Smartkarma Daily Briefs

Hitachi Ltd (6501 JP) aims to raise around US$452m via a 6.97% stake sale in Hitachi Construction Machinery Co. Post the selldown, Hitachi’s stake will reduce to 18.4%.
Hitachi Construction Machinery Co (HCMC) is a Japanese company that designs, manufactures, sells, and services construction and mining equipment.
In this note we talk about the deal dynamics and run the deal through our ECM framework.

Quiddity Leaderboard CSI 1000 Dec25: Final Expectations; ~US$2.9bn One-Way

By Janaghan Jeyakumar, CFA

CSI 1000 represents the next 1000 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges after CSI 800.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
We expect 100 ADDs/DELs for the CSI 1000 index during this index review based on the latest available data.

Keppel Infrastructure Trust (KIT) – Global Marine Group Acquisition: A Case for Rejection

By Tan Yee Peng

Corporate Monitor strongly recommends that unitholders of Keppel Infrastructure Trust (“KIT”) reject the proposed acquisition of a 46.7% interest in Global Marine Group (“GMG”) for approximately S$119 million, with additional equity commitment of S$68 million.
Keppel Infrastructure Fund (“KIF”), managed by Keppel Ltd., owns another 46.7% stake and the balance is held by a co-investor.
KIT argues that GMG operates in a resilient, high-barrier subsea cable industry supported by strong structural demand drivers.

Primer: Keppel Infrastructure Trust (KIT SP) – Nov 2025

By αSK

Keppel Infrastructure Trust (KIT) is Singapore’s largest listed infrastructure business trust, featuring a diversified portfolio across energy transition, environmental services, and distribution & storage.
The Trust is strategically focused on sustainable infrastructure, targeting 2GW of renewable energy capacity by 2030, while navigating a capital-intensive business environment with increasing competition.
While KIT offers a strong dividend yield and has demonstrated robust earnings growth, it faces challenges from volatile net income, relatively weak resilience metrics, and potential overcapacity in key markets like the subsea cable industry.

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

Grupo Aeroméxico (AERO): Airline Operator Seen As “Value Play” At IPO Price

Since emerging from Chapter 11 in 2020, Aeroméxico has delivered record profitability with FY24 operating margins of 19% and leverage reduced to just 1.9x net debt/EBITDAR.
Positioned as Mexico’s flagship full-service carrier with Delta partnership synergies, Aeroméxico offers a compelling valuation discount to peers despite macro and FX headwinds.
Grupo Aeroméxico’s IPO is reportedly oversubscribed more than 10x, with strong participation from long-only and international investors, indicating robust institutional appetite.

Primer: Welcron Kangwon (114190 KS) – Nov 2025

By αSK

Welcron Kangwon is undergoing a significant transformation, leveraging its legacy in the industrial boiler market to penetrate the high-growth secondary battery equipment sector. This strategic pivot has driven remarkable revenue growth, though profitability and cash flow remain volatile.
The company is well-positioned to benefit from powerful secular tailwinds, including global industrialization, increasing demand for energy efficiency, and stricter environmental regulations. Its core products, such as waste heat recovery systems, directly address these trends.
Despite strong top-line momentum, significant risks persist. Financial performance is characterized by fluctuating profitability and deeply negative free cash flow, raising concerns about earnings quality and financial stability. The business model’s reliance on large, project-based contracts contributes to this inherent volatility.

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

Focus on LiqTech (LIQT): Global Innovator in Silicon Carbide Filtration Technology

By Water Tower Research

The US clean energy landscape is rapidly evolving across sectors.
Nuclear generation is set to grow 27% post-2035, as data centers drive power demand, while domestic solar manufacturing has surged under the Trump administration, with more than 65 new facilities and $4.5 billion in investment.
Smarter EV charging could cut household electricity bills by 10%, complemented by Arizona’s plan to install 34 new high-speed charging stations.

Pre-IPO MegaRobo Technologies – The Business and the Concerns

By Xinyao (Criss) Wang

MegaRobo has established a clear revenue structure and formed a sustainable business model. Core revenue stream is the sale of autonomous agents/multi-agent solutions.Customized solutions and Megalab have high growth potential.
MegaRobo will face competition pressure from international giants in the field of life science automation. The relatively weak international patent layout may affect the process of globalization.
Revenue growth in the next three years would be kept above 30% YoY. The Company is still in the growth stage. A comfortable valuation range could be P/S of 6-8x.

Nihon Dengi (1723 JP): 1H FY03/26 flash update

In Q2 FY03/26, the company reported revenue of JPY18.7bn, gross profit of JPY8.4bn, and net income of JPY3.0bn.
Air Conditioning Instrumentation-related business revenue was JPY16.7bn, driven by new installations and improved gross profit margin.
The company raised its FY03/26 earnings forecast due to strong demand in Air Conditioning Instrumentation-related projects.

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

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

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

Nov 05

Daily Brief TMT/Internet: DeNA, ASR Microelectronics, SK Hynix, Groww, Nintendo, Taiwan Semiconductor (TSMC) – ADR, Sify Technologies , Bel Fuse, Meesho, GDS Holdings (ADR) and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

[Japan Activism] DeNA Attracts Murakami Group – Potentially Squeezable With Reason
STAR50/STAR100 Index Rebalance Preview: 14 Outright Changes Across the Indices
SK Hynix Should Continue to Benefit from Local Flow.
Groww IPO – Peer Comp and Thoughts on Valuation
Nintendo (7974) | A New Cycle Begins
Taiwan Tech Weekly: Mediatek’s Power Move for 2nm Chips; Yet More TSMC Pricing Power
Primer: Sify Technologies (SIFY US) – Nov 2025
Analyzing Active Portfolio Ideas: Arbitrage, SPACs, Mergers, and Litigation Opportunities in 2025
Meesho Ltd Pre-IPO Tearsheet
Primer: GDS Holdings (ADR) (GDS US) – Nov 2025

[Japan Activism] DeNA Attracts Murakami Group – Potentially Squeezable With Reason

By Travis Lundy

Last week, “Murakami Group” (a group of investors who jointly file large shareholder filings) announced a 5+% stake in DeNA (2432 JP). The stock popped. Then they filed again.
This was not surprising. It has long been known as a “value” name (and has the requisite short balance to prove it). The question is how much value IS there
The question is how much value IS there. And to whom? It’s an interesting question which deserves a look, so we take a look.

STAR50/STAR100 Index Rebalance Preview: 14 Outright Changes Across the Indices

With the review period complete, we forecast 2 changes for the SSE STAR50 (STAR50 INDEX) and 7 changes for the STAR100 Index in December.
We estimate turnover of 4.3% for the SSE STAR50 (STAR50 INDEX) and 6.7% for the STAR100 Index. The estimated round-trip trade is CNY 17.9bn (US$2.5bn).
The forecast adds to the SSE STAR50 (STAR50 INDEX) have outperformed the forecast deletes with most of the outperformance coming in August. Been a volatile trade since then.

SK Hynix Should Continue to Benefit from Local Flow.

By Ken S. Kim

Change in local limit is a positive for SK Hynix (000660 KS)
Those in the local markets had to play SK Square (402340 KS) before
The risk is that over 1/3 of KOSPI 200 is now reliant on 2 names

Groww IPO – Peer Comp and Thoughts on Valuation

By Special Situation Investments

Groww (1573648D IN) is looking to raise around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.

Nintendo (7974) | A New Cycle Begins

By Mark Chadwick

Cycle Execution: Switch 2 launch momentum is strong, with disciplined guidance and improving margins, suggesting Nintendo’s hardware transition is proceeding smoothly and could drive further upward revisions.
Earnings Quality: Conservative assumptions, resilient legacy software, and early signs of operating leverage provide visibility into sustainable mid-cycle profitability beyond initial launch dynamics.
Valuation & Positioning: Despite a 60% rally and premium multiples, Nintendo remains the purest global gaming IP play, justifying elevated valuation through enduring creative and structural advantages.

Taiwan Tech Weekly: Mediatek’s Power Move for 2nm Chips; Yet More TSMC Pricing Power

By Vincent Fernando, CFA

TSMC Sets Sights on 3-10% Price Rises for Advanced Nodes
MediaTek’s Leap Into the 2nm Era — Leading Edge Node Signals Market Leadership Ambitions
Mediatek 3Q25: Good News (ASIC Revenue) But Weak Margins Getting Weaker. Stock Not Attractive.

Primer: Sify Technologies (SIFY US) – Nov 2025

By αSK

Sify Technologies is a comprehensive ICT service and solution provider in India, strategically positioned to capitalize on the country’s digital transformation, with core services in data centers, network, and digital services.
The company is in a high-growth phase, marked by significant capital expenditures in expanding its data center capacity to meet the burgeoning demand driven by cloud adoption and the advent of AI, leading to near-term pressure on profitability.
While revenue has been growing, the company faces challenges with net losses and high debt levels, making the successful and timely monetization of its new assets critical for its long-term financial health and shareholder returns.

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

Analyzing Active Portfolio Ideas: Arbitrage, SPACs, Mergers, and Litigation Opportunities in 2025

Bel Fuse’s Class A and B shares have a 25% price spread; historical trends suggest eventual price convergence.
Lennar’s divestiture of MRP stake offers a 6.38% premium; government shutdown delays SEC approval, affecting exchange timeline.
LakeShore Biopharma’s privatization offer faces widened spread due to Nasdaq delisting; liquidity issues persist despite 18% upside potential.

Meesho Ltd Pre-IPO Tearsheet

By Hong Jie Seow

Meesho (1546271D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by Axis, Citi, Kotak, JPM and MS.
ML is an e-commerce marketplace which offers a wide assortment of products ranging from low cost unbranded products, regional brands and national brands at affordable prices to consumers.
The platform connects four key stakeholders: consumers, sellers, logistics partners, and content creators. It monetizes its platform through services provided to sellers such as order fulfilment, advertising, and data insights.

Primer: GDS Holdings (ADR) (GDS US) – Nov 2025

By αSK

GDS is a leading developer and operator of high-performance data centers in China, strategically positioned to capitalize on the country’s rapid digitalization, cloud adoption, and the burgeoning demand for AI infrastructure.
The company exhibits a strong growth trajectory, evidenced by consistent year-over-year revenue increases. However, this growth is capital-intensive, leading to persistent net losses and negative free cash flow due to heavy investment in data center construction and expansion.
Key strategic priorities include expanding its data center footprint in key economic hubs in China and Southeast Asia, managing a high-debt load through innovative financing like C-REITs, and solidifying its relationships with major hyperscale and cloud service provider clients.

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

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

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

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

Nov 05

Daily Brief Industrials: Jardine Matheson Holdings, Hitachi Construction Machinery, Dazhong Transportation (Group) – A, Keppel Infrastructure Trust, Grupo Aeromexico, Welcron Kangwon, LiqTech International , MegaRobo Technologies, Nihon Dengi and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Matheson’s Motive For Avoiding MAND’s Dissentient Shareholders
Hitachi Construction Machinery Block – US$450m Selldown by Hitachi
Quiddity Leaderboard CSI 1000 Dec25: Final Expectations; ~US$2.9bn One-Way
Keppel Infrastructure Trust (KIT) – Global Marine Group Acquisition: A Case for Rejection
Primer: Keppel Infrastructure Trust (KIT SP) – Nov 2025
Grupo Aeroméxico (AERO): Airline Operator Seen As “Value Play” At IPO Price
Primer: Welcron Kangwon (114190 KS) – Nov 2025
Focus on LiqTech (LIQT): Global Innovator in Silicon Carbide Filtration Technology
Pre-IPO MegaRobo Technologies – The Business and the Concerns
Nihon Dengi (1723 JP): 1H FY03/26 flash update

Matheson’s Motive For Avoiding MAND’s Dissentient Shareholders

By David Blennerhassett

Back in 2021, Jardine Matheson (JM SP) took 84.89%-held Jardine Strategic (JS SP) private by way of an Amalgamation. As Matheson was permitted to vote, the outcome was assured.
Less clear are “fair value” appraisal rights afforded Strategic’s dissentient shareholders, the outcome of which navigates the Bermuda/UK courts. To date, dissenters have mostly had their way.
Which may have precipitated Matheson opting for a (full value) Scheme for Mandarin Oriental International (MAND SP), in which appraisal rights are not afforded.

Hitachi Construction Machinery Block – US$450m Selldown by Hitachi

Hitachi Ltd (6501 JP) aims to raise around US$452m via a 6.97% stake sale in Hitachi Construction Machinery Co. Post the selldown, Hitachi’s stake will reduce to 18.4%.
Hitachi Construction Machinery Co (HCMC) is a Japanese company that designs, manufactures, sells, and services construction and mining equipment.
In this note we talk about the deal dynamics and run the deal through our ECM framework.

Quiddity Leaderboard CSI 1000 Dec25: Final Expectations; ~US$2.9bn One-Way

By Janaghan Jeyakumar, CFA

CSI 1000 represents the next 1000 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges after CSI 800.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
We expect 100 ADDs/DELs for the CSI 1000 index during this index review based on the latest available data.

Keppel Infrastructure Trust (KIT) – Global Marine Group Acquisition: A Case for Rejection

By Tan Yee Peng

Corporate Monitor strongly recommends that unitholders of Keppel Infrastructure Trust (“KIT”) reject the proposed acquisition of a 46.7% interest in Global Marine Group (“GMG”) for approximately S$119 million, with additional equity commitment of S$68 million.
Keppel Infrastructure Fund (“KIF”), managed by Keppel Ltd., owns another 46.7% stake and the balance is held by a co-investor.
KIT argues that GMG operates in a resilient, high-barrier subsea cable industry supported by strong structural demand drivers.

Primer: Keppel Infrastructure Trust (KIT SP) – Nov 2025

By αSK

Keppel Infrastructure Trust (KIT) is Singapore’s largest listed infrastructure business trust, featuring a diversified portfolio across energy transition, environmental services, and distribution & storage.
The Trust is strategically focused on sustainable infrastructure, targeting 2GW of renewable energy capacity by 2030, while navigating a capital-intensive business environment with increasing competition.
While KIT offers a strong dividend yield and has demonstrated robust earnings growth, it faces challenges from volatile net income, relatively weak resilience metrics, and potential overcapacity in key markets like the subsea cable industry.

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

Grupo Aeroméxico (AERO): Airline Operator Seen As “Value Play” At IPO Price

Since emerging from Chapter 11 in 2020, Aeroméxico has delivered record profitability with FY24 operating margins of 19% and leverage reduced to just 1.9x net debt/EBITDAR.
Positioned as Mexico’s flagship full-service carrier with Delta partnership synergies, Aeroméxico offers a compelling valuation discount to peers despite macro and FX headwinds.
Grupo Aeroméxico’s IPO is reportedly oversubscribed more than 10x, with strong participation from long-only and international investors, indicating robust institutional appetite.

Primer: Welcron Kangwon (114190 KS) – Nov 2025

By αSK

Welcron Kangwon is undergoing a significant transformation, leveraging its legacy in the industrial boiler market to penetrate the high-growth secondary battery equipment sector. This strategic pivot has driven remarkable revenue growth, though profitability and cash flow remain volatile.
The company is well-positioned to benefit from powerful secular tailwinds, including global industrialization, increasing demand for energy efficiency, and stricter environmental regulations. Its core products, such as waste heat recovery systems, directly address these trends.
Despite strong top-line momentum, significant risks persist. Financial performance is characterized by fluctuating profitability and deeply negative free cash flow, raising concerns about earnings quality and financial stability. The business model’s reliance on large, project-based contracts contributes to this inherent volatility.

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

Focus on LiqTech (LIQT): Global Innovator in Silicon Carbide Filtration Technology

By Water Tower Research

The US clean energy landscape is rapidly evolving across sectors.
Nuclear generation is set to grow 27% post-2035, as data centers drive power demand, while domestic solar manufacturing has surged under the Trump administration, with more than 65 new facilities and $4.5 billion in investment.
Smarter EV charging could cut household electricity bills by 10%, complemented by Arizona’s plan to install 34 new high-speed charging stations.

Pre-IPO MegaRobo Technologies – The Business and the Concerns

By Xinyao (Criss) Wang

MegaRobo has established a clear revenue structure and formed a sustainable business model. Core revenue stream is the sale of autonomous agents/multi-agent solutions.Customized solutions and Megalab have high growth potential.
MegaRobo will face competition pressure from international giants in the field of life science automation. The relatively weak international patent layout may affect the process of globalization.
Revenue growth in the next three years would be kept above 30% YoY. The Company is still in the growth stage. A comfortable valuation range could be P/S of 6-8x.

Nihon Dengi (1723 JP): 1H FY03/26 flash update

In Q2 FY03/26, the company reported revenue of JPY18.7bn, gross profit of JPY8.4bn, and net income of JPY3.0bn.
Air Conditioning Instrumentation-related business revenue was JPY16.7bn, driven by new installations and improved gross profit margin.
The company raised its FY03/26 earnings forecast due to strong demand in Air Conditioning Instrumentation-related projects.

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

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

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

Nov 05

Daily Brief Health Care: BillionToOne, NovaBridge Biosciences, Sosei Group, Hims & Hers Health Inc, Oryzon Genomics, Shinpoong Pharmaceutical, SK Bioscience , Takeda Pharmaceutical, Evommune, FibroBiologics and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

BillionToOne (BLLN) IPO: High-Growth Molecular Diagnostics Firm Captures Strong Investor Interest
NovaBridge (新桥生物) Pre-IPO Quick Take: A Renewed I-MAB?
Sosei Group (4565 JP): Q3 FY12/25 flash update
Primer: Hims & Hers Health Inc (HIMS US) – Nov 2025
Oryzon Genomics — Progress for iadademstat across the board
Primer: Shinpoong Pharmaceutical (019170 KS) – Nov 2025
SK Bioscience (302440 KS): IDT Drives Strong 3Q Performance; Operating Loss Narrows
Takeda Pharmaceutical (4502 JP): Guidance Revised Downwards; Vyvance Continue To Be a Pain Point
Evommune Inc. (EVMN): RA Capital Backed Biotech Tests the IPO Market
FBLG: Diabetic Foot Ulcer Trial of CYWC628 to Initiate in 1Q26

BillionToOne (BLLN) IPO: High-Growth Molecular Diagnostics Firm Captures Strong Investor Interest

Single-Molecule precision enables highly accurate, scalable tests across prenatal and oncology diagnostics, setting BillionToOne apart from traditional sequencing-based competitors.
BillionToOne delivers 100%+ revenue growth, 69% gross margins, and positive EBITDA—rare performance metrics in molecular diagnostics ahead of its $2.3B IPO.
IPO is multiple-times oversubscribed with long-only healthcare anchors and top-tier backers, signaling strong institutional confidence ahead of pricing.

NovaBridge (新桥生物) Pre-IPO Quick Take: A Renewed I-MAB?

NovaBridge Therapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CITIC are the joint sponsors.
In this note, we look at the company’s history and its core product, givastomig.
We are of the view that there is no fundamental improvement in the company, since it changed its name and restructured its China business.

Sosei Group (4565 JP): Q3 FY12/25 flash update

Revenue decreased by JPY135mn to JPY21.8bn due to smaller milestone payments, partially offset by Quviviq sales.
R&D expenses rose 31.5% YoY to JPY11.2bn, driven by increased investment and a weaker yen, mainly in the UK.
Core operating loss was JPY986mn, compared to a JPY4.4bn profit in cumulative Q3 FY12/24, reflecting non-cash expenses.

Primer: Hims & Hers Health Inc (HIMS US) – Nov 2025

By αSK

Hims & Hers is a rapidly growing telehealth platform capitalizing on the increasing consumer demand for convenient and discreet access to healthcare, particularly in stigmatized or lifestyle-related categories.
The company’s aggressive direct-to-consumer marketing and subscription-based model have fueled impressive top-line growth and a recent turn to profitability, though it relies heavily on continued marketing spend.
Strategic initiatives, including international expansion through the acquisition of ZAVA and entry into new high-potential categories like weight management, present significant future growth opportunities but also introduce execution and regulatory risks.

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

Oryzon Genomics — Progress for iadademstat across the board

By Edison Investment Research

Oryzon has announced encouraging updates for iadademstat. In acute myeloid leukaemia (AML), positive data was reported for two programmes, including the lead oncology programme, FRIDA. Updated interim data from FRIDA (iadademstat in combination with gilteritinib in relapsed/refractory AML) showed an overall response rate (ORR) of 67%, suggesting improved outcomes compared to gilteritinib alone. In a separate Phase I study exploring the synergy between iadademstat, venetoclax and azacitidine, in newly diagnosed AML, the preliminary interim data (n=8) showed a 100% ORR. We view this as a positive indicator of the novel combination, but we acknowledge that it is from a relatively small population. Beyond malignant haematological indications, Oryzon has also enrolled the first patient in its sickle cell disease (SCD) trial. If successful, we believe this could bolster the value proposition for iadademstat, with applications beyond oncology.

Primer: Shinpoong Pharmaceutical (019170 KS) – Nov 2025

By αSK

Shinpoong Pharmaceutical is a South Korean pharmaceutical company transitioning from a generics manufacturer to an R&D-focused entity, highlighted by its antimalarial drug Pyramax and a pipeline focused on cardiovascular and neurological diseases.
The company has experienced significant financial headwinds, with consistent net losses and negative cash flow over the past three fiscal years, although recent quarterly results in 2025 show a marked improvement towards profitability.
Future growth hinges on the successful clinical progression and commercialization of its key pipeline asset, Otaplimastat (SP-8203) for acute ischemic stroke, and its ability to expand its global market presence for existing products.

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

SK Bioscience (302440 KS): IDT Drives Strong 3Q Performance; Operating Loss Narrows

By Tina Banerjee

SK Bioscience (302440 KS) reports 2.5x jump in revenue and narrowing operating loss in 3Q25, driven by additional revenue contribution and improving profitability of German subsidiary, IDT Biologika.
For 2025, SKBS guided for IDT revenue of KRW410B. With 3Q25 YTD revenue reaching KRW341B (up 19% YoY), IDT is expected to beat the guidance.
2026 will be crucial for the company, with couple of vaccine candidates entering late-stage trials. PCV21 global Phase 3 trial is ongoing. This should keep R&D spend elevated.

Takeda Pharmaceutical (4502 JP): Guidance Revised Downwards; Vyvance Continue To Be a Pain Point

By Tina Banerjee

Takeda Pharmaceutical (4502 JP) reported H1FY26 revenue of ¥2,220B, down 7%, primarily attributable to unfavorable foreign exchange and lower sales of Vyvanse.
Takeda revised its FY26 guidance downwards expecting lower sales and margins, reflecting near term headwinds amid cost control.
Six of these late-stage programs are estimated to have the potential to generate peak revenues ranging from $10B to $20B in total and contribute to long-term growth.

Evommune Inc. (EVMN): RA Capital Backed Biotech Tests the IPO Market

By Juan Pedro Rodríguez Serrate

Lead asset EVO756 shows promising Phase 2 data in symptomatic dermographism, validating its MRGPRX2-targeting mechanism and supporting further expansion into atopic dermatitis.
A $115M Series C co-led by RA Capital and Sectoral Asset Management strengthens credibility and provides funding for multiple Phase 2 clinical programs.
Evommune’s IPO is multiple-times oversubscribed, driven by significant demand from healthcare-dedicated investors and mutual funds, signaling robust institutional interest.

FBLG: Diabetic Foot Ulcer Trial of CYWC628 to Initiate in 1Q26

By Zacks Small Cap Research

On October 31, 2025, FibroBiologics, Inc. (FBLG) announced financial results for the third quarter of 2025 and provided a business update.
The company is set to initiate the manufacturing of CYWC628 for the Phase 1/2 clinical trial in diabetic foot ulcers (DFUs).
We anticipate the trial starting in the first quarter of 2026 and estimate the trial will complete in the third quarter of 2026.

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

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

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

Nov 05

Daily Brief Financials: Sify Infinit Spaces Ltd, Shawbrook, Hana Financial, Global Indemnity Group LLC, American Tower, Umb Financial, B Lot Co Ltd, Elme Communities and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Sify Infinit Spaces Ltd Pre-IPO Tearsheet
Shawbrook Group (SHAW): Strong Financial Performance and Significant Re-Rating Potential Post-IPO
Korean Banks; Stick with Hana (086790 KS) On the Buy List
GBLI: Global Indemnity releases 3rd quarter 2025 financial results which showed strong underwriting income growth. Quarterly EPS exceeded our expectations.
American Tower Corporation: International Expansion Amid Growing Mobile Data Demand But Is It Enough?
Primer: Umb Financial (UMBF US) – Nov 2025
B Lot Co Ltd (3452 JP): Coverage initiation
Elme Communities (ELME) – Monday, Aug 4, 2025

Sify Infinit Spaces Ltd Pre-IPO Tearsheet

By Hong Jie Seow

Sify Infinit Spaces Ltd (2026850D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by JM Fin, CLSA, JPM, Kotak and MS.
SISL is a provider of data center colocation services in India. The firm had 14 colocation data center facilities across six cities in India, as of June 30, 2025.
According to the 1Lattice and C&W Report, it had a built IT power capacity of 188.04 megawatt (MW) across these facilities, as of June 30, 2025.

Shawbrook Group (SHAW): Strong Financial Performance and Significant Re-Rating Potential Post-IPO

Strong post-IPO performance: listed at £3.70/share, now £3.90, valuing Shawbrook near £2bn with forecast 2026 P/E of 7x and up to 93% implied upside.
Robust fundamentals: 15% loan growth, 17% income growth, 36% cost-to-income ratio, and RoTE above 15%, supporting premium valuation versus UK peers.
Strategic positioning: combines challenger bank scalability with specialist credit discipline, offering best-in-class efficiency and resilient asset quality.

Korean Banks; Stick with Hana (086790 KS) On the Buy List

By Victor Galliano

Hana Financial remains our buy pick among Korean banks; it is close to the top our scorecard, it remains attractively valued and its returns are improving
Hana is trading at a large PBV discount to KB Financial; this currently stands at a 30%+ discount which is over one standard deviation from the historical PBV discount mean
Furthermore, we see that this relatively dovish phase of monetary policy, Hana appears to have more limited downside risk than its peers in terms of further interest spread erosion

GBLI: Global Indemnity releases 3rd quarter 2025 financial results which showed strong underwriting income growth. Quarterly EPS exceeded our expectations.

By Zacks Small Cap Research

Global Indemnity Group, LLC, provides specialty and niche insurance products nationwide.
GBLI focuses on small market property and casualty business.
The company has made a concerted effort to reduce its property exposure.

American Tower Corporation: International Expansion Amid Growing Mobile Data Demand But Is It Enough?

By Baptista Research

American Tower Corporation’s recent financial performance displays a solid operational trajectory with balanced outcomes.
During the third quarter of 2025, the company reported significant profitability and revenue growth, with noteworthy highlights across its core segments – tower leasing and data centers.
The quarter showcased a robust 8% increase in total revenue, driven by consistent organic growth in the midsingle digits and a strong contribution from U.S. services and CoreSite, their data center segment.

Primer: Umb Financial (UMBF US) – Nov 2025

By αSK

Diversified Business Model Mitigates Risk: UMB Financial’s operations across commercial banking, institutional banking, and wealth management provide multiple revenue streams, reducing reliance on any single segment and offering resilience in varied economic conditions.
Strategic Acquisitions Driving Growth: The recent acquisition and successful integration of Heartland Financial has significantly expanded UMB’s footprint, assets, and customer base, positioning it for accelerated growth in new and existing markets.
Consistent Shareholder Returns and Strong Capital Position: The company has a long history of dividend payments and recently increased its quarterly dividend. Strong capital ratios provide a solid foundation for future growth and shareholder distributions.

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

B Lot Co Ltd (3452 JP): Coverage initiation

In FY12/24, the company reported revenue of JPY30.9bn (+31.6% YoY), operating profit of JPY6.3bn (+15.3% YoY), recurring profit of JPY5.8bn (+17.5% YoY), and net income attributable to owners of the parent of JPY3.9bn (+19.5% YoY).
All three businesses posted higher revenue and profit YoY.
In particular, higher-than-expected selling prices in the core Real Estate Investment and Development business lifted recurring profit to JPY5.8bn, 14.8% above the initial forecast of JPY5.1bn.

Elme Communities (ELME) – Monday, Aug 4, 2025

By Value Investors Club (VIC)

Key points (machine generated)

Elme Communities is implementing a liquidation strategy with potential IRRs of 14% to 26%.
The company has agreed to sell 19 properties to Cortland for $1.6 billion and plans to sell remaining assets.
Investors can expect an initial special distribution of $14.50 to $14.82 per share and a quarterly dividend of $0.18.

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

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

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

Nov 05

Daily Brief Consumer: Mandom Corp, Zhejiang Leapmotor Technologie, Seres Group, D’Alba Global, NIFTY Index, Mr. DIY Holding (Thailand), Seres Group , Tile Shop Holdings , Orion Corp, Vietnam Dairy Products JSC and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Mandom (4917 JP): Countermeasures Ostensibly to Buy Time for a Higher Offer
HSTECH Index Rebalance Preview: Can Leapmotor Leap into the Index?
Seres Group H Share Listing (9927 HK): Trading Debut
D’Alba Global – End of Lockup Period For 10% of Outstanding Shares
NIFTY 50 Tactical Outlook Amidst Potential Passive Flows From Global Trackers
Mr DIY Thailand IPO Trading: Shareholders Pledged Lockup; Midteens Upside
Seres Group A/H Trading – Demand Wasn’t Very Strong, Close to Fair Value
TTSH Plans Delisting via Reverse/Forward Stock Split Amidst Potential Privatization and Shareholder Dynamics
Primer: Orion Corp (271560 KS) – Nov 2025
Primer: Vietnam Dairy Products JSC (VNM VN) – Nov 2025

Mandom (4917 JP): Countermeasures Ostensibly to Buy Time for a Higher Offer

By Arun George

Mandom Corp (4917 JP) has proposed countermeasures in response to Murakami’s 18.87% voting stake and to ostensibly secure time for an alternative, viable (higher) offer.
The read-across from the proposal is that CVC’s offer at current terms will fail, CVC is unwilling to match Murakami/Hibiki’s expectations, and there could be genuine interest from third-party bidders.
Nevertheless, countermeasures are unnecessary as the share price and presence of activists provide the time needed for the Board’s purported aim to secure a higher offer.

HSTECH Index Rebalance Preview: Can Leapmotor Leap into the Index?

By Special Situation Investments

There could be 1 change for the Hang Seng TECH Index (HSTECH INDEX) in December. Announcement is on 21 November with implementation at the close on 5 December.
Depending on the stocks included in the universe, ASM Pacific Technology (522 HK) could be deleted and that could lead to Zhejiang Leapmotor Technologie (9863 HK)‘s inclusion.
If the add and deletes are as forecast, one-way turnover will be 4.25% and will result in a round-trip trade of HK$25.3bn (US$3.22bn).

Seres Group H Share Listing (9927 HK): Trading Debut

By Arun George

Seres Group (9927 HK) priced its H Share at HK$131.50 to raise HK$14,283 million (US$1.8 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Seres Group H Share Listing: The Investment Case and Seres Group H Share Listing (9927 HK): Valuation Insights.
The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres’ AH discount remains attractive.

D’Alba Global – End of Lockup Period For 10% of Outstanding Shares

By Douglas Kim

There is an end of a lock-up period for 1.3 million shares (10% of outstanding shares) for d’Alba Global starting 22 November 2025.
This could potentially result in additional selling by insiders which could negatively impact its share price in the coming weeks. We remain Bearish on d’Alba Global.
The overall proportion of freely tradable shares, which was only 32.7% right after listing, will increase to 83.9% one year later.

NIFTY 50 Tactical Outlook Amidst Potential Passive Flows From Global Trackers

By Nico Rosti

Brian Freitas posted an insight Monday discussing how Indian stocks may experience significant passive inflows and outflows from global trackers over coming weeks. Read his insight for more detail.
The changes may start to produce effects soon, so here we are offering an analysis of the NIFTY Index to evalate potential upside and downside.
Our previous NIFTY 50 insight warned that trend indecision could trigger a pullback—exactly what is unfolding now in the market. The index remains not oversold yet.

Mr DIY Thailand IPO Trading: Shareholders Pledged Lockup; Midteens Upside

By Nicholas Tan

Mr. DIY Holding (Thailand) (2472516D TB) is looking to raise up to US$173m in its upcoming Thai IPO.
It is recognized as the largest and fastest growing home improvement and general lifestyle retailer in Thailand.
In this note we will talk about the trading dynamics.

Seres Group A/H Trading – Demand Wasn’t Very Strong, Close to Fair Value

By Sumeet Singh

Seres Group (601127 CH), a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about IPO trading dynamics.

TTSH Plans Delisting via Reverse/Forward Stock Split Amidst Potential Privatization and Shareholder Dynamics

TTSH plans to delist from Nasdaq using a reverse/forward stock split, cashing out fractional shareholders at $6.60/share.
Management owns 37% of TTSH, while Fund 1 Investments holds 29%; approval of the proposal is likely.
Historical precedents show similar reverse/forward split transactions mostly succeed, with only 2 out of 11 failing.

Primer: Orion Corp (271560 KS) – Nov 2025

By αSK

Dominant Market Position in High-Growth Emerging Markets: Orion holds a commanding presence in the confectionery markets of Vietnam and Russia, driven by the exceptional brand equity of its flagship product, Choco Pie. Continued capacity expansion in these regions is poised to capture further growth.
Strong Financial Performance and Shareholder Returns: The company has demonstrated a robust track record of revenue and net income growth, coupled with a significant increase in dividend payouts. This highlights efficient operations and a commitment to returning value to shareholders.
Diversification and Future Growth Engines: Strategic initiatives to expand into new business areas, including beverages, convenient meal replacements, and biotech, present long-term growth opportunities beyond the core confectionery segment, mitigating reliance on a single product category.

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

Primer: Vietnam Dairy Products JSC (VNM VN) – Nov 2025

By αSK

As Vietnam’s largest dairy company, Vinamilk is showing signs of a turnaround after a period of stagnation. Recent quarterly results indicate a recovery driven by the stabilization of its domestic general trade channel and robust performance in export markets.
The company’s strategic focus on digital transformation and international expansion, particularly in key Asian and African markets, is expected to drive a rebound in earnings growth in the coming fiscal year.
Despite facing challenges from rising raw material costs and intense domestic competition, the stock appears undervalued, trading at a significant discount to historical multiples. A potential upgrade of the Vietnamese market could serve as a major re-rating catalyst.

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

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

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

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

Nov 05

Most Read: Asian Paints, Yum China Holdings , Jardine Matheson Holdings, Hitachi Construction Machinery, Robotis, DeNA, Dazhong Transportation (Group) – A, ASR Microelectronics, Mandom Corp, Zhejiang Leapmotor Technologie and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

India: Potential Free Float Changes & Passive Flows in November
HSCEI Index Rebalance Preview: 3 Changes as Adds Go Up, Up & Away
Matheson’s Motive For Avoiding MAND’s Dissentient Shareholders
Hitachi Construction Machinery Block – US$450m Selldown by Hitachi
KOSDAQ150 Index Rebalance Preview: Large Number of Changes Likely in December; Huge Outperformance
[Japan Activism] DeNA Attracts Murakami Group – Potentially Squeezable With Reason
Quiddity Leaderboard CSI 1000 Dec25: Final Expectations; ~US$2.9bn One-Way
STAR50/STAR100 Index Rebalance Preview: 14 Outright Changes Across the Indices
Mandom (4917 JP): Countermeasures Ostensibly to Buy Time for a Higher Offer
HSTECH Index Rebalance Preview: Can Leapmotor Leap into the Index?

India: Potential Free Float Changes & Passive Flows in November

Companies in India have disclosed their shareholding pattern as of end-September in October. There are companies with significant float changes from end-June and/or end-March.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
Depending on the date that the shareholding was published, there could be 20 stocks with passive inflows from global trackers while 6 could have passive outflows in November.

HSCEI Index Rebalance Preview: 3 Changes as Adds Go Up, Up & Away

There could be 3 changes for the Hang Seng China Enterprises Index (HSCEI INDEX) in December. Announcement is on 21 November with implementation at the close on 5 December.
The forecast adds have moved higher over the last few months and handily outperformed the forecast deletes and the Hang Seng China Enterprises Index (HSCEI INDEX).
There has been aggressive short covering in the forecast adds and there could be more in stocks where short interest is still a high percentage of float.

Matheson’s Motive For Avoiding MAND’s Dissentient Shareholders

By David Blennerhassett

Back in 2021, Jardine Matheson (JM SP) took 84.89%-held Jardine Strategic (JS SP) private by way of an Amalgamation. As Matheson was permitted to vote, the outcome was assured.
Less clear are “fair value” appraisal rights afforded Strategic’s dissentient shareholders, the outcome of which navigates the Bermuda/UK courts. To date, dissenters have mostly had their way.
Which may have precipitated Matheson opting for a (full value) Scheme for Mandarin Oriental International (MAND SP), in which appraisal rights are not afforded.

Hitachi Construction Machinery Block – US$450m Selldown by Hitachi

Hitachi Ltd (6501 JP) aims to raise around US$452m via a 6.97% stake sale in Hitachi Construction Machinery Co. Post the selldown, Hitachi’s stake will reduce to 18.4%.
Hitachi Construction Machinery Co (HCMC) is a Japanese company that designs, manufactures, sells, and services construction and mining equipment.
In this note we talk about the deal dynamics and run the deal through our ECM framework.

KOSDAQ150 Index Rebalance Preview: Large Number of Changes Likely in December; Huge Outperformance

With the review period for the December rebalance complete, we highlight 17 potential changes for the KOSDAQ 150 Index (KOSDQ150 INDEX).
The estimated impact on the potential inclusions ranges from 0.1-3.2 days of ADV while the impact on the potential deletions varies from 0.7-11.2 days of ADV.
The forecast adds have outperformed the forecast deletes over the last 6 months with a big move higher in the last couple of months. Trim positions into strength.

[Japan Activism] DeNA Attracts Murakami Group – Potentially Squeezable With Reason

By Travis Lundy

Last week, “Murakami Group” (a group of investors who jointly file large shareholder filings) announced a 5+% stake in DeNA (2432 JP). The stock popped. Then they filed again.
This was not surprising. It has long been known as a “value” name (and has the requisite short balance to prove it). The question is how much value IS there
The question is how much value IS there. And to whom? It’s an interesting question which deserves a look, so we take a look.

Quiddity Leaderboard CSI 1000 Dec25: Final Expectations; ~US$2.9bn One-Way

By Janaghan Jeyakumar, CFA

CSI 1000 represents the next 1000 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges after CSI 800.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
We expect 100 ADDs/DELs for the CSI 1000 index during this index review based on the latest available data.

STAR50/STAR100 Index Rebalance Preview: 14 Outright Changes Across the Indices

With the review period complete, we forecast 2 changes for the SSE STAR50 (STAR50 INDEX) and 7 changes for the STAR100 Index in December.
We estimate turnover of 4.3% for the SSE STAR50 (STAR50 INDEX) and 6.7% for the STAR100 Index. The estimated round-trip trade is CNY 17.9bn (US$2.5bn).
The forecast adds to the SSE STAR50 (STAR50 INDEX) have outperformed the forecast deletes with most of the outperformance coming in August. Been a volatile trade since then.

Mandom (4917 JP): Countermeasures Ostensibly to Buy Time for a Higher Offer

By Arun George

Mandom Corp (4917 JP) has proposed countermeasures in response to Murakami’s 18.87% voting stake and to ostensibly secure time for an alternative, viable (higher) offer.
The read-across from the proposal is that CVC’s offer at current terms will fail, CVC is unwilling to match Murakami/Hibiki’s expectations, and there could be genuine interest from third-party bidders.
Nevertheless, countermeasures are unnecessary as the share price and presence of activists provide the time needed for the Board’s purported aim to secure a higher offer.

HSTECH Index Rebalance Preview: Can Leapmotor Leap into the Index?

There could be 1 change for the Hang Seng TECH Index (HSTECH INDEX) in December. Announcement is on 21 November with implementation at the close on 5 December.
Depending on the stocks included in the universe, ASM Pacific Technology (522 HK) could be deleted and that could lead to Zhejiang Leapmotor Technologie (9863 HK)‘s inclusion.
If the add and deletes are as forecast, one-way turnover will be 4.25% and will result in a round-trip trade of HK$25.3bn (US$3.22bn).

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

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

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

Nov 04

Daily Brief Quantitative Analysis: HK Connect SOUTHBOUND Flows (Wk To 31 Oct 2025) – Volatile Unwinding But Net SOE Buying and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

HK Connect SOUTHBOUND Flows (Wk To 31 Oct 2025) – Volatile Unwinding But Net SOE Buying
Hong Kong Connect Flows (October): $792m Outflows from Healthcare
NIFTY Index Earning Revision (Oct): Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors
CSI 300 Index Earning Revision (Oct): Wuliangye, China Life, SPDB, BYD

HK Connect SOUTHBOUND Flows (Wk To 31 Oct 2025) – Volatile Unwinding But Net SOE Buying

By Travis Lundy

Gross SOUTHBOUND volumes rebounded to US$16bn a day over the past week (four trading days) and NET buying was decent at nearly HK$7bn a day. Very Un-beautiful skew again though.
The recommended name was long Guangzhou Automobile Group (2238 HK). From Monday’s close to Friday’s close, the stock was down 2+% and the H underperformed the A by 5.7%. Awful.
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.

Hong Kong Connect Flows (October): $792m Outflows from Healthcare

We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Xiaomi, Pop Mart Intl, CNOOC, Meituan, Zijin Gold International.

NIFTY Index Earning Revision (Oct): Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors

We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index’s EPS, stocks’ EPS revision, and revenue revision.
We highlighted EPS revision on Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors, HDFC Bank, Coal India, Eternal, Hdfc Bank, Icici Bank, Infosys, Tata Motors, Coal India, Jsw Steel.

CSI 300 Index Earning Revision (Oct): Wuliangye, China Life, SPDB, BYD