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Smartkarma Daily Briefs

Dec 04
0

Daily Brief Industrials: Lotte Rental, Comfort Systems Usa, Aequs Ltd, ICTSI, Dayforce, GE Vernova , GXO Logistics, Somec, BeeX , Chart Industries and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Korea’s 4th Policy Trade Is Right Around the Corner: Mandatory Tender Offers
  • S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack
  • Aequs IPO: Strong Backlog, Weak Margins — An Operating-Leverage Re-Rating Story
  • Container Port Terminal Screener December 2025: Top Picks For FY26
  • Dayforce: Expansion Within Large Enterprise Customers Through Deeper Module Adoption & Critical Growth Levers!
  • GE Vernova Integrates Prolec to Power Its Next Growth Era—What Comes Next?
  • GXO Logistics Just Landed a Massive NHS Deal—Is This the Breakout Catalyst Investors Needed?
  • Research study (Note) english – Somec S.p.A. – 03.12.2025
  • (03 Dec 2025) BeeX<4270> — Fisco Company Research
  • Chart Industries: Strengthening Its LNG Position With High-Value Global Contracts!

Korea’s 4th Policy Trade Is Right Around the Corner: Mandatory Tender Offers

By Sanghyun Park

  • The next policy swing is mandatory tender offers (MTO), with the gov’t + ruling party pushing for passage this session, likely alongside the mandatory treasury-share cancellation.
  • 2022 FSS/FSC 50%+1 trigger scrapped; 25% stays. Ruling party favors 50%+ MTO, base case 100%, but pushback may reduce to 70–80%.
  • MTOs tighten discounts, benefit minority holders; focus on local holding firms, PE-backed exits, and parent-driven M&A prospects.

S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

By Dimitris Ioannidis

Aequs IPO: Strong Backlog, Weak Margins — An Operating-Leverage Re-Rating Story

By Rahul Jain

  • Aequs has a strong integrated aerospace ecosystem and deep OEM ties, but consolidated margins remain weak due to low overseas utilisation and losses in the consumer vertical.
  • A robust ₹4,200–4,500 Cr aerospace backlog and India cluster scale provide visibility, but working-capital stretch and customer concentration elevate execution risk.
  • View: Operating-Leverage story; valuation upside (₹180–200) requires utilisation lift and margin recovery. OFS-heavy structure and promoter dilution temper near-term sentiment.

Container Port Terminal Screener December 2025: Top Picks For FY26

By Sameer Taneja

  • The initiation of A Container Port Terminal Product introduced our rationale for covering companies that possess monopolistic/oligopolistic characteristics, as evidenced by their historic pricing/volume growth.
  • We initiated coverage on four such companies and have one in the pipeline on our screener, which we will initiate soon. 
  • We like ICTSI (ICT PM) for its global growth and Asian Terminals (ATI PM) for its valuation, as well as pricing power, margins, ROCE, and other metrics. 

Dayforce: Expansion Within Large Enterprise Customers Through Deeper Module Adoption & Critical Growth Levers!

By Baptista Research

  • Dayforce, as presented in the recent quarterly earnings call, exhibited a strong financial performance for the second quarter of 2025, surpassing the high end of its guidance across key metrics.
  • The company reported a 14% year-over-year growth in Dayforce recurring revenue, excluding float, on a constant currency basis.
  • This robust performance is attributed to strategic execution across sales channels, product innovation, and operational efficiencies.

GE Vernova Integrates Prolec to Power Its Next Growth Era—What Comes Next?

By Baptista Research

  • GE Vernova’s conference call highlights their recent strategic moves, notably the acquisition of the remaining 50% of Prolec GE, from their partner Xignux, marking a significant step in strengthening their presence in the transformer market particularly focused on North America.
  • This acquisition fits within GE Vernova’s broader strategy of bolstering their Electrification segment, a critical growth area anticipated to benefit from increasing demands for grid stability and reliability due to expanded electrification needs such as those driven by data centers and digitization trends.
  • The acquisition, valued at $5.275 billion, will be financed equally through cash and debt, and is expected to close by mid-2026.

GXO Logistics Just Landed a Massive NHS Deal—Is This the Breakout Catalyst Investors Needed?

By Baptista Research

  • GXO Logistics reported strong results for the third quarter of 2025, showcasing solid financial performance and promising strategic developments.
  • The company’s revenue reached a record $3.4 billion, reflecting 8% year-over-year growth with 4% of that being organic.
  • This indicates robust expansion across all geographic regions, supported by significant new business wins totaling $280 million, up 24% from the previous year.

Research study (Note) english – Somec S.p.A. – 03.12.2025

By GBC AG

  • BUSINESS DEVELOPMENT 9M 2025 On 17 November 2025, the Somec Group published key figures on its nine-month sales figures for the current financial year 2025.
  • According to these figures, the Somec Group achieved a slight year-on-year increase in consolidated sales of 0.4% to € 271.1 million at the end of the third quarter (9M 2024: € 270.0 million), whereby growth would have been as high as 1.3% on a constant currency basis.
  • The Somec Group’s nine-month growth was driven in particular by dynamic business development in the “Mestieri” division (9M segment growth: >15.0%).

(03 Dec 2025) BeeX<4270> — Fisco Company Research

By FISCO

Key points (machine generated)

  • BeeX, listed on the Tokyo Stock Exchange as 4270, anticipates double-digit revenue and profit growth by February 2026, with its first dividend expected at that time.
  • The company focuses on cloud solutions, particularly Digital Transformation and multi-cloud strategies, migrating corporate systems to the cloud.
  • BeeX provides services such as cloud integration consulting, cloud license resale for major platforms, and Managed Service Provider operations for post-migration server maintenance.

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

Chart Industries: Strengthening Its LNG Position With High-Value Global Contracts!

By Baptista Research

  • Chart Industries, Inc. reported a strong performance for the first quarter of 2025, displaying an increase in both orders and sales compared to the corresponding period the previous year.
  • The company’s strategic focus on diversification has contributed to broad-based demand across various segments, especially in the burgeoning liquefied natural gas (LNG) market.
  • A significant achievement during the quarter was securing a contract for Woodside Louisiana LNG Phase 2, underscoring their specialized capabilities in IPSMR process technology.

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Dec 04
0

Daily Brief Financials: Iyogin Holdings , Chubb Insurance, IShares Bitcoin Trust ETF, Princess Private Equity Holdin, China Vanke (H), Repco Home Finance, NB Private Equity Partners, Nippon Insure and more

By | Daily Briefs, Financials

In today’s briefing:

  • Japanese Banks – 2026 High Conviction Ideas
  • Chubb Insurance Pre-IPO Tearsheet
  • Bitcoin Tactical Outlook After The -35% Drop
  • Partners Group Private Equity — Strong exits may trigger sizeable buybacks
  • Lucror Analytics – Morning Views Asia
  • Primer: Repco Home Finance (REPCO IN) – Dec 2025
  • NB Private Equity Partners (NBPE): 2025 CMD: good returns from low-risk PE model
  • (03 Dec 2025) Nippon Insurance <5843> — Fisco Company Research

Japanese Banks – 2026 High Conviction Ideas

By Victor Galliano

  • Our key themes for Japanese banks in 2026 are top line growth due to a hawkish BoJ and the potential for shareholder value creation through cross-holding disposals
  • In the big caps, we stick with Resona Holdings as our top pick for its strong gearing to rising interest rates and its relatively high equity cross-holdings to market value
  • Our top mid-caps picks are Iyogin Holdings and Hokuhoku, both of which are well positioned to benefit from higher interest rates and also have healthy cross-holdings relative to market value

Chubb Insurance Pre-IPO Tearsheet

By Nicholas Tan

  • Chubb Insurance (1071557D MK) is looking to raise at least US$300m in its upcoming Malaysian IPO. The deal will be run by Maybank.
  • It is a general insurer in Malaysia, offering a diversified portfolio of products across property and casualty, accident and health, and motor insurance.
  • Originally incorporated in 1970 as Jerneh Insurance Corporation, the company was acquired by the Chubb Group in 2010.

Bitcoin Tactical Outlook After The -35% Drop

By Nico Rosti

  • Bitcoin has been selling off since early October 2025 and reached a -35% loss around November 20, then bounced back, the rally is currently ongoing.
  • Our focus is always short-term and in this insight we will try to analyze how far the current BTC-USD spot rally can go before a new sell-off begins.
  • The alternate hypothesis is that the current downturn is merely a sharp, tactical correction within a larger secular bull market. Under this interpretation, the pullback could be a buying opportunity.

Partners Group Private Equity — Strong exits may trigger sizeable buybacks

By Edison Investment Research

Partners Group Private Equity Limited (PEY) continues its strong exit activity with €65.4m in distributions in the first nine months of 2025 (9M25) and a further 22% of its end-September 2025 NAV in agreed sales processes. Another 11% of NAV is in listed holdings, which gradually will be sold off. Overall, PEY’s manager expects c €200m in proceeds in both FY25 and FY26, which would bring its exit activity closer to the historical average of 21% of opening NAV per year and which bodes well for its share buybacks. PEY posted a 2.1% NAV total return (TR) in Q325 (supported by a 2.6pp impact from changes in portfolio value), which partly offset the (largely fx-driven) 5.7% NAV TR decline in H125. On a constant currency basis, PEY’s portfolio value was up 10.6% in the 12 months to end-Q325, with two of its three holdings that floated last year (Vishal Mega Mart and Galderma) being important drivers. EBITDA growth and higher multiples contributed 7.0pp and 3.0pp, respectively, to this increase, partly offset by a 4.5pp impact of higher net debt (amid refinancing in late 2024 and early 2025 on improved terms to drive growth).

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • The UST curve twisted marginally steeper yesterday, as the market focused on the selection for the next Fed Chairman amid little macro developments.
  • The yield on the 2Y UST declined 2 bps to 3.51%, while the yield on the 10Y UST was unchanged at 4.09%.
  • Equities recovered from Monday’s sell-off, in tandem with a rise in cryptocurrencies. The S&P 500 and Nasdaq rose 0.2 and 0.6% to 6,829 and 23,414, respectively. 

Primer: Repco Home Finance (REPCO IN) – Dec 2025

By αSK

  • Niche Player with Strong Recent Growth: Repco Home Finance has demonstrated robust growth in recent years, evidenced by a 3-year net income CAGR of 33.47%. The company focuses on the underserved self-employed and non-salaried segments in Tier-II and Tier-III cities, particularly in South India, which provides a pricing power advantage.
  • Attractive Valuation with Improving Asset Quality: The company trades at a significant discount to fair value, with a Price-to-Book ratio of 0.61 and a Price-to-Earnings ratio of 4.55. Asset quality has shown marked improvement, with Gross Non-Performing Assets (GNPA) declining from a peak of 7% in FY22 to 4.1% in FY24.
  • Key Risks Center on Concentration and Competition: The business faces risks from its high geographical concentration in South India (83% of its loan portfolio) and its reliance on the economically sensitive self-employed segment. Intense competition from larger banks and other Housing Finance Companies (HFCs) could pressure margins and growth.

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

NB Private Equity Partners (NBPE): 2025 CMD: good returns from low-risk PE model

By Hardman & Co

  • NBPE’s key takeaways from its 2025 Capital Markets day were i) high-quality portfolio (strong underlying operating performance, particularly among larger positions), ii) well positioned for improving exits (mature portfolio with a number of exit-ready companies), iii) balance sheet strength (flexibility to increase investment in attractive new opportunities in addition to returning capital to shareholders, iv) optimal access via co-investments (NB’s differentiated co-investment platform provides efficient access to attractive opportunities alongside high-quality managers), and v) attractive investment pipeline (focus on mid-life co-investments providing exposure to companies already in the value-creation phase).

(03 Dec 2025) Nippon Insurance <5843> — Fisco Company Research

By FISCO

Key points (machine generated)

  • The document transcribes a financial results briefing for Nippon Insure Co., Ltd. held on December 3, 2025.
  • Shinya Sakamoto, the President, discusses the company’s performance for the fiscal year ending September 2025.
  • The briefing includes important disclaimers and is produced by FISCO Ltd., urging stakeholders to review the disclosures.

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

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Dec 04
0

Most Read: Tsuruha Holdings, Quanta Computer, ANE Cayman Inc, Aditya Birla Capital Ltd, Xiaomi, Lotte Rental, Toyota Industries, Contemporary Amperex Technology (CATL), Gabia Inc and more

By | Daily Briefs, Most Read

In today’s briefing:

  • [Japan Partial Tender] AEON (8267) Partial Offer for TSURUHA (3391) Announced at ¥2,900/Share
  • TIP Customized Taiwan Select High Dividend Index Rebal Preview: 8 Changes; US$8bn Trade
  • Tsuruha (3391 JP): Aeon (8267 JP) Bumps Its Partial Tender Offer to JPY2,900
  • ANE Cayman (9956 HK): Q&A With The FA
  • NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade
  • HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.4bn of Flows Post Capping (Dec 2025)
  • Korea’s 4th Policy Trade Is Right Around the Corner: Mandatory Tender Offers
  • StubWorld: Don’t Sell Toyota Inds (6201 JP) – Buy More
  • FXI Rebalance: 3 Changes as H/A Premium Trades Back in Focus
  • A Review of Tender Offers in Korea in 2025

[Japan Partial Tender] AEON (8267) Partial Offer for TSURUHA (3391) Announced at ¥2,900/Share

By Travis Lundy

  • Tsuruha Holdings (3391 JP) had been planning to release a Medium Term Management Plan this month BUT stock prices are higher, goodwill effects changed, so they announced a “Vision” instead. 
  • Today post-close, Aeon Co Ltd (8267 JP) announced its Partial Tender Offer on TSURUHA (Japanese) at ¥2,900/share. Slightly lower than hoped. Much better than before. 
  • AEON obviously really did not want to bump, but they did, considering synergies and the desire to consummate the deal. The Tender Offer shrinks so minimum pro-ration is lower. 

TIP Customized Taiwan Select High Dividend Index Rebal Preview: 8 Changes; US$8bn Trade

By Brian Freitas

  • The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 403bn (US$12.8bn).
  • We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn.
  • The forecast adds have outperformed the forecast deletes over the last couple of weeks and we expect the adds to continue outperforming the deletes over the next few days.

Tsuruha (3391 JP): Aeon (8267 JP) Bumps Its Partial Tender Offer to JPY2,900

By Arun George

  • Tsuruha Holdings (3391 JP) announced a partial tender offer from Aeon Co Ltd (8267 JP) at JPY2,900, a 27.2% premium over the previously stated offer price of JPY2,280.
  • Aeon will acquire a maximum (upper limit) of 43.2 million shares (9.52% ownership ratio) such that it attains a 50.90% ownership ratio. There is no lower limit. 
  • The offer is above the midpoint of the IFA DCF valuation range and marginally below the JPY3,100 price Aeon paid in 2024 to acquire Oasis’ stake. 

ANE Cayman (9956 HK): Q&A With The FA

By David Blennerhassett

  • On the 28th October, ANE Cayman Inc (9956 HK), a road freight transportation play, announced a Scheme from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light.
  • The consortium offered HK$12.18/share, a 48.54% premium to undisturbed. A special dividend was bolted on. All pre-cons, including SAMR’s approval, have been satisfied. Scheme Doc dispatch expected on/before 31st December.
  • I had a number of questions concerning the transaction, and yesterday pinned down a one-on-one with the FA to the Offeror.

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

By Brian Freitas

  • There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
  • If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).
  • The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.

HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.4bn of Flows Post Capping (Dec 2025)

By Brian Freitas

  • The December rebalance of the Hang Seng family of indices will use today’s closing prices to cap the index constituent weights.
  • The net round-trip trade across all stocks across the five indices is estimated at HK$50bn (US$6.4bn). There is size to trade in a lot of stocks.
  • Xiaomi (1810 HK) is the biggest buy due to HSIII Index inclusion and capping, while Alibaba (9988 HK) is the biggest capping sell.

Korea’s 4th Policy Trade Is Right Around the Corner: Mandatory Tender Offers

By Sanghyun Park

  • The next policy swing is mandatory tender offers (MTO), with the gov’t + ruling party pushing for passage this session, likely alongside the mandatory treasury-share cancellation.
  • 2022 FSS/FSC 50%+1 trigger scrapped; 25% stays. Ruling party favors 50%+ MTO, base case 100%, but pushback may reduce to 70–80%.
  • MTOs tighten discounts, benefit minority holders; focus on local holding firms, PE-backed exits, and parent-driven M&A prospects.

StubWorld: Don’t Sell Toyota Inds (6201 JP) – Buy More

By David Blennerhassett

  • At ¥17,340/share, Toyota Industries (6201 JP) is cheap. Corporate governance supporting this deal is shocking. In Travis Lundy‘s words: “Stay long. Buy more. And make some noise.”
  • Preceding my comments on Toyota are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

FXI Rebalance: 3 Changes as H/A Premium Trades Back in Focus

By Brian Freitas

A Review of Tender Offers in Korea in 2025

By Douglas Kim

  • In this insight, we review the major tender offers of Korean companies in 2025. Some of the major M&A tender offers in 2025 include HMM, Kolon Mobility Group, and VIOL.
  • The tender offers have mostly been profitable for the investors in these targeted companies (especially those shareholders who owned these shares prior to the tender offer announcement).
  • What is also impressive is that even after the 1st day of trading (post tender offer announcement), there have been extra alpha for the following week.

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Dec 04
0

Daily Brief TMT/Internet: Contemporary Amperex Technology (CATL), IShares Bitcoin Trust ETF, JD Industrials, Swiggy, Gabia Inc, Marvell Technology , Unisound AI Technology, NVIDIA Corp, Shopify and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • FXI Rebalance: 3 Changes as H/A Premium Trades Back in Focus
  • Bitcoin: HOW TO LOSE MONEY IN A BULL MARKET!!
  • JD Industrials IPO – Valuation Cut Means Its Priced to Go
  • Swiggy Possible Placement – US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked
  • A Review of Tender Offers in Korea in 2025
  • JD Industrials IPO (7618 HK): Valuation Insights
  • Marvell Technology (MRVL US): Heroic Earnings Unlock S&P500 Eligibility
  • Unisound AI IPO Lockup (9678.HK): ~US$1.6B Early Lockup Release for Co-Founders
  • Nvidia’s $2 Billion Synopsys Bet: AI Chip Design Just Got A Massive Upgrade!
  • Shopify BREAKS DOWN On Cyber Monday: Can It Afford Another Slip-Up?

FXI Rebalance: 3 Changes as H/A Premium Trades Back in Focus

By Brian Freitas

Bitcoin: HOW TO LOSE MONEY IN A BULL MARKET!!

By David Mudd

  • Bitcoin has seen a historic price decline since October.  The fear gauge is higher than at any time in its history, and technical indicators show further downside is likely.
  • The bitcoin ecosystem is highly leveraged and has seen miners and related single-stock ETFs fall dramatically.  Bitcoin volatility remains below historical levels, suggesting further selling is likely.
  • Bitcoin price is highly dependent on monetary conditions, which indicate that easing will end by 1Q 2027. Gold is supported by continuing higher inflation expectations and, hence, the price divergence.

JD Industrials IPO – Valuation Cut Means Its Priced to Go

By Sumeet Singh

  • JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO.
  • JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
  • We looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.

Swiggy Possible Placement – US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

By Sumeet Singh

  • Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
  • Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
  • In this note, we will talk about the deal dynamics and possible placement.

A Review of Tender Offers in Korea in 2025

By Douglas Kim

  • In this insight, we review the major tender offers of Korean companies in 2025. Some of the major M&A tender offers in 2025 include HMM, Kolon Mobility Group, and VIOL.
  • The tender offers have mostly been profitable for the investors in these targeted companies (especially those shareholders who owned these shares prior to the tender offer announcement).
  • What is also impressive is that even after the 1st day of trading (post tender offer announcement), there have been extra alpha for the following week.

JD Industrials IPO (7618 HK): Valuation Insights

By Arun George

Marvell Technology (MRVL US): Heroic Earnings Unlock S&P500 Eligibility

By Dimitris Ioannidis

  • Marvell Technology (MRVL US) became eligible at the last minute for S&P500 inclusion in the December 2025 review, following positive Q3 earnings.
  • Marvell Technology (MRVL US) experienced a significant turnaround in profitability in the last year, but its latest earnings are driven by non-operational activity.
  • The company’s market cap and other eligibility metrics are estimated to place it among the top addition candidates for S&P500 with a higher chance of inclusion in 2026.

Unisound AI IPO Lockup (9678.HK): ~US$1.6B Early Lockup Release for Co-Founders

By Andrei Zakharov

  • Unisound AI Technology, a Beijing-based AI solution provider focusing on the sales of conversational AI products and solutions, completed an initial public offering at HK$205/share in June.
  • The company raised HK$251M in its Hong Kong IPO, including additional net proceeds from the over-allotment shares issued upon the full exercise of the over-allotment option.
  • The stock peaked at HK$879.00 in September and fell ~41% over the next two months. The company’s early IPO lockup will expire on December 29, 2025.

Nvidia’s $2 Billion Synopsys Bet: AI Chip Design Just Got A Massive Upgrade!

By Baptista Research

  • The recent quarter’s performance by NVIDIA Corporation reflects strong financial outcomes and strategic initiatives in the AI and computing domains.
  • Garnering revenue of $57 billion, a 62% year-over-year increase, NVIDIA continues to benefit from burgeoning demand in the accelerated computing and AI sectors, setting a new record with a $10 billion sequential revenue growth.
  • Such figures underscore the company’s position within the rapidly evolving AI infrastructure landscape.

Shopify BREAKS DOWN On Cyber Monday: Can It Afford Another Slip-Up?

By Baptista Research

  • Shopify’s third-quarter results for 2025 highlight several strategic themes that underlie its current performance and future prospects, balanced by some challenges and considerations that investors should weigh.
  • On the positive side, Shopify reported a significant 32% growth in gross merchandise volume (GMV) and revenue, with a notable 38% increase in Merchant Solutions revenue.
  • This was largely driven by the rising adoption of Shopify Payments, which has reached a penetration rate of 65%.

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Dec 04
0

Daily Brief Health Care: Mandi, 3SBio Inc, Moderna , Sinopharm Group Co Ltd H, Mckesson Corp, Staar Surgical Co, Boston Scientific, Ptl Enterprises, Cencora , NewGenIVF Group Ltd and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Mandi Pre-IPO Tearsheet
  • 3SBio Inc (1530 HK) Placement – The Placing Price Indicates Decent Upside Potential in Valuation
  • Moderna In Crisis? FDA Memo Ties Vaccines To Deaths, Stock Tumbles!
  • Sinopharm Group (1099 HK) – Downgrade to a Sell
  • McKesson Corporation: How Are They Benefitting From The GLP-1 Demand Tailwinds?
  • STAAR Surgical: Is Broadwood Quietly Taking Over This Struggling Eye-Tech Stock?
  • Boston Scientific: Inside China’s Explosive MedTech Boom!
  • Primer: Ptl Enterprises (PTLE IN) – Dec 2025
  • Cencora Is Buying Big—But Can Its Acquisition Spree Deliver Massive Long-Term Growth?
  • NIVF: YTD Financial Results Generally Tracking Our 2025 Full-Year Forecasts Plenty of Growth Catalysts on Tap

Mandi Pre-IPO Tearsheet

By Nicholas Tan

  • Mandi (MANDI HK) is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by Huatai.
  • Mandi is a leading specialized consumer pharmaceuticals company in China, primarily focused on skin health (including hair health) and weight management.
  • The company was spun off from 3SBio (1530.HK) to operate as a distinct entity. 

3SBio Inc (1530 HK) Placement – The Placing Price Indicates Decent Upside Potential in Valuation

By Xinyao (Criss) Wang

  • Mandi’s valuation logic is drifting away from the main line of 3SBio.Mandi is “good asset but not core asset” within 3SBio system, so it’s difficult to drive up overall valuation. 
  • Innovative drug R&D will be the main driver for future valuation growth in “post-Mandi era”. The Placing can be regarded as the continuous development of 3SBio after Mandi spin-off .
  • 3SBio is undervalued. Valuation would be higher than Sino Biopharm and may also surpass Akeso, Hengrui in the future if its SSGJ-707 can deliver good clinical data in future trials.

Moderna In Crisis? FDA Memo Ties Vaccines To Deaths, Stock Tumbles!

By Baptista Research

  • During the third quarter of 2025, Moderna Inc. reported $1 billion in revenue, primarily driven by sales of their approved vaccines: Spikevax, mNEXSPIKE, and mRESVIA.
  • However, the company reported a net loss of $200 million, contrasting with a profit of $13 million in the same period the previous year.
  • The decline in revenue, by 45% year-over-year, was mainly due to reduced demand for COVID vaccines.

Sinopharm Group (1099 HK) – Downgrade to a Sell

By Avien Pillay

  • We expected growth to improve, however, on the contrary growth has slowed, and there seem to be limited short to medium term positive catalysts.
  • Pricing pressure is still a problem, and competition is intense especially in the fragmented medical device market.
  • Given the relatively low growth outlook, and the fact that Sinopharm is largely a distribution model, we see limited opportunity for the company to re-rate from the current level.

McKesson Corporation: How Are They Benefitting From The GLP-1 Demand Tailwinds?

By Baptista Research

  • McKesson Corporation’s second quarter fiscal 2026 earnings report demonstrates both impressive financial performance and strategic alignment with growth-oriented market segments.
  • Consolidated revenues increased 10% year-over-year to $103 billion, and adjusted earnings per diluted share grew by 39% to $9.86, showcasing the company’s ability to sustain momentum and effectively execute its strategic priorities.
  • In response to this robust performance, McKesson raised its annual guidance for adjusted earnings per diluted share to $38.35-$38.85.

STAAR Surgical: Is Broadwood Quietly Taking Over This Struggling Eye-Tech Stock?

By Baptista Research

  • STAAR Surgical recently reported its first-quarter 2025 financial results, which reflected a period of strategic transition aimed at addressing various challenges and positioning the company for long-term growth.
  • The company’s revenue for the quarter stood at $42.6 million, a significant decline from the $77.4 million recorded in the same period last year.
  • This decrease was mainly attributed to minimal purchases by STAAR’s China distributors as they managed through existing inventory, though this was partially offset by growth in sales outside China.

Boston Scientific: Inside China’s Explosive MedTech Boom!

By Baptista Research

  • Boston Scientific Corporation’s third-quarter performance highlights significant growth, driven chiefly by its Cardiovascular segment, particularly in Electrophysiology (EP) and the WATCHMAN product line.
  • The company’s operational sales ascended by 19%, with organic sales rising by 15%, both exceeding forecasted ranges.
  • This robust performance underscores Boston Scientific’s strategic focus and execution prowess.

Primer: Ptl Enterprises (PTLE IN) – Dec 2025

By αSK

  • PTL Enterprises operates a unique, low-risk business model, leasing its tyre manufacturing plant in Kerala to its associate company, Apollo Tyres Ltd., generating a stable and predictable rental income stream.
  • The company is characterized by its high dividend yield and attractive valuation, trading at a significant discount to its book value. Its financial profile is robust, with virtually no debt and consistent profitability.
  • The primary risk and key determinant of future performance is the heavy dependence on a single lessee, Apollo Tyres. The terms and renewal of the long-term lease agreement are critical to the company’s outlook.

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Cencora Is Buying Big—But Can Its Acquisition Spree Deliver Massive Long-Term Growth?

By Baptista Research

  • Cencora, in its fiscal 2025 fourth-quarter and full-year results call, reported strong financial performance supported by growth in its strategic initiatives and significant market trends.
  • The earnings call highlighted a 16% increase in both adjusted operating income and adjusted diluted earnings per share (EPS), driven by strategic investments in specialty areas and strong pharmaceutical utilization trends.
  • This performance underlines Cencora’s strategic role as an end-to-end healthcare services company.

NIVF: YTD Financial Results Generally Tracking Our 2025 Full-Year Forecasts Plenty of Growth Catalysts on Tap

By Zacks Small Cap Research

  • Zacks Small-Cap Research Note for NewGenIVF Group Limited (NIVF)

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Dec 04
0

Daily Brief Consumer: Toyota Industries, Tohokushinsha Film, GameStop, Kse Ltd, Nippon BS Broadcasting, Polaris Holdings, Sakata Seed, Showa Sangyo, Sukhjit Starch & Chemicals, Ambika Cotton Mills and more

By | Consumer, Daily Briefs

In today’s briefing:

  • StubWorld: Don’t Sell Toyota Inds (6201 JP) – Buy More
  • Primer: Tohokushinsha Film (2329 JP) – Dec 2025
  • Primer: GameStop (GME US) – Dec 2025
  • Primer: Kse Ltd (KRSE IN) – Dec 2025
  • (03 Dec 2025) Nippon BS Broadcasting(9414 JP) — Fisco Company Research
  • Polaris Holdings (3010 JP) – Durable Earnings Point to Improved Earnings Quality
  • Primer: Sakata Seed (1377 JP) – Dec 2025
  • Primer: Showa Sangyo (2004 JP) – Dec 2025
  • Primer: Sukhjit Starch & Chemicals (SHSC IN) – Dec 2025
  • Primer: Ambika Cotton Mills (ACML IN) – Dec 2025

StubWorld: Don’t Sell Toyota Inds (6201 JP) – Buy More

By David Blennerhassett

  • At ¥17,340/share, Toyota Industries (6201 JP) is cheap. Corporate governance supporting this deal is shocking. In Travis Lundy‘s words: “Stay long. Buy more. And make some noise.”
  • Preceding my comments on Toyota are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Primer: Tohokushinsha Film (2329 JP) – Dec 2025

By αSK

  • Tohokushinsha Film is a diversified media and entertainment company in Japan with a long history, operating across content production, advertising, media broadcasting, and property/rights management.
  • The company is positioned to benefit from the growth of the Japanese content market, particularly the increasing global demand for anime and the shift towards digital and streaming platforms.
  • However, the company faces challenges from a declining legacy advertising market, intense competition, and potential reputational damage from a past corporate governance scandal involving the Ministry of Internal Affairs and Communications.

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

Primer: GameStop (GME US) – Dec 2025

By αSK

  • Turnaround Strategy Focused on Digital Transformation and Cost Optimization: GameStop is undergoing a significant strategic shift, moving away from its traditional brick-and-mortar model to an e-commerce and digital-first approach. This includes enhancing its online presence, developing a new mobile app, and exploring opportunities in blockchain and NFTs. Concurrently, the company is aggressively cutting costs by closing underperforming stores and reducing SG&A expenses.
  • Diversification into New Revenue Streams: To mitigate the decline in physical software sales, GameStop is expanding its product offerings to include high-margin categories like PC gaming peripherals and collectibles. The company is also leveraging its brand recognition to potentially introduce private label products.
  • Strengthened Leadership and Balance Sheet: The appointment of Ryan Cohen as CEO and Chairman, along with other experienced e-commerce executives, signals a clear focus on digital transformation. The company has also fortified its balance sheet through strategic capital raises, providing the financial flexibility to execute its turnaround plan.

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Primer: Kse Ltd (KRSE IN) – Dec 2025

By αSK

  • Dominant Regional Player with Diversified Revenue Streams: KSE Ltd. is a leading manufacturer of compound cattle feed in Southern India, with a growing presence in the dairy and coconut oil processing segments. This diversification provides a natural hedge against volatility in any single business line.
  • Strong Financial Performance and Attractive Valuation: The company has demonstrated robust profit growth and maintains a healthy balance sheet with minimal debt. Trading at a significant discount to its peers, the stock presents a compelling value proposition for long-term investors.
  • Favorable Industry Tailwinds: The Indian animal feed market is poised for significant growth, driven by rising demand for protein-rich diets, increasing livestock population, and a shift towards organized farming practices. KSE is well-positioned to capitalize on these trends.

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(03 Dec 2025) Nippon BS Broadcasting(9414 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • Japan BS Broadcasting operates the free digital high-definition service ‘BS11’ and collaborates with various TV stations and production companies.
  • For the fiscal year ending August 2025, the company reported a sales figure of 11,039 million yen, a 2.8% decrease from the previous year.
  • Operating profit fell by 3.4% to 1,988 million yen, with ordinary and net profits also declining, highlighting income generation challenges.

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

Polaris Holdings (3010 JP) – Durable Earnings Point to Improved Earnings Quality

By Astris Advisory Japan

  • Despite some one-off inbound travel disruption during June to August 2025, Q1-2 FY3/26 results demonstrated strong and sustained YoY growth.
  • We interpret this as Polaris’s earnings stream becoming more resilient and predictable, with improved quality of earnings.
  • FY3/26 guidance has been upwardly revised, indicating robust earnings visibility for Q3-4 FY3/26, and the company has increased DPS to ¥4.0 from ¥3.0, with capital allocation demonstrating a well-structured balance between active growth investments and improving shareholder returns. 

Primer: Sakata Seed (1377 JP) – Dec 2025

By αSK

  • Sakata Seed is a global leader in the vegetable and ornamental seed industry, with a strong focus on research and development to produce high-quality, value-added varieties.
  • The company is strategically expanding its presence in emerging markets, particularly in Asia and Africa, while also focusing on the growing Controlled Environment Agriculture (CEA) sector.
  • Financial performance has been robust, with consistent revenue growth driven by strong demand for its vegetable seeds. The company maintains a healthy financial position with a strong balance sheet.

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Primer: Showa Sangyo (2004 JP) – Dec 2025

By αSK

  • Showa Sangyo is a major Japanese food company with a diversified business portfolio centered on grain processing, including flour milling, edible oils, starches, and sweeteners. This diversification provides a degree of stability against fluctuations in any single market segment.
  • The company is strategically focused on strengthening its core businesses and expanding into new areas, including overseas markets and the growing frozen foods sector. This is outlined in their long-term vision, “SHOWA Next Stage for 2025”.
  • Financial performance has shown strong net income and earnings per share growth over the past three years, alongside a consistent increase in dividend payouts, indicating a commitment to shareholder returns.

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Primer: Sukhjit Starch & Chemicals (SHSC IN) – Dec 2025

By αSK

  • Sukhjit Starch & Chemicals is a well-established player in the Indian starch industry with over seven decades of experience, making it one of the oldest and largest producers in the country. The company has a strong foothold in the maize-based starch and derivatives market, with a diverse product portfolio catering to various industries including food and beverage, pharmaceuticals, paper, and textiles.
  • The company is strategically expanding its manufacturing capacities to meet the growing demand for starch and its derivatives. This expansion, coupled with a focus on high-value products and deeper penetration into Tier 2 and 3 cities, positions the company for future growth. The favorable global environment for the starch industry, due to higher corn costs in other major producing countries, presents an additional tailwind.
  • Key risks for the company include the volatility of raw material prices, particularly maize, which constitutes a significant portion of its operating income. The company’s operating margins are susceptible to fluctuations in maize prices and changes in government regulations, such as the implementation of minimum support prices.

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Primer: Ambika Cotton Mills (ACML IN) – Dec 2025

By αSK

  • Ambika Cotton Mills (ACML) is a specialized manufacturer of premium compact and Elitwist cotton yarn, catering to high-end apparel makers globally, which affords it a niche position and pricing power compared to commodity yarn producers.
  • The company demonstrates strong financial resilience with a historically conservative, low-debt approach, funding capacity expansions primarily through internal accruals and maintaining healthy profitability margins.
  • Key risks include volatility in raw cotton prices, high dependence on a few large clients, and cyclical demand from the global textile industry, which has impacted recent financial performance.

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Dec 03
0

Daily Brief Quantitative Analysis: JPX Margin Trading Weekly (Nov 28th): SBI and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • JPX Margin Trading Weekly (Nov 28th): SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec
  • KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

JPX Margin Trading Weekly (Nov 28th): SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec

By Ke Yan, CFA, FRM

  • We analyzed the changes in margin trading positions of JPX stocks as of Nov 28th. The aggregated net margin trading position is USD19,551m.
  • We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
  • We highlight net margin buy/sell changes in SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec, Fujikura, Toyoda Gosei, Mitsubishi Electric, Mitsui E&S, Daihen, Sbi, Advantest, Furukawa Electric, Mizuho Financial.

KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of KRX stocks as of Nov 28th. The aggregated short interest was USD11.5bn.
  • 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 Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD HYUNDAI HEAVY INDUSTRIES.

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Dec 03
0

Daily Brief Equity Bottom-Up: PC Partner: Delisting in HK on 14 January 2026 and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • PC Partner: Delisting in HK on 14 January 2026, Only on SGX Going Forward
  • Mitra Adiperkasa (MAPI IJ) – Recovery in Motion
  • Primer: Telekomunikasi Indonesia (TLKM IJ) – Dec 2025
  • Primer: Indofood Sukses Makmur Tbk P (INDF IJ) – Dec 2025
  • Readcloud Ltd – Driving growth through the schools businesses
  • Fair Isaac (FICO): High-Margin Scores Franchise With Structural Pricing Power…
  • Primer: KakaoBank (323410 KS) – Dec 2025
  • Ad-Tech Primer: Investing in the Future of Digital Advertising
  • APA Corp Is Expanding Its Egyptian Empire; Is The New Acreage A Potential Goldmine?
  • Intel (INTC.US): Apple M-Series in 2027; Intel 18A Is the Key.

PC Partner: Delisting in HK on 14 January 2026, Only on SGX Going Forward

By Nicolas Van Broekhoven

  • PC Partner (1263 HK) announced it was completing its delisting from HK and moving to Singapore
  • The move to Singapore was a “life or death” situation for the company, as staying in HK precluded it from having access to Nvidia’s latest chips
  • 2026 will be a crucial year to determine PC Partner’s future outlook

Mitra Adiperkasa (MAPI IJ) – Recovery in Motion

By Angus Mackintosh

  • Mitra Adiperkasa stands out as Indonesia’s leading retailers, with an impressive portfolio of brands across segments, a dominant presence in major malls across Indonesia, and a strong online presence. 
  • MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active outperforming. Digital, F&B, and fashion are improving  
  • The company’s international business is seeing better performance, especially in Thailand and the Philippines, with expansion remaining on track, and management expressing a more optimistic view for 4Q2025 and beyond.

Primer: Telekomunikasi Indonesia (TLKM IJ) – Dec 2025

By αSK

  • Dominant Market Leader: As Indonesia’s largest state-owned telecommunications provider, Telkom holds a commanding market share in both mobile (through its subsidiary Telkomsel) and fixed broadband services, providing a strong foundation for stable revenue generation.
  • Strategic Asset Monetization: The company is pursuing a value-unlocking strategy by spinning off its fiber assets. This move, coupled with plans to bring in a strategic partner, aims to improve capital efficiency and potentially lead to a significant re-rating of the company’s valuation.
  • Attractive Shareholder Returns: Telkom consistently delivers strong returns to shareholders, evidenced by a high dividend yield and a formal commitment to dividend payouts. The company’s strong cash flow generation supports this policy.

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

Primer: Indofood Sukses Makmur Tbk P (INDF IJ) – Dec 2025

By αSK

  • Indofood is a vertically integrated food solutions giant in Indonesia, poised to benefit from the country’s favorable demographics and rising consumer spending.
  • The Agribusiness segment, particularly palm oil, is a significant growth driver, supported by strong commodity prices and government biodiesel mandates.
  • While the company exhibits strong top-line growth and market leadership, it faces risks from commodity price volatility, currency fluctuations, and margin pressures in its consumer branded products segment.

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

Readcloud Ltd – Driving growth through the schools businesses

By RaaS Research Group (RaaS)

  • ReadCloud Limited (ASX:RCL) services the education and training sectors through the provision of digital learning content, proprietary interactive technology and support for students and educators.
  • The company released its FY25 full-year result (30 September year-end) but many of the data points had been pre-released so there were no real surprises.
  • The core strategic Australian schools-facing businesses in eBooks and VET-in-Schools (collectively 85% of FY25 group sales revenue) delivered strong results, with VET-in-Schools the standout growing revenue at 26% to $5.7m and continuing to deliver gross margins exceeding 90%.

Fair Isaac (FICO): High-Margin Scores Franchise With Structural Pricing Power…

By Baptista Research

  • Fair Isaac Corporation (FICO) presented an earnings report for the fourth quarter of 2025 that highlights both the strengths and challenges facing the company.
  • Revenues for the quarter reached $516 million, a 14% increase compared to the previous year, and for the full fiscal year, revenues totaled $1.991 billion, up 16% year-over-year.
  • In their software segment, revenues were $204 million, with a mixed outlook.

Primer: KakaoBank (323410 KS) – Dec 2025

By αSK

  • KakaoBank is a dominant digital-only bank in South Korea, leveraging the vast user base of the KakaoTalk messenger platform to achieve significant market penetration and rapid growth. Its branchless model provides a structural cost advantage over traditional incumbents.
  • The bank is pursuing an aggressive growth strategy focused on expanding its customer base to 30 million and total assets to KRW 100 trillion by 2027. Key initiatives include diversifying into new loan products, enhancing platform services (e.g., advertising, loan comparison), and expanding internationally into markets like Indonesia and Thailand.
  • While growth has been robust, the company faces significant risks from intense competition from other digital banks (K-Bank, Toss Bank) and traditional banks’ digital offerings. Furthermore, regulatory uncertainty, particularly concerning its largest shareholder, Kakao Corp., and potential government measures to manage household debt, presents a material headwind.

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

Ad-Tech Primer: Investing in the Future of Digital Advertising

By Atrium Research

  • Public ad-tech equities are trading at historically low multiples, especially in Canada, despite consistent positive revenue growth and a pivot toward margin expansion.
  • Regulatory disruption and cookie deprecation are accelerating the shift to first-party data, contextual targeting, and AI-driven personalization.
  • Emerging channels like Connected TV and Retail Media are expanding monetization potential, creating asymmetric upside for nimble, vertically focused platforms.

APA Corp Is Expanding Its Egyptian Empire; Is The New Acreage A Potential Goldmine?

By Baptista Research

  • APA Corporation’s third quarter results highlight a period of operational success and financial prudence, balanced with the backdrop of a challenging global environment.
  • They demonstrated strong operational performance across all key regions, with production exceeding guidance, while maintaining lower-than-expected capital investment and operating costs.
  • In the Permian Basin, APA Corporation saw oil production surpass guidance due to efficient operations, while the capital costs stayed in line with the expectations, demonstrating a well-managed portfolio and resilient strategies.

Intel (INTC.US): Apple M-Series in 2027; Intel 18A Is the Key.

By Patrick Liao

  • Apple (AAPL US) may outsource iPad CPU production to Intel in 2027.
  • U.S. semiconductor reshoring faces fundamental structural barriers, and Trump is trying to blame this by pushing TSMC to move advanced manufacturing technology to the U.S. 
  • The key variable remains Intel’s 18A execution. However, Intel’s current CEO, Lip-Bu Tan, has not demonstrated an aggressive stance so far.

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Dec 03
0

Daily Brief Australia: Predictive Discovery, Readcloud Ltd, ADX Energy Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • Predictive: Perseus Pitches Preferred Proposal
  • Readcloud Ltd – Driving growth through the schools businesses
  • ADX Energy (ASX: ADX): Resource Estimates Boost in Sicily

Predictive: Perseus Pitches Preferred Proposal

By David Blennerhassett

  • On the 6th October, West African mid-tier gold play Predictive Discovery (PDI AU) announced scrip-merger with Robex Resources (RBX CN/RBX AU). Upon completion, PDI would hold 51% of shares out.
  • Immediately, rumours circled in local media that Perseus Mining (PRU AU), PDI’s largest shareholder (17.8%), was poised to launch its own offer. That has now unfolded. 
  • Perseus is offering 0.1360 new Perseus share for every PDI share, or an indicative consideration of A$0.778/share. PDI deemed terms superior. Robex has matching rights under its definitive agreement.

Readcloud Ltd – Driving growth through the schools businesses

By RaaS Research Group (RaaS)

  • ReadCloud Limited (ASX:RCL) services the education and training sectors through the provision of digital learning content, proprietary interactive technology and support for students and educators.
  • The company released its FY25 full-year result (30 September year-end) but many of the data points had been pre-released so there were no real surprises.
  • The core strategic Australian schools-facing businesses in eBooks and VET-in-Schools (collectively 85% of FY25 group sales revenue) delivered strong results, with VET-in-Schools the standout growing revenue at 26% to $5.7m and continuing to deliver gross margins exceeding 90%.

ADX Energy (ASX: ADX): Resource Estimates Boost in Sicily

By Auctus Advisors

  • ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from 103–369–772 bcf to 188–484–1,265 bcf (P90–P50–P10 cases).
  • The new mean prospective resource of 619 bcf reflects the increased upside potential for the permit.
  • Individual prospect sizes range between 37–111 bcf (P50 case), with four prospects each estimated at 60–68 bcf (P50).

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Dec 03
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Bitcoin Bounce Lifts Stocks and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Bitcoin Bounce Lifts Stocks
  • Japan Morning Connection: Boeing FCF Back on Track a Good Sign for JP Heavies and CF Makers
  • Singapore Market Roundup (02-Dec-2025): Evolve Capital: Old Chang Kee requires new growth drivers.
  • AI Flow Index : Sailing a Sea of Companies in AI
  • AI Flow Newsletter : Monitoring The “Currents” Of AI

Ohayo Japan | Bitcoin Bounce Lifts Stocks

By Mark Chadwick

  • Stocks rebounded on stronger crypto and AI momentum, upbeat guidance from Microchip and Boeing, and rising Fed-cut optimism.
  • Mitsubishi Electric will triple optical semiconductor capacity by FY2028 by reallocating power chip capex, pivoting toward AI-driven data-center demand amid slowing EV growth.
  • Uniqlo Japan’s November same-store sales rose 7.6% year over year, extending Q1 revenue strength and supporting profit upside, though recent share gains suggest good news is priced in.

Japan Morning Connection: Boeing FCF Back on Track a Good Sign for JP Heavies and CF Makers

By Andrew Jackson

  • Credo gains read well for connectivity plays but Astera Labs ran out of steam after early pop.
  • Intel higher still after Apple reportedly signs NDA to explore 18A for the M-series.
  • Power and industrial semi names led higher by NXP after upbeat comments at UBS conference.

Singapore Market Roundup (02-Dec-2025): Evolve Capital: Old Chang Kee requires new growth drivers.

By Singapore Market Roundup

  • Evolve Capital reports Old Chang Kee needs fresh growth catalysts.
  • Analysts raise TPs for ASL Marine after strong 1QFY2026 earnings.
  • DBS: Singapore’s construction boom will offset trade-related GDP slowdown in 2026.

AI Flow Index : Sailing a Sea of Companies in AI

By Water Tower Research

  • Water Tower AI Flow Index. We monitor ~400 public companies across tech and AI for performance and AI-related news flow.
  • Last month (ending 11/30), the WTR AI Index was down 7.0% M/M versus the S&P 500 Index (up 0.1%), the Russell 2000 Index (up 0.8%), and the Nasdaq Index (down 1.6%).
  • Software (28% of the index) was down 8.6%, while Semiconductor (12% of the index) was down 3.7%, Internet and Data Services (8% of the index) was down 20.9%, Other Tech (21% of the index) was down 5.5%, and Other Industries (31% of the index) was down 3.6%. 

AI Flow Newsletter : Monitoring The “Currents” Of AI

By Water Tower Research

  • This month’s AI landscape reveals a market at an inflection point, with record infrastructure commitments colliding with growing bubble anxiety. 
  • Meta’s staggering $600-billion US buildout plan and Anthropic’s $50-billion data center announcements underscore that the compute arms race is accelerating, not cooling.
  • Yet caution signals are flashing, as CoreWeave trimmed its full-year guidance despite strong 3Q results, while Nvidia, CoreWeave, and Nebius Group all saw pressure on their stocks. 

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