Smartkarma Daily Briefs

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

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.

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

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).

Primer: Vanke Property Overseas (1036 HK) – Nov 2025

By αSK

Vanke Property Overseas serves as the international asset management and property development arm for its parent, China Vanke, focusing on prime global cities but facing significant headwinds from the broader Chinese real estate crisis.
The company’s financial performance shows a concerning trend, with a sharp decline into a net loss in the latest reported year despite revenue growth, alongside collapsing margins and a reduced dividend, reflecting severe market pressures.
Valuation appears distressed, with a very low price-to-book ratio; however, high uncertainty in the Chinese and Hong Kong property markets, coupled with negative profitability and growth trends, suggests significant risks for investors.

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Primer: Kenedix Inc (4321 JP) – Nov 2025

By αSK

Historical Analysis of a Delisted Entity: This report provides a historical analysis of Kenedix Inc. (4321 JP), a former publicly traded real estate asset management company. The company was delisted from the Tokyo Stock Exchange on March 17, 2021, following a successful tender offer and privatization. Therefore, this primer serves as a post-mortem analysis for institutional investors, examining the firm’s operations and financial standing leading up to its acquisition.
Privatization Led by SMFL and ARA: In November 2020, Sumitomo Mitsui Finance and Leasing (SMFL), a subsidiary of Sumitomo Mitsui Financial Group, launched a takeover bid for Kenedix, in partnership with the then-largest shareholder, ARA Asset Management. The tender offer was successful, leading to SMFL acquiring a 70% stake and ARA increasing its holding to 30%. Subsequently, in October 2025, SMFL’s subsidiary, SMFL MIRAI Partners, acquired the remaining 30% from ESR (which had acquired ARA), making Kenedix a wholly-owned subsidiary.
Pre-Acquisition Business Focus: Prior to its delisting, Kenedix was one of Japan’s largest independent real estate asset management firms, managing a diverse portfolio through publicly-listed J-REITs, private REITs, and private funds. The company operated an ‘asset-light’ model, focusing on generating stable asset management fees rather than direct property ownership, with a significant concentration of assets in the Tokyo metropolitan area.

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Nov 27

Daily Brief Consumer: Toyoda Gosei, Human Made, Ingdan, Haier Smart Home , Busy Ming Group, US Foods Holding Corp, Guess? Inc, Kimly Ltd, Kingfisher PLC, Creightons and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

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
Ingdan (400 HK) Reloads Comtech’s Spin-Off and Listing
Haier Smart Home (6690 HK) – Steady Execution to Win the Race
Busy Ming IPO Update: Cash-Generating Machine With Improving Gross Margins, IPO Is on the Horizon
US Foods Ends Mega Merger Talks With Performance Food—What’s Next?
GES: With Terms Fully Set, Time to Bow Out; Dropping Coverage of GES
Kimly: Results Slightly Better than Expected
Kingfisher plc – Strategy driving profit upgrades despite soft markets
Hybridan Small Cap Feast: 19 November 2025

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

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.

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

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.

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.

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.

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

By Small Cap Consumer 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.

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

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.

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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Kingfisher plc – Strategy driving profit upgrades despite soft markets

By Equity Development

Kingfisher’s 3Q26 sales growth of 1.0%, including LFL +0.9%, was better than expected and driven by market share gains in UK.
In addition, the group’s investments in e-commerce and trade continued to deliver double digit growth across the group as self-help actions helped offset soft markets, particularly in France and Poland.
Building on the strong profit performance in H126, management has upgraded FY26E Adj. PBT guidance again, to £540m-£570m.

Hybridan Small Cap Feast: 19 November 2025

By Hybridan

The beauty and well-being brand owner and manufacturer, reports interims to September 2025.
Revenue marginally increased by £0.1m to £27.2m with 15.4% growth to £2.2m in private labels resulting from new retailers and category expansion.
This was offset by a decline in contract manufacturing.

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Nov 26

Daily Brief South Korea: Samsung Electronics, Smec Co Ltd, POSCO Holdings, SK Biopharmaceuticals , LOTTE Corporation, Shinyoung Securities and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Confirmation of Cancellation of Treasury Shares To Be Made Into Law by End of 2025 and a Loophole?
SMEC (099440 KS) Pops As SNT Shifts Its Intent
POSCO Holdings: Selling Remaining Stake in Nippon Steel in a Block Deal Sale
SK Biopharmaceuticals (326030 KS): Swelling Xcopri Sales in US Drives Record High 3Q Earnings
Lotte Corp: Worsening Balance Sheet Offset by Its High Treasury Shares Level
Primer: Shinyoung Securities (001720 KS) – Nov 2025

Confirmation of Cancellation of Treasury Shares To Be Made Into Law by End of 2025 and a Loophole?

On 25 November, the Democratic Party of Korea confirmed that the cancellation of treasury shares will be made into law by the end of 2025.
Companies that buyback their shares (as treasury shares) will be required to cancel them within one year of the buyback.
There may be a LOOPHOLE if the company fails to cancel the treasury shares on time. Fine per director is only 50 million won and this may be too low.

SMEC (099440 KS) Pops As SNT Shifts Its Intent

SNT Holdings (036530 KS) has lifted its stake in SMEC (099440 KS), South Korea’s second-largest machine tool manufacturer, to 13.65% from 8.19%. SNT’s chairman also holds 6.55%, or 20.2% all-in.
Concurrent with the stake increase, SNT formally declared its equity holding in SMEC to “management participation” from “simple investment“.
The move could simply be one of SNT aligning its interests with SMEC’s management. But more likely, it’s a precursor to a potential hostile takeover. SMEC is now up ~40%.

POSCO Holdings: Selling Remaining Stake in Nippon Steel in a Block Deal Sale

After the market close on 25 November, it was reported that POSCO Holdings is selling its remaining stake in Nippon Steel Corporation in a block deal sale.
The block deal sale involves selling the remaining 39.2 million shares of Nippon Steel. The deal is valued at 24.2 billion yen (approximately 227 billion won).
Given the overall negative sentiment on POSCO’s potential acquisition of HMM, until this uncertainty is resolved, POSCO Holdings’ share price could continue to face stiff headwinds.

SK Biopharmaceuticals (326030 KS): Swelling Xcopri Sales in US Drives Record High 3Q Earnings

By Tina Banerjee

SK Biopharmaceuticals (326030 KS) reported record high quarterly earnings in 3Q25 on surging U.S. sales of Xcopri, which surpassed quarterly revenue of $100M for the second time.
Revenue from Xcopri in the U.S. increased 52% YoY (accelerated from 47% YoY reported in 2Q25) and 12% QoQ to record high of KRW172B, on enhanced marketing efforts.
For full-year 2025, SKBP guided for Xcopri U.S. revenue of $420–450M (~KRW570–610B), up 31–40% YoY. During first nine months of 2025, Xcopri U.S. revenue reached $325M (KRW460M).

Lotte Corp: Worsening Balance Sheet Offset by Its High Treasury Shares Level

Despite the higher probability of the cancellation of treasury shares by Lotte Corp, we believe that its worsening balance sheet is a greater concern.
There does not appear to be a rapid business turnaround of its major affiliates including Lotte Chemical. As a result, we are concerned about further credit downgrades in 2026/2027.
Our base case NAV valuation of Lotte Corp is market cap of 2.2 trillion won or target price of 20,918 won per share, which is 29% lower than current price.

Primer: Shinyoung Securities (001720 KS) – Nov 2025

By αSK

Shinyoung Securities demonstrates a compelling value proposition with a low price-to-book ratio and a consistent, high dividend yield, appealing to value and income-oriented investors.
Despite strong multi-year growth in net income and EPS, the company exhibits significant top-line volatility and deeply negative operating cash flows, raising concerns about the quality and sustainability of its earnings.
The firm operates in the highly competitive and cyclical South Korean securities industry, facing pressures on margins and earnings streams that are heavily influenced by macroeconomic conditions and market trading volumes.

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Nov 26

Daily Brief Australia: Iress Ltd, National Storage REIT, Intermin Resources, Island Pharmaceuticals , Monadelphous and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

Iress (IRE AU): Suitors Engaged, But (Still) Nothing Firm
National Storage REIT (NSR AU) In Trading Halt Ahead Of Possible Brookfield/GIC Tilt
Horizon Minerals Ltd – Production Update
Island Pharmaceuticals Ltd – De-risking the commercial path
Primer: Monadelphous (MND AU) – Nov 2025

Iress (IRE AU): Suitors Engaged, But (Still) Nothing Firm

The board of Iress Ltd (IRE AU), a trading and wealth management software provider, has denied reports in an Australian article concerning a possible takeover from Blackstone.
The article said that Blackstone was reportedly back in talks for a bid “that could be worth between $11 and $12 per share“. Iress’ share price promptly popped 8% yesterday.
Iress is still very much in play as it “continues to engage with multiple parties“.

National Storage REIT (NSR AU) In Trading Halt Ahead Of Possible Brookfield/GIC Tilt

By Special Situation Investments

Reportedly, Brookfield and Singapore’s GIC will make an Offer for National Storage REIT (NSR AU), Australia and New Zealand’s largest landlord of self-storage sites .
The AFR is reporting that Brookfield/GIC are on the cusp of launching a bid around NTA. NSR entered into a trading halt this morning.
Earlier this year, key peer Abacus Storage King (ASK AU) fielded an NBIO from Ki Corporation/Public Storage (PSA US) at a ~3% premium to NTA; however, Ki/PSA ultimately walked.

Horizon Minerals Ltd – Production Update

By RaaS Research Group (RaaS)

Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.
HRZ has announced a production update for both the Boorara and Phillips Find JV mining operations.
The update details progression on mining and processing at both projects as well as further detail on forward expectations which we think helps guide investors towards understanding ultimate outcomes.

Island Pharmaceuticals Ltd – De-risking the commercial path

By RaaS Research Group (RaaS)

Island Pharmaceuticals Ltd (ASX:ILA) is an antiviral therapeutics company targeting infectious diseases.
The company has made two recent announcements that improve its chances of selling Galidesivir for Marburg to the US government, ahead of potential FDA clearance of the drug.
On 20 November 2025 it announced the appointment of leading Washington D.C. based federal government affairs and lobbying firm, Todd Strategy Group (TSG), to support US government engagement.

Primer: Monadelphous (MND AU) – Nov 2025

By αSK

Monadelphous is a leading Australian engineering group specializing in construction and maintenance services for the resources, energy, and infrastructure sectors. Its dual-division structure allows it to capture opportunities across the full asset lifecycle.
The company is experiencing a period of strong growth, driven by significant contract wins in its core markets, particularly in iron ore and energy. A robust project pipeline and strategic acquisitions are expected to support continued revenue momentum.
While exposed to the cyclical nature of the resources sector and persistent skilled labor shortages, Monadelphous‘ strong balance sheet, long-term client relationships with blue-chip companies, and diversification into renewable energy and critical minerals position it to navigate market uncertainties.

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Nov 26

Daily Brief United States: Priority Technology Holdings I, NVIDIA Corp, Gold, Dominion Energy Inc, Life Time Group Holdings, IonQ , Rigetti Computing , Abbott Laboratories and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Priority Technology Faces Management Buyout Proposal Amid Activist Opposition
How Much of Nvidia’s Demand Is Nvidia-Enabled?
GOLD Tactical Outlook: Profit Targets for December 2025
Sold Out Yet Stockpiled: Nvidia’s Q3 Highlights Potential Deployment Limits
Dominion Energy Is Targeting NOVEC—Here’s Why That Should Get Everyone’s Attention!
Life Time Inc. Unleashes a High-End Expansion—Is Its Affluent Club Strategy a Game Changer?
IonQ Inc: How Europe & NATO Expansion Could Unlock Massive New Revenue Streams!
Management Buyouts and Litigation Updates: PRTH, KNOP, LEN, ABCP, and NANO Developments in Focus
Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583
Abbott Labs’ Exact Sciences Acquisition: What Could Go Right In This $21 Billion Cancer Play?

Priority Technology Faces Management Buyout Proposal Amid Activist Opposition

Priority Technology received a non-binding privatization offer from founder Thomas Priore at $6-$6.15/share, with Priore owning 58%.
Activists Buckley Capital and Steamboat Capital oppose the bid, claiming it undervalues PRTH, suggesting a fair value of $10-$17/share.
The company’s segments include Merchant Solutions, Payables, and Treasury Solutions, with 64% of adjusted gross profit from recurring revenues.

How Much of Nvidia’s Demand Is Nvidia-Enabled?

By Raghav Vashisht

Nvidia’s multi-year cloud service commitments jumped from $12.6B to $26B in one quarter, but only $1B is due in cash before late FY26, raising questions about the immediacy of demand.
Nvidia is backstopping customer infrastructure via an $860M facility lease guarantee, with only $470M escrowed; effectively transferring counterparty credit risk onto Nvidia’s balance sheet.
Structurally, this resembles circular financing, where customers take on debt (facilitated by Nvidia) to secure future compute capacity, enabling Nvidia to book future revenue while cash conversion lags.

GOLD Tactical Outlook: Profit Targets for December 2025

By Nico Rosti

Gold (GOLD COMDTY) this week has resumed its uptrend after a brief, shallow setback in mid-November.
This insight will analyze our Gold Futures Dec 25 model to determine profit targets that could be reached in the next 3 weeks (in December 2025).
Range: Gold could reach again previous highs, in December, while if it goes down it could reach the 3933 support zone.

Sold Out Yet Stockpiled: Nvidia’s Q3 Highlights Potential Deployment Limits

By Raghav Vashisht

Nvidia is transitioning from a GPU vendor to a full-stack systems supplier for AI infrastructure, with the Data Centre segment driven more by integrated rack-scale deployments than standalone accelerators.
Management positions Nvidia as the reference architecture for a “$3–4 trillion annual AI infrastructure build”, but finished goods inventories are up 90%+ amid “sold-out cloud capacity.”
The rapid shift toward rack-scale systems introduces new ecosystem tensions, as Nvidia’s move into full system design increasingly overlaps with the domain of OEM partners.

Dominion Energy Is Targeting NOVEC—Here’s Why That Should Get Everyone’s Attention!

Dominion Energy is accelerating into one of the most consequential growth phases in its history, with data centerdriven load growth, multibillion dollar transmission expansions, and the 2.6 gigawatt Coastal Virginia Offshore Wind (CVOW) project advancing toward first power in early 2026.
Now, reports indicate that Dominion is exploring a potential acquisition of Northern Virginia Electric Cooperative (NOVEC), a move that would deepen its footprint in the world’s busiest data center corridor—Loudoun County’s “Data Center Alley.” The timing is notable: Dominion disclosed that contracted and in process data center demand has surged to roughly 47 gigawatts, up 17% since year end 2024, while the company simultaneously works through major regulatory, financing, and construction milestones across its portfolio.
Dominion and NOVEC already share deeply interconnected transmission infrastructure, and NOVEC’s customer mix—where data centers account for roughly two thirds of electricity sales—aligns with Dominion’s strategy to serve rapidly rising AI related load.

Life Time Inc. Unleashes a High-End Expansion—Is Its Affluent Club Strategy a Game Changer?

Life Time Group Holdings Inc. reported its third-quarter 2025 financial results, showcasing significant growth across several metrics, indicative of effective strategic execution and market positioning.
Total revenue rose by 12.9% to $783 million, supported by an increase in average monthly dues per member and robust comparable center revenue, which grew 10.6% over the prior year.
Moreover, membership remained stable with 841,000 center memberships and total memberships reaching 891,000, in line with the company’s expectations.

IonQ Inc: How Europe & NATO Expansion Could Unlock Massive New Revenue Streams!

By Special Situation Investments

IonQ, Inc. recently reported its third-quarter results for 2025, highlighting significant strides in revenue and technological advancements within the quantum computing sector.
The company achieved a 222% year-on-year revenue growth, reaching $39.9 million, which was 37% above the high end of its guidance.
This impressive performance was attributed to its strategic positioning as a full quantum platform company, encompassing quantum computing, networking, sensing, and cybersecurity.

Management Buyouts and Litigation Updates: PRTH, KNOP, LEN, ABCP, and NANO Developments in Focus

Priority Technology (PRTH) received a non-binding privatization offer from its founder at $6-$6.15/share, with activist opposition.
KNOT Offshore Partners (KNOP) received a non-binding privatization offer at $10/unit, with expectations of a bumped offer.
Lennar Corporation (LEN) completed a tender offer, with a final exchange ratio of 4.1367x and oversubscription.

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

By Joe Jasper

We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).
Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold
The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS

Abbott Labs’ Exact Sciences Acquisition: What Could Go Right In This $21 Billion Cancer Play?

Abbott Laboratories has made headlines once again, this time for a bold push into cancer diagnostics through its proposed $21 billion acquisition of Exact Sciences.
The deal, which values Exact at $105 per share in cash and represents a 51% premium over its last closing price, is poised to be the largest healthcare M&A deal in two years and the biggest ever in the diagnostics space.
Slated to close in Q2 2026, the transaction marks Abbott’s strategic expansion beyond glucose monitoring and cardiovascular devices into oncology testing—a market the company had eyed for years.

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Nov 26

Daily Brief India: Bharti Airtel, S.H. Kelkar & Co, Bajaj Housing Finance, Wim Plast Ltd, Bombay Burmah Trading, Advanced Enzyme Technologies, Delhi International Airport Limited and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Bharti Airtel Block – Third Selldown by Promoter Entity This Year
The Beat Ideas: S.H. Kelkar – A Capex Cycle Poised to Unlock Operating Leverage
Bajaj Housing Finance (BHF IN) | Running to Stand Still
Primer: Wim Plast Ltd (WMP IN) – Nov 2025
Primer: Bombay Burmah Trading (BBTC IN) – Nov 2025
Primer: Advanced Enzyme Technologies (ADVENZY IN) – Nov 2025
Lucror Analytics – Morning Views Asia

Bharti Airtel Block – Third Selldown by Promoter Entity This Year

By Akshat Shah

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in Bharti Airtel (BHARTI IN).
ICI had earlier sold around US$1bn in Feb and Aug 2025 while Singtel had sold US$1bn+ via 0.8% stake sales in Airtel in May 2025 and Nov 2025 as well.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

The Beat Ideas: S.H. Kelkar – A Capex Cycle Poised to Unlock Operating Leverage

By Sudarshan Bhandari

SHK reported 12% revenue growth in H1 FY26, but the reported EBITDA margin was compressed due to significant, deliberate investments in new growth initiatives and higher insurance costs.
The margin compression is temporary, a function of strategic, discretionary capex and opex, which are critical for achieving the management’s ambitious 18–20% EBITDA margin target by FY27–FY28.
The market is discounting the value of this forward-looking investment phase; sustained execution on new capacity, coupled with global regulatory shifts favoring organized players, provides a strong catalyst path.

Bajaj Housing Finance (BHF IN) | Running to Stand Still

By Pranav Bhavsar

Bajaj Housing Finance (BHF IN) is a priced to perfection narrative.
The current valuation (37.3x P/E, 4.2x P/B) prices the stock for absolute perfection in an environment that is distinctly imperfect and rapidly deteriorating.
A critical red flag highlighted in the Q2 transcript is the elevated annualized attrition rate.

Primer: Wim Plast Ltd (WMP IN) – Nov 2025

By αSK

Strong Brand Equity and Distribution Network: Wim Plast leverages the widely recognized “Cello”brand, a household name in India for decades, coupled with a robust pan-India network of manufacturing units and depots, providing a significant competitive advantage.
Attractive Valuation with Consistent Shareholder Returns: The company trades at a compelling valuation (P/E of 9.7x, P/B of 1.03x) compared to its peers. This is supported by a history of consistent dividend payments and a healthy payout ratio.
Favorable Industry Dynamics vs. Modest Growth: While the Indian plastic furniture market is poised for strong growth driven by urbanization and rising incomes, the company has demonstrated relatively flat revenue growth in recent years, highlighting a potential gap between market opportunity and execution.

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Primer: Bombay Burmah Trading (BBTC IN) – Nov 2025

By αSK

Bombay Burmah Trading Corporation (BBTC) is a diversified holding company of the Wadia Group, with its intrinsic value primarily derived from its ~50.5% stake in the fast-moving consumer goods (FMCG) major, Britannia Industries.
The company trades at a significant and persistent discount to the market value of its underlying assets, offering potential for substantial value unlocking. However, this discount is perpetuated by the underperformance of its standalone businesses and concerns over capital allocation.
BBTC’s standalone operations, mainly in tea plantations and auto-electric components, face industry-specific headwinds and have historically yielded modest returns, weighing on the consolidated financial performance and investor sentiment.

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Primer: Advanced Enzyme Technologies (ADVENZY IN) – Nov 2025

By αSK

Advanced Enzyme Technologies is a leading Indian enzyme and probiotics manufacturer with a global footprint, serving over 700 customers in more than 45 countries. The company has a diversified business model, catering to various industries including human healthcare, animal nutrition, and food processing.
The company is well-positioned to capitalize on the growing global demand for eco-friendly and natural solutions. The industrial enzymes market is projected to grow at a CAGR of 6-7% annually. Key growth drivers include a strong focus on R&D, expansion of its international presence, and potential inorganic growth opportunities.
While the company demonstrates a strong financial profile with a net cash position and healthy margins, it faces risks from regulatory changes, raw material price volatility, and intense competition from larger global players.

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Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Delhi Int’l Airport
UST yields fell yesterday, led by the long end, on the back of a solid 2-year note auction and surprisingly dovish comments from San Francisco Fed President Mary Daly. The yield on the 2Y UST declined 1 bp to 3.50%, while that on the 10Y UST was down 4 bps at 4.03%.
Equities rose for a second day, as tech stocks recovered slightly from the prior week’s sell-off. The S&P 500 advanced 1.5% to 6,705, and the Nasdaq jumped 2.7% to 22,872.

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Nov 26

Daily Brief Japan: Kioxia Holdings , Dear Life, SBI Shinsei Bank, Nippon Steel Corporation, NS Group, United Arrows and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Kioxia (285A JP): Bain’s US$2.1 Billion Selldown
[Japan Offering] Bain Starting Kioxia (285A) Selldown; More to Come Soonish?
Kioxia (285A JP) Placement: Limited Passive Buying & Big Runup Opens Up More Downside
Kioxia Placement – US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup
[Japan Offering] Dear Life (3245 JP) – Unusual Offer Dynamics Are Bullish Despite Dilution
SBI Shinsei Bank Pre-IPO – Thoughts on Valuations
Nippon Steel Placement – Cleanup by Posco Right After Expiry of Previous Deal
NS Group IPO – Peer Comp and Thoughts on Valuation
Primer: Kioxia Holdings (285A JP) – Nov 2025
United Arrows on a Roll Again with Korean Brands

Kioxia (285A JP): Bain’s US$2.1 Billion Selldown

Bloomberg reports that Bain Capital is selling 36.0 million Kioxia Holdings (285A JP) shares through a block trade. IFR reports that the offering is worth up to JPY330 billion (US$2.1 billion).
The offering is unsurprising given the shares are up around 7x since the IPO. The offering is easily digestible as it represents 2.7 days of the average ADV since listing.
Kioxia is anticipated to return to growth in 3Q, and the underlying margin is recovering from recent lows. However, Kioxia’s EV/EBITDA multiple is full compared to peers and historical ranges.

[Japan Offering] Bain Starting Kioxia (285A) Selldown; More to Come Soonish?

After the close today, BCPE Pangea Cayman announced plans to sell a stake of 36mm shares of Kioxia Holdings (285A JP) in an overnight block. It trades tomorrow.
This is 6.7% of shares out, 1.5x ADV. The discount is 7-9%. But it is 35% of Max Real World Float. And probably gets tradable shares to 34+%, not 35%.
That means another offering is likely near-term. The lockup is only 30 days it appears. There is possibly a fair bit of long-dated index demand.

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

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

Kioxia Placement – US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had expired in Jun 2025.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about deal dynamics and run the deal through our ECM framework.

[Japan Offering] Dear Life (3245 JP) – Unusual Offer Dynamics Are Bullish Despite Dilution

Today after the close, Tokyo-based Dear Life (3245 JP) announced a primary offering to raise approximately ¥7bn through 15% dilution. Implying a 13+% price drop to protect PER.
But the company plans on growing earnings. It has some projects in inventory, but it obviously plans a lot of turnover this year and needs to replenish.
The MTMP “slogan” is “2028 – Ride the Wave!” This is a bit what investing in Tokyo real estate is like now. So one rides it until one doesn’t.

SBI Shinsei Bank Pre-IPO – Thoughts on Valuations

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We have looked at past performance in our earlier notes. In this note, we talk about valuations.

Nippon Steel Placement – Cleanup by Posco Right After Expiry of Previous Deal

By Akshat Shah

POSCO Holdings (005490 KS) is looking to sell its remaining stake in Nippon Steel Corporation (5401 JP) to raise up to US$154m via a cleanup block trade.
This deal represents 1.6 days of ADV and is around 1% of shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

NS Group IPO – Peer Comp and Thoughts on Valuation

By Akshat Shah

NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
NSG aims to raise around US$256m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.

Primer: Kioxia Holdings (285A JP) – Nov 2025

By αSK

Kioxia is a leading global supplier of NAND flash memory, experiencing a strong financial recovery driven by surging demand from AI, data centers, and smart devices.
The company’s strategic focus is on technological leadership in 3D NAND and advanced SSDs, supported by a significant joint venture with Western Digital that enhances R&D and production scale.
While the outlook is positive, key risks include the inherent cyclicality of the memory industry, intense competition from established players, and execution risks associated with ambitious margin and technology targets.

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United Arrows on a Roll Again with Korean Brands

By Michael Causton

United Arrows is beginning to flex its market power by launching more new brands rather than just iterations of its eponymous name
A key focus is a move to exploit the massive demand for Korean brands in Japan with Korean licenses for Nice Weather and Osoi.
More licenses are expected in the near future as the select shop retailer looks to take more share of the premium market.

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Nov 26

Daily Brief China: Alibaba, JD Industrial Technology , China International Capital Corporation, Chuangxin Industries, Yum China Holdings , Fujian Lemo IoT Technology, Zhihu Technology and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Alibaba (BABA, 9988 HK): F2Q26, Up by 18% Excluding Disposals
Jingdong Industrials (JDI) IPO: The Investment Case
CICC (3908 HK): Initial Assessment of the Merger
Chuangxin Industries: Buy – Attractive Cost Positioning and Medium-Term Growth Visibility
Yum China Drops Game-Changing Formats—How Mini Stores & KCOFFEE Are Rewriting the Playbook!
Pre-IPO Lemo Services Co., Ltd (PHIP Updates) – Some Points Worth the Attention
Primer: Zhihu Technology (ZH US) – Nov 2025

Alibaba (BABA, 9988 HK): F2Q26, Up by 18% Excluding Disposals

By Ming Lu

In F2Q26, pro forma revenue increased by 18% YoY excluding two disposals.
It was successful that the company rebranded its food delivery business.
However, the rebranding brought significant sales and marketing expenses in F2Q26.

Jingdong Industrials (JDI) IPO: The Investment Case

JD Industrial Technology (2231713D CH), a leading industrial supply chain technology and service provider in China, is seeking to raise US$500 million.
JDI is the largest industrial supply chain technology and service provider in China in terms of GMV, customer coverage and SKU offerings in 2024, according to CIC.
The investment case is bearish due to weak market share gains, declining product revenue growth, margin pressures, declining cash generation and factoring of receivables.

CICC (3908 HK): Initial Assessment of the Merger

By Osbert Tang, CFA

CICC (3908 HK)‘s announced merger with Dongxing Securities (601198 CH) and Cinda Securities (601059 CH) will elevate it to the 3rd largest HK-listed Chinese securities company.
Based on our assumptions, its EPS will be diluted by 7.1%, BPS enhanced by 12.2%, and ROE lowered by 1pp for FY26, before accounting for synergy.
Its presence in Fujian (+616.7%), Liaoning (+500%), and Beijing (+100%) will be significantly enlarged. Additionally, it will open up potential benefits from optimisation.

Chuangxin Industries: Buy – Attractive Cost Positioning and Medium-Term Growth Visibility

By Rahul Jain

Vertically integrated Inner Mongolia smelter with second-quartile cost positioning, expanding renewables and alumina self-sufficiency, and entering overseas low-carbon production via its Saudi project.
FY24 margins inflected sharply; mid-cycle valuation implies material upside with strong sensitivity to aluminium pricing and structural demand drivers including AI datacentres, EVs, and grid expansion.
Base-Case Target Price HK$18.6 (24% upside); bull-case HK$22.1; bear-case HK$16.9, supported by integrated operations and medium-term EBITDA expansion potential.

Yum China Drops Game-Changing Formats—How Mini Stores & KCOFFEE Are Rewriting the Playbook!

Yum China Holdings Inc., a licensee of Yum!
Brands in China, presented mixed results in the third quarter of 2025.
On a positive note, Yum China reported a record $400 million in adjusted operating profit, marking an 8% increase year-over-year.

Pre-IPO Lemo Services Co., Ltd (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

Lemo can replicate on a large scale through offline outlets to reduce operating costs.But this model is characterized by heavy assets, with a single profit model of limited risk resistance.
Insufficient rigid demand is a major challenge for the industry.The declining revenue growth reflects the ineffective business expansion of Lemo, and the Company may have already encountered a growth ceiling.
Valuation of Lemo would be lower than peers due to the concerns of business expansion and slowing revenue. For example, 12-15x P/E may provide more safety margin for investors.

Primer: Zhihu Technology (ZH US) – Nov 2025

By αSK

Zhihu is a leading online content community in China, evolving from a Q&A-inspired platform to a comprehensive content ecosystem. Its primary revenue streams include paid memberships, marketing services, and vocational training.
The company is increasingly focusing on leveraging artificial intelligence to enhance content creation, distribution, and monetization. Recent developments include the launch of an AI-powered search feature called ‘Zhida’ to provide direct answers by synthesizing existing content.
While facing challenges in achieving consistent profitability and navigating a competitive and regulated market, Zhihu has demonstrated progress in narrowing its non-GAAP operating losses and is aiming for full-year non-GAAP breakeven.

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

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Nov 26

Daily Brief Quantitative Analysis: KRX Short Interest Weekly (Nov 21st): Samyang Food and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

KRX Short Interest Weekly (Nov 21st): Samyang Food, Kakao, NAVER, HD HYUNDAI HEAVY INDUSTRIES

KRX Short Interest Weekly (Nov 21st): Samyang Food, Kakao, NAVER, HD HYUNDAI HEAVY INDUSTRIES

By Ke Yan, CFA, FRM

We analyzed the changes in short interest of KRX stocks as of Nov 21st. The aggregated short interest was USD11.4bn.
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 Samyang Food, Kakao, NAVER, HD HYUNDAI HEAVY INDUSTRIES, SK Hynix.

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Nov 26

Most Read: Tsuruha Holdings, Yum China Holdings , Kioxia Holdings , Iress Ltd, Teco Electric & Machinery, Dear Life and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

[Japan Activism/M&A] Thinking About the Partial Tender Trade Coming in Dec25
Kioxia IPO Lockup Expiry – US$6.7bn Release, with Shareholders Eager to Sell
HSCEI Index Rebalance: 3 Changes; Yum China In; Double Add for Innovent Bio
Kioxia (285A JP): Bain’s US$2.1 Billion Selldown
[Japan Offering] Bain Starting Kioxia (285A) Selldown; More to Come Soonish?
Kioxia (285A JP) Placement: Limited Passive Buying & Big Runup Opens Up More Downside
Kioxia Placement – US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup
Iress (IRE AU): Suitors Engaged, But (Still) Nothing Firm
Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 3 Changes; US$4bn Trade
[Japan Offering] Dear Life (3245 JP) – Unusual Offer Dynamics Are Bullish Despite Dilution

[Japan Activism/M&A] Thinking About the Partial Tender Trade Coming in Dec25

A month ago I wrote [Japan Activism/M&A] – Closing In On the Tsuruha Partial Tender – Likely Needs To Be Higher. Now we are <2wks to the deal.
At the time, I said the Partial Tender Offer Price needed to be higher than the mooted ¥2,280. Tsuruha Holdings (3391 JP) shares are up 10.0% in that month.
The three largest peers are -2.0% on average in that period. The average of 8 peers is +0.5%. I still expect the partial offer price needs to be near ¥3,100

Kioxia IPO Lockup Expiry – US$6.7bn Release, with Shareholders Eager to Sell

Kioxia Holdings (285A JP) raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about the lock-up dynamics and updates since our last note.

HSCEI Index Rebalance: 3 Changes; Yum China In; Double Add for Innovent Bio

China Hongqiao, Innovent Biologics and Yum China replace ENN Energy, Haidilao International and New Oriental Education in the Hang Seng China Enterprises Index (HSCEI INDEX) in December. All changes are in line.
Estimated one-way turnover at the rebalance is 4.6% resulting in a round-trip trade of HK$6.3bn (US$811m). The final capping will use the close of trading on 2 December.
Innovent Biologics is also an add to the Hang Seng Index (HSI INDEX). The passive buying will absorb some stock from the recent placement in China Hongqiao.

Kioxia (285A JP): Bain’s US$2.1 Billion Selldown

Bloomberg reports that Bain Capital is selling 36.0 million Kioxia Holdings (285A JP) shares through a block trade. IFR reports that the offering is worth up to JPY330 billion (US$2.1 billion).
The offering is unsurprising given the shares are up around 7x since the IPO. The offering is easily digestible as it represents 2.7 days of the average ADV since listing.
Kioxia is anticipated to return to growth in 3Q, and the underlying margin is recovering from recent lows. However, Kioxia’s EV/EBITDA multiple is full compared to peers and historical ranges.

[Japan Offering] Bain Starting Kioxia (285A) Selldown; More to Come Soonish?

After the close today, BCPE Pangea Cayman announced plans to sell a stake of 36mm shares of Kioxia Holdings (285A JP) in an overnight block. It trades tomorrow.
This is 6.7% of shares out, 1.5x ADV. The discount is 7-9%. But it is 35% of Max Real World Float. And probably gets tradable shares to 34+%, not 35%.
That means another offering is likely near-term. The lockup is only 30 days it appears. There is possibly a fair bit of long-dated index demand.

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

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

Kioxia Placement – US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had expired in Jun 2025.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about deal dynamics and run the deal through our ECM framework.

Iress (IRE AU): Suitors Engaged, But (Still) Nothing Firm

The board of Iress Ltd (IRE AU), a trading and wealth management software provider, has denied reports in an Australian article concerning a possible takeover from Blackstone.
The article said that Blackstone was reportedly back in talks for a bid “that could be worth between $11 and $12 per share“. Iress’ share price promptly popped 8% yesterday.
Iress is still very much in play as it “continues to engage with multiple parties“.

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 3 Changes; US$4bn Trade

With the review period now complete, there could be 3 constituent changes for the Yuanta/P-Shares Taiwan Dividend Plus ETF in December.
Constituent changes along with capping changes will lead to a one-way turnover of 12.7% and in a round-trip trade of TWD 125bn (US$4bn).
There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.

[Japan Offering] Dear Life (3245 JP) – Unusual Offer Dynamics Are Bullish Despite Dilution