Equity Bottom-Up

• Metaplanet has raised over $500 million via stock acquisition rights, using proceeds to repay short-term bonds and expand its Bitcoin holdings.
• Evo Fund, the main financier, has exercised 54 million shares and likely profited over $100 million through a share borrowing arrangement and market arbitrage.
• A $5 billion capital injection into its U.S. subsidiary hints at potential U.S listing (?), with an EGM scheduled for September to clarify strategic direction.

• Revenue grew steadily over five years, supported by demand for high-performance glass cloth used in advanced semiconductor packaging.
• It controls a critical bottleneck in AI substrates and is expanding capacity with ¥80B capex through FY28.
• EPS is set to rise 46% by FY28, with fwd PE at 9.3x and EV/EBITDA at 5.1x, suggesting scope for valuation re-rating.

• Over FY21–25, IBIDEN has delivered strong revenue and profit growth, with operating income rising ~44% and EPS growing ~34% despite cyclical pressures.
• The company commands a dominant ~70–85% market share in AI/server IC substrates, led by Nvidia demand, and is expanding capacity at Ono and Gama plants to sustain leadership.
• With a 17–21% EPS CAGR forecast and trading at ~26× P/E—well below high-growth peers—IBIDEN offers a compelling blend of quality growth and relative valuation comfort.

• Formosa Prosonic: Asymmetrical Risk Reward for investing as operating business is being priced for nothing
• The company is leading manufacturer of industrial solutions focused for audio and electronic musical products
• It has significant client concentration risks with Top 3 customers accounting for 92% of Revenues.

• Japan’s Fujitsu Ltd (6702 JP) is currently developing a 2nm CPU named “MONAKA” (link). The CPU is planned to be manufactured by Taiwan Semiconductor (TSMC) – ADR (TSM US).  
• Rapidus has to deal with high technical barriers, tight timelines, heavy R&D costs, market and profitability challenges.
• Talent shortage in Japan: A lingering pain for the Semiconductor industry

• FY25 was Indian boxoffice’s worst performance ever (ex-covid). FY26 has started strong with multiple hits and June-Dec lineup boasts multiple action-oriented and sequel movies; genres that are witnessing high occupancy.
• Company has strengthened its balance sheet post ‘INOX’ acquisition despite the revenue slump. fixed cost/screen is flat vs FY20 at 2cr while average ticket prices have grown at 5% CAGR
• Comfortable entry level valuation (10.5x TTM EBITDA vs global peers CNK/AMC at 12/35x) supported by improved operational execution position the stock as a near term re-rating candidate.

• Much of UnitedHealth’s business is just freeriding the US healthcare system.

• To some extent it could even be called parasitic. 40% of its revenues come from government programs.

• The most important one is Medicare Advantage (MA), which was originally designed to lower costs through the use of private carriers and their competition.

• Kontoor Brands, a prominent name in the fashion industry known for its Wrangler and Lee brands, has recently shared its financial results for the first quarter of 2025.
• The company made notable headway with the impending acquisition of Helly Hansen, which is anticipated to bring substantial benefits in terms of revenue growth, earnings, and cash flow.
• The acquisition is expected to be finalized by the end of May and will likely offer opportunities for expansion and operational synergy.

• Samsung’s 1.4nm Technology Delay Highlights Potential That Intel Could End Up the Only Viable Alternative to TSMC — Maintain Structural Long for TSMC
• Micron Results Today Will Provide Insight Into Resilience of AI/HPC Equipment Demand
• TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot 

• Bumble Inc.’s recent financial performance and strategic direction provide an intricate picture of potential future opportunities and challenges.
• The earnings call highlighted several key themes.
• Bumble is actively working to transition its focus from expansion via performance marketing to enhancing user experience and match quality.

• Rohm’s relative share price is trading above the 200-day moving average for the first time since August 2023.
• Inventory de-stocking for SiC-based semiconductor suppliers is nearing its end, paving the way for order replenishment 
• Analysts expect Rohm’s margins to lag those of rivals in the recovery, but Rohm has done more to cut inventories than any other. 

• Dyes and pigments player Kiri Industries is set to realise $580mn post-taxes for its 37% stake in Singapore based DyStar Global; ~50% above its current marketcap of $370mn.
• Adjusting for Debt repayment, we estimate that once proceeds have been recieived and pending warrants have been converted, cash in books will stand at INR ~600/share vs CMP: 570
• The company’s core dyes business, its 40% stake in Lonsen Kiri Chemicals India and its copper investments could be worth 300+share taking SOTP to ~900

• Sharp turnaround from FY22–FY24, with revenue rising from ¥1.17 tn to ¥1.63 tn and operating profit swinging from losses to ¥143.5 bn, led by civil aero engines and defense.
• The order backlog has grown to ¥1.6 tn (↑¥226 bn YoY), underpinned by defense orders and aftermarket demand, with management guiding continued top-line and margin expansion.
•  EPS is forecast to grow at a ~7% CAGR through FY27; at ~18x FY27E P/E and ~9x EV/EBITDA, valuations appear reasonable for a capital-efficient aero-led compounder.

• Huawei is a major player in the AI chip industry, challenging Nvidia’s dominance
• The company’s European-style headquarters and aggressive sales tactics raise questions about its true nature
• Ren Zhengfei’s rare interview with People’s Daily highlights Huawei’s central role in China’s tech industry and diplomatic relations

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Offer: ₹12,500 crore IPO (₹2,500 crore fresh issue + ₹10,000 crore OFS); price band ₹700–740 implies a ₹61,250 crore valuation.
• Track Record & Use of Funds: 15% AUM CAGR and 41% PAT CAGR over FY21–25; proceeds to bolster Tier-1 capital and fund growth.
• Valuation Caution: Backed by HDFC Bank with deep rural reach, but 3.9x P/BV implies a 27% ROE—well above current levels—leaving little margin for execution slippage.

• Undergoing a multi-year transformation:After a very challenging FY2024, ROHM Co Ltd (6963 JP) is reassessing its capital strategy, production footprint, and depreciation methodologies, forming the core of the structural reforms.
• ROHM targets a return to operating profitability in FY26, supported by cost optimization, analog IC growth, and a disciplined capital expenditure strategy.
• It is available at significantly cheaper valuation versus peers of just 0.8x price to book. Also, it has been added to the Nikkei 225 Index recently

• Nvidia, AMD launch a new GPU every 2 years. At each generation, higher performance manufacturing (TSMC) and HBM (higher density, higher speed, thinner layers). Hence, cost increase at each generation. 
• Price and volumes are negotiated 1 year ahead. TSMC, SK Hynix expect AI / HBM revenues to double in 2025. Expect another 50-60% in 2026. 
• Why HBM attracts less interest than Foundry (TSMC) or Design (AMD, AVGO, Nvidia)? Mostly, investor still think this is a cyclical business – HBM isn’t.

• After a blockbuster 2022 driven by lithium supercycle highs, Tianqi Lithium saw earnings swing into deep losses in 2024 amid price crashes.
• Looking ahead, it plans to scale lithium chemical capacity to over 140,000 tons/year, deepen integration in China and Southeast Asia, and selectively invest in technologies like DLE.
• While near-term profitability remains uncertain, current EV/EBITDA valuations below 5x suggest the downside may be priced in.

• Cosco Shipping Energy Transportation (1138 HK) will benefit from the oil supply worry as Israel and Iran are unlikely to reach a “real” peace agreement in the short term. 
• The worry, or actual, closure of Hormuz will raise VLCC rates by escalating reserve building, increasing demand for alternative routes, a higher risk premium, and panic chartering.
• After yesterday’s retreat, CSET trades on an undemanding 5.8x PER and 8.8% yield for FY25F. With over 12% ROE, its 0.73x P/B is cheap, below the average since 2023. 

• MoneyMax Financial Services achieved a record profit after tax of S$41.6 million in FY24, a 65.4% increase.
• Revenue grew 36.5% to S$390.1 million, driven by a 36.0% increase in gold and luxury items sales.
• Pawnbroking revenue rose 47.3% to S$94.3 million, attributed to higher interest income from increased receivables.

• LG CNS has been one of the hottest stocks in the Korean stocks market in the past one month (up 87%), sharply outperforming KOSPI.
• The biggest driver of LG CNS’s share price in the past month has been that this company has the potential to become a leading stablecoin platform in Korea. 
• Many investors believe that LG CNS has the expertise in blockchain/AI/cryptocurrency backend solutions to become one of the leading Won based stablecoin platforms in Korea.

• The relationship between Rio Tinto, the Mongolian Government and Entree Resources is in turmoil. Can the new Mongolian PM break the deadlock?
• Despite a binding arbitration ruling in December 2024 in favor of Entree, the government of Mongolia and Rio remain in dispute on how to handle Entree’s ownership position.
• On June 6th, it was announced that Rio will have to change its mine plan for Oyu Tolgoi as there has been no agreement between Rio, Entree and the government.

• Margins have improved steadily since FY2020, but bottom-line gains remain volatile due to non-operating drags.
• Backlog at Record Highs; Nuclear a Key Differentiator: ₩20.1 tn order book, rising SMR traction, and global nuclear wins position Doosan as a strategic supplier.
• Structural Tailwinds Priced In: While medium-term growth looks strong, premium multiples (~28x EV/EBITDA) suggest limited room for execution missteps.

• New World receives an amended deal from CAML for 5.3 cents a share, with a $10 million placement to Camel at the same price.
• Kinterra Capital, who holds a 12% stake in New World, is unhappy with the placement and requests an urgent order to prevent it.
• The placement is conditional on New World not receiving a superior proposal from a third party in the next 14 days, which incentivizes Kinterra to make a takeover bid within that timeframe.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• HCG  continues to scale up well with the emerging centers reporting 32% YoY revenue growth in Q4FY25. Q4FY25 revenue from established centers also grew strong at 22% YoY.
• International footfalls have resumed strong, led by which the revenue in the South Mumbai center grew 38% YoY. Revenue in Kolkata center also grew well at 22% YoY.
• HCG has been in consolidation phase over the last four years. Now, the next two years should witness strong growth in profitability, led by margin expansion and continued volume growth.

• Strong earnings momentum with revenue, margins, and EPS consistently improving over FY21–FY25, driven by a shift toward high-margin industrial machinery.
• Strategic monopoly in ultra-large nuclear forgings, supported by global SMR tailwinds, capacity expansion plans, and a record order backlog across nuclear and defense.
• Valuations remain elevated, but are backed by strong visibility, margin expansion, and structurally advantaged positioning in a tightening global supply chain.

• Antoinette sang with a heavy metal band at the Paris Olympics, sponsored by LVMH
• Moet Hennessy, a struggling arm of LVMH, faced pressure to turn around its business
• Moet Hennessy’s importance to LVMH lies in its role as a cash cow for acquisitions, despite internal strategic mistakes and market challenges

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• TSMC: +22.1% Premium; Consider Shorting ADR Spread at Current Level
• UMC: +3.5% Premium; Extreme vs. History, Consider Shorting ADR Spread
• ASE: +2.4% Premium; Approaching Level to Long the ADR Spread

• Brian Chesky and Joe Gebbia, founders of Airbnb, met at the Rhode Island School of Design in 1999
• Chesky’s background in industrial design engineering heavily influenced Airbnb’s design-centric approach
• Chesky’s scrappiness and founder mentality have driven Airbnb’s success, with a focus on improving margins and generating free cash flow.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Transaction: Holcim completed the spin-off of its North American business, Amrize, on June 23, 2025; shares listed on SIX and NYSE under ticker AMRZ.
• Rationale: Enables Holcim to focus on global sustainable construction, while Amrize targets high-growth U.S. infrastructure and housing markets.
• At a $30B EV, Amrize would list near $54.43/share, implying Holcim should trade at CHF 68.20 post-spin.

• Context: Statistical analysis of a relative value opportunity in the Australian Banking industry between ANZ Group Holdings (ANZ AU) and National Australia Bank (NAB AU).
• Highlights: Going long ANZ and short NAB targets a 4.5% return to the statistical mean reversion level, with ANZ supported by cheaper valuations.
• 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.

• Listed in March 2025 via Japan’s largest IPO since SoftBank 2018, JX Advanced Metals has since accelerated recycling, governance restructuring, and potential Toho Titanium consolidation.
• A global leader in high-purity sputtering targets (35–40% share) and thin film materials, it is scaling capacity and deepening foundry partnerships (TSMC, Samsung) to capture long-term semiconductor growth.
• Despite strong positioning, it trades at just ~7x EV/EBITDA FY25E—below peers—offering structural growth at value multiples amid recovering earnings and strategic asset backing.

• Share prices of China Life and Prudential plc have been up by 33% and 40% – 50% YTD, respectively.
• China Life’s agency restructuring is bearing fruit, as evidenced by increasing agency productivity, and is expected to continue driving new business growth and margin expansion.
• Our previous thesis for Prudential plc remains largely intact. Albeit the strong share price performance YTD, valuation upside remains as its new business multiple continues to re-rate.

• Nike reports Q4 earnings Thursday. Focus for ASICS investors: (1) Sales momentum recovery, (2) Gross margin trends.
• Nike’s continued weakness (global footwear sales -8% YoY in MRQ) supports bullish near-term thesis on ASICS.
• However, signs of stabilization at Nike could signal increasing competitive pressure in H2/FY26.

• China’s push for 100% auto chip localization by 2027 poses risk to Himax, which derived 75% of 1Q25 revenue from China. We engaged the company for comments./
• Himax may avoid direct targeting due to Taiwanese roots and local production via CN Nexchip, and we believe is less vulnerable than Western firms like NXP, TI, and Wolfspeed.
• Copackaged Optics (CPO) industry momentum continues to build as Himax continues role alongside TSMC and FOCI; industry moves from Nvidia, AMD validate long-term optical interconnect opportunity Himax is positioned for.

• Submarine Milestone Validates CSBC’s Strategic Role: Taiwan’s June 17 maiden sea trial of the Hai Kun-class submarine highlights CSBC as the sole builder of Taiwan’s Indigenous Defense Submarine (IDS) program.
• Scale of Program Is Significant vs. Market Cap: Seven additional submarines are expected to follow, with a reported program budget of NT$284bn (~US$9.5bn), over 12x CSBC’s current US$760m market cap.
• Emerging Naval, Drones, & Energy Platforms Provide Optionality: Beyond submarines, CSBC is expanding into unmanned surface vessels (USVs) and offshore wind engineering, offering long-term exposure to Taiwan’s asymmetric defense.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlight: Six pair trade opportunities across three markets and three sectors persist. Two 
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Apple failed to deliver on the highly anticipated Siri makeover, noting that it didn’t meet their quality standards and effectively pushing it out for another full year 
• Internal rivalries, divided opinions on the direction AI should take, organizational restructuring, unwillingness to do meaningful acquisitions would all appear to be contributing to Apple’s AI woes
• Apple’s peers are advancing their AI ambitions at warp speed, investing heavily, taking bold risks and mostly delivering on their promises. Apple is the polar opposite. What’s another year? Failure.

• Flynn Gold Limited (ASX:FG1) is a junior gold explorer which holds a portfolio of tenements (20+3 in application) across Tasmania and Western Australia.
• The tenement package is prospective for several commodities, however, exploration efforts have largely focused on gold at the company’s flagship project, Golden Ridge, which is located in the north-east of Tasmania.
• Field work and ongoing drilling at the project over the past two years has resulted in FG1 developing critical mass at the project which is building up towards an inaugural JORC-compliant resource.

• Context: Statistical analysis of a relative value opportunity in the Australian Oil & Gas industry between Ampol (ALD AU) and Woodside Energy Group Ltd (WDS AU).
• Highlights: Going long Ampol and short Woodside targets an 8% return to the statistical mean reversion level.
• 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.

• In FY25, Sysmex Corp (6869 JP) revenue rose 10% YoY to ¥509B. Operating profit margin expanded 20bps to 17.2%. Amid rising costs, favorable Fx impact of ¥8.6B drove the margin.
• Sales grew across regions as instrument installed increased and use of reagents multiplied. America’s volatile margin is a concern, amid the fact that Japan remains the major margin contributor.
• For FY26, Sysmex has guided for revenue of ¥535B (+5% YoY). The company has factored in the impact of tariff estimating annual cost of sales impact of approximately ¥3B-4B.

• Context: Statistical analysis of a relative value opportunity between Perseus Mining (PRU AU) and Capricorn Metals (CMM AU), two Australian gold miners.
• Highlights: Going long Perseus Mining and short Capricorn Metals targets a 9% return to the statistical mean reversion level, with Perseus offering cheaper valuations and higher growth.
• 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.

• JFE Holdings rebounded from COVID-era losses to deliver peak earnings in FY22, followed by a gradual normalization through FY25, with stable steel volumes but declining margins amid weak domestic demand.
• The group is investing ¥970B (~$6.5B) through FY2030 across decarbonization, product upgrades (e.g., electrical steel, galvanizing), and overseas downstream expansion to sustain competitiveness.
• Adjusting for its ₹910B (~¥1.7T) JSW stake, ~30% of EV, JFE trades at just 2.7x EV/EBITDA—deeply discounted vs peers like Nippon Steel and POSCO.

• Linde, a leading global industrial gases and engineering company, recently reported its first quarter financial results for 2025.
• Despite navigating economic headwinds, the company demonstrated resilience, reflecting the robustness of its operating model.
• Linde employees managed to deliver an 8% growth in Earnings Per Share (EPS) excluding foreign exchange impacts, while expanding operating margins by 120 basis points to 30.1%.

• Okta, Inc. has provided a mixed yet insightful picture of its progress and challenges from its latest earnings results.
• On the positive side, the company has reported robust financial indicators for the first quarter of fiscal year 2026, including record operating profitability and strong cash flows.
• These financials showcase Okta’s capability to efficiently manage costs and drive profitability despite a generally cautious economic environment.

• Kinder Morgan reported a quarter with financial performance mostly in line with expectations, pointing to a strong demand for natural gas, particularly driven by LNG exports and increasingly by power generation needs, which include data centers.
• The company is witnessing encouraging demand projections tied to a continued growth in U.S. natural gas consumption, expected to rise significantly by the decade’s end.
• Current transport volumes have reflected the robust demand across key sectors such as residential, commercial, and power generation, with the company citing historical demand benchmarks from past decades to illustrate the potential for continued growth.

• Abbott Laboratories recently shared its first quarter 2025 earnings results, revealing a strong performance amidst a challenging global environment influenced by new tariff policies and ongoing economic uncertainties.
• Abbott’s diversified model and strategic framework contribute to the company’s operational resilience, as evidenced by its ability to meet growth objectives and deliver high single-digit sales growth alongside double-digit earnings per share (EPS) growth.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Digital Turbine, Inc.’s latest financial results demonstrate a blend of positive developments and ongoing challenges.
• For the fiscal fourth quarter ending March 2025, the company returned to year-over-year growth, generating $119.1 million in revenue and $20.5 million in EBITDA, with a non-GAAP earnings per share of $0.10.
• This marks a 6% increase in revenue compared to the previous year and a significant 66% rise in year-over-year EBITDA.

• Boston Scientific Corporation reported strong first quarter 2025 results, exhibiting significant growth in both revenue and earnings.
• The company’s total operational sales increased by 22% while organic sales grew by 18%, surpassing the upper range of guidance of 14% to 16%.
• In terms of earnings, the first quarter adjusted EPS reached $0.75, a 34% growth over the previous year, exceeding the projected range of $0.66 to $0.68.

• Oriental Watch (398 HK) delivered a resilient result with revenue/profits -5%/-20% YoY (ex-one offs -11.5% YoY), despite weakness in HK (22% of sales), where the company is now making losses. 
• Cash & Investments dipped to 901 mn HKD, representing about 54% of the market capitalization. The company declared a 16.7 HKD cent/dividend (FY25: 41.3 HKD/cent yield 12%). 
• We believe that FY26 will be a year of consolidation, and with a weak HK, profits will remain subdued. Stock trades at 8.4x FY25 with a 12% dividend yield. 

• Septeni Holdings is one of the leaders in Japan in the digital marketing business which mainly includes digital advertising, marketing support, data & AI-driven solutions.
• The company has also aggressively raised dividend payouts which is a clear sign of improving corporate governance.
• The company is also well positioned to deliver sales growth rate of about 5-7% per year in the next 2-3 years with 20%+ per year growth in operating profit.

• Earnings stable over 3 years as machinery and power offset weak steel margins; ROIC gradually improving.
• Focus on KOBEMAG®, machinery expansion, and carbon-neutral projects with disciplined capex.
• Trades at ~5x P/E due to low ROIC, past governance issues, and misperception as a pure steel cyclical.

• The Bank of Japan left the short-term interest rate unchanged, but the governor stated that the tapering of JGB buying will continue, albeit with an eye on market stability
• This implies that the JGB yield curve is likely to continue steepening going forward, which is constructive for Japanese banks; in addition, market lending rates to April continue to rise
• We reassert buys on Resona, Mizuho, Shizuoka and Kyoto aided by our proprietary scorecard, and based on two core attributes; gearing to higher interest rates and cross-holdings to market capitalization

• The JPY Yen has depreciated 25% against USD for the last 5 years, this has made Japan an extremely attractive destination for foreigners
• The Japan’s hotel sector is known by its low supply, partly due to higher development cost and labour shortage.  We think REVPAR and ADR will continue to be strong
• We like Japan Hotel REIT and Invincible for their hotel exposure.  We think investors should closely monitor the Yen movement as well as BOJ policy

• CSL Ltd (CSL AU) received FDA approval of Andemry, for prophylactic use to prevent attacks of hereditary angioedema (HAE) in adult and pediatric patients aged 12 years and older.
• CSL will launch Andemry in the U.S. immediately, with availability before the end of June. Thus far, Andemry has been approved in Australia, the UK, EU, Japan, Switzerland, and UAE. 
• With FDA approval, Andembry is now set to compete with Takeda’s blockbuster drug Takhzyro and BioCryst Pharmaceuticals’ oral HAE drug Orladeyo. Andembry has a convenience and efficacy edge over Takhzyro.

• BlackLine, a leader in financial automation solutions, recently announced its Q1 2025 earnings results, highlighting both opportunities and challenges as the company navigates its ongoing journey towards growth and market expansion.
• The company reported a total revenue increase of 6% year-over-year, reaching $167 million, with strong subscription and services revenue performance.
• However, the financial results are a mix of positives and certain areas that might require attention.

• In Q2 FY24/9 financial results reported exactly one year ago, profit attributable to owners of parent declined -74.1% due to recording an impairment loss of JPY 1,720mn in the 2Q as an extraordinary loss for the entire unamortized balance of goodwill associated with the acquisition of consolidated subsidiary NEXTSCAPE Inc.
• In SIR’s follow-up report, we wrote “management promptly recognizing the impairment and withdrawing the FY25/9 OP MTP target effectively minimizes future down-side risk.
• In the meantime, core business performance continues to grow at double-digits. ”

• Capri Holdings Limited’s recent earnings reflect a mix of strategic changes and financial outcomes that should be carefully considered by investors.
• The company is in a transitional phase, highlighted by the announcement of the pending sale of Versace to Prada Group.
• The decision to divest Versace aims to refocus resources on the Michael Kors and Jimmy Choo brands, with potential benefits of debt reduction and reinstatement of a share repurchase program.

• As scientific progress increasingly depends on more complex equipment and precision instruments, we believe wholesaler and distributor AS ONE is well-positioned to capture demand through expanding its presence in the high-end segment.
• Demand for scientific supplies and lower-end scientific equipment remains stable, providing a resilient, recurring revenue base.
• The company’s growth has consistently outpaced and shown limited correlation with national R&D spending. 

• We believe Pop Mart’s advantage is its ability of choosing available IPs.
• We expect Pop Mart’s revenue will grow by 69% in 2025.
• However, the stock is overvalued by cross-sectional comparison and fairly valued by time-series comparison.

• We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
• We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
• We update our readers on developments in Asian Terminals (ATI PM) and Philippine Stock Exchange (PSE PM) 

• Nippon paid full price despite governance restrictions; with no credible rival, rejecting the golden share risked collapsing the deal.
• Historical golden share precedents imply 10–20% valuation discounts, yet Nippon accepted late-stage constraints without renegotiation.
• Funding mix includes bridge loans, hybrids, and asset sales, but proposed equity issuance near 40% below book risks EPS dilution and undermines capital discipline messaging.

• Kimly is a traditional coffee shop, food court and industrial canteen operator in Singapore
• The business is stable ( revenue & ROE) & the company enjoys high occupancy rate 
• Profitability is facing challenge due to rising operational costs and increasing competition

• KPIT Technologies (“KPIT”) reported $280mm worth of deal wins in Q4Y25, well beyond the typical run-rate of $150mm+, despite the tough demand environment, which demonstrates KPIT’s strong competitive positioning.
• KPIT’s Q4FY25 PAT excluding one-time income grew 18%+ YoY in INR and 15% YoY in constant currency (CC) terms. Revenue growth was 15% YoY and 3% QoQ in CC terms.
• Margins continued to be strong with Q4FY25 EBITDA margin at 21.1%. With this, the full-year FY25 EBITDA margin ended at 21%, in line with the upgraded guidance.

• Abandoned Restructuring: Recently Dongfeng Motor (489 HK) confirmed that there is no restructuring activity involving its controlling shareholder.This raises hope that it is looking to turnaround its operations by itself.
• New Energy Vehicle (NEV) transformation gaining momentum: NEV sales grew 34.4% YTD May 2025; Dongfeng leads with proprietary EV platforms, smart tech integration, and Huawei-backed high-end launches.
• Trades at just 0.32x P/B, Cash at USD 14bn is much higher than market cap of USD 4bn. significantly undervalued versus peers, despite strong cash reserves,rising exports, and NEV scaling.

• Q1 2025 results reflected a transitional quarter with lower grades, but FY2025 guidance was maintained.
• Ongoing investments in smelter ramp-up, power infrastructure, and long-term plans for Elang underscore AMMN’s integrated growth strategy.
• Valuations appear premium vs peers, but are partly justified by structural cost advantages, downstream leverage, and world-class Elang optionality—though single-asset exposure remains a key risk.

• Allegro MicroSystems has reported its financial results for the fourth quarter and the full fiscal year 2025.
• The company is focused on strengthening its market position through innovation and operational efficiencies.
• President and CEO Mike Doogue, who ascended from being the company’s first Chief Technology Officer, emphasized a strategic focus on expanding product capabilities and extending Allegro’s footprint in lucrative markets such as automotive, industrial, and emerging sectors like medical and robotics.

• The latest financial results for Arm Holdings reflect a strong finish for their fiscal year ended March 31, 2025, marked by record-breaking revenue milestones.
• Arm’s performance was driven by growing demand for power efficient compute solutions, particularly in artificial intelligence (AI) from cloud to edge.
• The company achieved quarterly revenue exceeding $1 billion for the first time, with fiscal year revenue surpassing $4 billion.

• ATI reported robust first-quarter financial results for 2025, showing continued strong momentum.
• Revenue grew by 10% year-over-year, reaching approximately $1.14 billion, mainly driven by high demand in aerospace and defense (A&D).
• The company’s adjusted EBITDA of $195 million exceeded expectations, with adjusted earnings per share also surpassing the top of guidance.

• NVIDIA Corporation is a computing infrastructure company that provides graphics, computing, and networking solutions across the United States, Singapore, Taiwan, China, Hong Kong, and other in- ternational markets.
• The Company’s shares have been listed in the Nasdaq Composite stock market index since January 22, 1999, and are included among the companies with the highest market capitalization globally.
• Additionally, Nvidia’s shares are included in several national indices, such as S&P 500, Dow Jones, NASDAQ-100, and DJ Semiconductors. In May 2024, Nvidia Corporation announced a ten-for-one stock split.

• Nippon Steel has acquired U.S. Steel for $14.2 billion in cash, adding 23 Mt of crude steel capacity and a full U.S. and EU footprint.
• The acquisition marks a bold step toward NS’s “100 MT Vision,” diversifying earnings beyond Japan and strengthening presence in a geopolitically stable market.
• U.S. Steel remains heavily BF–based and tied to a structurally flat demand market; long-term steel consumption in the U.S. has declined, making returns dependent on aggressive modernization & macro tailwinds.

• AMD snagged Sam Altman as a guest speaker and advocate for the company’s next generation MI450 accelerator product 
• Oracle announced their intention to create a zetascale AI cluster based on AMD’s MI355X GPUs
• Marvell announced its custom Ultra Accelerator Link (UALink) scale-up offering. Astera Labs will be next in line.

• Marvell AI event yesterday, good efforts to explain its Data Center / Accelerators roadmap, growth opportunity: ~50% Cagr to 2028, a bit higher than TSMC (45%), lower than AMD (60%). 
• CEO suggests that data center revenues can increase 4.4x to 2028, total revenue to ~triple to CY28. That’s possible but Marvell’s fragility is margins and lower scalability than AMD, Nvidia.  
• The nature of custom-designed ASICs is a lot of R&D for a single customer. Marvell GAAP margins are thin and therefore a binary bet on operating leverage.

• Under Armour’s fourth-quarter fiscal 2025 earnings report reveals a complex narrative, reflecting both strides in strategic realignment and significant challenges in market execution and financial performance.
• On the positive side, Under Armour demonstrated notable progress in several areas, including gross margin improvement, strategic streamlining, and brand repositioning efforts.
• The company increased its gross margin by 170 basis points to 46.7%, driven by reductions in product and freight costs, a decrease in promotional activities, and strategic pricing benefits.

• From 15th may to 17th June our Asia-ex-Japan Model Portfolio returned 3.37% vs MSCI Asia-ex-Japan’s 2.62%. Overweight on Korea and stock selection in HK/China, Taiwan and Philippines helped.
• Top 5 performers were Digiplus (+31.9%), SK Hynix (+27.1%), Hana Financials (+23.8%), Netease (+21%), CCB (+9.8%). The worst 5: Alibaba (-11.4%), BYD (-8.5%), Trip.Com (-7.4%), Titan (-7.2%), M&M (-5.1%).
• Our themes – tech investment momentum, Chinese consumption revival, cyclical recovery in India and dividend yield across the region – are working fine. We make no changes to our portfolio.

• BlackBerry’s fourth quarter and full fiscal year 2025 results demonstrate a combination of positive achievements and areas of uncertainty.
• The company posted total revenue of $141.7 million for the quarter, surpassing the upper limit of its guidance range.
• Specifically, revenues from the QNX and Secure Communications divisions also exceeded their respective expectations at $65.8 million and $67.3 million.

• Bajaj Finance Ltd (“BAF”) reported a healthy Q4FY25, thus closing the full-year FY25 on a strong note.  AUM ended FY25 at INR 416,661cr, a growth of 26% YoY.
• Customer franchise had crossed 100mm and is now close to 102mm. Notably, Bajaj Finserv App now has 70mm+ customers. FinAI transformation is also progressing well.
• While FY25 had some challenges due to higher credit cost and NIM compression, BAF is all set to post a strong FY26 led by stable asset quality and NIM.

• In the first quarter of fiscal year 2026, nCino, Inc. reported financial results that provide insights into both its strengths and areas for improvement.
• Total revenues reached $144.1 million, marking a 13% year-over-year increase.
• This growth was primarily driven by robust subscription revenues, which grew by 14% to $125.6 million.

• Integral Ad Science (IAS) presented a mixed but notably strong performance in their Q1 2025 financial results.
• The company displayed an impressive 17% growth in revenue to $134.1 million, surpassing their prior guidance.
• Growth was largely driven by a 24% increase in their optimization segment, buoyed by the financial services and retail verticals.

• BYD announced that the company would provide price discounts for 22 models.
• BYD has scale advantage over other NEV car makers and the NEV industry has bargaining power over suppliers and dealers.
• The auto association and the Ministry of Industry are trying to protect small companies from bankruptcy.

• MHI has delivered a strong turnaround over the past four years, with revenue up 26% and business profit expanding nearly 10x from FY22 to FY25
• The consolidated order backlog crossed ¥10.2 trillion in FY25, up ~22% YoY, offering ~2 years of forward revenue visibility and skewed toward high-margin Energy and Defense segments.
• While the stock has rallied sharply, management’s solid FY25–30 guidance, along with structural tailwinds from energy transition and defense spending, continue to underpin the long-term thesis.

• We recently visited Guangzhou city, a tier one city in China, on a vacation trip. 
• One of the malls that we visited happened to have several listed tea chain stores.
• We took a snapshot of the shop traffic and noted the difference in locations of various stores. We also ordered tea drinks from two of these stores.

• Shiseido’s core brand remains strong, but years of weak growth, high costs, and tariff risks have pushed valuations to deeply discounted, near-decade lows.
• Early signs from Japan show margin recovery is possible; aggressive cost-cutting could double core operating margins and unlock significant upside if execution holds.
• If management fails to deliver, Shiseido’s global brand equity, strategic footprint, and low valuation make it an obvious acquisition target for PE or industry buyers.

• MHI is up nearly 60% year-to-date to 46x management’s EPS guidance for FY Mar-26 and 27x our EPS estimate for FY Mar-30.
• By then, we expect Air, Defense & Space revenues to double and the division’s operating margin to rise from 10% to 15%, which is the likely cap on profitability. 
• Given Japan’s uncertain finances and the long time horizon that should already be discounted, we recommend profit taking. 

• TSMC’s Next Generation 2nm Node Gathers Momentum as Intel Lags Behind
• TSMC’s Arizona Plant Ships First AI Chips — But Taiwan Remains Core to Packaging
• MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026. 

• HZL has approved a ₹12,000 crore investment to set up a 250 KTPA integrated zinc smelter at Debari as part of its 2x capacity expansion plan.
• While smelting investments are not inherently value-accretive due to low TCs, they are necessary to process captive ore and minimize logistics costs.
• The overall growth outlook remains strong, but the pending mine lease expiries by 2030 pose a material long-term risk.

• Boss delivered a robust March 2025 quarter, with Honeymoon generating free cash flow and production ramping sharply.
• The company targets ~2.9M lbs annual output by FY27, supported by Alta Mesa and multiple exploration assets.
• Valuations remain attractive at ~8× forward P/E, though uranium price volatility and execution risks persist.

• Yes, I know I wrote this one up a year ago, but things have changed to make this a more interesting investment opportunity.
• I would recommend holding this in an account where you can sit on it for a few years.
• The ultimate IRR will be attractive, but this isn’t a quick flip.

• KEPCO E&C is well-positioned to benefit from the global revival in nuclear power, with strong domestic visibility and growing international interest in its engineering capabilities. 
• Its proprietary APR1400 reactor platform anchors the business, supported by verticals in O&M, decommissioning, and green energy EPC. 
• While earnings have grown sharply on margin gains, high valuations and project execution risks—particularly overseas—warrant careful monitoring.

• Yamada, Japan’s leading home appliance retailer, trade at a PER of less than 9x. Nitori, the leading furniture retailer trades at about 17x.
• Both companies, having saturated their core market, are diversifying into the other’s territory.
• Key Takeaway: Nitori is diversifying into a business with inherently lower margins, while Yamada moves into one with inherently higher margins.

• In this Postcard Edition, we detour and go international—to the streets, shops, and supermarkets of Vietnam. Choosing Vietnam as a country to explore and begin building our Asian Coverage.
• Despite strong manufacturing fundamentals, capital markets remain narrow, with limited institutional participation and underrepresentation of export-led sectors.
• Vietnam is on our watchlist for its evolving opportunity set, and we will continue tracking IPO activity, MSCI inclusion efforts, and policy reforms.

• U.S. political moves last month backing nuclear power are part of a long-term secular trend of increasing global support for the industry which could drive a uranium rebound 
• A nearly 40% uranium slump from early 2024 to March 2025 has priced in a significant degree of the industry’s challenges, and a price recovery has started 
• As the world’s largest producer, Kazatomprom is well positioned for a rise in uranium, it has lagged the recent sector rebound, and trades at a moderate 1.4x P/B ratio  

• Hennes & Mauritz AB (H&M Group) presented its first quarter results for 2025, reflecting a mixed performance amid efforts to strategize for long-term profitable growth.
• Sales in Swedish krona grew by 3%, while local currency sales increased by 2%.
• The company experienced strong sales performance in regions like Western, Southern, and Eastern Europe, particularly in Germany and Poland, but sales were weaker in Northern Europe, including the Nordics and the U.K., as well as in the U.S. Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Ciena Corporation’s financial results for the fiscal second quarter of 2025 reflect robust performance and strategic positioning within the dynamic networking and telecommunications industry.
• The company reported revenue of $1.13 billion, marking alignment with the high end of their guidance, an indicator of successful strategy execution and market demand.
• This strong revenue performance is underscored by substantial growth in cloud provider revenue, which represented 38% of total revenue and grew by 85% year-over-year to over $400 million in the quarter.

• Intel layoffs now extending to production in US, Israel. Intel’s revenue/employee is half that of AMD, TSMC. An AMD or TSMC employee generates 2x more revenue than an Intel employee. 
• Intel shareloss in PC, Server continues. Over the past 4 years Intel lost 6 percentage points PC market share (down to 76%), 13 percentage points in server (down to 73%).   
• Intel is now without an AI / GPU roadmap. It looks bad but the twist is it helps Intel requalify with Nvidia DGX, replacing AMD. Weakness breeds strength.   

• Denison’s core asset is the Phoenix ISR project within the Wheeler River property, offering high-grade reserves and low projected costs in Canada’s Athabasca Basin. 
• First production is targeted for 2028, with ramp-up to 6.5M lbs U₃O₈ by 2030, contingent on timely permitting and funding.
• While trading at a premium to in-situ reserve value, the stock reflects early-mover ISR potential, but remains exposed to development, financing, and uranium price risks.

• Keysight Technologies reported its fiscal second quarter 2025 earnings, highlighting several key aspects that investors may find noteworthy.
• The company delivered a robust performance, with revenues at $1.3 billion and earnings per share of $1.70, both exceeding the high-end of guidance.
• This performance marks continued revenue growth, driven by strong demand in the Communications Solutions Group (CSG) and a return to growth in the Electronics Industrial Solutions Group (EISG).

• GameStop, the once-mighty video game retailer turned meme stock sensation, is back in the headlines—but not for reasons that inspire confidence.
• The company recently announced a $1.75 billion offering of 0% convertible senior notes due 2032, triggering a nearly 20% plunge in its share price.
• Investors were spooked not only by the prospect of future dilution but also by GameStop’s new strategy: pouring hundreds of millions into Bitcoin, mimicking the controversial playbook of MicroStrategy.

• Indutrade AB’s recent quarterly earnings present a nuanced picture of its current operational and financial health.
• The company reported a 5% organic growth in order intake amidst an uncertain market environment.
• This was primarily driven by strong demand in sectors such as pharmaceuticals, the broader process industry, and energy.