Equity Bottom-Up

• Following a INR 2,000 crore capex cycle, the company is operationalizing critical high-margin assets, specifically in the CDMO and Specialty segments.
• H2 FY26 (Oct 2025 – Mar 2026) is the launchpad for a structural shift in EBITDA quality, as low-margin Acetyls volume is replaced by high-complexity innovator contracts.
• Transitioning from a cyclical chemical play to a structural CDMO story: The upcoming two quarters are critical for “proving the ramp-up.” With the $300M agro-innovator project commissioning in Q4.

• Samvardhana Motherson International (Motherson) has entered negotiations to acquire 100% of AutoElectric for EUR207 million, subject to approvals.
• The acquisition strengthens Motherson’sglobal passenger vehicle wiring harness platform, especially in low- and high-voltage systems, and deepens access to premium OEMs.
• Strategically sound, capability-driven acquisition that enhances long-term positioning, though near-term financial upside is modest.

• Dominant WealthTech Platform in a High-Growth Market: Techcom Securities (TCBS) has established itself as a leading WealthTech firm in Vietnam, leveraging its digital-first strategy and the extensive ecosystem of its parent, Techcombank. This positioning allows it to capitalize on the nation’s rapidly expanding affluent class and the increasing financialization of assets.
• Superior Financial Performance and Market Leadership: The company has consistently delivered strong profitability, being the most profitable securities firm in Vietnam for six consecutive years. It holds leading market shares in key segments, including corporate bond issuance advisory and margin lending, and became the largest securities company by market capitalization following its recent IPO.
• Strategic Focus on Technology and Innovation: With a significant portion of its workforce dedicated to technology, TCBS operates more like a fintech company than a traditional brokerage. Its proprietary TCInvest platform and innovative products like iCopy demonstrate a commitment to digital solutions that enhance user experience and operational efficiency.

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• Delfi is the market leader in the Indonesian chocolate confectionery market, possessing strong brand equity with heritage brands like ‘SilverQueen’ and ‘Ceres’.
• The company faces significant headwinds from volatile cocoa prices, which pressure gross margins, and increasing competition in its core Indonesian market.
• Despite challenges, Delfi maintains a strong balance sheet with minimal debt and trades at a valuation discount to global peers, offering a substantial dividend yield supported by stable cash flow generation.

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• On Christmas Eve, when markets were thin and inboxes quiet, Nvidia dropped a small but revealing piece of news.
• The company signed a nonexclusive technology licensing agreement with AI chip start-up Groq.
• On the surface, it looked modest.

• Nidec is a global leader in the electric motor market, with a dominant position in high-precision motors for hard disk drives (HDDs) and a strategic focus on the high-growth automotive sector, particularly for electric vehicle (EV) components.
• Recent corporate governance concerns, including improper accounting practices at a Chinese subsidiary and the founder’s controversial resignation, have created significant headwinds, leading to the company’s removal from key stock indices and damaging investor confidence.
• The company’s future growth hinges on its ability to capitalize on the transition to EVs and other electrification trends, while simultaneously addressing its governance issues to regain market trust. The appointment of a chief risk officer and a restructured board are critical steps in this process.

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• Recovery Trajectory and Long-Term Growth Potential: Beijing Capital International Airport (BCIA) is on a path to recovery, with passenger throughput showing significant improvement. The combined capacity of Beijing’s two airports is expected to exceed 200 million passengers, indicating substantial long-term growth potential for BCIA as it repositions its passenger mix towards more profitable international travelers.
• Strategic Position as a Major Hub: As the primary international airport serving China’s capital, BCIA holds a strategic position. It is a key hub for major airlines, particularly Air China and other Star Alliance members, which solidifies its role in both domestic and international air travel.
• Financial Headwinds and Competitive Pressures: Despite the recovery in traffic, BCIA faces financial challenges, including continued net losses and significant debt. The opening of Beijing Daxing International Airport has introduced competition, leading to a diversion of some traffic and putting pressure on aeronautical and non-aeronautical revenue streams.

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• LINE Pay Taiwan is the dominant mobile payment provider in Taiwan, boasting a user base of over 12.7 million, which accounts for more than half of the country’s population. The company’s recent IPO on the Taiwan Stock Exchange in December 2024 marks a significant milestone, positioning it for future growth and transformation from a payment provider to a global payment marketing platform.
• The company’s growth strategy is focused on expanding its ecosystem by venturing into cross-border payments, both for inbound and outbound transactions, and diversifying its revenue streams beyond transaction fees into higher-margin areas like financial services and advertising.
• While facing a fragmented and competitive domestic market with rivals like JKoPay and Taiwan Pay, LINE Pay’s strong brand recognition, extensive merchant network of over 570,000 points of sale, and strategic partnerships with major financial institutions provide a solid foundation for sustained leadership and future expansion.

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• Alphabet Inc. has made a bold move by announcing its intent to acquire clean energy developer Intersect Power LLC in a cash-and-debt transaction valued at $4.75 billion.
• The timing of this acquisition reflects the company’s urgency to address mounting energy demands from its expanding AI infrastructure.
• In Q3 2025, Alphabet emphasized its rising capital intensity tied to artificial intelligence and large-scale data center buildouts.

• GitLab is a comprehensive, single-application DevSecOps platform, positioning it as a key player in the rapidly expanding software development lifecycle market. Its integrated approach is a primary differentiator against competitors who often offer a suite of disparate tools.
• The company is demonstrating a strong growth trajectory with a 3-year revenue CAGR of 44.31% and a clear path toward profitability, marked by improving margins and a recent turn to positive operating and free cash flow. The introduction of AI-powered features like GitLab Duo is a key catalyst for future growth and increased revenue per user.
• Despite its strong market position and growth, GitLab faces significant risks, including intense competition from larger, well-capitalized companies like Microsoft (GitHub) and Atlassian, high uncertainty around sustained differentiation, and concerns over recent executive turnover.

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• Oriental Watch is a dominant luxury watch retailer in Greater China, highly dependent on its Rolex authorization, which drives over 80% of revenue.
• The company offers a compelling shareholder return profile, characterized by a high dividend yield (~12%) and a substantial cash position equivalent to about 60% of its market capitalization.
• Significant headwinds persist from weak consumer sentiment in its core markets of Hong Kong and Mainland China, leading to declining revenues, profits, and margins in recent years.

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• Dominant Market Position with Brand Strength: China Mengniu Dairy is the second-largest dairy producer in China, holding leading market shares in key growth segments like high-end UHT milk, chilled yogurt, and premium fresh milk. Its strong brand portfolio, featuring well-recognized names such as Milk Deluxe and Shiny Meadow, underpins its competitive advantage in a market increasingly focused on premium products.
• Navigating Industry Headwinds: The company is currently facing challenges from an imbalance in raw milk supply and demand and weaker-than-expected consumer spending, which significantly impacted profitability in 2024. In response, management has implemented the ‘One Core, Two Wings’ strategy, focusing on optimizing its core dairy segments while expanding into international markets and new channels to foster recovery and future growth.
• Strategic Focus on Innovation and Efficiency: Mengniu is committed to product innovation, launching over 100 new products in the first half of 2025 to meet diverse consumer needs. The company is also driving operational efficiency through digitalization and cost management, which has helped improve margins despite revenue pressures. A focus on sustainability, with a goal of carbon neutrality by 2050, is also a key pillar of its long-term strategy.

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• Management Call — Increased Clarity on Co-Packaged Optics Rollout with Nvidia
• Positioning Inside the TSMC CoWoS / CPO Supply Chain  — Margin Accretive Mix Effects; Low Capital Intensity.
• HIMX — Increasing Our Long-Term Forecasts, Reiterate Structural Long Rating

• Sony Group Corporation made headlines recently with its decision to double its stake in Peanuts Holdings for over $450 million, giving it an 80% controlling interest in the beloved “Peanuts” franchise.
• The acquisition, made from Canadian entertainment firm WildBrain, marks a strategic content play as Sony seeks to expand its IP footprint amid rising competition in the entertainment and streaming sectors.
• The family of Charles M.

• Lamb Weston Holdings, Inc. described a first half shaped by strong shipment momentum and a deliberate reset in how it manages customer relationships, capacity, and costs.
• Volume grew 8 percent in the second quarter and 7 percent in the first half, which management attributed to customer wins, retention, and share gains even as restaurant traffic remained soft in several markets.
• Net sales were essentially flat on a constant currency basis as volume growth was offset by an unfavorable price and mix profile that reflected customer support actions and a shift toward lower margin channels and customers.

• Krispy Kreme has agreed to sell its company-owned operations in Japan to Unison Capital, a local private-equity firm, for approximately $65 million in cash proceeds.
• The transaction, announced in December 2025 and expected to close in the first quarter of 2026, is a key part of Krispy Kreme’s broader turnaround plan, which focuses on reducing debt and shifting toward a more capital-light, franchise-led business model.
• As part of the deal, Krispy Kreme will enter into a new development and franchise agreement with Unison, allowing the brand to retain its presence in the Japanese market while shedding the capital burden of direct ownership.

• BioMarin Pharmaceutical just made its boldest move in years—unveiling a $4.8 billion all-cash acquisition of Amicus Therapeutics.
• The move, announced in December 2025, marks BioMarin’s second major buyout of the year and is set to close in Q2 2026.
• The company will fund the transaction through $3.7 billion in nonconvertible debt and existing cash on hand.

• Eaton captures AI-driven energy demand at the point of consumption, benefiting directly from rising data-centre power intensity, strong order momentum, and diversified electrification exposure.
• Quanta Services monetises the grid expansion required to deliver AI-related power demand, with a record multi-year backlog, and predictable cash flows providing structural downside protection and earnings visibility.
• Together, Eaton and Quanta cover the full AI-energy stack, from grid delivery to data-centre power use, combining upside exposure with resilience and reduced concentration risk in 2026.

• Both domestic and outbound air travel activity have improved in recent months
• Chinese carriers are now enjoying unusually high load factors on outbound travel
• Trip.com is a laggard vs the airlines, but it doesn’t appear cheap to us

• One Mobikwik Systems (1235487D IN) is India’s leading digital wallet platform, serving over 183 million users and 4.7 million merchants through integrated payments, digital credit, and investment solutions. 
• The company shifted from small-ticket Zip loans to large-ticket Zip EMI products to improve credit book quality and ensure more stable long-term unit economics. 
• Management expects an EBITDA break-even by Q3 FY26 or Q4FY26, supported by disciplined cost management, 30% loan book expansion, and normalized gross lending margins of 40%.

• FuelCell Energy’s recent financial results reveal several noteworthy aspects of their progress and challenges as they continue restructuring efforts aimed at profitability.
• For the fourth quarter of fiscal 2025, the company reported an increase in revenues to $55 million from $49.3 million in the previous year, representing a 12% rise.
• This growth was driven largely by increasing demand and successful service agreement executions.

• Recently-Listed 2W Specialist Executing Tier-0.5 Transformation Amid Balance Sheet Reset
• Ambitious 4 W Diversification Strategy t o Reduce Concentration Risk
• Operating Performance Exceeding Guidance w i t h Margin Expansion

• Qualcomm has made headlines with the recent closing of its $2.4 billion acquisition of British semiconductor company Alphawave Semi, a strategic move intended to bolster its data center and AI capabilities.
• The acquisition comes at a time when Qualcomm is gaining momentum across multiple verticals—from its Snapdragon platforms in premium Android smartphones to its growing traction in automotive and industrial IoT.
• But perhaps the most transformative development lies in its ambitions for the AI data center segment, where it plans to take on incumbents by offering power-efficient inference-focused chips.

• We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company. 
• Top-Picks in China are Haier Smart Home (6690 HK),Midea Group (300 HK) & Yadea Group Holdings (1585 HK). In Japan its Suzuki Motor (7269 JP),ROHM Co Ltd (6963 JP)&Aisin (7259 JP).
• In Indian auto it is Mahindra & Mahindra (MM IN) & Ashok Leyland (AL IN).We also like the recently listed ICICI Prudential AMC (570643Z IN).

• Largest PepsiCo bottler outside North America with an India-led but fast-diversifying footprint.
• Balance sheet reset completed via Rs. 75 bn QIP; company declared net-debt-free at Dec-24.
• CSD-Heavy mix remains, but portfolio is skewing “ better-for-you. ”

• India led volume stability, improving deliveries, and captive raw materials position Tata Steel to convert the 2026 steel upcycle into earnings leverage.
• EU policy tightening and CBAM-linked barriers improve Netherlands pricing power, supporting a European turnaround despite continued structural drag from the UK.
• Attractive valuation metrics, low PEG, manageable leverage, and sector outperformance make Tata Steel a high-conviction risk-adjusted play for 2026.

• FactSet Research Systems Inc. reported its first-quarter results for fiscal 2026, highlighting some key financial and operational metrics.
• The company demonstrated positive momentum with strong growth in Annual Subscription Value (ASV), along with healthy operating margins.
• However, there were some notable challenges across regions and firm types which provide a comprehensive view of the company’s current situation.

• Sterling Anderson’s journey from clashing with Elon Musk to reshaping General Motors may be one of the most unexpected executive arcs in recent auto industry history.
• Once a Tesla Autopilot leader and co-founder of the autonomous trucking company Aurora, Anderson joined GM in June 2025 as Chief Product Officer.
• What seemed like a puzzling career move at the time has since evolved into one of the most intriguing leadership shifts in the industry.

• We update the expansion plans of all listed companies under our coverage one by one to capture the extent of the copper supply shortages the world will experience. 
• These listed companies account for ~40% of the global supply, providing a robust sample for analyzing current supply issues, as copper is set to exceed USD 12,000/ton. 
• We like copper names with a solid supply story and low on the cost curve, like Southern Copper (SCCO US) and Antofagasta PLC (ANTO LN) 

• Nameson Holdings is a leading Hong Kong-based knitwear manufacturer with a primary focus on producing sweaters and other knitted apparel for major international brands, most notably Uniqlo.
• The company presents a compelling investment case for income-oriented investors due to its consistently high dividend yield and a commitment to a high payout ratio, supported by resilient profitability and an improving balance sheet.
• Key risks and limitations to growth include a high dependency on its largest customers, exposure to the cyclicality of the apparel industry, flat top-line revenue growth, and volatility in raw material prices.

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• Accenture’s recent earnings call for the first fiscal quarter of 2026 highlights a mix of growth opportunities and challenges.
• The company reported revenues of $18.7 billion, representing a 5% increase in local currency, which aligns with the top of its guided range.
• This growth was broad-based across geographic markets and types of work, with consulting revenues at $9.4 billion and managed services revenues at $9.3 billion.

• LICHF’s asset quality has improved considerably with Stage 3 assets now at 2.51% vs 2.62% QoQ and 3.06% YoY. Recoveries have been also meaningful and are likely to contribute further. 
• NIM declined to 2.62% vs 2.68% QoQ due to repricing of back book per the 25bp PLR cut. NIM is set to expand as borrowing costs come down.
• While growth has been below par due to intense competition from PSU banks; adjusted for balance transfer, it has been decent. Furthermore, H2FY26 tends to be seasonally better.

• Micron Technology’s recent earnings call for the fiscal first quarter of 2026 highlighted several key points that investors should consider.
• The company’s performance showcases both opportunities and challenges across various segments of their business.
• A neutral analysis of their results offers insights into their strategic positioning and future outlook.

• We continue to have JNBY Design Ltd (3306 HK) as a top pick among our names for its robust growth in FY26, an undemanding 10x PE, and 7% dividend yield. 
• For high dividends, we have written extensively on Nameson Holdings (1982 HK), currently trading at a 12% yield, and are exploring Texwinca Holdings (321 HK) (at ~10% yield).
• Finally, for those interested in net-net situations, we have Fountain Set Hldgs (420 HK) trading at a 61% discount to NCAV(net current asset value) with an 8% dividend yield. 

• Mitsubishi UFJ Financial (MUFG) (8306 JP) acquires 20% of Shriram Finance, gaining capital-light exposure to India’s retail and MSME credit via a secured, high-RoA franchise with deep rural distribution.
• Primary capital infusion strengthens Shriram Finance (SHFL IN)’s balance sheet, supports mid-teens AUM growth, margin expansion and a medium-term structural RoE of ~17–18%.
• Earnings impact is modest initially under equity accounting, but compounds over time through growth, co-lending optionality and potential funding-cost compression.

• Aisin (7259 JP) has been taking series of measures to enhance shareholder returns through product portfolio revamp, moving towards reduced cross holdings and balance sheet optimization.
• In this insight, we discuss the status of this journey towards better corporate governance as we term it = “Marching towards Nirvana”
• We finally discuss our outlook, valuation and key risks towards attaining the stated goals of the company.

• Earnings decouple from LME as Novelis delivers contracted conversion margins and Bay Minette adds multi-year EBITDA.
• Downstream India compounds via EV, aerospace and façades with 4× EBITDA targeted by FY30.
• Valuation re-rates toward industrial multiples, driving ~44% upside over 24–30 months.

• GE Vernova T&D has secured a landmark HVDC-VSC order for the Khavda-South project, materially improving multi-year revenue visibility.
• The win reinforces GVT&D’s positioning in India’s grid transformation, strengthens backlog to record levels, and supports sustained earnings growth through FY28.
• With HVDC, grid digitalization, and capex acceleration aligned, GVT&D remains a high-quality transmission compounder with incremental upside optionality.

• Q2FY26 witnessed sequential NIM stability at 11.2%, but the adverse product mix shift toward transactors, coupled with higher operating costs, led to a lower pre-provision operating profit and PAT.
• The company is actively sacrificing immediate yield for better asset quality and volume growth through RuPay/UPI integration, addressing key regulatory and positioning itself to capture theTier II-III consumption base.
• If the stabilization of funding costs and the anticipated moderation of credit costs materialise, the premium valuation may be justified by renewed focus on higher-yielding revolving assets.

• Net cash of ~$3.3bn equals market cap; ~$300mn of recurring FCFE funds ~10% shareholder yield via dividends and buybacks, while Ad-Tech provides incremental growth optionality.
• Management is proactively engaging investors, returning capital, and building Ad-Tech scale, creating multiple levers for perception shift beyond legacy live-streaming framing with a global positioning.
• This is a classic deep-value smallcap bet with Valuation asymmetry: Base-case valuation implies ~50% upside including cash; bull-case capitalisation of cash flows and Ad-Tech optionality supports ~100% upside.

• Quantum Computing Inc. has made headlines with its bold $110 million all-cash offer to acquire Luminar Semiconductor, a deal surfacing amid Luminar Technologies’ bankruptcy-driven divestiture.
• This acquisition comes at a pivotal time for Quantum Computing, which recently secured over $1.5 billion in capital and strengthened its strategic roadmap through the buildout of Fab 1—a foundry for thin-film lithium niobate (TFLN) photonic chips.
• The proposed acquisition is not just a financial transaction; it is a potential catalyst to integrate core photonic IP, engineers, and manufacturing capabilities.

• Mandarin Oriental is no longer a “normal” listed equity.
• With the privatization scheme announced and shareholder-approved, it should be analyzed as a capped-upside, time-bound deal instrument until delisting, not as a multi-year compounding story.
• The report therefore uses the offer value as the primary reference point and focuses on the few items that can still move outcomes before completion: conditions, timing, cash leakage, and any operational downside that could change sentiment or process risk. 

• Oracle’s AI ambitions may have been too big, too fast.
• The company’s sprawling plans to build a national footprint of AI data centers suffered a high-profile blow this week after reports surfaced that Blue Owl Capital walked away from a major funding partnership.
• While Oracle insists Blue Owl was simply outbid for the Michigan data center project, the market response was immediate: shares slid 4.4% and bond prices declined.

• Reliance Industries (RELIANCE IN)mirrors India’s economic pulse, integrating energy, retail, and digital sectors to drive consumption, industrial growth, and widespread digital adoption across the nation.
• Q2FY26 delivered robust double-digit growth with revenue up ten percent, driven by strong consumer business momentum and a sharp recovery in fuel refining margins.
• Future growth is contingent on scaling New Energy gigafactories, monetizing 5G and AI investments, and executing the planned listing of retail and digital consumer businesses.

• Silver-Led earnings and INR translation sustain margins; spot pricing largely reflected in equity.
• Integrated first-quartile cost base supports valuation without requiring leverage or volume expansion.
• Upside requires sustained silver dislocation; maintain Hold on balanced risk-reward.

• After dropping to a 52-week low on operating and net 1Q losses, the share price has recovered to 20x EPS guidance for FY July 2026. 
• The gross margin remains near 80%, but a large increase in advertising expenses put the company into the red. It also boosted sales as planned. 
• Management plans to cut back on advertising, aiming for break-even in 2Q and profits in 2H. The dividend yield is now 3.6%. The long-term investment story remains intact. 

• Established Market Leader with Clear Expansion Roadmap: Wonderla is the largest amusement park operator in India, possessing a strong brand recall and a proven track-record of profitable operations. The company is embarking on a significant expansion phase with new parks recently opened in Bhubaneswar and a flagship park in Chennai set to open, which are expected to be key growth drivers.
• Favorable Industry Tailwinds: The Indian amusement park industry is nascent and underpenetrated, poised for significant growth driven by rising disposable incomes, a large youth population, and increasing consumer preference for experiences over products. This provides a long runway for growth for established players like Wonderla.
• Robust Financials and Prudent Capital Management: The company maintains a strong, debt-free balance sheet with healthy cash flow generation from existing parks. Its unique in-house ride manufacturing capability provides a significant cost advantage for both new projects and maintenance, supporting high operating margins.

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• Beyond Meat is a pioneer in the plant-based meat industry facing severe financial headwinds, including persistent net losses, negative cash flow, and a high debt burden. The company’s stock has experienced a dramatic decline from its post-IPO highs amid waning consumer demand and intense competition.
• Management is executing a turnaround strategy focused on significant cost reductions, operational streamlining, and product innovation aimed at improving health credentials (e.g., the Beyond IV platform with avocado oil). The goal is to achieve positive cash flow and improved gross margins.
• The competitive landscape is fierce, with direct competitor Impossible Foods, traditional meat producers like Tyson and Nestlé entering the space, and numerous other plant-based brands. Beyond Meat‘s premium pricing is a significant disadvantage in an inflationary environment where consumers are price-sensitive.

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• Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
• The company has announced that it has received a $4.6m purchase order from Titomic (ASX:TTT) for refractory alloy powders with powder shipments expected across Q3 and Q4 FY26.
• The order has been received under the previously announced five-year exclusive supplier and development agreement between Titomic and Amaero for refractory and titanium spherical powders.

• India Shelter Finance is a rapidly growing housing finance company focused on the underserved affordable housing segment in India’s Tier II and Tier III cities.
• The company targets self-employed individuals, a niche with significant growth potential but also higher inherent credit risk. Its in-house, technology-driven model for loan origination and servicing is a key operational strength.
• Strong financial performance, characterized by robust AUM growth and healthy profitability, is a key attraction. However, the company’s high valuation and exposure to interest rate volatility are notable risks.

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• Dominant Market Position Solidified by Acquisition: Following the acquisition of Haitai Ice Cream in 2020, Binggrae has secured a leading position in the South Korean ice cream market with a combined market share of approximately 41%. This strategic move is expected to drive revenue growth and enhance market pricing power.
• Strong Financial Performance and Growth Trajectory: The company has demonstrated a remarkable turnaround and robust growth, with a 3-year net income CAGR of 94.35%. This is supported by expanding margins, a strong balance sheet with a net cash position, and consistent revenue growth, indicating efficient operations and a positive outlook.
• Aggressive and Successful International Expansion: Binggrae is successfully leveraging the global popularity of Korean culture (‘Hallyu wave’) to drive international sales, particularly for its flagship products like Melona and Banana Flavored Milk. The company is strategically expanding its footprint in key markets such as the US, China, Vietnam, and Europe, with overseas sales growing significantly.

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• Ricegrowers Group CFO Dimitri Courtelis discusses the company’s recent interim results with RaaS Research Group.

• Anicom Holdings is the clear market leader in Japan’s high-growth pet insurance industry, commanding over 40% market share, driven by the powerful ‘pets as family’ trend.
• Despite strong recurring revenue growth of 10.6% YoY, the company faces significant profitability pressure, with recurring profit falling 33.0% YoY due to increased costs from insurance contract transfers and a rising loss ratio.
• The company’s primary competitive advantage is its pioneering ‘over-the-counter payment system,’ which offers unparalleled convenience to policyholders through a network of over 6,900 veterinary hospitals, fostering high customer loyalty.

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• It has been revealed that three Mirae Asset Group companies including Mirae Asset Securities, Mirae Asset Venture Investment, and Mirae Asset Capital combined invested US$278 million in SpaceX.
• Mirae Asset Group is the biggest Korean investor in SpaceX. Its investment in SpaceX is estimated to be about 2.3% of the total US$12 billion already received in SpaceX. 
• If SpaceX’s valuation reaches nearly US$1.5 trillion in the upcoming IPO in 2026, Mirae Asset Group companies’ investment returns in SpaceX could be more than 10x their original investments.

• Salt Investments, formerly Jasper Investments, is undergoing a significant strategic pivot towards marine and shipping services, marked by recent acquisitions and a foray into digital transformation within the maritime industry.
• The company has recently begun generating revenue after a prolonged period of inactivity, but continues to post significant net losses and negative cash flows, reflecting the early and high-risk stage of its transformation.
• With a new and relatively inexperienced management team and board, the company’s future success is highly contingent on its ability to successfully integrate acquisitions, achieve profitability, and navigate a competitive landscape.

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• NMIAL commissioning in Dec-25 shifts AEL from trading volatility to regulated airport earnings, supporting a structural rerating through FY27.
• EBITDA mix moves toward airports and renewables (>70%); IRM shrinks to a residual contributor.
• Fair value ₹2,750–3,000 (execution ₹3,300+), driven by utilisation, non-aero monetisation, and capital-structure transparency.

• The latest results reveal strong double-digit growth in the newly separated Engineering business, confirming the strategic shift toward high-precision manufacturing in Aerospace & Defence and Auto Components.
• Successful completion and initial performance validation of the demerger process transforms Raymond into two pure-play, specialized manufacturing entities poised to capitalize on global “China + 1” and Indian aerospace tailwinds.
• The structural re-rating thesis remains firmly intact, driven by accelerating margins in the Aerospace vertical and long-term contract visibility.

• Demand from the semiconductor, medical, quantum computing and defense industries is turning the Laser segment into Hamamatsu Photonics’s new growth driver.
• The acquisition of NKT Photonics brings defense and other technologies, Rheinmetall as a customer in Europe, and potential for greater defense-related sales in Japan. 
• Selling at 20x net profit guidance for FY Sep-28, near the bottom of its 10-year P/E range.

• 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.
• Highlights: Currently eleven pair trade opportunities across three markets and six sectors persist.
• 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.

Key points (machine generated)

• Sun Frontier Realty, listed as 8934 on the Tokyo Stock Exchange, is achieving about 60% of its full-year revenue and profit forecast.
• The company specializes in real estate utilization services, focusing on office buildings in Tokyo and operates in four sectors: Real Estate Regeneration, Real Estate Services, Hotels and Tourism, and Others.
• Its activities include selling replanned properties, developing new buildings, managing rental properties, and providing sales and leasing brokerage services.

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Key points (machine generated)

• Takashima is currently experiencing a slow interim period but aims for recovery in the second half of the fiscal year ending March 2026.
• The company operates in building materials, industrial materials, and electronics/devices, focusing on customer value and sustainability.
• Takashima has maintained a stable net profit exceeding 1 billion yen over the past 12 years and aims for sustainable growth through its medium-term management plan, ‘Sustena V.’

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Key points (machine generated)

• SIG Group, listed on the Tokyo Stock Exchange as 4386, reported strong double-digit growth in revenue and operating profit for the interim period of fiscal year ending March 2026.
• The company focuses on corporate digital transformation through AI and aims to serve as an external Chief Information Officer for clients.
• With over 30 years of experience, SIG Group offers a range of services including system development and IT infrastructure solutions, primarily for large corporations and local governments.

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• Shigenobu Nagamori resigned as director but remains honorary chairman, a move we see as insufficient to address Nidec’s recent accounting controversy.
• Meaningful recovery requires both founders’ full retirement, a restructured, more independent board, and a chief risk officer to oversee professional auditing and reforms.
• The company also needs to improve transparency on assets, overhaul incentives toward return on investment, and develop a realistic mid-term plan to improve return on capital.

• November 2025 traffic hit a record ~11.1 million passengers, up ~7.4% YoY (ex-Cebu). Delhi led with 7.3 million passengers and its highest-ever monthly passenger and aircraft movement volumes.
• Traffic has normalized post infrastructure disruptions. Broad-based growth across Delhi and Hyderabad, alongside ~2.7% YoY YTD international growth, improves visibility on aero and non-aero revenue expansion into FY26–27.
• Focus shifts from recovery to sustainable compounding, led by Delhi and Hyderabad, where domestic scale and rising international connectivity act as structural growth multipliers.

• Strong Signals TSMC’s 2nm Node Will Take the Company to New Heights
• Apple Anchors 2nm Volumes — Insulates from Potential AI Capex Slowdown
• TSMC Inexpensive and Resilient to Any Potential AI Capex Slowdown

• Operations did not make any money. other income led to profits.
• Cash per share is MYR 1.11 and the company trades below Cash.
• The company is cautious on outlook due to increasing cost, weak demand , supply chain issue and tariffs.

• New World Development (NWD) is a high-leverage property developer currently trading at a significant discount to its book value, positioning it as a high-risk, high-reward play on the Hong Kong property market and future interest rate cuts.
• The company has experienced severe financial distress, reporting substantial net losses and negative cash flows over the past two years, leading to a sharp dividend cut and a deeply negative growth track record across all key metrics.
• Management is actively pursuing a deleveraging strategy through asset disposals and debt management, such as the recent exchange offer for its perpetual securities. The success of these initiatives is critical to navigating the challenging market and restoring investor confidence.

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• Uni President China (220 HK) appeals to value investors with its stable long-term growth, attractive dividends, and diversified consumer staples portfolio, despite severe near-term sector competition.
• The intense competition plaguing China’s food delivery platforms and F&B sector have impacted investor sentiment and valuations. Expect stock rebound as the dust settles.
• Uni-President’s brand loyalty and innovation capabilities should help sustain revenue and profit growth, enabling the company to weather near-term pricing and margin pressures.

• Zimplats Holdings is a major platinum group metals (PGM) producer, strategically positioned on Zimbabwe’s Great Dyke, one of the world’s most significant PGM deposits. The company’s operations are characterized by shallow, mechanized, and low-cost mining methods, providing a competitive advantage.
• The company is currently navigating a challenging period of depressed PGM prices, which has impacted profitability and led to cost-cutting measures. However, Zimplats is simultaneously implementing a substantial US$1.8 billion expansion strategy aimed at developing new mines, expanding its smelter, and investing in sustainable projects like a solar power plant to secure long-term growth.
• Operating in Zimbabwe presents a unique set of risks and opportunities. While the country offers a rich resource base, the operating environment is subject to regulatory changes, including foreign ownership laws and currency controls, which can impact investor confidence and operational stability.

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• The proposed disposal of Billi, conditional on shareholder approval, is transformational for the Group.
• Ahead of any movement in capital allocation, net cash would amount to c£37m on the repayment of all indebtedness.
• The net consideration of £107m equates to 45p/share, representing a premium to the current share price.

• Zhong Ao Home is a small, independent property management company in China facing a challenging market, characterized by stagnant revenue and declining profitability over the past several years.
• The company’s stock appears undervalued on traditional metrics (P/E, P/B) and offers a high dividend yield, which may attract value and income-oriented investors.
• Significant headwinds persist, including intense competition within a fragmented industry and a reliance on the troubled Chinese real estate sector, creating high uncertainty for future growth.

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• A flow of new contracts have been announced so far in December adding to the evidence of business progress.
• The relatively new biometrics department reported a new client, Global Antibiotic Research & Development Partnership (GARDP).
• This is a not-for-profit research and development organisation that addresses global public health needs by developing new or improved antibiotic treatments, while endeavouring to ensure sustainable access.

• GigaDevice is a leading Chinese fabless semiconductor company, holding a dominant position in the domestic SPI NOR Flash market and rapidly expanding its presence in the microcontroller (MCU) sector.
• The company is a key beneficiary of China’s strategic push for semiconductor self-sufficiency, which provides a long-term tailwind for domestic market share gains across its product lines.
• While demonstrating strong long-term growth, the company faces significant risks from the inherent cyclicality of the semiconductor industry, intense global competition, and geopolitical tensions between the US and China.

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• Q2 FY26 showed healthy spend growth but structurally weak profitability, with yield compression, elevated credit costs, and higher OpEx offsetting sharp funding-cost relief
• Portfolio mix skewed toward transactors and EMI-led spends drove lower interest-earning assets, capping NIM at 11.2% despite a 69 bps QoQ drop in cost of funds.
• Credit costs remain materially above historical levels, with heavy write-offs keeping ROE anchored in the low-teens and limiting near-term earnings recovery.

• Ola Electric (OLAELEC IN) since its IPO has been under scanner. The management presented a very optimistic narrative in Q1FY26, hoping to turn tides, increase volumes, along with better profitability.
• As things stand, volumes continue to hit new lows, market share continues to tumble and the new narrative of Auto EBITDA positive could possibly be an eye wash.
• The company’s strategic mismanagement is unmasked and and with internal controls disappearing . Ultimately, the promoter sell off could be a final nail in the coffin.

• Context: The Yes Bank (YES IN) vs. IDFC First Bank (IDFCFB IN) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Yes Bank (YES IN) and short IDFC First Bank (IDFCFB IN) targets a 6% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• On October 1, Texas-based startup Fermi raised $682.5 million through the sale of 32.5 million shares at $21/share in a remarkable dual listing on both the NASDAQ and LSE
• The company claimed to have a prospective first tenant who had already “put down” a $150 million prepayment
• On December 12, Fermi issued a SEC filing clarifying that no money had been drawn down and the the prospective tenant had terminated their agreement. Currently trading @ ~$9/share

• Huge beat in Nov-25 and Feb-26. The impact of price hikes (Commodity Memory), mix change (more HBM and server) driven by AI growth and low capacity increase. 
• Management is cautious on bit growth but very positive on 2026-28 outlook. HBM sold out for ‘26. Shortages continue in ’26-27. HBM market to increase ~3x by ‘28.
• Consensus should revise up FY26 by ~60%, FY27 by ~80%. This implies that the stock trades at 7.5x FY26 EPS and 5.4x FY27. 

• JAPEX buys Verdad for USD 1.3bn, gaining operated DJ Basin oil exposure and shifting away from LNG-style earnings.
• FY27 operating profit uplift is ~¥14–20bn depending on WTI vs ¥35bn FY26 base.
• Strong balance sheet and +11–12% stock reaction support a valuation re-rating toward 3.5–4.0× EBITDA.

• Abercrombie & Fitch reported its twelfth consecutive quarter of growth, achieving record net sales of $1.3 billion, an increase of 7% from the previous year.
• This growth showcased a balanced performance across regions, with notable success in the Americas and EMEA, despite challenges in the APAC region where sales declined 6%.
• The company also managed to increase its gross margin to 62.5% amidst a 210 basis point adverse impact due to tariffs.

• Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.
• Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   
• KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. 

• In this edition: • Ahold Delhaize | to close six e-commerce fulfillment centers by the end of 1Q26 • ASML Holding | Chinese rumoured to have copied an EUV machine • SBM Offshore | extends contracts for 2 FPSOs and completes sale FPSO Aseng • Sif Holding | affirms 2025-2026 outlook • Dutch politics | coalition talks: significant policy divide on fiscal discipline

• Taiheiyo Cement’s California platform is vertically integrated and permit-constrained, yet valued at a Japanese consolidated multiple.
• Activist engagement targets U.S. asset re-rating, capital allocation discipline, and potential monetisation.
• Base case values shares at ¥4,800; activist outcome implies ¥7,200 driven by U.S. multiple normalisation.

• Fenix Resources (FEX AU) provided more color during its three-year production plan call on its journey from 4 million to 6 million tons by FY28, and beyond 10 million tons post-FY29. 
• The company requires a minimum capex of AUD 35-45 million (excluding fleet expansion capex of AUD 20 million) to ramp up to 6 million tons. 
• Stock trades at 5.4x/4.7x FY26/27PE, based on 4.5/5 million ton shipments at 100 USD/ton. Risks to estimates lie in iron ore prices moving below 100 USD/ton or cost inflation. 

• Tape will be weak to start, but may find dip buying given the bullish read from Micron which is helping send futs higher 
• Chinese ex-ASML engineers have reversed engineered a EUV lithography machine. Not awesome news for Lasertec and Jeol either. 
• China cooling on Japan has led to a big drop in tourist arrival growth rates. Expected – but still negative for duty free, hotels and rails etc. 

• Theme International Holdings, recently renamed Deep Source Holdings Limited, is a diversified company operating in two core, yet volatile, segments: high-volume, low-margin bulk commodity trading and financial services.
• The company is experiencing a significant downturn in profitability, with net income and margins declining sharply in the most recent fiscal year, despite a strong long-term revenue growth history. This raises concerns about the sustainability of its current business model.
• The recent proposal to change the company name to Deep Source Holdings Limited signals a potential strategic shift or rebranding effort to better reflect its future business development, the success of which remains a key variable for future performance.

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• DOWA has re-rated from ¥4,500 to ~¥7,000 on risk compression and commodity optionality, not improved structural returns.
• FY25 earnings were revised upward, but ROIC remains mid-single digit, with Electronic Materials a persistent structural drag.
• Even at elevated silver prices, valuation appears largely priced in, supporting a Neutral stance.

• The reorg will see H1/25 Minerals revenue decline to zero as items are reclassified to Iron Ore and Aluminum/Lithium and Iron/Titanium and Borates are under review      
• Guidance for 2026 indicates a 4.3% and 2.6% yoy increase in iron ore and alumina output, respectively, but a -2.5% and -3.7% decline in bauxite and copper production
• Rio appears near fully valued, with -3.9% downside to our DCF and 4.5% upside to the consensus target, and we still see downside risk for iron ore and copper prices 

• Context: The ARB Corp (ARB AU) vs. Amotiv (AOV AU) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long ARB Corp (ARB AU) and short Amotiv (AOV AU) targets a 6% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• CICC (3908 HK) announced details of its merger, and as Dongxing Securities (601198 CH) is valued higher, FY26F EPS dilution will be 8.5% on a weighted average basis.
• Its post-merger FY26 and FY27 PERs are higher than the sector average, but given its rise to the 3rd largest H-share securities company, the premium can be justified.
• Larger H-share securities companies have edged up since 19-Nov, which bodes well for CICC. We envisage a muted share price reaction, but long-term investors can build a position.  

• Palo Alto Networks recently shared its financial outcomes for the first fiscal quarter of 2026, exhibiting robust performance across various metrics.
• Total revenue for the quarter increased by 16% year-over-year to $2.47 billion, significantly surpassing expectations.
• The company’s focus on platformization and Next-Generation Security (NGS) offerings continue to guide its strategic direction, contributing to the company’s robust earnings.

• Skylink Holdings Limited (“Skylink” or “the Group”) is a newly listed commercial vehicle leasing and engineering solutions provider, formed through the reverse takeover (“RTO”) of Sincap Group in September 2025.
• With just 8 years of operational history under its subsidiary Skylink APAC, the Group has grown into one of Singapore’s largest commercial vehicle leasing platforms.
• Its integrated business model spans long-term commercial vehicle leasing and fleet management (“SKVR”), vehicle credit and hire-purchase financing (“SKCR”), and engineering services including MRO, refurbishment, and bodywork solutions (“SKER”).