Smartkarma Daily Briefs

Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book.
Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

Syrma SGS’s Strategic Foray into Defence Electronics: Elcome and Navicom Acquisitions

Syrma SGS Technology is acquiring a 60% stake in Elcome Integrated Systems, with a path to 100% via performance-linked earn-outs, alongside Elcome’s simultaneous acquisition of Navicom Technology.
This strategic move marks Syrma SGS’s formal entry into the high-barrier, long-cycle Indian defence electronics market, offering diversification from its core EMS business and aligning with India’s “Aatmanirbhar Bharat” initiative.
The accretive nature, revenue visibility of over INR 400 crore, and design-led capabilities gained position Syrma SGS for a structural re-rating.

Amber Enterprise–Shogini Deal: A Strategic Leap Toward Full-Stack Electronics Manufacturing

Amber has signed a definitive agreement to acquire a majority stake in Pune-based PCB manufacturer Shogini Technoarts through its subsidiary ILJIN Electronics (India) Pvt. Ltd.
This move strengthensAmber’s backward integration in printed circuit boards at a time when India’s PCB market is expanding quickly and still relies heavily on imports.
The acquisition supports Amber’s transition from a primarily HVAC and consumer-durables component player to a more complete EMS and PCB solutions provider, an important shift that deserves closer analysis.

Stat-Arb Pair Trade: Long Bank of Baroda (BOB IN) Vs. Short Canara Bank (CBK IN)

By Gaudenz Schneider

Context: The Bank of Baroda (BOB IN) vs. Canara Bank (CBK IN) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Going long Bank of Baroda (BOB IN) and short Canara Bank (CBK IN) targets a 9% 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.

Tenneco Clean Air India Ltd IPO Trading: Strong Insti Demand and Overall Sub Rate

By Hong Jie Seow

Tenneco Clean Air India Ltd (1880671D IN) raised US$406m in its India IPO.
TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Union Bank of India (UNBK IN) Vs. Canara Bank (CBK IN): Statistical Arbitrage in Indian Banks

By Gaudenz Schneider

Context: The Union Bank of India (UNBK IN) vs. Canara Bank (CBK IN) price ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Going long Union Bank of India (UNBK IN) and short Canara Bank (CBK IN) targets a 10% 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.

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Nov 19

Daily Brief Japan: Digital Holdings Inc, Daihen Corp, Tsuruha Holdings, SBI Shinsei Bank, Internet Initiative Japan, Mitsubishi Research Institut, Kaken Pharmaceutical, ROHM Co Ltd, Ichigo Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

[Japan Activism/M&A] Hakuhodo DY Lowers Digital Holdings (2389 JP) TOB Threshold, Bumps a Tiny 2.2%
[Japan Offering] DAIHEN Corp (6622 JP) Sees Crossholders Selling 25% of Max Real World Float
Digital Holdings (2389 JP): Hakuhodo Bumps and Lowers the Minimum Tendering Condition
Tsuruha-Welcia Merger to Form Biggest Drugstore Alliance, +Aeon TOB
SBI Shinsei Bank Pre-IPO – The Positives – Has Been Growing Well Since SBI Group Took Control
Primer: Internet Initiative Japan (3774 JP) – Nov 2025
Mitsubishi Research Institute (3636) – Focus on Restoring Business Momentum
Kaken Pharma (4521 JP): Bleaker FY26 Ahead, Growth Pangs to Continue for Now
Rohm Co Ltd(6963 JP): H2 Likely a Pause in the Journey; Bigger Milestones Ahead
(18 Nov 2025) Ichigo Inc(2337 JP) — Fisco Company Research

[Japan Activism/M&A] Hakuhodo DY Lowers Digital Holdings (2389 JP) TOB Threshold, Bumps a Tiny 2.2%

Today after the close, Hakuhodo Dy Holdings (2433 JP) announced changes to the terms of its Tender Offer for Digital Holdings Inc (2389 JP), which faces an overbidder in SilverCape.
Hakuhodo had bid ¥1,970. Silvercape came over the top with a proposed ¥2,380 but a delay for approvals. DH is fighting against SilverCape because of “remaining minority shareholder risk.”
That’s garbage. Utter blatherskite. Trumpworthy trumpery. Now Hakuhodo DY has lowered the minimum threshold making it hard to miss, and raised the price 2.3% to ¥2,015.

[Japan Offering] DAIHEN Corp (6622 JP) Sees Crossholders Selling 25% of Max Real World Float

Yesterday saw the announcement of a secondary offering structured like a delayed pricing ABO.
1.5mm shares which is 7.5% of shares out, 25% of Max Real World Float, and 9 days of ADV. There’s more cross-holdings to come out later at some point.
Though it is not particularly expensive, Momentum is not this stock’s friend right now.

Digital Holdings (2389 JP): Hakuhodo Bumps and Lowers the Minimum Tendering Condition

Hakuhodo Dy Holdings (2433 JP) increased its Digital Holdings Inc (2389 JP) tender offer price by 2.3% to JPY2,015, 7.1% below the last close and 15.3% below SilverCape’s JPY2,380 offer.
The lower limit has been reduced to a 24.67% ownership ratio. Hakuhodo’s confidence in passing the EGM share consolidation vote relies on AGM voting trends and passive votes.
Hakuhodo’s acceptances as of 28 October exceed the lower limit. The revised Hakudodo offer will severely dent the chances of SilverCape’s offer.

Tsuruha-Welcia Merger to Form Biggest Drugstore Alliance, +Aeon TOB

By Jay Cameron

The Tsuruha-Welcia merger creates Japan’s largest drugstore alliance, poised for long-term growth and market dominance, driven by an expected JPY 50B in synergies over three years.
A two-step corporate action—share exchange (Dec 1, 2025) followed by an Aeon TOB—provides structural certainty and strategic backing, securing the combined entity’s market leadership.
These catalysts establish a large market leader in the consumer staples space, suggesting a timely opportunity to gain exposure to the new entity.

SBI Shinsei Bank Pre-IPO – The Positives – Has Been Growing Well Since SBI Group Took Control

By Quantum Commodity Intelligence

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing.
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
In this note, we talk about the positive aspects of the deal.

Primer: Internet Initiative Japan (3774 JP) – Nov 2025

By αSK

Internet Initiative Japan (IIJ) is a pioneering Japanese IT services provider, well-positioned to capitalize on the country’s accelerating digital transformation. Its core strengths lie in its robust network infrastructure and a comprehensive suite of services spanning connectivity, cloud, and systems integration.
The company is experiencing solid growth, driven by strong demand for cloud services and large-scale network projects. The mid-term plan targets continued revenue and profit expansion by deepening relationships with its large enterprise and government client base through integrated service offerings.
While competition from domestic telecoms and global cloud giants is a key challenge, IIJ’s established reputation for reliability, advanced technological capabilities, and loyal customer base provide a solid foundation for sustained growth. However, recent cybersecurity incidents highlight the operational risks inherent in the business.

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

Mitsubishi Research Institute (3636) – Focus on Restoring Business Momentum

By Astris Advisory Japan

Positioned to rebuild – FY9/25 results saw MRI record YoY revenue growth for the first time in two years, profit growth for the first time in three years, and a record-high GPM of 23.7% driven by high consultant utilization.
Earnings visibility is improving, driven by strong order growth (+19.4 % YoY at TTC) and a rising backlog.
However, we believe FY9/26 guidance indicates management’s priority is to rebuild the business, with key initiatives to expand the concentration domains in TTC (electric power and energy, medical and long-term care, business analytics and AI) and the growth area in ITS (public and electric power, HR and education, financial, DA and AI).

Kaken Pharma (4521 JP): Bleaker FY26 Ahead, Growth Pangs to Continue for Now

By Tina Banerjee

Kaken Pharmaceutical (4521 JP) reported rather underwhelming earnings in H1FY26, with revenue, operating profit and net profit witnessing significant drop as upfront payments received last fiscal put pressure.
Kaken’s major drug Clenafin saw revenue rise 1.5% to ¥9.3B on AG launch, while Ecclock helped drive revenue growing 12% YoY to ¥1.5B.
FY26 guidance revised downwards to ¥86.3B (down 8% YoY). Kaken needs an immediate strong revenue driver to rescue it from pangs of drug price revision and generic competition.

Rohm Co Ltd(6963 JP): H2 Likely a Pause in the Journey; Bigger Milestones Ahead

By Sreemant Dudhoria,CFA

ROHM Co Ltd (6963 JP) ‘s strong performance in H1 FY25 is overshadowed by weak guidance for H2 FY25.
We expect H2 FY25 to be a pause in the structural reform journey, and the details are discussed in this insight.
Trading at just 0.8x P/B, we continue to like the name and remain optimistic about the second Mid-Term Management Plan; details are shared in this insight.

(18 Nov 2025) Ichigo Inc(2337 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

Ichigo Co., Ltd. reported a 64.3% increase in operating profit to 11,261 million yen for the interim period ending February 2026.
Sales rose by 40.6% to 51,024 million yen, driven by strong stock and flow revenue.
The company focuses on real estate value enhancement and renewable energy, aiming for record profits in the current fiscal year.

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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Nov 19

Daily Brief Macro: The Dollar Is Smiling But It’s Not Happy :( and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

The Dollar Is Smiling But It’s Not Happy 🙁
CX Daily: How Chinese Expertise Opened Up $20 Billion African Mine
Unpacking the Henry Hub Rally and the Forces Driving It
Oil futures: Crude ends lower as Russian shipments eyed
Asian Equities: Policy Focus Reflected in Sector-Wise IPO Revival in Leading Markets
Oil futures: Prices higher after soft start to session on surplus fears
Egypt (November 18th 2025)

The Dollar Is Smiling But It’s Not Happy 🙁

By David Mudd

The dollar has strengthened in the face of weakening equity markets, however it is not the Dollar Smile theory supporting its move this time.
A more hawkish Fed signals a break with past conditioning for a Fed Put to bail out the stock market. Post-COVID inflation caused by Fed policies will constrain aggressive easing.
Safe-Haven support for the dollar and Treasuries broke down during the April selloff, indicating a change in foreigners’ perception of holding USD assets and leading to significantly increased dollar hedging.

CX Daily: How Chinese Expertise Opened Up $20 Billion African Mine

By Caixin Global

How China Unlocked Simandou to Reshape the Global Iron Ore Trade. On an October morning along the Atlantic coast of West Africa, a bulk carrier named Winning Youth waited quietly in the port of Morebaya.
It carried nearly 10,000 metric tons of blood-red earth, freshly extracted from deep inside Guinea’s remote southeastern mountains.
The iron ore, loaded days earlier on to the first train to run on the Trans-Guinea Railway, had traveled hundreds of kilometers across ridges to reach this point.

Unpacking the Henry Hub Rally and the Forces Driving It

By Suhas Reddy

Surging U.S. LNG exports, stronger power demand, and shifting weather models have tightened fundamentals, driving Henry Hub futures to near three-year highs despite record output and above-average storage levels.
Henry Hub’s rally since mid-October has been driven by record LNG exports and colder winter forecasts, which outweighed rising U.S. production and above-average storage levels.
Options positioning shows short-term caution but growing medium-term optimism, with higher call interest across later contracts signaling expectations for firmer Henry Hub prices into early-2026.

Oil futures: Crude ends lower as Russian shipments eyed

Crude oil futures ended lower Monday despite rebounding from a soft start in response to reports crude loadings had resumed at the Black Sea port of Novorossiysk.
Front-month Jan25 ICE Brent futures were trading at $64.09/b (2031 GMT) versus Friday’s settle of $64.39/b, while Dec25 NYMEX WTI settled at $59.91/b against a previous close of $60.09/b.
Ship tracking data showed two oil tankers had docked at Novorossiysk over the weekend, while Reuters quoted local officials saying that crude loadings had resumed following Friday’s drone strikes.

Asian Equities: Policy Focus Reflected in Sector-Wise IPO Revival in Leading Markets

By Manishi Raychaudhuri

Asian IPOs’ spike in 2025 (21% higher till October) has been driven primarily by HK/China. Indian IPOs are almost at the same level as in a very strong 2024.
Policy thrust for “New Productive Forces” are driving capital raising from industrials, materials, technology and utilities and shall continue to do so. Healthcare should also be a buoyant capital raiser.
India’s policy focus on manufacturing and listing of PE-funded companies should drive IPOs from industrials, materials and consumer discretionary. Financials shall also remain a large issuer sector.

Oil futures: Prices higher after soft start to session on surplus fears

By Quantum Commodity Intelligence

Crude oil futures ended higher after a soft trading session earlier when immediate concerns around disruptions to Russian crude receded as loadings resumed from the crucial Novorossiysk port.
Front-month Jan26 ICE Brent futures were last trading at $65/b (2017 GMT) versus Monday’s settle of $64.20/b, while Dec25 NYMEX WTI was at $60.78/b against a previous close of $59.91/b.
Benchmarks have struggled in the early part of the week after loadings resumed from the key Black Sea oil hub following a two-day suspension in the wake of drone strikes.

Egypt (November 18th 2025)

By Denis Collot

IMF’s mission in Cairo early December.
CBE sees the financing gap increasing for the next 2 years.
The Pound deals below 47, best since May 2024. Offshore investors keep buying bills.

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Nov 19

Most Read: Tsuruha Holdings, Contemporary Amperex Technology (CATL), China Hongqiao, Capricorn Metals, Digital Holdings Inc, Ping An Healthcare and Technology, Daihen Corp, Isupetasys and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

[Japan Activism/M&A] Thinking About the Partial Tender Trade Coming in Dec25
Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Dec25
China Hongqiao (1378 HK): Index Impact of US$1.2bn Placement
S&P/ASX Index Rebalance Preview (Dec 25): Changes Across Indices as Positioning Picks Up
CATL IPO Lockup – US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares
[Japan Activism/M&A] Hakuhodo DY Lowers Digital Holdings (2389 JP) TOB Threshold, Bumps a Tiny 2.2%
KWEB Index Rebalance Preview: Bunch of Potential Inclusions in December
[Japan Offering] DAIHEN Corp (6622 JP) Sees Crossholders Selling 25% of Max Real World Float
KOSPI200 Index Rebalance: Nearly Perfect
Digital Holdings (2389 JP): Hakuhodo Bumps and Lowers the Minimum Tendering Condition

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

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

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Dec25

Post market close on Friday, Hang Seng Indexes will announce the changes for the Hang Seng Index (HSI INDEX) that will be implemented at the close on 5 December.
We highlight 6 stocks that have a higher probability of being added to the index. With the index committee entitled to a lot of discretion, there will be differences.
CATL (3750 HK) will have a 6-month trading history by implementation of the index changes and is a high probability inclusion to the index. But cornerstone lock-up ends tomorrow.

China Hongqiao (1378 HK): Index Impact of US$1.2bn Placement

China Hongqiao (1378 HK) is looking to raise US$1.2bn via a top-up placement at an indicative price of HK$29.2/share, a 9.6% discount from the last close.
There will be limited passive buying from global index trackers at the time of settlement of the placement shares. However, there are a couple of potential index inclusions in December.
Then there will be more passive buying from trackers of a global index, Hang Seng Index (HSI INDEX) and Hang Seng China Enterprises Index (HSCEI INDEX) next year.

S&P/ASX Index Rebalance Preview (Dec 25): Changes Across Indices as Positioning Picks Up

There could be 2 changes each for the ASX50 and ASX100 indices and 7 changes for the S&P/ASX 200 (AS51 INDEX) in December.
Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the S&P/ASX 200 (AS51 INDEX).
The forecast adds have outperformed (and continue to outperform) the forecast deletes to the S&P/ASX 100 Index and the S&P/ASX 200 (AS51 INDEX).

CATL IPO Lockup – US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares

CATL (3750 HK) raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research.
In this note, we will talk about the lockup dynamics and possible placement.

[Japan Activism/M&A] Hakuhodo DY Lowers Digital Holdings (2389 JP) TOB Threshold, Bumps a Tiny 2.2%

Today after the close, Hakuhodo Dy Holdings (2433 JP) announced changes to the terms of its Tender Offer for Digital Holdings Inc (2389 JP), which faces an overbidder in SilverCape.
Hakuhodo had bid ¥1,970. Silvercape came over the top with a proposed ¥2,380 but a delay for approvals. DH is fighting against SilverCape because of “remaining minority shareholder risk.”
That’s garbage. Utter blatherskite. Trumpworthy trumpery. Now Hakuhodo DY has lowered the minimum threshold making it hard to miss, and raised the price 2.3% to ¥2,015.

KWEB Index Rebalance Preview: Bunch of Potential Inclusions in December

The review period for the December rebalance of the CSI Overseas China Internet Index ended 31 October. The changes should be announced 28 November and implemented close on 12 December.
There could be 6 inclusions for the KraneShares CSI China Internet ETF (KWEB US) in December with most inclusions being high probability.
Impact on the inclusions varies between 1.3-5 days of ADV. There will be stocks with float increases and some capping changes.

[Japan Offering] DAIHEN Corp (6622 JP) Sees Crossholders Selling 25% of Max Real World Float

Yesterday saw the announcement of a secondary offering structured like a delayed pricing ABO.
1.5mm shares which is 7.5% of shares out, 25% of Max Real World Float, and 9 days of ADV. There’s more cross-holdings to come out later at some point.
Though it is not particularly expensive, Momentum is not this stock’s friend right now.

KOSPI200 Index Rebalance: Nearly Perfect

There will be 7 additions and 8 deletions for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the next rebalance to be implemented at the close on 11 December.
As expected, there are no adhoc inclusions as Samsung Epis Holdings is added to the index to offset the gap created by the Hyundai Heavy/ Hyundai Mipo merger.
The adds have outperformed the deletes very handily while also outperforming the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) but by a much narrower margin.

Digital Holdings (2389 JP): Hakuhodo Bumps and Lowers the Minimum Tendering Condition

Hakuhodo Dy Holdings (2433 JP) increased its Digital Holdings Inc (2389 JP) tender offer price by 2.3% to JPY2,015, 7.1% below the last close and 15.3% below SilverCape’s JPY2,380 offer.
The lower limit has been reduced to a 24.67% ownership ratio. Hakuhodo’s confidence in passing the EGM share consolidation vote relies on AGM voting trends and passive votes.
Hakuhodo’s acceptances as of 28 October exceed the lower limit. The revised Hakudodo offer will severely dent the chances of SilverCape’s offer.

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Nov 18

Daily Brief Industrials: Atlas Arteria, RPMGlobal Holdings Limited, Singapore Airlines, Asian Terminals, Sanyu Construction, Federal Signal, Sodick Co Ltd, U-Haul Holding , UOB and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Atlas Arteria (ALX AU): IFM Creeps To A ~35% Stake
RPMGlobal (RUL AU): Scheme Vote on 19 December
Singapore Airlines (SIA): Saddled with India Growth Story
Container Port Terminal Screener November 2025: Strong Structural Future Growth And Great Q3 Results
Primer: Sanyu Construction (1841 JP) – Nov 2025
Federal Signal Corporation Is Turning Acquisitions Into a Profit Engine — But Can Hog Technologies Keep Exceeding Expectations?
Sodick (6143 JP) – Consolidating the Recovery Profile
UHAL: U-Haul Reports 2Q FY2026 Financial Results. Revenues were slightly above expectations
Tan Kok Huat, CEO of Reclaims Global, Boosts Stake

Atlas Arteria (ALX AU): IFM Creeps To A ~35% Stake

By David Blennerhassett

Back on the 8th June 2022, IFM Global Infrastructure Fund announced a 15% stake in Atlas Arteria (ALX AU) (ATLAX), and subsequently floated the possibility of a non-binding proposal.
However, IFM’s request, at the time, for limited company information on ATLAX , a US/Europe toll-road play, came to nought.
Undeterred, IFM continues to accumulate shares. Reportedly, IFM now holds ~35% after picking up 1.9% this morning.

RPMGlobal (RUL AU): Scheme Vote on 19 December

The RPMGlobal Holdings Limited (RUL AU) IE considers Caterpillar Inc (CAT US)’s scheme offer at A$5.00 to be fair and reasonable, as it falls within its valuation range (A$4.43-A$5.12).
The key scheme conditions are shareholder approval, FIRB approval, and ACCC approval. Regulatory approvals are expected to be forthcoming, and the scheme vote carries a low risk.
The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.5%/10.2%.

Singapore Airlines (SIA): Saddled with India Growth Story

By Henry Soediarko

Singapore Airlines (SIA SP) is growing its footprint in India, presenting an interesting opportunity for long term investors.
However, it may come slightly costly in the near term as Indian aviation infrastructure is not that ready just yet.
Singapore Airlines (SIA SP) does not trade at a significant discount to its peers from PER and PBR.

Container Port Terminal Screener November 2025: Strong Structural Future Growth And Great Q3 Results

By Sameer Taneja

We strongly recommend looking at container port terminal companies with monopoly/ duopoly, or oligopoly dynamics, as pricing power appears strong there.
After their 30% tariff hike, Westports Holdings (WPRTS MK) reported a strong Q3, and ICTSI (ICT PM), following tariff hikes across most of its ports, also reported 25% earnings growth.
We like Asian Terminals (ATI PM) for its cheap valuation/duopoly and ICTSI (ICT PM) for its strategy of acquiring terminals with a monopolistic presence.

Primer: Sanyu Construction (1841 JP) – Nov 2025

By αSK

Sanyu Construction has demonstrated a remarkable turnaround, with stellar three-year growth in net income and EPS, driven by significant margin recovery. This positions it as a compelling value and growth story within its sector.
The company’s valuation appears attractive, trading at a low P/E ratio of approximately 7.1x and a significant discount to its book value (0.29x P/B ratio), which may appeal to value-oriented investors.
Despite recent strong performance, the company operates in the highly cyclical and competitive Japanese construction market, facing headwinds from labor shortages and rising material costs, which introduces a medium level of uncertainty to its future earnings.

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

Federal Signal Corporation Is Turning Acquisitions Into a Profit Engine — But Can Hog Technologies Keep Exceeding Expectations?

Federal Signal Corporation’s third-quarter results for 2025 demonstrated significant financial growth and strategic progress, balanced with certain challenges.
The conglomerate reported a 17% year-over-year increase in net sales, reaching $555 million.
This rise was driven by organic growth of 11% and contributions from recent acquisitions, namely Hog Technologies and Standard, which added a combined $30 million to the quarterly sales.

Sodick (6143 JP) – Consolidating the Recovery Profile

By Astris Advisory Japan

Stable performance maintained – With demand stemming from technology (chiefly optical connectors), aerospace, and medical sectors, Sodick’s Q1-3 FY12/25 results demonstrated a sustained recovery YoY.
Order visibility for the mainstay EDM units remains high, with Q3 FY12/25 orders rising 18.9% YoY, driven primarily by demand from China.
Quarterly GPM of 36.2% in Q3 FY12/25 indicates progress toward improving the sales mix by selling high-value-added products.

UHAL: U-Haul Reports 2Q FY2026 Financial Results. Revenues were slightly above expectations

By Zacks Small Cap Research

U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
U-Haul is also the third largest self-storage operator in North America.
As management continues to expand capacity in the self-storage segment and U-Box, three major initiatives in the Moving & Storage segments are being implemented addressing depreciation expense, expanding the rental dealer network and increasing revenue-generating capacity through the removal of delinquent self-storage tenants.

Tan Kok Huat, CEO of Reclaims Global, Boosts Stake

By Geoff Howie

Institutions recorded a net inflow of S$236 million in Singapore stocks from Nov 7 to Nov 13, reversing prior outflows.
United Overseas Bank led share buybacks with 1,071,900 shares at an average price of S$33.95, totaling S$56.5 million.
Fuxing China Group raised S$1.245 million through a placement of 3 million shares at S$0.415 each.

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Nov 18

Daily Brief Thematic (Sector/Industry): OpenAI. Is The Narrative Slowly Disintegrating ? and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

OpenAI. Is The Narrative Slowly Disintegrating ?
Ohayo Japan | Tech Drag Deepens as Fed-Cut Hopes Fade
Singapore Market Roundup (17-Nov-2025): Food Empire shares may hit $3 as TP rises to $3.18.
Japan Morning Connection: Tech Skittish Ahead of NVDA but Memory Continues to Run
Allied Blenders and Distillers: The Transformation Story from Mass Market to Luxury Spirits
Monday Delight: 17/11/25
Thematic Report- India’s Dairy Sector: A Volatile Quarter, A Stronger Future
US Banks – CP at +19% YoY, LDR Expansion Accelerates, Weekly Loans +5% YoY

OpenAI. Is The Narrative Slowly Disintegrating ?

By William Keating

Fresh on the heels of his podcast meltdown, Mr. Altman has had to scramble to walk back his CFO’s assertion that a potential federal bailout was on her agenda.
One of Mr. Altman’s revenue generating ideas is to lease AI compute directly to others. Of course, that’s compute capacity he can’t afford to purchase in the first place.
Mr. Altman wants OpenAI to be all things to all people all at once. That’s a strategy that rarely ends well. Let’s see..

Ohayo Japan | Tech Drag Deepens as Fed-Cut Hopes Fade

By Mark Chadwick

US stocks fell for a third session amid tech weakness and fading Fed-cut expectations, with Nvidia down and Bitcoin slipping below $95k as rate-cut odds dropped.
Fed funds futures now price only ~45% chance of December cut (down from >90% a month ago); Governor Waller backs 25bp easing to counter labor-market weakening.
Panasonic will sell 80% of its housing equipment unit to YKK as part of a major restructuring to shed underperforming assets and cut 10,000 jobs, retaining a 20% stake.

Singapore Market Roundup (17-Nov-2025): Food Empire shares may hit $3 as TP rises to $3.18.

By Singapore Market Roundup

Food Empire shares may surpass $3 as CGS raises TP to $3.18 after record revenue.
Maybank cuts Sanli Environmental target price after 1HFY2026 results.
Frencken’s 3QFY2025 earnings rise 7.5% to $9.9M; forecasts weaker 2HFY2025 revenue.

Japan Morning Connection: Tech Skittish Ahead of NVDA but Memory Continues to Run

By Andrew Jackson

MS downgrades PC makers on risk high memory prices eat into margins.
China angst against Takaichi TW comments will cause JP rails, hotels etc. to fall further.
Advantest CEO meeting yesterday unlikely enough to appease investor demands after huge run.

Allied Blenders and Distillers: The Transformation Story from Mass Market to Luxury Spirits

Allied Blenders & Distillers is transitioning from a mass-market to a premium-led portfolio, with strong brands like Officer’s Choice, ICONiQ White, and Sterling Reserve driving growth.
This transformation aligns ABD with India’s growing premium alcohol market, driven by shifting consumer preferences, premiumisation trends, and increased disposable income, positioning the company for future growth.
ABD’s strategic focus on premiumisation, combined with robust capex plans, positions it to capitalize on evolving market dynamics, though regulatory risks and competition remain key challenges.

Monday Delight: 17/11/25

By Contrarian Cashflows

This is your Monday morning dose of inspiration. Each week, I’ll share five intriguing investment ideas that recently caught my attention.
These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.
Because these ideas are the result of my first-level idea generation process, they require more in depth research.

Thematic Report- India’s Dairy Sector: A Volatile Quarter, A Stronger Future

The dairy sector reported a mixed quarter, with strong demand for value-added products but pressure from higher milk procurement costs and weather disruptions affecting overall profitability.
Dairy supports rural incomes and shapes food inflation. Rising input costs, climate risks and the fast expansion of value-added categories are influencing margins and future industry direction.
Near-Term earnings remain volatile, but the long-term shift toward organised, branded and value-added dairy products continues, making this quarter a useful test of procurement strength and strategy.

US Banks – CP at +19% YoY, LDR Expansion Accelerates, Weekly Loans +5% YoY

By Daniel Tabbush

There is good HFD out from the Fed on weekly balance sheets and commercial paper outstanding, suggesting continued underlying strength
CP outstanding for non-financials is rising at rate of 19% YoY in most recent week, which is relatively strong growth for short duration working capital
Weekly loan growth data is 5.09% YoY for week of 5 November, one of highest growth rates in recent weeks, with LDR expansion accelerating

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Nov 18

Daily Brief Utilities: Equatorial Energia SA and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

Primer: Equatorial Energia SA (EQTL3 BZ) – Nov 2025

Primer: Equatorial Energia SA (EQTL3 BZ) – Nov 2025

By αSK

Equatorial Energia is a key player in the Brazilian electricity sector, distinguished by its proven expertise in acquiring and turning around underperforming distribution assets, driving operational efficiency and growth.
The company is pursuing a multi-utility strategy, diversifying from its core electricity distribution business into renewable generation, transmission, and sanitation, creating new avenues for growth and value creation.
Key challenges include navigating Brazil’s complex regulatory environment, managing high leverage from its acquisitive strategy, and addressing execution risks associated with integrating new assets and ventures in different sectors.

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

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Nov 18

Daily Brief TMT/Internet: Contemporary Amperex Technology (CATL), WT Microelectronics, Tencent, Baidu, Klook, TPG Telecom , Alphabet , CELSYS, Intel Corp and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Dec25
WT Micro GDR Offering – Slightly Larger Deal to Digest, Discount Mostly in Line With Recent Deals
HK Connect SOUTHBOUND Flows (Wk To 14 Nov 2025) – Strong SOE/Energy/Financials Buying on BABA Sales
CATL IPO Lockup – US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares
Baidu Declares Chip War With Huawei & Nvidia—Is China Backing It?
Klook Pre-IPO – The Negatives – Disclosures Lagging
TPG Telecom Placement: Widely Anticipated but Large Deal to Digest
Alphabet Bags Warren Buffett’s Billions—Here’s What Triggered the Bet!
CELSYS (3663 JP): Q3 FY12/25 flash update and revision of full-year forecasts
IFS Comeback: Apple, Qualcomm, and Tesla Validating Intel’s Packaging Advantage

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Dec25

Post market close on Friday, Hang Seng Indexes will announce the changes for the Hang Seng Index (HSI INDEX) that will be implemented at the close on 5 December.
We highlight 6 stocks that have a higher probability of being added to the index. With the index committee entitled to a lot of discretion, there will be differences.
CATL (3750 HK) will have a 6-month trading history by implementation of the index changes and is a high probability inclusion to the index. But cornerstone lock-up ends tomorrow.

WT Micro GDR Offering – Slightly Larger Deal to Digest, Discount Mostly in Line With Recent Deals

By Akshat Shah

WT Microelectronics (3036 TT) (WT Micro) is looking to raise up to US$393m, selling 90m shares(18m GDRs)via a GDR offering. It is also selling a two-year zero-coupon CB to raiseUS$350m.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

HK Connect SOUTHBOUND Flows (Wk To 14 Nov 2025) – Strong SOE/Energy/Financials Buying on BABA Sales

HK$100bn a day of gross SOUTHBOUND activity with US$600mm+ of net buying on average. Net flows continue to be impressive. SOEs/Energy/Financials dominate.
Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could up the pace of things.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there – free – for all SK readers.

CATL IPO Lockup – US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares

CATL (3750 HK) raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research.
In this note, we will talk about the lockup dynamics and possible placement.

Baidu Declares Chip War With Huawei & Nvidia—Is China Backing It?

Baidu, Inc. delivered a solid performance in the first quarter of 2025, with its Baidu Core division reporting a 7% year-over-year revenue increase, reaching RMB 25.5 billion.
This growth was primarily driven by a substantial surge in its AI cloud business, which saw a 42% increase year-over-year, contributing significantly to Baidu Core’s overall revenue.
A notable development within this business unit is the expansion of the AI cloud’s role in Baidu’s operations, now accounting for 26% of Baidu Core’s revenue, up from 20% in the previous year.

Klook Pre-IPO – The Negatives – Disclosures Lagging

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
In this note, we talk about the not-so-positive aspects of the deal.

TPG Telecom Placement: Widely Anticipated but Large Deal to Digest

By Nicholas Tan

TPG Telecom (TPG AU) is looking to raise around US$359m from a primary placement.
This is a large deal to digest, representing 111.2 days of the stock’s three month ADV, and 7.8% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Alphabet Bags Warren Buffett’s Billions—Here’s What Triggered the Bet!

Warren Buffett’s Berkshire Hathaway has disclosed a significant new position in Alphabet Inc., acquiring 17.9 million shares valued at approximately $4.9 billion during Q3 2025.
This development marks a notable strategic shift by Berkshire, as it trimmed positions in long-held names such as Apple Inc. and Bank of America while initiating and expanding positions in Alphabet, UnitedHealth, and Chubb.
Alphabet’s shares climbed in extended trading following the announcement, which signals investor enthusiasm over Buffett’s endorsement.

CELSYS (3663 JP): Q3 FY12/25 flash update and revision of full-year forecasts

By Shared Research

Celsys reported cumulative Q3 FY12/25 sales of JPY7.0bn (+15.9% YoY), operating profit of JPY2.2bn (+39.0% YoY).
Celsys revised FY12/25 forecast: sales JPY9.3bn, operating profit JPY2.9bn, net income JPY1.4bn, citing strong subscription growth.
Creator Support segment sales JPY6.0bn (+19.4% YoY), driven by CLIP STUDIO PAINT upgrades and global expansion efforts.

IFS Comeback: Apple, Qualcomm, and Tesla Validating Intel’s Packaging Advantage

By Raghav Vashisht

Apple, Qualcomm, and Tesla are all hiring for EMIB-class advanced packaging, signalling an industry shift toward tech where Intel holds a structural edge.
Intel’s “packaging-first” strategy outlined last year is now visible in real customer activity; foundry share will be won through packaging long before leading-edge wafers.
With TSMC carrying excess capacity, IFS enters a rare window where early 18A traction and EMIB pull-through can create a credible path to 14A volume wins.

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Nov 18

Daily Brief Energy/Materials: China Hongqiao, Capricorn Metals, Chuangxin Industries, Sakata Inx Corp, Alkane Resources, Rubber Future SGX TSR20, Moresco Corp, Rayonier Advanced Materials, Spanish Mountain Gold and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

China Hongqiao (1378 HK): Index Impact of US$1.2bn Placement
China Hongqiao Placement: Good Valuation but Likely Opportunistic, on the Back of Chuangxin Listing
S&P/ASX Index Rebalance Preview (Dec 25): Changes Across Indices as Positioning Picks Up
Chuangxin Pre-IPO: Increasing Exposure to Volatile Alumina; Offered at Premium to Peers
[Japan Offering] Sakata Inx (4633 JP) Selldown by Financial Crossholders
Alkane Resources — Re-evaluating the new Alkane
Weak Demand Lingers Amid Tariff Turbulence, Impacting Thai Rubber Exports
Q2 Follow-Up: MORESCO (5018 JP) – November 10, 2025
RYAM: Softness in Non-Core Segments Drives Lower Guidance, Even as Specialties Business Improves
SPA: More Drill Results Above Resource Grades

China Hongqiao (1378 HK): Index Impact of US$1.2bn Placement

China Hongqiao (1378 HK) is looking to raise US$1.2bn via a top-up placement at an indicative price of HK$29.2/share, a 9.6% discount from the last close.
There will be limited passive buying from global index trackers at the time of settlement of the placement shares. However, there are a couple of potential index inclusions in December.
Then there will be more passive buying from trackers of a global index, Hang Seng Index (HSI INDEX) and Hang Seng China Enterprises Index (HSCEI INDEX) next year.

China Hongqiao Placement: Good Valuation but Likely Opportunistic, on the Back of Chuangxin Listing

By Nicholas Tan

China Hongqiao (1378 HK) is looking to raise around US$1.2bn from a primary placement.
This represents 9.1 days of the stock’s three month ADV, and 2.9% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

S&P/ASX Index Rebalance Preview (Dec 25): Changes Across Indices as Positioning Picks Up

There could be 2 changes each for the ASX50 and ASX100 indices and 7 changes for the S&P/ASX 200 (AS51 INDEX) in December.
Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the S&P/ASX 200 (AS51 INDEX).
The forecast adds have outperformed (and continue to outperform) the forecast deletes to the S&P/ASX 100 Index and the S&P/ASX 200 (AS51 INDEX).

Chuangxin Pre-IPO: Increasing Exposure to Volatile Alumina; Offered at Premium to Peers

By Nicholas Tan

Chuangxin Industries (CXI HK) is looking to raise up to US$700m in its upcoming Hong Kong IPO.
It is focused on alumina refining and aluminum smelting within the upstream of the aluminum industry chain.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

[Japan Offering] Sakata Inx (4633 JP) Selldown by Financial Crossholders

Yesterday post-close, Sakata Inx Corp (4633 JP) announced a ¥6bn+ selldown offering by financial crossholders. There may be others to come, but not clear how much.
The company has had a good couple of years, the stock has reached book value. Optimised balance sheet ROE now clears 10%.
Index impact is limited in all respects. Low vol, low multiple, decent dividend, high earnings progression on decent business growth are all positive factors.

Alkane Resources — Re-evaluating the new Alkane

By Edison Investment Research

Since completing its merger with Mandalay Resources on 5 August, Alkane has 1) provided guidance for the combined group for FY26, 2) updated group reserves and resources and 3) released its Quarterly Activities Report for Q126. In the wake of these announcements, we forecast that the ‘new Alkane’ will produce c 158.8koz (plus c 4.3koz AuE in the form of antimony) in FY26 (cf 70.1koz in FY25) and that the merger will prove transformative to both its scale and valuation, including achieving the size required for inclusion in the VanEck Junior Gold Miners ETF (GDXJ) and the ASX 300 index (now confirmed).

Weak Demand Lingers Amid Tariff Turbulence, Impacting Thai Rubber Exports

By Vinod Nedumudy

Thailand’s rubber exports up by .5% MoM to 204,095 MT in Sept
Chinese imports decline while US imports sharply rise
Significant disruption to production due to rains
Thailand, which continued to witness unusually heavy rains during its ongoing production season, saw rubber export volume increasing marginally from August to September, while the returns also increased correspondingly as tight supply prevented prices from falling further.

Q2 Follow-Up: MORESCO (5018 JP) – November 10, 2025

By Sessa Investment Research

H1 FY2026/2 Results Review: In H1 FY2026/2, MORESCO CORPORATION (hereinafter, the Company) recorded net sales of JPY 16,865 mn (-1.4% YoY), due to lower automobile production and weaker demand for hot melt adhesives.
However, operating profit rose significantly to JPY 949 mn (+41.5% YoY), supported by the expansion of high-value-added products and tighter control of SG&A expenses.
The Special lubricants segment achieved higher sales driven by strong performance in cutting fluids and hard disk (HD) surface lubricants, while die casting lubricants declined. Sales in the Hot melt adhesives segment fell 8.1% YoY, whereas the liquid paraffins and sulfonates segment rose 6.1% YoY.

RYAM: Softness in Non-Core Segments Drives Lower Guidance, Even as Specialties Business Improves

By Water Tower Research

3Q25 results underscored resilience amid soft markets. RYAM reported revenue of $353 million and adjusted EBITDA of $42 million, modestly below expectations but reflecting operational improvement.
The loss from continuing operations narrowed sharply to $4 million from $33 million in 3Q24.
Management reiterated that 2025 represents the trough year as temporary headwinds subside and pricing resets gain traction.

SPA: More Drill Results Above Resource Grades

By Atrium Research

What you need to know: • This morning, SPA announced assay results from two more drill holes as part of its 9,000-10,000m fall drill program.
• Today’s results (similar to the previously reported two holes on November 3rd) confirm strong grades over wide intervals within the proposed pit (in areas previously modelled as lower-grade and/or waste), including 0.98 g/t Au over 41m and 1.16 g/t over 35m.
• The drill results reported today and in the last release are well above resource grades and could have a material impact on future economics.

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Nov 18

Daily Brief Industrials: Atlas Arteria, RPMGlobal Holdings Limited, Singapore Airlines, Asian Terminals, Sanyu Construction, Federal Signal, Sodick Co Ltd, U-Haul Holding , UOB and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Atlas Arteria (ALX AU): IFM Creeps To A ~35% Stake
RPMGlobal (RUL AU): Scheme Vote on 19 December
Singapore Airlines (SIA): Saddled with India Growth Story
Container Port Terminal Screener November 2025: Strong Structural Future Growth And Great Q3 Results
Primer: Sanyu Construction (1841 JP) – Nov 2025
Federal Signal Corporation Is Turning Acquisitions Into a Profit Engine — But Can Hog Technologies Keep Exceeding Expectations?
Sodick (6143 JP) – Consolidating the Recovery Profile
UHAL: U-Haul Reports 2Q FY2026 Financial Results. Revenues were slightly above expectations
Tan Kok Huat, CEO of Reclaims Global, Boosts Stake

Atlas Arteria (ALX AU): IFM Creeps To A ~35% Stake

By David Blennerhassett

Back on the 8th June 2022, IFM Global Infrastructure Fund announced a 15% stake in Atlas Arteria (ALX AU) (ATLAX), and subsequently floated the possibility of a non-binding proposal.
However, IFM’s request, at the time, for limited company information on ATLAX , a US/Europe toll-road play, came to nought.
Undeterred, IFM continues to accumulate shares. Reportedly, IFM now holds ~35% after picking up 1.9% this morning.

RPMGlobal (RUL AU): Scheme Vote on 19 December

The RPMGlobal Holdings Limited (RUL AU) IE considers Caterpillar Inc (CAT US)’s scheme offer at A$5.00 to be fair and reasonable, as it falls within its valuation range (A$4.43-A$5.12).
The key scheme conditions are shareholder approval, FIRB approval, and ACCC approval. Regulatory approvals are expected to be forthcoming, and the scheme vote carries a low risk.
The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.5%/10.2%.

Singapore Airlines (SIA): Saddled with India Growth Story

By Henry Soediarko

Singapore Airlines (SIA SP) is growing its footprint in India, presenting an interesting opportunity for long term investors.
However, it may come slightly costly in the near term as Indian aviation infrastructure is not that ready just yet.
Singapore Airlines (SIA SP) does not trade at a significant discount to its peers from PER and PBR.

Container Port Terminal Screener November 2025: Strong Structural Future Growth And Great Q3 Results

By Sameer Taneja

We strongly recommend looking at container port terminal companies with monopoly/ duopoly, or oligopoly dynamics, as pricing power appears strong there.
After their 30% tariff hike, Westports Holdings (WPRTS MK) reported a strong Q3, and ICTSI (ICT PM), following tariff hikes across most of its ports, also reported 25% earnings growth.
We like Asian Terminals (ATI PM) for its cheap valuation/duopoly and ICTSI (ICT PM) for its strategy of acquiring terminals with a monopolistic presence.

Primer: Sanyu Construction (1841 JP) – Nov 2025

By αSK

Sanyu Construction has demonstrated a remarkable turnaround, with stellar three-year growth in net income and EPS, driven by significant margin recovery. This positions it as a compelling value and growth story within its sector.
The company’s valuation appears attractive, trading at a low P/E ratio of approximately 7.1x and a significant discount to its book value (0.29x P/B ratio), which may appeal to value-oriented investors.
Despite recent strong performance, the company operates in the highly cyclical and competitive Japanese construction market, facing headwinds from labor shortages and rising material costs, which introduces a medium level of uncertainty to its future earnings.

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Federal Signal Corporation Is Turning Acquisitions Into a Profit Engine — But Can Hog Technologies Keep Exceeding Expectations?