Smartkarma Daily Briefs

• Gold prices have been steadily rising, with projections of reaching $10,000, possibly as soon as 2026.
• The recent surge in gold prices has attracted more institutional investors and retail buyers, especially in countries like Australia and China.
• The volatility in gold prices has also increased, with the potential for rapid gains as smaller percentage increases can lead to significant profits.

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• Strong gold demand in 3Q25, totaling almost 980 tons, leading to a surge in demand inflow
• Expectation of continued central bank buying and investor demand growth in 2026
• Bullish outlook for gold prices, with potential risks including rate sensitivity and potential tariff uncertainties for other precious metals

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• 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.

• 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.

• 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.

• Paymentus is a high-growth, cloud-based bill payment technology provider, capitalizing on the secular shift from paper to electronic transactions. Its strong revenue growth is driven by onboarding new clients and increasing transaction volumes.
• The company’s proprietary Instant Payment Network (IPN) and omni-channel platform create a network effect, enhancing its competitive moat. Strategic partnerships with major financial institutions and technology companies are expanding its market reach.
• While the company exhibits strong top-line momentum and improving profitability, it faces risks from customer concentration, potential margin pressure from large enterprise clients, and intense competition in the fragmented electronic payments market.

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• 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.

• In Q1 2026, BDX will merge its Biosciences & Diagnostic Solutions segment to Waters (WAT). BDX will receive $4BN in cash and 0.14 WAT shares per BDX share, leaving its shareholders with roughly 39 percent of the combined company.

• The remaining business, referred to as New BD, will be a focused med-tech company with ~$18BN in revenue across Medical Essentials, Connected Care, BioPharma Systems, and Interventional. More than 90 percent of revenue will be recurring, and management expects high single-digit earnings growth.

• New BD’s valuation looks appealing. Based on where BDX and WAT currently trade, New BD implies a P/E of roughly 11x earnings. I believe the business deserves at least a 13x multiple, which would equate to about 12% upside. That said, I’m not ready to buy yet.

• Crude oil futures tumbled on Friday as ceasefire speculation around the Russia/Ukraine war gained momentum after President Zelensky agreed to work with Washington on the US-drafted proposals.
• Front-month Jan26 ICE Brent futures were trading at $62.50/b (1933 GMT) versus Thursday’s settle of $63.38/b, while Jan26 NYMEX WTI was at $57.99/b against a previous close of $59/b.
• President Zelensky said he is ready for “honest work” with the US after receiving a draft of the plan to end the war with Russia, although European officials have cautioned that the proposals are too one-sided in favour of Moscow.

• 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.