONDUCTOR (6616 JP) – August 28, 2025
Dydo Drinco Inc (2590 JP): 1H FY01/26 flash update
Q1 Follow-Up: Geechs (7060 JP) – August 19, 2025
Q1 Follow-Up – SHIMOJIMA (7482 JP) – August 28, 2025

[Japan M&A] CareNet (2150 JP) – Opaque LBO/MBO Garners New Attention from Existing Shareholder

When EQT launched its deal for Carenet Inc (2150 JP) two weeks ago, I thought it opaque, and light, and strangely lacking in information which should be there.
It has not gotten clearer, though three days ago, the largest foreign shareholder as of the announcement reported they had lowered their position by 3.77% (4.22% of votes).
Then yesterday, someone else reported they had gone above 5%. The data implied in that filing suggests this may have legs. I’d buy through terms.

CareNet (2150 JP): Kaname Capital Is Potentially a Headache for EQT

By Arun George

Kaname Capital reported a 5.80% ownership ratio in Carenet Inc (2150 JP). Most of the shares were purchased on August 18 and 19, i.e., after the announcement of the offer.
Kaname has a recent history of agitating for a bump in the Proto Corp (4298 JP) tender offer. Kaname failed to prevent Proto from being privatised.
EQT will initially take a wait-and-see approach. If Kaname acquires a 10% stake, EQT will start to worry, but it has several options to respond.

Orion Breweries Pre-IPO – Brewing Growth Beyond Okinawa, Headwinds Ahead

By Akshat Shah

Orion Breweries Limited’s (409A JT) operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.
Orion Breweries (OBL) has a strong Okinawa market position (~40% beer share). Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Sumitomo Metal Mining (5713 JP): Recovery Driven by Resources

By Rahul Jain

FY2024–25 results showed a sharp rebound, with Resources strength (copper, gold) more than offsetting Smelting losses.
August FY2025 guidance raised PBT and dividend despite trimming sales and Smelting outlook, reflecting confidence in core earnings.
EBITDA is set to grow ~6–7% over FY2025–27, leaving the stock inexpensive on P/E (~12x vs peers ~16x).

LY Finally Improves LINE Integration with Shopping Assets

By Michael Causton

LY is finally moving to integrate LINE and Yahoo more effectively. It has taken too long.
LINE has 100 million users in Japan and yet until now, there has not been a decent shopping tab within the LINE app to encourage cross-use.
This is finally happening next month and, along with some AI-based UI and search improvements should help LY maintain parity with Rakuten if not surpass on growth rates.

Q1 Follow-Up – TOREX SEMICONDUCTOR (6616 JP) – August 28, 2025

Despite tariffs and geopolitics reshaping global supply chains, the cyclical recovery in the semiconductor market is continuing, while customer inventories remain at low levels.
This coincides with a full-fledged recovery in PC demand driven by the October Windows 10 end-of-service PC replacement, and rapid diffusion of AI PCs (equipped with dedicated AI accelerators designed to optimize and accelerate AI tasks, providing improved performance and efficiency in handling GenAI workloads without relying on external servers or cloud services).
Q1 2025 Gartner worldwide PC shipments increased +4.8% YoY, with Q2 +4.4% (the US slowed to flat after frontloading ahead of tariffs), for 1H 2025 +4.7%, entering a full-fledged recovery.

Dydo Drinco Inc (2590 JP): 1H FY01/26 flash update

By Shared Research

In 1H FY01/26, revenue was JPY117.7bn (+0.1% YoY), with operating profit at JPY1.4bn (-39.5% YoY).
Domestic Beverage business revenue was JPY71.5bn (-2.0% YoY), with an operating loss of JPY2.0bn.
International Beverage business revenue was JPY28.8bn (+7.5% YoY), with operating profit of JPY3.1bn (+37.2% YoY).

Q1 Follow-Up: Geechs (7060 JP) – August 19, 2025

On August 8, 2025, Geechs Inc. (hereafter, “the Company”) announced its Q1 FY2026/3 (Apr-Jun) earnings results.
Net sales rose 9% YoY to JPY 6,373 mn, EBITDA rose 84% YoY to JPY 197 mn, and operating profit rose 128% YoY to JPY 183 mn.
In addition to the steady expansion of the core Japan The IT Human Resources Matching Business (hereafter, “Japan IT HRM Biz”), improved profitability in the IT Human Resources Matching Business, Overseas (hereafter, “Overseas IT HRM Biz”) and the Seed Tech business also contributed.

Q1 Follow-Up – SHIMOJIMA (7482 JP) – August 28, 2025

Since this is the final year of the current 5-year MTP, focus growth initiatives for FY26/3 are shifting out with a view toward the next MTP.
Regarding cash allocation for investments and shareholder returns, in addition to FY26/3 capex plans for IT investment in various key systems, as well as renovation work on the Company’s head office, management announced a new 3-year plan to construct a new mother distribution center in Hyogo Prefecture to cover Western Japan at a total estimated cost of JPY 15bn (internal funds plus bank loans).
At the same time, it added DOE > 3.0% in addition to targeting a consolidated payout ratio of ≥ 50% to its policy on shareholder returns.

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Aug 29

Daily Brief India: Maruti Suzuki India, Scoda Tubes, SJS Enterprises Ltd, Aegis Logistics and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Maruti E‑Vitara Launch: Make in India, Make for the World…
The Beat Ideas: Scoda Tubes – Ready to Double Capacity, But Can It Deliver?
The Beat Ideas: SJS Enterprises, A Niche Premiumisation Play
Increased Tariffs -> Decline in Indian Equity Market -> Increased Promoter Activity in August 2025

Maruti E‑Vitara Launch: Make in India, Make for the World…

By Nimish Maheshwari

Prime Minister Modi kick‑started production and global dispatch of Maruti Suzuki’s e‑Vitara EV with a “Make in India, Make for the World” pitch.
It marks India’s ascent as a global EV manufacturing hub while bolstering local EV infrastructure and Japan‑India industrial synergy.
Suzuki is investing INR 70,000 crore (~US$8 billion) over 5–6 years and targeting 50k to 1L units of EV exports each year.

The Beat Ideas: Scoda Tubes – Ready to Double Capacity, But Can It Deliver?

By Sudarshan Bhandari

Scoda Tubes is doubling seamless capacity and scaling welded capacity to 20,068 MTPA and 13,150 MTPA by FY27, with trial runs from H2 FY26.
This expansion positions Scoda to grow 2.5–3x industry pace, capture global demand, and strengthen its competitive edge against larger peers.
Scoda’s integrated operations and strong export growth improve long-term visibility, making Scoda a potential re-rating candidate.

The Beat Ideas: SJS Enterprises, A Niche Premiumisation Play

By Sudarshan Bhandari

Management reiterated a plan to double revenues in 3–4 years, anchored on premiumisation, global expansion, and synergies from the Walter Pack acquisition.
Decorative aesthetics is gaining relevance as OEMs push differentiation via design, while exports de-risk domestic cyclicality.
The growth vision is credible, but execution in integrating Walter Pack, sustaining >25% EBITDA margins, and scaling exports to ~15% of sales will determine delivery.

Increased Tariffs -> Decline in Indian Equity Market -> Increased Promoter Activity in August 2025

By Sreemant Dudhoria,CFA

In this insight, we detail about insider buying activity in Indian Equities for the month of August 2025.
Driven by pressure of increased tariffs, Indian equity market have been underperforming. But as seen in past during such times promoter buying activity increases.
This insight details about companies with notable insider buying (large and small caps), sectors which witnessed buying and stocks which trade above and below the insider purchase price.

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Aug 29

Daily Brief China: Taste Gourmet, XtalPi Holdings, Meituan, Trip.com Group , Akeso Biopharma Inc, Cambricon Technologies Lt, GenFleet Therapeutics, Innovent Biologics Inc, Iron Ore and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – August 2025
Xtalpi Placement: Opportunistic Raise but Thematically Hot, past Deals Did Well
Meituan (3690 HK): Down 12% After 2Q25 – What Spooked Investors?
Trip.com (9961HK, TCOM): 2Q25, Stock Surged On Release Day, But Still 24% Upside
Akeso Biopharma (9926 HK) Placement – We Are Now at a Critical Point
AI Chipmaker Cambricon Inches Closer to Becoming China’s Priciest Stock
GenFleet Therapeutics (劲方医药) Pre-IPO: Leadership in KRAS G12D Target
Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)
Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive
[IO Technicals 2025/35] Iron Ore Bulls Charge on Tight China Supply

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

By Sameer Taneja

We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.
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).
We have some very positive updates from Plover Bay Technologies (1523 HK) / Asian Terminals (ATI PM) and The Keepers Holdings (KEEPR PM), post their quarterly results.

Xtalpi Placement: Opportunistic Raise but Thematically Hot, past Deals Did Well

By Nicholas Tan

XtalPi Holdings (2228 HK) is looking to raise up to US$300m in a primary placement.
The deal is a small one in ADV terms, at 1.6 days, despite leading to a 5.7% increase in shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Meituan (3690 HK): Down 12% After 2Q25 – What Spooked Investors?

By Devi Subhakesan

Meituan (3690 HK) shares fell 12.5% post – 2Q2025 results, reflecting investor concerns over prolonged subsidy wars and lack of visibility on when rational competition may resume.
2Q 2025 revenue growth lagged the pace of delivery transaction growth as incentives sharply reduced effective revenue capture while rising marketing costs nearly wiped out quarterly profit.
Along side the rapid growth in China’s instant delivery market, where groceries and daily essentials are delivered in 30 minutes or less, competition among leading retail/delivery players have escalated.

Trip.com (9961HK, TCOM): 2Q25, Stock Surged On Release Day, But Still 24% Upside

By Ming Lu

The stock price surged by 7.7% on the 2Q25 release day.
Total revenue increased by 16% YoY in 2Q25 among which accommodation reservation revenue increased by 21% YoY.
The operating margin was stable at a level significantly higher than the period before COVID.

Akeso Biopharma (9926 HK) Placement – We Are Now at a Critical Point

By Xinyao (Criss) Wang

OS benefit has been observed in HARMONi-A study, which however is just a small part of the PD-1/VEGF commercial landscape. The main battlefield is still the head-to-head trial against Keytruda.
We think the current high valuation of Akeso has begun to price in the successful HARMONi-2 results to some extent, which however is not a done deal.
Investors may need to be cautious about this placement, especially when the founders of Akeso actually chose to reduce their positions. Market cooling down may not be far off.

AI Chipmaker Cambricon Inches Closer to Becoming China’s Priciest Stock

By Caixin Global

Shares of Chinese AI chipmaker Cambricon Technologies Corp. Ltd. (688256.SH +3.24%) surged Monday, bringing the company to the brink of unseating Kweichow Moutai Co. Ltd. (600519.SH -2.27%) as the most expensive stock on China’s A-share market.
Cambricon’s stock closed up 11.4% on Monday at 1,384.93 yuan ($191.07) per share, just shy of the fiery liquor-maker Kweichow Moutai, which closed at 1,490.33 yuan.
The chip company’s shares have more than doubled since mid-July and have climbed over 562% since September 2024. The rally has pushed Cambricon’s price-to-earnings ratio to 4,463 times, far exceeding Moutai’s 20 times.

GenFleet Therapeutics (劲方医药) Pre-IPO: Leadership in KRAS G12D Target

By Ke Yan, CFA, FRM

GenFleet, a China-based near-commercial stage biotech company, is looking to raise around USD 250 million via a Hong Kong listing. CITIC Securities is the sole sponsor.
In this note, we look at the company’s core products, GFH925 and GFH375.
We also look at the company’s pre-IPO investors and management team.

Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

By Avien Pillay

Innovent Biologics published strong results that were ahead of expectations.
Despite the upgrades, Innovent’s plus 300 PE multiple will only unwind to 53 at the end of 2027.
Gauging from the disappointing results and poor share price performance from the two GLP-1 majors, the outlook for GLP-1s has deteriorated.

Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive

By Tina Banerjee

Akeso Biopharma Inc (9926 HK) announced the placement of 23.6M shares for subscription at HK$149.54 per share.
The company intends to use most of the placement proceeds for R&D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.
Expanded indications of cadonilimab and ivonescimab, the successive positive data readouts, approvals, and continuous commercialization expansion efforts into global markets augur well.

[IO Technicals 2025/35] Iron Ore Bulls Charge on Tight China Supply

By Umang Agrawal

China’s planned steel cuts may lift global prices, while India and Southeast Asia’s infrastructure demand sustains robust iron ore consumption.
Managed money participants trimmed net long exposure to 18.5k lots last week, with overall futures and options open interest slipping by 0.8%.
Bullish MA crossover and MACD confirm renewed buying interest and strengthen the case for higher near-term price momentum.

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Aug 28

Daily Brief TMT/Internet: Shibaura Electronics, Xiaomi, NVIDIA Corp, Netskope, DUG Technology Ltd, Soluna Holdings , Tuya Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

[Japan M&A] YAGEO Says It Expects FDI Clearance on Shibaura – Minebea Likely To Fold
Shibaura Electronics (6957 JP): Yageo Poised to Secure FEFTA Approval
Shibaura Electronics (6590 JP) – Takeover Battle: Minebea Certainty Vs. YAGEO Premium
Xiaomi (1810 HK): Earnings Recap & Volatility Dynamics
NVDA 2Q26 (Jul-25) Small Beat. 3Q26 (Sept-25) Small Beat. Everything Is on Track, Don’t Blink.
Netskope, Inc. (NTSK): Peeking at the IPO Propsectus of the Next Cybersecurity Firm
DUG Technology — Significant boost to order intake in H225
Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved
Soluna Holdings, Inc: Two New Sites Push Generation Past 1 GW
Tuya, Inc: 2Q25 Growth Continues in a Challenging Environment

[Japan M&A] YAGEO Says It Expects FDI Clearance on Shibaura – Minebea Likely To Fold

Last weekend then post-close Monday, Yageo Corporation (2327 TT) raised its TOB Price for Shibaura Electronics (6957 JP) to ¥7,130 – a full 15% through Minebea’s proposed ¥6,200/share terms.
Minebea was playing chicken with the result, closing its tender on 28 August, before Japan’s Foreign Direct Investment approval (FEFTA approval) was cleared, expected 1 Sep or later.
Today post-close, YAGEO announced it had concluded discussions with METI, would make all required regulatory submissions today, and expects to obtain approval “no later than 10 September”

Shibaura Electronics (6957 JP): Yageo Poised to Secure FEFTA Approval

By Arun George

A day before the close of Minebea Mitsumi (6479 JP)’s offer, Yageo Corporation (2327 TT) has strategically stated that it expects to receive FEFTA approval by 10 September.
Minebea had tried to convince shareholders that its lower offer provides an opportunity to monetise their shares quickly and with certainty. This line of reasoning is no longer credible.
As Minebea will not increase its offer or extend the closing date, Shibaura Electronics (6957 JP)‘s Board will have to recommend Yageo’s offer.

Shibaura Electronics (6590 JP) – Takeover Battle: Minebea Certainty Vs. YAGEO Premium

By Rahul Jain

Shibaura Electronics (6590 JP) is at the center of a takeover battle between MinebeaMitsumi and Taiwan’s YAGEO.
Minebea has bid ¥6,200/share with 23% locked in and management support, while YAGEO counters at ¥7,130/share, pending FEFTA clearance.
Financial investors may wait for FEFTA clarity and lean YAGEO for price, while risk‑averse or aligned holders favor Minebea’s certainty.

Xiaomi (1810 HK): Earnings Recap & Volatility Dynamics

By Gaudenz Schneider

Xiaomi (1810 HK) reported 2Q25 results on 19 Aug, beating expectations. This Insight analyzes price reactions in Hong Kong and two overseas markets.
Highlights: Implied volatility dropped sharply post-earnings, both across the term structure and skew.
Why it matters: With Xiaomi’s implied volatility now at historically cheap levels, investors may find opportunities in long-volatility strategies ahead of the next earnings in November.

NVDA 2Q26 (Jul-25) Small Beat. 3Q26 (Sept-25) Small Beat. Everything Is on Track, Don’t Blink.

By Nicolas Baratte

2Q26 (Jul-25) revenue growth 56% YoY, despite a sharp decline in China revenue (-24% YoY). No H20 revenues from China. H20 charges normalize, margins improve, Net Income 5% above Consensus.
3Q26 revenue growth stable at 54% YoY, not including any H20 revenues from China. Upside from H20 at $2-5bn, max revenue growth 68% YoY. 3Q guidance ~3% above Consensus.
The stock is not expensive. Trading at its average 47x trailing PEx, 33x forward. Very little risk to Consensus expectations over FY26-28.

Netskope, Inc. (NTSK): Peeking at the IPO Propsectus of the Next Cybersecurity Firm

By IPO Boutique

The company built a unified, cloud-native platform to solve the challenge of securing and accelerating the digital interactions of enterprises filed for its IPO on August 22nd.
. As of July 31, 2025, they had 4,317 customers, a 21% year-over-year increase from 3,571 customers as of July 31, 2024.
The company’s revenue jumped 30.7% from the 1H of 2025 versus 1H of 2024.

DUG Technology — Significant boost to order intake in H225

By Edison Investment Research

DUG Technology’s FY25 results confirmed that order intake stepped up in H225, with intake of $45.7m 131% higher half-on-half, resulting in a record order book of $52m at the end of the year. While revenue came in marginally below our forecasts, EBITDA was stronger, with the margin down only 0.7pp y-o-y despite investment in international expansion during FY25. We have revised our forecasts to reflect the better-than-expected order intake, lifting revenue by 1.2% in FY26 and FY27 and EBITDA by 11.9% and 10.8% respectively.

Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

By Andrei Zakharov

Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.
The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.
Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.

Soluna Holdings, Inc: Two New Sites Push Generation Past 1 GW

By Water Tower Research

Soluna recently announced it has passed the major milestone of 1 GW of clean energy generation.
The company is accelerating its mission to make clean computing the standard for AI and Bitcoin by expanding its data center platform with a 2.8-GW power pipeline.
Soluna has reached a 1-GW milestone with the launch of two new projects in Texas: Project Fei and Project Gladys.

Tuya, Inc: 2Q25 Growth Continues in a Challenging Environment

By Water Tower Research

Tuya reported another solid quarter in a challenging environment, with revenue of $80.1 million, up 9% Y/Y. Gross margin increased Y/Y by 40 bps to 48.4%, while PaaS revenue increased 7% Y/Y to $58.1 million.
Cash and equivalents decreased to $1,006 million due to a cash dividend and the company has no debt.
Management had noted that the rollercoaster of 1Q25 could continue, and it seems to have done just that.

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Aug 28

Daily Brief Industrials: HD Hyundai Heavy Industries , Comfortdelgro Corp, Korean Air Lines, Aux Electric, Shanghai Top Numerical Control Technology, Tsubakimoto Kogyo and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

HHI–Mipo Merger Swap: Deal Mechanics & Spread Play Opportunities
A Merger Between HD Hyundai Heavy Industries and HD Hyundai Mipo
Comfortdelgro (CD): Growth Evident and Cheap
Korean Air: A Major Rights Offering Capital Raise Likely In Next 1-2 Years
AUX Electric IPO: Forecasts and Valuation
Shanghai Top Numerical Control Technology Pre-IPO: Flying High but Not Without Turbulence
Tsubakimoto Kogyo (8052 JP) – Q1 FY2026/3 off to a Strong Start

HHI–Mipo Merger Swap: Deal Mechanics & Spread Play Opportunities

By Sanghyun Park

HHI–Mipo merger spread looks minimal, but today’s MASGA-driven pop signals momentum flows—likely to mean-revert toward appraisal rights once the theme dissipates.
Froth lifted prices past fundamentals—once it unwinds, HHI–Mipo could diverge from swap ratio, creating the spread window where traders can get paid.
This isn’t classic merger arb—it’s about fading a policy-fueled pop, riding the snapback toward appraisal baseline, with flow-driven swings creating short-term tactical arb setups.

A Merger Between HD Hyundai Heavy Industries and HD Hyundai Mipo

It was announced today that HD Hyundai Heavy Industries will merge with HD Hyundai Mipo. The merger ratio between HD Hyundai Heavy Industries and HD Hyundai Mipo is 1:0.4059146.
HD Korea Shipbuilding & Offshore Engineering (009540 KS) will own a 66.29% stake in the merged entity.
HD KSOE is proceeding with this merger of its two major subsidiaries ahead of the full-scale launch of the MASGA (“Make America Shipbuilding Great Again”) project.

Comfortdelgro (CD): Growth Evident and Cheap

By Henry Soediarko

Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas.
Comfortdelgro Corp (CD SP) subsidiary, Vicom Ltd (VCM SP) is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.
It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.

Korean Air: A Major Rights Offering Capital Raise Likely In Next 1-2 Years

By Shifara Samsudeen, FCMA, CGMA

We believe a major rights offering capital raise is likely for Korean Air Lines (003490 KS) in the next 1-2 years.
On 25 August, Korean Air announced a 70 trillion won investment plan in the United States. This plan is likely to have been pressured heavily by the Korean government.
A big problem with this plan is Korean Air does not produce enough cash flow and its balance sheet is not strong enough to invest such huge amounts of capital.

AUX Electric IPO: Forecasts and Valuation

Aux Electric (2580 HK) has announced terms for its HKEx IPO and plans to issue 207m shares at HK$16.00-17.42 per share and will raise around US$460m.
The company’s low-price strategy has helped expand its top line and market share in a short span of time; however, margins lag behind large air conditioner peers.
We think AUX should be compared against Hisense due to their higher dependence on ODM sales and believe AUX’s IPO is valued attractively compared to Hisense.

Shanghai Top Numerical Control Technology Pre-IPO: Flying High but Not Without Turbulence

By Hong Jie Seow

Shanghai Top Numerical Control Technology (1726745D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO.
STNCT presents a compelling growth story, underpinned by its strong foothold in the aviation segment and improving financial performance. However, several risks like decline in sales units temper the upside.
In this note, we look at the company’s past performance.

Tsubakimoto Kogyo (8052 JP) – Q1 FY2026/3 off to a Strong Start