Smartkarma Daily Briefs

Back in mid-August, Bengo4.Com Inc (6027 JP) (“Bengoshi.com”) announced that it had applied to transfer to TSE Prime. 3+mos later, today it announced it will move on 4 Dec 2025.
That sets up a TOPIX inclusion for end-January 2026 and then a likely upweight at end-April 2026.
There is no accompanying offering, and the float is likely small. But the inclusion displaces the current active base. And there’s at least one large holder selling recently.

Digital Holdings (2389 JP): SilverCape Revised Terms Faces Twin Challenges

SilverCape has increased its tender offer price for Digital Holdings Inc (2389 JP) by 2.9% to JPY2,450 and raised the minimum tendering condition to 6.8 million shares (36.61% ownership ratio).
The SilverCape hostile offer faces twin challenges: preventing completion of the Hakuhodo Dy Holdings (2433 JP) offer and gaining the Board’s support/stopping the implementation of countermeasures.
SilverCape’s revised terms are unlikely to address these challenges. While Hakuhodo may (again) revise its offer, I expect the bump to be marginal (less than 5%).

[Japan Activism] Mandom (4917) Holders Get an Early Win as MBO Bidder CVC Bumps 29%

Today late in the afternoon session, the Nikkei reported that the MBO price would be bumped by “about 30%”. The stock popped 4.6%.
Post-Close, the deal is bumped from ¥1,960 to ¥2,520 (+29%). Activist holders Murakami Group with 21.4% and Hibiki Path Advisors with 5.5% have agreed to tender.
With the two main activists publicly engaged now agreed to tender, this looks like a done deal.

[Japan Activism/M&A] SilverCape Renews Its Effort on Digital HD (2389 JP) To Resolve Board Complaint

Digital Holdings Inc (2389 JP) jumped today after spending a week or more at levels just above the revised Tender Price of Hakuhodo Dy Holdings (2433 JP).
SilverCape had promised to bid ¥2,380 against Hakuhodo’s ¥1,970 and the Company responded by threatening a Poison Pill against SilverCape, for relatively spurious reasons (as discussed here).
Hakuhodo bid slightly more, and lowered its minimum, thereby nearly ensuring their success. HOWEVER…. SilverCape’s CIO interviewed yesterday promised a higher price. The stock popped today. But…

Mandom (4917 JP): A Big Win for Activists as CVC-Sponsored MBO Price Raised to JPY2,520

By Nippon Investment Bespoke Research UK

Mandom Corp (4917 JP) has disclosed that the CVC-sponsored MBO price has increased by 28.6% from JPY1,960 to JPY2,520.
The revised terms mark a big win for activists, Murakami and Hibiki. Both activists will tender, with Hibiki reinvesting around 40% of its proceeds into the offeror’s parent entity.
The revised terms are attractive, and this is a done deal. The offer closes on 18 December, with payment from 25 December.

Quiddity JPX-Nikkei 400 Rebal 2026: End-Nov 2025 Ranks

By Janaghan Jeyakumar, CFA

JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at potential ADDs and DELs for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-November 2025.

Toyota (7203 JP) Vs. Suzuki (7269 JP): Statistical Arbitrage Pair Reignites with 7% Target Return

By Gaudenz Schneider

Context: The Toyota Motor (7203 JP) vs. Suzuki Motor (7269 JP) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Going long Toyota and short Suzuki targets a 7% return.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale

By Rikki Malik

The Bank has reached its three-year target one year ahead of schedule
Focus has now turned to growth and new opportunities as unleashed from full government supervision
Valuations do not yet discount an improvement in returns from here

DAIDO STEEL CO., LTD (5471 JP): RESEARCH UPDATE

Daido Steel (5471 JP) produced FY25 (March year-end) 1H OP [IFRS basis] of ¥18,464mil (+1.1% YoY) on sales of ¥284,499mil (+0.4% YoY).
Both sales and OP surpassed guidance which called for OP of ¥12,500mil (-31.5% YoY) on sales of ¥275,000mil (-3.0% YoY), thanks primarily to stronger than expected demand for ship engine valves in the open die forging business and despite having incurred about ¥2,300mil of costs related to the Superalloy Manufacturing Process Transformation Project, one of the firm’s ongoing strategic investments in the current MTP.
The Mid-Term Plan [MTP], which ends in FY26, was revised down to reflect (1) a larger than expected decline in steel product sales volumes, (2) sluggish auto production and weaker than expected industrial machinery-related orders and (3) increasing lack of clarity in the business environment.

Primer: Nicca Chemical (4463 JP) – Nov 2025

By αSK

Nicca Chemical is a leading Japanese specialty chemical manufacturer with a dual-pillar business model in Chemicals (surfactants for textiles, paper, etc.) and Cosmetics (professional hair care). The company holds a dominant market share in the domestic textile chemicals sector and is pursuing growth through high-value-added products and overseas expansion, primarily in Asia.
The company presents an attractive valuation profile, trading at a significant discount to book value and a low P/E ratio. This is complemented by a strong commitment to shareholder returns, evidenced by a robust dividend yield and a remarkable 3-year dividend per share CAGR of over 33%.
Future growth is expected to be driven by the “INNOVATION25″strategic plan, which focuses on increasing the sales ratio of high-value-added products (Environment, Health, Digital), expanding the cosmetics business, and improving capital efficiency with a focus on raising its price-to-book ratio.

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

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 28

Daily Brief Crypto: Cross the Ages: IP-Based Transmedia Operation in GameFi and more

By Smartkarma Daily Briefs | Crypto, Daily Briefs

In today’s briefing:

Cross the Ages: IP-Based Transmedia Operation in GameFi

Cross the Ages: IP-Based Transmedia Operation in GameFi

By Animoca Brands Research

Cross the Ages (CTA) exemplifies the transmedia IP practice in the gaming sector by establishing literary content as its foundational asset and expanding it across interactive and physical formats.
The game originated from a seven-volume dystopian novel saga and began development in 2020, leading the team to secure a $12 million Series A investment in March 2022.
The Trading Card Game (TCG), the flagship product, is designed to translate narrative elements into interactive gameplay. The TCG has achieved over 400,000 cumulative worldwide downloads and maintains robust engagement with approximately 148,000 monthly active users.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 28

Daily Brief Equity Bottom-Up: The Cost of Running Hot: Nvidia’s Warranty Reserves Spike 168% and more

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

In today’s briefing:

The Cost of Running Hot: Nvidia’s Warranty Reserves Spike 168%
Mphasis Ltd- Unbilled Receivables to the Rescue
Chow Tai Fook(1929 HK): Dark Clouds Are Looming; Valuation Multiple Could Decline
Primer: Allfunds Group (ALLFG NA) – Nov 2025
Asian Equities: India’s Nifty Is at All-Time High, These Quality Stocks Are Not.
Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale
Toyota (7203 JP) Vs. Suzuki (7269 JP): Statistical Arbitrage Pair Reignites with 7% Target Return
Cordelia Cruises IPO: A Game-Changer in India’s Growing Cruise Market
Primer: Vobile Group (3738 HK) – Nov 2025
DAIDO STEEL CO., LTD (5471 JP): RESEARCH UPDATE

The Cost of Running Hot: Nvidia’s Warranty Reserves Spike 168%

By Raghav Vashisht

Nvidia’s warranty liabilities have ballooned from $1.29B in Q4 FY25 to $2.7B in Q3 FY26, with actual warranty spending surging 14× YoY.
The jump comes as Blackwell-generation racks grow hotter, denser and more complex (up to 2 million individual parts), driving higher expected incident rates.
Rising warranty reserves paired with rising finished-goods inventory suggest the same underlying tension that systems are getting harder to operate and harder to absorb downstream.

Mphasis Ltd- Unbilled Receivables to the Rescue

By Nitin Mangal

Mphasis Ltd (MPHL IN) is a global information technology (IT) services and consulting company that specializes in providing cloud and cognitive services to help enterprises undergo digital transformation.
It is majority-owned by the Blackstone Group, one of the world’s largest private equity firms.
Key forensic takeaways include hints of aggressive revenue booking via unbilled receivables, risk of goodwill impairment, etc.

Chow Tai Fook(1929 HK): Dark Clouds Are Looming; Valuation Multiple Could Decline

By Sreemant Dudhoria,CFA

In this insight, we discuss about various aspects of Chow Tai Fook Jewellery (1929 HK) ‘s H1 FY2026 financial performance. It discusses about divergent performance by region and product.
Details in this note include why dark clouds are looming over the stock price of this counter and why the valuation multiple could decline.
Finally, we conclude discuss on valuation and how this will impact the stock price.

Primer: Allfunds Group (ALLFG NA) – Nov 2025

By αSK

Allfunds Group is a leading B2B WealthTech platform with a resilient business model, characterized by high recurring revenues and a strong network effect. Its extensive network of fund houses and distributors creates a significant competitive advantage.
The company is well-positioned to capitalize on secular growth trends in the wealth management industry, including the increasing demand for open architecture solutions and the ongoing digitalization of wealth management services.
Despite a challenging macroeconomic environment, Allfunds has demonstrated robust financial performance with consistent revenue growth and strong profitability. However, potential risks include margin pressure from competition and sensitivity to market fluctuations impacting assets under administration.

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

Asian Equities: India’s Nifty Is at All-Time High, These Quality Stocks Are Not.

By Manishi Raychaudhuri

India’s Nifty50 index reached an all-time high yesterday. However, many Indian stocks are near their 52-week lows. Many among them have strong forecast earnings growth, good balance sheets, attractive valuations.
We screen 17 stocks with double digit forecast EPS growth, PEG < 1.4x, net debt to equity less than 50%. They are spread across construction, chemicals, healthcare, industrials and technology.
The largest five are Deepak Nitrite (DN IN), Cohance Lifesciences, BASF India Ltd (BASF IN), Crompton Greaves Consumer Electricals (CROMPTON IN), Clean Science and Technology (CLEAN IN).

Japan Post Bank: Unlocking Value as Deposits Turn into Growth, Autonomy, and Digital Scale

By Rikki Malik

The Bank has reached its three-year target one year ahead of schedule
Focus has now turned to growth and new opportunities as unleashed from full government supervision
Valuations do not yet discount an improvement in returns from here

Toyota (7203 JP) Vs. Suzuki (7269 JP): Statistical Arbitrage Pair Reignites with 7% Target Return

By Gaudenz Schneider

Context: The Toyota Motor (7203 JP) vs. Suzuki Motor (7269 JP) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Going long Toyota and short Suzuki targets a 7% return.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Cordelia Cruises IPO: A Game-Changer in India’s Growing Cruise Market

By Sudarshan Bhandari

Cordelia Cruises, India’s only domestic cruise operator, is going public through an IPO of Rs. 7.27 billion. It plans to triple its fleet by 2028, expanding its passenger capacity significantly.
The Indian cruise market remains under-penetrated with a CAGR forecast of 35-40% from FY2025-2030, creating a prime opportunity for growth, especially for domestic players like Cordelia.
The IPO is a crucial step for Cordelia to expand its fleet, cater to increasing demand, and capitalize on the underpenetrated Indian cruise market.

Primer: Vobile Group (3738 HK) – Nov 2025

By αSK

Vobile Group is a global leader in SaaS solutions for digital content asset protection and monetization, poised for growth driven by the proliferation of online video and the increasing need for intellectual property protection.
The company is strategically focused on leveraging Artificial Intelligence (AI) to enhance its service offerings and is expanding its footprint in the rapidly growing Chinese market, which now accounts for a significant portion of its revenue.
Recent financial performance indicates strong top-line growth and improving profitability, with a notable surge in net profit and expanding gross margins, though the company currently does not pay a dividend.

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

DAIDO STEEL CO., LTD (5471 JP): RESEARCH UPDATE

By Nippon Investment Bespoke Research UK

Daido Steel (5471 JP) produced FY25 (March year-end) 1H OP [IFRS basis] of ¥18,464mil (+1.1% YoY) on sales of ¥284,499mil (+0.4% YoY).
Both sales and OP surpassed guidance which called for OP of ¥12,500mil (-31.5% YoY) on sales of ¥275,000mil (-3.0% YoY), thanks primarily to stronger than expected demand for ship engine valves in the open die forging business and despite having incurred about ¥2,300mil of costs related to the Superalloy Manufacturing Process Transformation Project, one of the firm’s ongoing strategic investments in the current MTP.
The Mid-Term Plan [MTP], which ends in FY26, was revised down to reflect (1) a larger than expected decline in steel product sales volumes, (2) sluggish auto production and weaker than expected industrial machinery-related orders and (3) increasing lack of clarity in the business environment.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 28

Daily Brief Utilities: Chugoku Electric Power Co and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

Quiddity JPX-Nikkei 400 Rebal 2026: End-Nov 2025 Ranks

Quiddity JPX-Nikkei 400 Rebal 2026: End-Nov 2025 Ranks

By Janaghan Jeyakumar, CFA

JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at potential ADDs and DELs for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-November 2025.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 28

Most Read: Toyoda Gosei, Daehan Shipbuilding, Kioxia Holdings , Bengo4.Com Inc, Digital Holdings Inc, Mandom Corp, Korea Stock Exchange KOSPI 200 and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Kioxia (285A JP) Placement: Limited Passive Buying & Big Runup Opens Up More Downside
[Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF
KOSPI Size Indices: Lots of Change as Averaging Starts
KIOXIA (285A JP) — Q2 FY25 Update, Selldown Context, and Valuation
[Quiddity Index] Bengo4.com (6027 JP) To TSE Prime and TOPIX Inclusion
Digital Holdings (2389 JP): SilverCape Revised Terms Faces Twin Challenges
[Japan Activism] Mandom (4917) Holders Get an Early Win as MBO Bidder CVC Bumps 29%
[Japan Activism/M&A] SilverCape Renews Its Effort on Digital HD (2389 JP) To Resolve Board Complaint
Korea FSC Omnibus Rollout Dropped Today: Key Backdrop & Trade-Relevant Angle
Mandom (4917 JP): A Big Win for Activists as CVC-Sponsored MBO Price Raised to JPY2,520

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

By Brian Freitas

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.

[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.

KOSPI Size Indices: Lots of Change as Averaging Starts

By Brian Freitas

The review period for the March rebalance of the KOSPI Size Indices will commence on 1 December and will end on 28 February.
Nearing the start of the averaging period, we forecast 34 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap and 2 to SmallCap.
The upward migrations have outperformed the downward migrations by a lot over the last 3 months. The gap in returns versus the KOSPI2 INDEX is a lot smaller.

KIOXIA (285A JP) — Q2 FY25 Update, Selldown Context, and Valuation

By Rahul Jain

Q2 results confirmed a clear earnings inflection, driven by strong enterprise SSD demand, improving ASPs, and recovering smartphone NAND volumes.
Q3 guidance signals record revenue and further margin expansion supported by tight NAND supply and AI-linked storage demand.
Despite near-term pressure from Bain’s selldown, long-term fundamentals remain intact; valuation discounts justify a ¥12,500 target and accumulate-on-weakness stance.

[Quiddity Index] Bengo4.com (6027 JP) To TSE Prime and TOPIX Inclusion

Back in mid-August, Bengo4.Com Inc (6027 JP) (“Bengoshi.com”) announced that it had applied to transfer to TSE Prime. 3+mos later, today it announced it will move on 4 Dec 2025.
That sets up a TOPIX inclusion for end-January 2026 and then a likely upweight at end-April 2026.
There is no accompanying offering, and the float is likely small. But the inclusion displaces the current active base. And there’s at least one large holder selling recently.

Digital Holdings (2389 JP): SilverCape Revised Terms Faces Twin Challenges

SilverCape has increased its tender offer price for Digital Holdings Inc (2389 JP) by 2.9% to JPY2,450 and raised the minimum tendering condition to 6.8 million shares (36.61% ownership ratio).
The SilverCape hostile offer faces twin challenges: preventing completion of the Hakuhodo Dy Holdings (2433 JP) offer and gaining the Board’s support/stopping the implementation of countermeasures.
SilverCape’s revised terms are unlikely to address these challenges. While Hakuhodo may (again) revise its offer, I expect the bump to be marginal (less than 5%).

[Japan Activism] Mandom (4917) Holders Get an Early Win as MBO Bidder CVC Bumps 29%

Today late in the afternoon session, the Nikkei reported that the MBO price would be bumped by “about 30%”. The stock popped 4.6%.
Post-Close, the deal is bumped from ¥1,960 to ¥2,520 (+29%). Activist holders Murakami Group with 21.4% and Hibiki Path Advisors with 5.5% have agreed to tender.
With the two main activists publicly engaged now agreed to tender, this looks like a done deal.

[Japan Activism/M&A] SilverCape Renews Its Effort on Digital HD (2389 JP) To Resolve Board Complaint

Digital Holdings Inc (2389 JP) jumped today after spending a week or more at levels just above the revised Tender Price of Hakuhodo Dy Holdings (2433 JP).
SilverCape had promised to bid ¥2,380 against Hakuhodo’s ¥1,970 and the Company responded by threatening a Poison Pill against SilverCape, for relatively spurious reasons (as discussed here).
Hakuhodo bid slightly more, and lowered its minimum, thereby nearly ensuring their success. HOWEVER…. SilverCape’s CIO interviewed yesterday promised a higher price. The stock popped today. But…

Korea FSC Omnibus Rollout Dropped Today: Key Backdrop & Trade-Relevant Angle

By Sanghyun Park

FSC confirms December rollout; beyond procedural cleanup, this structural shift in flows brings small-to-mid shops and offshore retail, creating new order patterns in the local market.
Omnibus accounts aggregate orders under one broker, blurring classic smart-money signals, slowing local retail follow-ons, and creating wider price-action gaps in the order book.
MSCI volatility trades also require attention; the omnibus rollout will likely intensify flows as new accounts follow major institutions, impacting the Korea sleeve short-term.

Mandom (4917 JP): A Big Win for Activists as CVC-Sponsored MBO Price Raised to JPY2,520

Mandom Corp (4917 JP) has disclosed that the CVC-sponsored MBO price has increased by 28.6% from JPY1,960 to JPY2,520.
The revised terms mark a big win for activists, Murakami and Hibiki. Both activists will tender, with Hibiki reinvesting around 40% of its proceeds into the offeror’s parent entity.
The revised terms are attractive, and this is a done deal. The offer closes on 18 December, with payment from 25 December.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Analytics and News
✓ Events & Webinars

Nov 28

Daily Brief Industrials: Dynamatic Technologies, Brookfield Business , Ferrovial Sa, James Latham, Okumura Engineering, Strix Group, bpost SA, Vp PLC and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

The Beat Ideas: Dynamatic Technologies – An Indian Tier-1 Supplier’s Flight Path in Global Aerospace
Brookfield Business Corporation (BBUC): How the New Merger Plan Hides Problems
Primer: Ferrovial Sa (FER SM) – Nov 2025
Primer: James Latham (LTHM LN) – Nov 2025
(25 Nov 2025) OKM <6229> — Fisco Company Research
Strix Group – Is Change Afoot?
bpost SA – What’s News in Amsterdam
Vp plc – Brandon Hire Station repositioned for profitability

The Beat Ideas: Dynamatic Technologies – An Indian Tier-1 Supplier’s Flight Path in Global Aerospace

By Nimish Maheshwari

The structural shift in Dynamatic Technologies’ revenue mix is accelerating, with the high-margin Aerospace segment now contributing 82% of consolidated EBITDA in FY25, underpinned by major new contract industrialization.
The premium valuation is justified by its annuity-like, high-barrier sole-supplier status for the Airbus A320 family and significant new program wins (Airbus A220 doors), providing a multi-decade visibility.
DTL’s core value is increasingly diverging from its legacy segments; success hinges on efficient capital deployment in India and mitigating the persistent drag from its European Metallurgy business.

Brookfield Business Corporation (BBUC): How the New Merger Plan Hides Problems

By J Capital Research

We believe a pending combination of Canadian and U.S.-listed sister corporations BBU and BBUC into a single new entity may be designed to absorb $1.5 bln in off-balance-sheet liabilities belonging to BBUC into a larger entity to brace for potential financial problems.
These off-balance-sheet “arrangements,” if they default, will probably not sink the newly formed company in the near term.
But the new company will still be weighed down with a substantial on-balance-sheet debt load.

Primer: Ferrovial Sa (FER SM) – Nov 2025

By αSK

Ferrovial is a global infrastructure operator with a strategic focus on high-value transportation assets, particularly in North America. The company’s integrated business model, encompassing the entire project lifecycle from design and construction to financing and operation, provides a significant competitive advantage in complex public-private partnership (P3) projects.
The company is in a strong financial position, characterized by a net cash position (excluding infrastructure project debt) and a track record of robust cash flow generation from its portfolio of mature assets. This financial strength allows for continued investment in growth projects and shareholder returns.
Future growth is expected to be driven by a strong pipeline of infrastructure projects in North America, including managed lanes and airport expansions, as well as opportunities in the energy transition and water infrastructure sectors. The recent listing on Nasdaq is anticipated to enhance visibility and access to capital to fund these growth initiatives.

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

Primer: James Latham (LTHM LN) – Nov 2025

By αSK

James Latham is a leading UK-based independent distributor of timber, panels, and decorative surfaces with a history spanning over 265 years, demonstrating significant resilience and market understanding.
After a period of peak earnings in FY2023, the company has seen a normalization of performance, with revenue and net income declining in FY2024 and FY2025, reflecting more challenging market conditions and stabilizing timber prices.
The company maintains a strong balance sheet and a long-term growth focus, underscored by consistent dividend payments and strategic investments, such as a planned national distribution centre to enhance operational efficiency.

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

(25 Nov 2025) OKM <6229> — Fisco Company Research

By FISCO

Key points (machine generated)

OKM Corporation holds over 90% market share in Japan and approximately 40% globally in the valve industry.
The company has revised its financial outlook upward for the fiscal year ending March 2026, driven by strong marine market sales and effective cost management.
The second medium-term management plan aims for sales of 13.2 billion yen and an operating profit of 1.3 billion yen by March 2028, aligning with the long-term vision ‘Create 200.’

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Strix Group – Is Change Afoot?

The trading update for the six months to September covers three areas: trading, indebtedness and the Board.
With Billi and Consumer goods performing to plan, the Controls division remains the outlier, reflecting a slower than hoped for recovery in its markets.
We have reduced estimates as a result, with adj. PBT / EPS declining by 9.7%.

bpost SA – What’s News in Amsterdam

By The IDEA!

In this edition: • Aegon | rumoured to be considering divesting part or all of its non-US operations • Ferrari Group | no real surprises in 3Q25; reiterates FY25 guidance • bpostgroup | signs MoU to expand collaboration with Temu in Belgium and Canada • Black Friday | spike in online transactions on Tuesday; November MTD volumes +32% • E-commerce & Logistics | France takes legal action against AliExpress and Joom

Vp plc – Brandon Hire Station repositioned for profitability

Vp’s interims confirm a solid performance, highlighting the strength of the Groups’ diversified business model.
Strong demand in International (specialist activities in Ireland, Transmission in Germany) continues to offset persistent weakness in General Construction in the UK.
Decisive action has been taken to reposition Brandon Hire Station for sustainable profitability, supporting the Group’s strategic and B2B customers.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 28

Daily Brief Industrials: Dynamatic Technologies, Brookfield Business , Ferrovial Sa, James Latham, Okumura Engineering, Strix Group, bpost SA, Vp PLC and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

The Beat Ideas: Dynamatic Technologies – An Indian Tier-1 Supplier’s Flight Path in Global Aerospace
Brookfield Business Corporation (BBUC): How the New Merger Plan Hides Problems
Primer: Ferrovial Sa (FER SM) – Nov 2025
Primer: James Latham (LTHM LN) – Nov 2025
(25 Nov 2025) OKM <6229> — Fisco Company Research
Strix Group – Is Change Afoot?
bpost SA – What’s News in Amsterdam
Vp plc – Brandon Hire Station repositioned for profitability

The Beat Ideas: Dynamatic Technologies – An Indian Tier-1 Supplier’s Flight Path in Global Aerospace

By Nimish Maheshwari

The structural shift in Dynamatic Technologies’ revenue mix is accelerating, with the high-margin Aerospace segment now contributing 82% of consolidated EBITDA in FY25, underpinned by major new contract industrialization.
The premium valuation is justified by its annuity-like, high-barrier sole-supplier status for the Airbus A320 family and significant new program wins (Airbus A220 doors), providing a multi-decade visibility.
DTL’s core value is increasingly diverging from its legacy segments; success hinges on efficient capital deployment in India and mitigating the persistent drag from its European Metallurgy business.

Brookfield Business Corporation (BBUC): How the New Merger Plan Hides Problems

By J Capital Research

We believe a pending combination of Canadian and U.S.-listed sister corporations BBU and BBUC into a single new entity may be designed to absorb $1.5 bln in off-balance-sheet liabilities belonging to BBUC into a larger entity to brace for potential financial problems.
These off-balance-sheet “arrangements,” if they default, will probably not sink the newly formed company in the near term.
But the new company will still be weighed down with a substantial on-balance-sheet debt load.

Primer: Ferrovial Sa (FER SM) – Nov 2025

By αSK

Ferrovial is a global infrastructure operator with a strategic focus on high-value transportation assets, particularly in North America. The company’s integrated business model, encompassing the entire project lifecycle from design and construction to financing and operation, provides a significant competitive advantage in complex public-private partnership (P3) projects.
The company is in a strong financial position, characterized by a net cash position (excluding infrastructure project debt) and a track record of robust cash flow generation from its portfolio of mature assets. This financial strength allows for continued investment in growth projects and shareholder returns.
Future growth is expected to be driven by a strong pipeline of infrastructure projects in North America, including managed lanes and airport expansions, as well as opportunities in the energy transition and water infrastructure sectors. The recent listing on Nasdaq is anticipated to enhance visibility and access to capital to fund these growth initiatives.

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

Primer: James Latham (LTHM LN) – Nov 2025

By αSK

James Latham is a leading UK-based independent distributor of timber, panels, and decorative surfaces with a history spanning over 265 years, demonstrating significant resilience and market understanding.
After a period of peak earnings in FY2023, the company has seen a normalization of performance, with revenue and net income declining in FY2024 and FY2025, reflecting more challenging market conditions and stabilizing timber prices.
The company maintains a strong balance sheet and a long-term growth focus, underscored by consistent dividend payments and strategic investments, such as a planned national distribution centre to enhance operational efficiency.

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

(25 Nov 2025) OKM <6229> — Fisco Company Research

By FISCO

Key points (machine generated)

OKM Corporation holds over 90% market share in Japan and approximately 40% globally in the valve industry.
The company has revised its financial outlook upward for the fiscal year ending March 2026, driven by strong marine market sales and effective cost management.
The second medium-term management plan aims for sales of 13.2 billion yen and an operating profit of 1.3 billion yen by March 2028, aligning with the long-term vision ‘Create 200.’

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Strix Group – Is Change Afoot?

The trading update for the six months to September covers three areas: trading, indebtedness and the Board.
With Billi and Consumer goods performing to plan, the Controls division remains the outlier, reflecting a slower than hoped for recovery in its markets.
We have reduced estimates as a result, with adj. PBT / EPS declining by 9.7%.

bpost SA – What’s News in Amsterdam

By The IDEA!

In this edition: • Aegon | rumoured to be considering divesting part or all of its non-US operations • Ferrari Group | no real surprises in 3Q25; reiterates FY25 guidance • bpostgroup | signs MoU to expand collaboration with Temu in Belgium and Canada • Black Friday | spike in online transactions on Tuesday; November MTD volumes +32% • E-commerce & Logistics | France takes legal action against AliExpress and Joom

Vp plc – Brandon Hire Station repositioned for profitability