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Smartkarma Daily Briefs

Nov 14
0

Daily Brief Utilities: DTE Energy Company, APA Group and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • DTE Energy Reinvents Its Growth Story: Data Centers, Renewables, & Tax Credits Drive the Charge!
  • Primer: APA Group (APA AU) – Nov 2025

DTE Energy Reinvents Its Growth Story: Data Centers, Renewables, & Tax Credits Drive the Charge!

By Baptista Research

  • DTE Energy’s third-quarter 2025 earnings call highlighted both progress and challenges for the company as it navigates its path toward meeting its long-term financial and operational goals.
  • The company emphasized its strategic shift towards higher-quality utility earnings and laid out a comprehensive plan for the next five years.
  • Here is a neutral summary of DTE Energy’s earnings results and strategic plans: DTE Energy reported strong financial results for the third quarter of 2025, with operating earnings of $468 million or $2.25 per share.

Primer: APA Group (APA AU) – Nov 2025

By αSK

  • APA Group is a dominant player in Australia’s energy infrastructure sector, owning and operating a vast network of gas pipelines that deliver approximately half of the nation’s gas.
  • The company’s business model is largely underpinned by regulated returns and long-term, capacity-based contracts, which provide relatively stable and predictable cash flows, supporting a consistent history of dividend distributions.
  • APA is navigating the long-term energy transition by investing in electricity transmission and renewable energy projects, including solar and wind, while facing key risks such as a heavy debt load, regulatory uncertainty, and the long-term decline of natural gas.

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

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Nov 14
0

Daily Brief Industrials: Maruwn Corp, Fujitec Co Ltd, Lib Work, Harmonic Drive Systems, Ichiken Co Ltd, Ingersoll Rand , Mastech Digital , Mastec Inc, Parker Hannifin and more

By | Daily Briefs, Industrials

In today’s briefing:

  • [Japan M&A] Senko Group (9069 JP) Bids for Maruwn (9067 JP) In Deal Which May Trigger Fireworks
  • Maruwn (9067 JP): Senko Group (9069 JP)’s Preconditional Tender Offer
  • [Japan M&A] EQT TOB for Fujitec (6406 JP) Starts 10 Weeks Early – No Overbid, No Excitement
  • Initiation – Lib Work (1431 JP) – November 11, 2025
  • Harmonic Drive Systems (6324 JP): 1H FY03/26 flash update
  • Ichiken Co Ltd (1847 JP): 1H FY03/26 flash update
  • Ingersoll Rand’s Growth Blueprint: How Targeted Mergers Are Transforming Market Reach!
  • MHH: Mastech Digital’s Restructuring Produces Increasing Profitability
  • MasTec’s Clean Energy Playbook: How Solar & Storage Are Powering Robust Backlogs!
  • Parker-Hannifin Just Dropped $9.25 Billion On Filtration Group—Here’s Why It Could Change Everything!

[Japan M&A] Senko Group (9069 JP) Bids for Maruwn (9067 JP) In Deal Which May Trigger Fireworks

By Travis Lundy

  • Today, logistics company SENKO Group Holdings Co., Ltd. (9069 JP) announced a bid for logistics company Maruwn Corp (9067 JP) with help from 35% holder JX Advanced Metals (5016 JP). 
  • The TOB only needs 11+% to get to 50.1%. There are three holders who Senko clearly regard as not necessarily agreeable to the deal. They hold 28.0% between them. 
  • If someone wanted to thwart this deal, there are a number of ways to do it. This could get interesting. 

Maruwn (9067 JP): Senko Group (9069 JP)’s Preconditional Tender Offer

By Arun George

  • Maruwn Corp (9067 JP) has recommended a preconditional tender offer from SENKO Group Holdings Co., Ltd. (9069 JP) at JPY949, a 34.6% premium to the last close price.
  • The offer is attractive as it is above the midpoint of the IFA DCF valuation range, represents an all-time high and implies a P/B of 1.08x.
  • The key pushback is that Senko has not set the lower limit to achieve two-thirds voting rights. However, tendering by the second-largest shareholder will meet the lower limit. 

[Japan M&A] EQT TOB for Fujitec (6406 JP) Starts 10 Weeks Early – No Overbid, No Excitement

By Travis Lundy

  • 12mos ago the FT had an article suggesting PE might launch a bid foe Fujitec Co Ltd (6406 JP). 9mos later, EQT did at the same price as 9mos earlier. 
  • There were some suggestions the deal would see an overbid. That was quashed early. It never traded through terms early on.
  • This looks like a done deal to me. I think this sails through by year-end.

Initiation – Lib Work (1431 JP) – November 11, 2025

By Sessa Investment Research

  • This report examines the strength and tenacity of the Lib Work growth business model, and widespread adoption of technology to execute its business strategies.
  • The nationwide single family (detached) housing market, the sum of custom-built and pre-built for sale homes, has contracted by CAGR of -1.9% over the last ten years.
  • Chikara Seguchi, the CEO of Lib Work (51), has every expectation that this declining trend will continue for the foreseeable future. 

Harmonic Drive Systems (6324 JP): 1H FY03/26 flash update

By Shared Research

  • Consolidated sales for 1H FY03/26 increased 4.8% YoY to JPY27.8bn, with improved profitability and operating profit.
  • Orders for industrial robots grew 11.1% YoY to JPY6.8bn, while automotive application sales declined 6.5% YoY.
  • Sales rose 27.1% YoY in Japan, declined 24.2% YoY in China, 5.0% in North America, and 4.3% in Europe.

Ichiken Co Ltd (1847 JP): 1H FY03/26 flash update

By Shared Research

  • Ichiken’s 1H FY03/26 consolidated revenue reached JPY54.6bn, with operating profit at JPY3.7bn, exceeding initial forecasts.
  • The Construction business, accounting for 99.8% of revenue, saw orders rise 4.9% YoY to JPY54.6bn.
  • FY03/26 forecast revised upwards: revenue JPY101.0bn, operating profit JPY6.7bn, reflecting cost pass-throughs and project profitability.

Ingersoll Rand’s Growth Blueprint: How Targeted Mergers Are Transforming Market Reach!

By Baptista Research

  • Ingersoll Rand’s third-quarter 2025 financial results present a mixed landscape influenced by varied market dynamics and strategic corporate actions.
  • As the company navigates the complexities of a fluctuating macroeconomic environment, several critical aspects mark its performance and strategic outlook.
  • Ingersoll Rand reported organic order growth of 2% year-to-date, with a book-to-bill ratio of 1.04x, indicating a modest yet steady increase in demand.

MHH: Mastech Digital’s Restructuring Produces Increasing Profitability

By Zacks Small Cap Research

  • Mastech Digital, based outside Pittsburgh, PA is an IT staffing business with a data and analytics, consulting, and project management service serving blue-chip customers in the US.
  • The company trades below its peers and we expect stock price appreciation when the company returns to growth later this year.
  • New management has implemented a new focus on AI and hopes to profit by aiding clients in its implementation.

MasTec’s Clean Energy Playbook: How Solar & Storage Are Powering Robust Backlogs!

By Baptista Research

  • MasTec, Inc. delivered a robust financial performance in the third quarter of 2025, with substantial year-over-year revenue growth across several segments.
  • Total revenue was slightly under $4 billion, marking a 22% increase compared to the prior year, while adjusted EBITDA improved by 20% to reach $374 million.
  • This strong financial execution exceeded analyst expectations and was supported by a balance of scale and diversification across the company’s service offerings.

Parker-Hannifin Just Dropped $9.25 Billion On Filtration Group—Here’s Why It Could Change Everything!

By Baptista Research

  • Parker-Hannifin Corporation is making headlines again with its latest strategic maneuver—entering into a definitive agreement to acquire Filtration Group Corporation from Madison Industries for $9.25 billion in cash.
  • The announcement, made public during its Veterans Day earnings call, marks a pivotal step in Parker’s ongoing transformation into a higher-margin, more resilient industrial powerhouse.
  • Filtration Group, known for its presence in life sciences, HVAC, and industrial filtration, is expected to contribute $2 billion in annual sales at a 23.5% adjusted EBITDA margin.

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Nov 14
0

Daily Brief Event-Driven: [Japan M&A] Senko Group (9069 JP) Bids for Maruwn (9067 JP) In Deal Which May Trigger Fireworks and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • [Japan M&A] Senko Group (9069 JP) Bids for Maruwn (9067 JP) In Deal Which May Trigger Fireworks
  • StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack
  • Maruwn (9067 JP): Senko Group (9069 JP)’s Preconditional Tender Offer
  • [Japan M&A] EQT TOB for Fujitec (6406 JP) Starts 10 Weeks Early – No Overbid, No Excitement
  • Seven West Media (SWM AU): 22nd Dec Vote On Southern Cross (SXL AU)’s Offer

[Japan M&A] Senko Group (9069 JP) Bids for Maruwn (9067 JP) In Deal Which May Trigger Fireworks

By Travis Lundy

  • Today, logistics company SENKO Group Holdings Co., Ltd. (9069 JP) announced a bid for logistics company Maruwn Corp (9067 JP) with help from 35% holder JX Advanced Metals (5016 JP). 
  • The TOB only needs 11+% to get to 50.1%. There are three holders who Senko clearly regard as not necessarily agreeable to the deal. They hold 28.0% between them. 
  • If someone wanted to thwart this deal, there are a number of ways to do it. This could get interesting. 

StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

By David Blennerhassett

  • Zijin Gold (2259 HK) is up 101% on its 29th September listing. By my estimate, Zijin Mining (601899 CH)‘s average premium to NAV since Zijin Gold’s listing has been ~21%. 
  • Preceding further commentary on Zijin Mining/Gold 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%.

Maruwn (9067 JP): Senko Group (9069 JP)’s Preconditional Tender Offer

By Arun George

  • Maruwn Corp (9067 JP) has recommended a preconditional tender offer from SENKO Group Holdings Co., Ltd. (9069 JP) at JPY949, a 34.6% premium to the last close price.
  • The offer is attractive as it is above the midpoint of the IFA DCF valuation range, represents an all-time high and implies a P/B of 1.08x.
  • The key pushback is that Senko has not set the lower limit to achieve two-thirds voting rights. However, tendering by the second-largest shareholder will meet the lower limit. 

[Japan M&A] EQT TOB for Fujitec (6406 JP) Starts 10 Weeks Early – No Overbid, No Excitement

By Travis Lundy

  • 12mos ago the FT had an article suggesting PE might launch a bid foe Fujitec Co Ltd (6406 JP). 9mos later, EQT did at the same price as 9mos earlier. 
  • There were some suggestions the deal would see an overbid. That was quashed early. It never traded through terms early on.
  • This looks like a done deal to me. I think this sails through by year-end.

Seven West Media (SWM AU): 22nd Dec Vote On Southern Cross (SXL AU)’s Offer

By David Blennerhassett

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Nov 14
0

Daily Brief Energy/Materials: Zijin Mining Group Co Ltd H, Emmvee Photovoltaic Power Limited, Rox Resources, Magnolia Oil & Gas , Dynacor Group , Aura Energy , Dic Corp, Gevo, Hakudo Co Ltd, Forum Energy Technologies and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack
  • Emmvee Photovoltaic Power IPO – Integrated Scale, Bright Prospects
  • Rox Resources Placement: Large Deal to Digest; Gold Theme Remains Strong
  • Magnolia Oil & Gas Is Winning the Natural Gas Game—Why Investors Should Pay Attention!
  • DNG: Solid Q3 Revenue and Cashflow Generation
  • Aura Energy Ltd – Hybridan Small Cap Feast: 06 November 2025
  • Dic Corp (4631 JP): Q3 FY12/25 flash update
  • GEVO: 3Q25 EBITDA Beat; Sees up to $110 Million EBITDA with Low-Cost ND Optimization
  • Hakudo Co Ltd (7637 JP): 1H FY03/26 flash update
  • FET: Free Cash Flow Yield Supports Share Buyback Strategy

StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

By David Blennerhassett

  • Zijin Gold (2259 HK) is up 101% on its 29th September listing. By my estimate, Zijin Mining (601899 CH)‘s average premium to NAV since Zijin Gold’s listing has been ~21%. 
  • Preceding further commentary on Zijin Mining/Gold 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%.

Emmvee Photovoltaic Power IPO – Integrated Scale, Bright Prospects

By Akshat Shah

  • Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) is looking to raise about US$327m in its India IPO.
  • EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
  • In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.

Rox Resources Placement: Large Deal to Digest; Gold Theme Remains Strong

By Nicholas Tan

  • Rox Resources (RXL AU) is looking to raise around US$131m from a primary placement.
  • This is a large deal to digest, representing 281.1 days of the stock’s three month ADV, and 58.4% of total shares outstanding.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

Magnolia Oil & Gas Is Winning the Natural Gas Game—Why Investors Should Pay Attention!

By Baptista Research

  • Magnolia Oil & Gas Corporation reported its third quarter 2025 financial and operating results, demonstrating a strong performance with notable production growth.
  • The company achieved a record quarterly production rate of 100,500 barrels of oil equivalent per day, reflecting an 11% year-over-year increase.
  • The production gains were particularly significant in the Giddings area, where oil production rose by nearly 5% compared to the previous year.

DNG: Solid Q3 Revenue and Cashflow Generation

By Atrium Research

  • What you need to know: • DNG reported Q3 financial results that were mixed relative to our expectations, missing on production results and beating on financials.
  • • Q3 revenue was $100.5M compared to our estimate of $89.7M, and Q3 OCF (before WC) was $6.6M compared to our estimate of $4.7M.
  • • Management maintained its annual guidance for production, revenue, and net income but does not expect to hit its capex guidance.

Aura Energy Ltd – Hybridan Small Cap Feast: 06 November 2025

By Hybridan

  • * A corporate client of Hybridan LLP.
  • ** Potential means Intention to Float (ITF) or similar announcement has been made.
  • ***Arranged by type of listing and date of announcement.

Dic Corp (4631 JP): Q3 FY12/25 flash update

By Shared Research

  • Sales in Q3 FY12/25 were JPY785.9bn, down 2.7% YoY, with a 1.6% decline on a local currency basis.
  • Operating profit increased by 18.9% YoY to JPY40.5bn, driven by strong shipments and cost control measures.
  • Net income attributable to owners rose 104.4% YoY to JPY21.7bn, aided by extraordinary gains and reduced losses.

GEVO: 3Q25 EBITDA Beat; Sees up to $110 Million EBITDA with Low-Cost ND Optimization

By Water Tower Research

  • For 3Q25, Gevo achieved positive adjusted EBITDA of $6.7 million. 
  • This exceeded FactSet consensus analyst forecasts for $5.2 million and marked its second consecutive quarter of positive adjusted EBITDA.
  • Gevo North Dakota alone contributed $17.8 million in adjusted EBITDA. 

Hakudo Co Ltd (7637 JP): 1H FY03/26 flash update

By Shared Research

  • Revenue increased by 0.7% YoY, driven by higher product prices and increased sales in the aerospace industry.
  • Operating profit declined by 36.0% YoY due to lower sales volumes and higher SG&A expenses, despite inventory valuation gains.
  • The company revised its full-year earnings forecast downward, citing continued demand weakness in the semiconductor production equipment industry.

FET: Free Cash Flow Yield Supports Share Buyback Strategy

By Water Tower Research

  • FET’s FY25 free cash flow outlook is now $70-80 million compared with management’s initial outlook (February 20, 2025) of $40-60 million. 
  • FY25 free cash flow includes proceeds from sale-leaseback transactions that have contributed $14.6 million through the first nine months of 2025.
  • Free cash flow for the first nine months totaled $58.2 million.

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Nov 14
0

Daily Brief TMT/Internet: Tencent, Everyday Network Co Ltd A, S&P 500 INDEX, NVIDIA Corp, EnjoyGo Technology, Semiconductor Manufacturing International Corp (SMIC), Twilio , Wasion Group Holdings, Towa Corp, Freee KK and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Tencent (700 HK): 3Q25, Continuous Revenue Acceleration & Margin Improvement, 40% Upside
  • CSI All Share Real Estate Sector Index Rebalance Preview: Multiple Changes in December
  • Macro Markets and the U.S. Thanksgiving Effect: Shedding Light on Historical Patterns
  • NVIDIA Just Made a Massive Move in Taiwan While SoftBank Cashed Out—Here’s Why It Matters!
  • EnjoyGo Technology Pre-IPO Tearsheet
  • SMIC (981.HK): Although GM May Decline Slightly, Revenue Is Expected to Continue Growing in 4Q25.
  • Twilio’s Global Playbook: How Is It Winning the Race in RCS & International Messaging?
  • Primer: Wasion Group Holdings (3393 HK) – Nov 2025
  • Primer: Towa Corp (6315 JP) – Nov 2025
  • 2025 High Conviction – Freee: Earnings Recovery Is Underway

Tencent (700 HK): 3Q25, Continuous Revenue Acceleration & Margin Improvement, 40% Upside

By Ming Lu

  • The revenue growth accelerated for the fourth quarter in 3Q25.
  • In 3Q25, the gross margins of all business lines improved year over year.
  • Tencent’s operating margin had improved year over year for thirteen quarters.

CSI All Share Real Estate Sector Index Rebalance Preview: Multiple Changes in December

By Brian Freitas

  • There could be up to 7 adds and 4 deletes for the CSI All Share Real Estate Sector Index in December.
  • Estimated one-way turnover is 3.8% at the rebalance leading to a round-trip trade of CNY 535m. There are a couple of stocks with over 0.5x ADV to trade.
  • The forecast deletes have outperformed the forecast adds over the last 2 months and this is an attractive entry point as we near announcement date.

Macro Markets and the U.S. Thanksgiving Effect: Shedding Light on Historical Patterns

By John Ley

  • November’s seasonal strength extends into the U.S. Thanksgiving period, where macro markets have tended to post positive returns.
  • Despite the positive averages, dispersion in returns remains wide, reminding traders that seasonality is no guarantee.
  • Positive seasonals can align with favorable trading setups, but timing and risk management remain key.

NVIDIA Just Made a Massive Move in Taiwan While SoftBank Cashed Out—Here’s Why It Matters!

By Baptista Research

  • NVIDIA Corporation’s recent earnings for the second quarter of fiscal 2026 highlighted a record quarter in terms of total revenue, driven by widespread adoption of its comprehensive product suite across various sectors.
  • The company reported a total revenue of $46.7 billion, surpassing its expectations with substantial growth noted in its data center segment, which increased by 56% year-over-year.
  • The rollout of new technology, including the Blackwell platform and GB300 systems, was cited as a key driver of this growth, facilitating NVIDIA’s expansion in the AI infrastructure space.

EnjoyGo Technology Pre-IPO Tearsheet

By Akshat Shah

  • EnjoyGo Technology (ENJG HK) (EGT) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC and Guotai Junan.
  • EGT, founded by automotive giant, SAIC Motor, is an all-scenario smart mobility platform in China, offering one-stop services covering ride-hailing, vehicle leasing, vehicle sales and Robotaxi services.
  • According to Frost & Sullivan in 2024, EGT ranked fifth among ride-hailing platforms in China in gross transaction value and second among ride-hailing platforms in Shanghai in completed order volume.

SMIC (981.HK): Although GM May Decline Slightly, Revenue Is Expected to Continue Growing in 4Q25.

By Patrick Liao

  • Revenue in 3Q25 was 7.8% higher than in 2Q25, in line with stronger seasonal demand. GM: 22.0% in 3Q25, compared with 20.4% in 2Q25 and 20.5% in 3Q24.
  • The Company expects: Revenue Flat to up 2% quarter-over-quarter (QoQ). Gross Margin: Between 18% and 20%.
  • SMIC’s stock price has risen 160.7% year-to-date in 2025, outperforming Taiwan Semiconductor (TSMC) – ADR (TSM US) at 44.2% and United Microelectron Sp Adr (UMC US) at 10.8%.

Twilio’s Global Playbook: How Is It Winning the Race in RCS & International Messaging?

By Baptista Research

  • Twilio’s third-quarter results for 2025 reveal a mix of strong performance metrics and ongoing strategic advancements that could impact investors’ perspectives on the company.
  • The company reported a record $1.3 billion in revenue, marking a 15% increase year-over-year, and $235 million in non-GAAP income from operations, both above expectations.
  • This translates to a non-GAAP operating margin of 18%, albeit with a slight sequential improvement.

Primer: Wasion Group Holdings (3393 HK) – Nov 2025

By αSK

  • Wasion Group is a leading Chinese provider of smart metering and energy efficiency solutions, well-positioned to benefit from domestic and global grid modernization trends.
  • The company is experiencing accelerated growth, driven by China’s ‘dual carbon’ policy, strong investment in smart grids by state-owned utilities, and expansion into higher-growth areas like smart water/gas metering and international markets.
  • Key risks include high customer concentration with Chinese state-owned utilities, potential for margin pressure from intense competition, and reliance on government policy direction.

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

Primer: Towa Corp (6315 JP) – Nov 2025

By αSK

  • Towa holds a dominant global market share in semiconductor molding equipment, a critical step in the chip manufacturing process. Its technological leadership, particularly in compression molding for high-end chips, positions it to capitalize on long-term growth trends.
  • The company is a key beneficiary of the secular growth in artificial intelligence (AI), high-performance computing (HPC), and electric vehicles (EVs). These applications require advanced semiconductor packaging, driving demand for Towa’s specialized equipment.
  • Financial performance has been robust, with significant revenue and operating profit growth. The company has a long-term vision, “TOWA Vision 2032,”targeting substantial sales growth and improved profitability, supported by strategic investments in R&D and production capacity.

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

2025 High Conviction – Freee: Earnings Recovery Is Underway

By Shifara Samsudeen, FCMA, CGMA

  • Freee reported 1QFY06/2026 results today. 1Q revenues increased 32.1% YoY to ¥9.7bn with an Adj. OPM of ¥690m (vs ¥480m in 1QFY0/2025). Both revenue and GAAP OP beat consensus.
  • Freee KK (4478 JP) ’s shares had a sell-off following its 4QFY06/2025 earnings announcement which saw the company breaking away from its recent trend of consecutive quarterly operating profits.
  • As we highlighted in our previous insight, 4Q decline was only a temporary setback as the company’s profitability has bounced back and we expect earnings momentum to continue.

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Nov 14
0

Daily Brief Industrials: Maruwn Corp, Fujitec Co Ltd, Lib Work, Harmonic Drive Systems, Ichiken Co Ltd, Ingersoll Rand , Mastech Digital , Mastec Inc, Parker Hannifin and more

By | Daily Briefs, Industrials

In today’s briefing:

  • [Japan M&A] Senko Group (9069 JP) Bids for Maruwn (9067 JP) In Deal Which May Trigger Fireworks
  • Maruwn (9067 JP): Senko Group (9069 JP)’s Preconditional Tender Offer
  • [Japan M&A] EQT TOB for Fujitec (6406 JP) Starts 10 Weeks Early – No Overbid, No Excitement
  • Initiation – Lib Work (1431 JP) – November 11, 2025
  • Harmonic Drive Systems (6324 JP): 1H FY03/26 flash update
  • Ichiken Co Ltd (1847 JP): 1H FY03/26 flash update
  • Ingersoll Rand’s Growth Blueprint: How Targeted Mergers Are Transforming Market Reach!
  • MHH: Mastech Digital’s Restructuring Produces Increasing Profitability
  • MasTec’s Clean Energy Playbook: How Solar & Storage Are Powering Robust Backlogs!
  • Parker-Hannifin Just Dropped $9.25 Billion On Filtration Group—Here’s Why It Could Change Everything!

[Japan M&A] Senko Group (9069 JP) Bids for Maruwn (9067 JP) In Deal Which May Trigger Fireworks

By Travis Lundy

  • Today, logistics company SENKO Group Holdings Co., Ltd. (9069 JP) announced a bid for logistics company Maruwn Corp (9067 JP) with help from 35% holder JX Advanced Metals (5016 JP). 
  • The TOB only needs 11+% to get to 50.1%. There are three holders who Senko clearly regard as not necessarily agreeable to the deal. They hold 28.0% between them. 
  • If someone wanted to thwart this deal, there are a number of ways to do it. This could get interesting. 

Maruwn (9067 JP): Senko Group (9069 JP)’s Preconditional Tender Offer

By Arun George

  • Maruwn Corp (9067 JP) has recommended a preconditional tender offer from SENKO Group Holdings Co., Ltd. (9069 JP) at JPY949, a 34.6% premium to the last close price.
  • The offer is attractive as it is above the midpoint of the IFA DCF valuation range, represents an all-time high and implies a P/B of 1.08x.
  • The key pushback is that Senko has not set the lower limit to achieve two-thirds voting rights. However, tendering by the second-largest shareholder will meet the lower limit. 

[Japan M&A] EQT TOB for Fujitec (6406 JP) Starts 10 Weeks Early – No Overbid, No Excitement

By Travis Lundy

  • 12mos ago the FT had an article suggesting PE might launch a bid foe Fujitec Co Ltd (6406 JP). 9mos later, EQT did at the same price as 9mos earlier. 
  • There were some suggestions the deal would see an overbid. That was quashed early. It never traded through terms early on.
  • This looks like a done deal to me. I think this sails through by year-end.

Initiation – Lib Work (1431 JP) – November 11, 2025

By Sessa Investment Research

  • This report examines the strength and tenacity of the Lib Work growth business model, and widespread adoption of technology to execute its business strategies.
  • The nationwide single family (detached) housing market, the sum of custom-built and pre-built for sale homes, has contracted by CAGR of -1.9% over the last ten years.
  • Chikara Seguchi, the CEO of Lib Work (51), has every expectation that this declining trend will continue for the foreseeable future. 

Harmonic Drive Systems (6324 JP): 1H FY03/26 flash update

By Shared Research

  • Consolidated sales for 1H FY03/26 increased 4.8% YoY to JPY27.8bn, with improved profitability and operating profit.
  • Orders for industrial robots grew 11.1% YoY to JPY6.8bn, while automotive application sales declined 6.5% YoY.
  • Sales rose 27.1% YoY in Japan, declined 24.2% YoY in China, 5.0% in North America, and 4.3% in Europe.

Ichiken Co Ltd (1847 JP): 1H FY03/26 flash update

By Shared Research

  • Ichiken’s 1H FY03/26 consolidated revenue reached JPY54.6bn, with operating profit at JPY3.7bn, exceeding initial forecasts.
  • The Construction business, accounting for 99.8% of revenue, saw orders rise 4.9% YoY to JPY54.6bn.
  • FY03/26 forecast revised upwards: revenue JPY101.0bn, operating profit JPY6.7bn, reflecting cost pass-throughs and project profitability.

Ingersoll Rand’s Growth Blueprint: How Targeted Mergers Are Transforming Market Reach!

By Baptista Research

  • Ingersoll Rand’s third-quarter 2025 financial results present a mixed landscape influenced by varied market dynamics and strategic corporate actions.
  • As the company navigates the complexities of a fluctuating macroeconomic environment, several critical aspects mark its performance and strategic outlook.
  • Ingersoll Rand reported organic order growth of 2% year-to-date, with a book-to-bill ratio of 1.04x, indicating a modest yet steady increase in demand.

MHH: Mastech Digital’s Restructuring Produces Increasing Profitability

By Zacks Small Cap Research

  • Mastech Digital, based outside Pittsburgh, PA is an IT staffing business with a data and analytics, consulting, and project management service serving blue-chip customers in the US.
  • The company trades below its peers and we expect stock price appreciation when the company returns to growth later this year.
  • New management has implemented a new focus on AI and hopes to profit by aiding clients in its implementation.

MasTec’s Clean Energy Playbook: How Solar & Storage Are Powering Robust Backlogs!

By Baptista Research

  • MasTec, Inc. delivered a robust financial performance in the third quarter of 2025, with substantial year-over-year revenue growth across several segments.
  • Total revenue was slightly under $4 billion, marking a 22% increase compared to the prior year, while adjusted EBITDA improved by 20% to reach $374 million.
  • This strong financial execution exceeded analyst expectations and was supported by a balance of scale and diversification across the company’s service offerings.

Parker-Hannifin Just Dropped $9.25 Billion On Filtration Group—Here’s Why It Could Change Everything!

By Baptista Research

  • Parker-Hannifin Corporation is making headlines again with its latest strategic maneuver—entering into a definitive agreement to acquire Filtration Group Corporation from Madison Industries for $9.25 billion in cash.
  • The announcement, made public during its Veterans Day earnings call, marks a pivotal step in Parker’s ongoing transformation into a higher-margin, more resilient industrial powerhouse.
  • Filtration Group, known for its presence in life sciences, HVAC, and industrial filtration, is expected to contribute $2 billion in annual sales at a 23.5% adjusted EBITDA margin.

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Nov 14
0

Daily Brief Consumer: Seven West Media, China Shengmu Organic Milk, Human Made, I-TAIL , REA Group Ltd, ASICS Corp, Paris Miki Holdings, Dole , Dezign Format Group, Fox Factory Holding and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Seven West Media (SWM AU): 22nd Dec Vote On Southern Cross (SXL AU)’s Offer
  • China Modern Dairy (1117 HK) To Acquire China Shengmu (1432 HK) – The Offer Price Is Not Attractive
  • Human Made IPO: Outstanding Growth and Margins May Justify Premium
  • Quiddity Leaderboard SET50 Dec 2025: Reference Period Ending Soon; Two Changes Likely
  • Long REA Group (REA AU) Vs. Short News Corp (NWS AU): Spread Opens up Mean-Reversion Opportunity
  • Primer: ASICS Corp (7936 JP) – Nov 2025
  • Paris Miki Holdings (7455 JP): 1H FY03/26 flash update
  • Primer: Dole (DOLE US) – Nov 2025
  • Dezign Format Group Limited Initiating Coverage
  • Fox Factory’s Product Revolution: Can New Suspension & Sports Lines Win the Market?

Seven West Media (SWM AU): 22nd Dec Vote On Southern Cross (SXL AU)’s Offer

By David Blennerhassett

China Modern Dairy (1117 HK) To Acquire China Shengmu (1432 HK) – The Offer Price Is Not Attractive

By Xinyao (Criss) Wang

  • Based on the Offer Price of HK$0.35, P/B is 0.69x. This valuation level is lower than the historical average and also has a certain discount compared to the industry average.
  • CSM’s net profit may return to positive by 2026. After profitability returns to normal, its P/B ratio is expected to approach 0.8-1x at least. Then reasonable valuation level is HK$0.41-0.51/share.
  • Since minorities representing 18.74% of CSM outstanding shares needs to tender to hit the “50% hurdle”, this brings uncertainties as the Offer Price may not be attractive to some minorities.

Human Made IPO: Outstanding Growth and Margins May Justify Premium

By Hong Jie Seow

  • Human Made (456A JP) aims to raise around US$116m in its Japan IPO.
  • Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods.
  • In our previous note, we looked at its past performance. In this note, we will talk about valuations.

Quiddity Leaderboard SET50 Dec 2025: Reference Period Ending Soon; Two Changes Likely

By Janaghan Jeyakumar, CFA

  • The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
  • In this insight, we take a look at our capping flow expectations for the December 2025 index rebal event.
  • We have also presented our index change expectations for the next semiannual index review in December 2025 (regular ADDs/DELs only take place in June and December).

Long REA Group (REA AU) Vs. Short News Corp (NWS AU): Spread Opens up Mean-Reversion Opportunity

By Gaudenz Schneider

  • Context: The REA Group (REA AU) vs. News Corp (NWS AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
  • Highlights: Going long REA Group (REA AU) and short News Corp (NWS AU) targets a 5% 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.

Primer: ASICS Corp (7936 JP) – Nov 2025

By αSK

  • ASICS is demonstrating exceptional growth, driven by market share gains in its core Performance Running segment and the rapid expansion of its high-margin Lifestyle brands, Onitsuka Tiger and SportStyle.
  • The company’s financial performance is robust, characterized by seven consecutive quarters of double-digit revenue growth, significant margin expansion, and upward revisions to profit guidance.
  • Future growth is contingent on successful penetration of the large but historically underdeveloped North American and Asian markets, alongside continued product innovation and expansion of its digital, direct-to-consumer channels.

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

Paris Miki Holdings (7455 JP): 1H FY03/26 flash update

By Shared Research

  • Sales reached JPY26.2bn (+0.2% YoY), with operating profit at JPY1.4bn (+16.0% YoY), and net income JPY844mn (+18.2% YoY).
  • Domestic sales were stable, with increased average eyeglass prices, but unit sales declined due to cost-conscious consumer behavior.
  • Overseas sales were affected by the China subsidiary’s decline, despite improved profitability from closing unprofitable stores.

Primer: Dole (DOLE US) – Nov 2025

By αSK

  • Dole is a global leader in the fresh produce industry, benefiting from a vertically integrated business model and strong brand recognition. The company is well-positioned to capitalize on growing consumer demand for healthy and sustainable food options.
  • Financial performance has been robust, with consistent revenue growth and significant increases in net income and free cash flow over the past three years. However, the company faces challenges from input cost inflation, supply chain disruptions, and intense competition.
  • The stock appears moderately valued relative to peers. While the company has made progress in reducing debt, its valuation multiples do not suggest a significant discount. Future stock performance will likely depend on margin improvement, successful strategic initiatives, and navigating macroeconomic headwinds.

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

Dezign Format Group Limited Initiating Coverage

By Impact Capital Asset Management

  • Volume and mix: Larger, multi -site retail rollouts and attractions work packages carry better labor utilization and subcontractor terms than one -off event builds.
  • Scope control: Gross margin sits in change -order discipline, procurement timing, and fabrication reuse. Slippage shows up first in subcontractor costs and overtime.
  • Cash conversion: Upfront deposits and milestone invoicing offset receivable build. Account receivable (AR) discipline and collection cadence are the first line of defense for free cash flow.

Fox Factory’s Product Revolution: Can New Suspension & Sports Lines Win the Market?

By Baptista Research

  • Fox Factory Holding Corp.’s third-quarter financial results for 2025 present a complex mix of positive and negative developments.
  • Overall, the company reported net sales of $376.4 million, marking a 4.8% increase compared to the same period last year.
  • This growth was propelled by its Powered Vehicles Group (PVG) and Aftermarket Applications Group (AAG), although it was somewhat offset by challenges in the Specialty Sports Group (SSG).

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Nov 14
0

Daily Brief Health Care: Natera Inc, Sagility India, Eli Lilly & Co, LIVSMED, Actinogen Medical, Xuanzhu Biopharmaceutical, Dr. Reddy’s Laboratories, Alnylam Pharmaceuticals, Dexcom Inc, Biogen Inc and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Primer: Natera Inc (NTRA US) – Nov 2025
  • Sagility Block – US$400m Selldown by EQT; Second Deal This Year
  • Eli Lilly’s Q3 Earnings: Mounjaro Is Taking the World by Storm—See How It’s Conquering New Markets!
  • LivsMed IPO Valuation Analysis
  • Actinogen Medical — XanaMIA passes first safety milestone
  • Primer: Xuanzhu Biopharmaceutical (XUANZHU HK) – Nov 2025
  • Dr. Reddy’s Laboratories (DRRD IN): Soft US Performance Drags Margin; New Launches to Bring Respite?
  • Alnylam Pharmaceuticals: Its Advancement of ALN-6400 Hemostatic Program & Other Major Drivers
  • Dexcom’s Game-Changing Strategy: Is the Type 2 Diabetes Market Its Next Goldmine?
  • Biogen’s Alzheimer’s Bet: Can the EVOKE Trial Redefine the Future of Neurology?

Primer: Natera Inc (NTRA US) – Nov 2025

By αSK

  • Natera is a leader in the high-growth cell-free DNA (cfDNA) testing market, with a strong portfolio spanning women’s health (Panorama), oncology (Signatera), and organ health (Prospera).
  • The company is experiencing rapid revenue growth, driven by the strong uptake of its Signatera test for cancer monitoring, and is demonstrating significant operational leverage with improving gross margins and a clear trajectory towards positive free cash flow.
  • While the company’s proprietary SNP-based technology provides a competitive advantage, Natera faces significant risks related to reimbursement uncertainty, intense competition, and the need to achieve sustained profitability after a history of net losses.

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

Sagility Block – US$400m Selldown by EQT; Second Deal This Year

By Akshat Shah

  • Promoter entity EQT, via Sagility BV is looking to raise up to US$402m via selling a 16.4% stake in Sagility India (SAGILITY IN). 
  • The deal comprises a base deal of 10% of outstanding shares, with an option to upsize it by another 6.4% of shares outstanding. 
  • In this note, we run the deal through our ECM framework and comment on deal dynamics.

Eli Lilly’s Q3 Earnings: Mounjaro Is Taking the World by Storm—See How It’s Conquering New Markets!

By Baptista Research

  • Eli Lilly and Company delivered a robust financial and operational performance in the third quarter of 2025.
  • The company reported a 54% increase in revenue year-over-year, driven by strong sales of key drugs like Mounjaro and Zepbound.
  • These products showed significant market penetration, particularly in the U.S., where Lilly has captured a dominant share of the incretin analogs market.

LivsMed IPO Valuation Analysis

By Douglas Kim

  • Our base case valuation of Livsmed is target price of 88,294 won per share, representing a 61% upside from the high end of the IPO price range. 
  • At our base case valuation, Livsmed’s market cap would be 2.3 trillion won. At this level, the probability of Livsmed being included in KOSDAQ150 index is very high in 2026.
  • LivsMed is a medical device maker of advanced, articulating laparoscopic instruments that offer robotic-style dexterity and tactile feedback at a fraction of the capital cost of robotic surgical platforms.

Actinogen Medical — XanaMIA passes first safety milestone

By Edison Investment Research

Actinogen Medical reported that the independent Data Monitoring Committee (DMC) of the company’s pivotal Phase IIb/III XanaMIA study in patients with mild-to-moderate Alzheimer’s disease (AD) has met for the first time, and it has recommended that the study continues without modifications. The DMC has reviewed all available safety data to date from 153 XanaMIA study participants and has determined that no study modifications are indicated. This suggests that the drug continues to be well-tolerated and that its safety profile remains very favourable, which could be a key differentiator (provided it receives eventual regulatory approval), given well-recognised safety concerns with anti-amyloid treatments in AD. Actinogen plans to report a pre-planned interim efficacy (futility) analysis in early Q1 CY26 and final top-line study data in mid-Q4 CY26.

Primer: Xuanzhu Biopharmaceutical (XUANZHU HK) – Nov 2025

By αSK

  • Xuanzhu Biopharmaceutical is a clinical-stage biopharmaceutical company spun off from its controlling shareholder, Sihuan Pharmaceutical, with a pipeline focused on oncology, digestive diseases, and metabolic diseases.
  • The company faces significant challenges, including intense competition for its core products, doubts about its commercialization capabilities highlighted by a previously failed IPO attempt, and a valuation considered demanding by market analysts.
  • Future prospects are heavily reliant on the successful clinical development and approval of its pipeline assets, particularly in expanding indications for its commercialized products and advancing earlier-stage candidates.

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

Dr. Reddy’s Laboratories (DRRD IN): Soft US Performance Drags Margin; New Launches to Bring Respite?

By Tina Banerjee

  • Dr. Reddy’s Laboratories (DRRD IN) reported 14% YoY growth in net profit in Q2FY26, on 10% YoY growth in revenue. Declining contribution from North America is adversely affecting margin.
  • With lenalidomide benefit fading away, DRL’s North America business revenue has become stagnant. During Q2FY26, North America recorded revenue of INR32B, down 13% YoY and 5% QoQ.
  • NRT portfolio and domestic business cannot be strong revenue and margin drivers. DRL is relying on semaglutide and abatacept as major drivers, which will be reflected not before FY28.

Alnylam Pharmaceuticals: Its Advancement of ALN-6400 Hemostatic Program & Other Major Drivers

By Baptista Research

  • Alnylam Pharmaceuticals’ third quarter of 2025 highlighted a significant period of growth and strategic execution for the company.
  • This growth is seen across various aspects of their business model, including commercial performance, pipeline advancements, and financial outcomes.
  • However, it is also a period marked by substantial commitments to future success, which carry their own set of risks and uncertainties.

Dexcom’s Game-Changing Strategy: Is the Type 2 Diabetes Market Its Next Goldmine?

By Baptista Research

  • DexCom Inc.’s latest financial performance for the third quarter of 2025 revealed a mixture of strengths and challenges, reflected in both strategic updates and financial metrics.
  • The company reported a 22% increase in worldwide revenue, reaching $1.21 billion compared to $994 million in the same quarter last year.
  • This growth was driven by strong performance in both the U.S. and international markets, particularly due to expanded continuous glucose monitoring (CGM) access and the broadening of their customer base across the type 2 diabetes population.

Biogen’s Alzheimer’s Bet: Can the EVOKE Trial Redefine the Future of Neurology?

By Baptista Research

  • Biogen’s third-quarter 2025 earnings call reflected a blend of strategic advancements and ongoing challenges as the company navigates its growth trajectory.
  • The results presented a landscape where Biogen continues to grapple with its legacy multiple sclerosis (MS) portfolio’s pressures while harnessing new growth avenues primarily through its launch products.
  • The company exhibited a substantial 67% year-over-year growth in revenues from its launch products, including LEQEMBI, SKYCLARYS, and ZURZUVAE.

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Nov 14
0

Daily Brief Financials: NTT DC REIT, Star Mica, Martin Currie Portfolio Invest, Metaplanet, Pacific Premier Bancorp, San In Godo Bank, Spectral AI, Triodos Bank, &Do Holdings, Yoma Strategic Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • NTT DC REIT Initiating Coverage
  • Primer: Star Mica (3230 JP) – Nov 2025
  • Franklin Global Trust — Combination with strongly performing peer
  • Metaplanet (3350 JP): Q3 FY12/25 flash update
  • Primer: Pacific Premier Bancorp (PPBI US) – Nov 2025
  • San In Godo Bank (8381 JP): 1H FY03/26 flash update
  • MDAI: Looking Ahead to 1H:26 DeepView Clearance
  • Triodos Bank N.V. – What’s New(s) in Amsterdam
  • &Do Holdings (3457 JP): Q1 FY06/26 flash update
  • Primer: Yoma Strategic Holdings (YOMA SP) – Nov 2025

NTT DC REIT Initiating Coverage

By Impact Capital Asset Management

  • NTT DC REIT is a pure -play data center trust backed by a global sponsor and listed in Singapore.
  • It holds six stabilized facilities across the U.S., Europe, and Asia with a total design IT load of about 90 MW and 94% occupancy.
  • The portfolio comprises of six assets across key hubs with high occupancy and a diversified tenant base.

Primer: Star Mica (3230 JP) – Nov 2025

By αSK

  • Star Mica is a specialized real estate company in Japan with a unique business model focused on acquiring, renovating, and reselling used condominiums, a niche market with significant growth potential due to Japan’s maturing housing market.
  • The company has demonstrated a solid track record of revenue growth and profitability, supported by a strong position in the pre-owned condominium market and a focus on value-added renovations.
  • Future growth is expected to be driven by the increasing demand for affordable and renovated housing, favorable demographic shifts towards urban living, and the company’s strategic initiatives to expand its portfolio and enhance operational efficiency.

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

Franklin Global Trust — Combination with strongly performing peer

By Edison Investment Research

Following a thorough review, on 13 November 2025, the board of Franklin Global Trust (FRGT) announced that terms had been agreed for a combination with Invesco Global Equity Income Trust (IGET). This will be implemented via a scheme of arrangement, whereby FRGT’s shareholders will be entitled to receive new shares in IGET and/or cash. IGET will continue to be managed by Invesco Fund Managers. The combination follows FRGT’s recent performance and diminishing size as a result of ongoing share buybacks under the company’s zero discount policy. Over the last five years, FRGT’s market cap has declined from £300m to the current sub-£185m.

Metaplanet (3350 JP): Q3 FY12/25 flash update

By Shared Research

  • In Q3 FY12/25, revenue reached JPY4.5bn, with Bitcoin-related business contributing JPY4.2bn and Hotel business JPY203mn.
  • Operating profit was JPY2.7bn, driven by JPY3.3bn from Bitcoin-related business and JPY104mn from Hotel business.
  • Recurring profit was JPY23.2bn, significantly improved from a JPY312mn loss in cumulative Q3 FY12/24.

Primer: Pacific Premier Bancorp (PPBI US) – Nov 2025

By αSK

  • Pacific Premier Bancorp (PPBI) is a well-established regional bank with a strong focus on relationship-based commercial banking in the Western U.S., particularly Southern California. The bank has demonstrated robust capital ratios and excellent asset quality, with very low delinquency rates.
  • The company’s financial performance has been impacted by net interest margin (NIM) compression, a common theme in the current interest rate environment. A significant net loss in Q4 2023 was due to a one-time balance sheet repositioning involving the sale of investment securities to improve future profitability.
  • A transformative, all-stock merger with Columbia Banking System was announced in April 2025 and is expected to close in the second half of 2025. This merger will create a leading regional bank in the Western U.S. with approximately $70 billion in assets, significantly enhancing scale and market position.

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

San In Godo Bank (8381 JP): 1H FY03/26 flash update

By Shared Research

  • Consolidated ordinary income rose 19.8% YoY to JPY76.1bn, achieving 47.5% of the full-year target.
  • Non-consolidated ordinary profit increased 24.6% YoY to JPY15.0bn, with credit costs declining to JPY2.9bn.
  • The bank revised its FY03/26 forecast, projecting consolidated ordinary profit of JPY29.8bn, maintaining a JPY56 dividend.

MDAI: Looking Ahead to 1H:26 DeepView Clearance

By Zacks Small Cap Research

  • Spectral AI is developing an AI-guided predictive medical device that employs multispectral imaging (MSI) to estimate a wound’s capacity to heal.
  • The company is pursuing indications in burn and diabetic foot ulcers (DFUs) with the former receiving support from BARDA & other government agencies.
  • Spectral is distinguished by its combination of MSI and AI to improve diagnoses.

Triodos Bank N.V. – What’s New(s) in Amsterdam

By The IDEA!

  • In this edition: • Philips | DRRT and Rubicon are the next ones to go to court • SBM Offshore | raises FY25 directional EBITDA guidance • PostNL | consortium of Business Post and Spotta has an appetite for the UPD • Triodos Bank | not liable towards DR holders represented by Stichting Triodos Tragedie • E-commerce & Logistics | EU plans to accelerate imposing levy on low-value parcels • Dutch politics | Hans Wijers and Sybrand Buma nominated to lead D66/CDA talks

&Do Holdings (3457 JP): Q1 FY06/26 flash update

By Shared Research

  • Revenue decreased to JPY11.9bn (-17.9% YoY), with operating profit at JPY207mn (-46.1% YoY) and net income JPY18mn (-87.4% YoY).
  • Franchisee business saw 32 new contracts (+23.1% YoY) and 20 new store openings (+17.6% YoY), totaling 619.
  • Finance business expanded reverse mortgage guarantees, with outstanding balance reaching JPY29.8bn, up from JPY28.2bn at end-FY06/25.

Primer: Yoma Strategic Holdings (YOMA SP) – Nov 2025

By αSK

  • Diversified Conglomerate with Deep Myanmar Focus: Yoma Strategic Holdings is a Singapore-listed conglomerate with a significant and long-standing presence in Myanmar. Its operations are diversified across five core sectors: Real Estate (Yoma Land), Food and Beverage (Yoma F&B), Automotive and Heavy Equipment (Yoma Motors), Mobile Financial Services (Wave Money), and Leasing. This diversification provides some resilience against sector-specific downturns, although the company’s fortunes are intrinsically linked to the challenging macro environment in Myanmar.
  • Navigating a Difficult Operating Environment: The company is currently operating in an extremely challenging environment characterized by political instability, social unrest, high inflation, and currency volatility following the military coup in February 2021. These factors have led to a significant economic contraction, impacting consumer demand, disrupting supply chains, and creating a volatile and uncertain business landscape. The company’s financial performance has been affected, with recent results showing revenue declines in USD terms, primarily due to the depreciation of the Myanmar Kyat (MMK).
  • Strategic Focus on Resilience and Long-Term Growth: Despite the headwinds, Yoma Strategic is focused on navigating the current challenges while positioning itself for long-term growth. The company has demonstrated resilience in its real estate segment, with continued sales of residential properties. Management is focused on deleveraging the balance sheet and generating cash flow. The long-term thesis rests on the eventual stabilization and recovery of the Myanmar economy, where Yoma’s established presence and diversified portfolio would be well-positioned to capitalize on the growth potential of a young and populous market.

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

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Nov 14
0

Most Read: Strategy, Contemporary Amperex Technology (CATL), Chroma Ate Inc, Star Micronics, Qinghai Huzhu Barley Wine Co, Sungrow Power Supply, Maruwn Corp, Verisilicon Microelectronics S, Zijin Mining Group Co Ltd H and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Index Consultation on DATCos Means MORE Selling Likely, and Another Index Questionable
  • FXI Rebalance Preview: New Listings, Potential Inclusions, H/A Premiums
  • Taiwan Top 50 ETF Rebalance Preview: Plenty of Big Overlapping Flows Coming Up
  • [Japan M&A] Taiyo Pacific Offers ¥2,210 for Star Micronics (7718) Completing the Shareholder Ripoff
  • CSI Liquor/ Alcoholic Drink Index Rebalance Preview: One Delete & Some Big Capping Changes
  • China A50 ETFs Rebalance Preview: Three Changes in December
  • [Japan M&A] Senko Group (9069 JP) Bids for Maruwn (9067 JP) In Deal Which May Trigger Fireworks
  • UK: Return To Residual H2 Gloom
  • CNI Semiconductor Chips Index Rebalance Preview: One Set of Changes in December
  • StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

Index Consultation on DATCos Means MORE Selling Likely, and Another Index Questionable

By Travis Lundy

  • In mid-September, global index provider M _ _ _ announced that they were conducting an index consultation on Digital Asset Treasury Cos. I wrote about it here.
  • My recommended short at the time is down 30%, despite announcing a large buyback program. Others have lost significant premium vs underlying digital assets. 
  • The same index provider expanded their list of affected names on 29 Oct. And a DIFFERENT Index provider this week added DATCOs to a US Advisory Panel Meeting Agenda Wednesday.

FXI Rebalance Preview: New Listings, Potential Inclusions, H/A Premiums

By Brian Freitas

  • There could be 3 constituent changes for the iShares China Large-Cap (FXI) (FXI US) ETF in December. That could easily increase to 4.
  • Two of the forecast inclusions will also have inflows from the FGlobal Index at the same time, increasing the impact. The third is a potential HSCEI INDEX add in December.
  • The HA premiums for CATL (3750 HK) and Jiangsu Hengrui (1276 HK) have dropped ahead of lock-up expiry and there could be premium expansion closer to index/ETF inclusion.

Taiwan Top 50 ETF Rebalance Preview: Plenty of Big Overlapping Flows Coming Up

By Brian Freitas

  • There could be 4 constituent changes for the Yuanta/P-Shares Taiwan Top 50 ETF in December as positioning for buying by one set of index trackers pushes stocks into other indices.
  • There will be passive inflows in some of the forecast adds week after next and the flows from these index trackers will come a few weeks later.
  • With large AUMs tracking the dividend indices, stocks that have moved up a lot now have low dividend yields and there could be opposite flows from those index trackers.

[Japan M&A] Taiyo Pacific Offers ¥2,210 for Star Micronics (7718) Completing the Shareholder Ripoff

By Travis Lundy

  • Today after the close, well-known Japan engagement fund Taiyo Pacific Partners announced a deal to buy Star Micronics (7718 JP) for ¥2,210/share. They’ve been involved small-big-small for 20yrs.
  • The company launched a new capital plan and MTMP in February. Cash-rich, it needed no money to grow aggressively. So TPP proposed buying a third of the company. Board agreed.
  • Despite ActionsToImplementManagementConsciousOfSharePriceAndCostOfCapital announced February, in April-November the Board decided to sell the entire company to TPP at <1x book. This is borderline outrageous. It deserves notice and complaint.

CSI Liquor/ Alcoholic Drink Index Rebalance Preview: One Delete & Some Big Capping Changes

By Brian Freitas

  • The review period ended on 31 October, the changes should be announced on 28 November and will be effective after the close of trading on 12 December.
  • There could be one delete each for the CSI Liquor Index and the CSI Alcoholic Drink Index. Plus capping changes for a bunch of stocks.
  • The entire sector has been under pressure over the last few years with every rally being sold into.

China A50 ETFs Rebalance Preview: Three Changes in December

By Brian Freitas

[Japan M&A] Senko Group (9069 JP) Bids for Maruwn (9067 JP) In Deal Which May Trigger Fireworks

By Travis Lundy

  • Today, logistics company SENKO Group Holdings Co., Ltd. (9069 JP) announced a bid for logistics company Maruwn Corp (9067 JP) with help from 35% holder JX Advanced Metals (5016 JP). 
  • The TOB only needs 11+% to get to 50.1%. There are three holders who Senko clearly regard as not necessarily agreeable to the deal. They hold 28.0% between them. 
  • If someone wanted to thwart this deal, there are a number of ways to do it. This could get interesting. 

UK: Return To Residual H2 Gloom

By Phil Rush

  • UK GDP disappointed in Q3 at 0.1% q-o-q after the ONS revised away August’s surprise resilience and led it into a slight September fall, setting up for a soft Q4 too.
  • Residual seasonality in service sector growth has reasserted itself on the average post-pandemic path. So statistical stories seem more plausible than fundamental ones.
  • Weakness in labour market activity is more relevant. The hawkish half of the MPC probably needs disinflationary news to support a cut, but the Governor seems swayed.

CNI Semiconductor Chips Index Rebalance Preview: One Set of Changes in December

By Brian Freitas

StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

By David Blennerhassett

  • Zijin Gold (2259 HK) is up 101% on its 29th September listing. By my estimate, Zijin Mining (601899 CH)‘s average premium to NAV since Zijin Gold’s listing has been ~21%. 
  • Preceding further commentary on Zijin Mining/Gold 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%.

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