Equity Bottom-Up

• Nidec Corp (6594 JP) announced in June they were extending the release of their yuho for three months because of an internal investigation into NIDEC FIR INTERNATIONAL (Italy).
• Yesterday, the company announced it would establish a Third-Party Investigative Committee based on suspected improper accounting at the sub of a Chinese sub 1yr ago and parent management knowledge. 
• There’s been a lot of work done. Now the committee digs in. The announcement smacks of IMS issues. Today the marketcap fell 22% or nearly ¥800bn on ¥200mm of accounting.

• Advantest (6857 JP) enjoys a near-monopoly in advanced SoC and memory testing, entrenched at TSMC, Samsung, and SK Hynix, making it the structural gatekeeper of the AI supply chain.
• The company is scaling capacity by 70% in FY25 and investing in next-gen chiplet and system-level test platforms to capture future AI/HBM growth.
• At ~35× P/E and ~23× EV/EBITDA, the stock trades at a premium that reflects record margins and 25%+ CAGR, risks include AI capex cyclicality, Taiwan/Korea dependence, China restrictions, and FX.

• Tencent Holdings Limited delivered a robust financial performance for the second quarter of 2025, driven by significant growth across its business segments.
• The company reported a 15% year-on-year increase in total revenue, reaching RMB 185 billion.
• This growth was supported by a 22% surge in gross profit to RMB 105 billion and an 18% increase in non-IFRS operating profit to RMB 69 billion.

• Keysight Technologies reported its fiscal third-quarter results for 2025, demonstrating strong execution and resilience in its operations.
• The company achieved a robust 11% year-over-year revenue increase, reaching $1.4 billion, with earnings per share at $1.72, surpassing previous guidance.
• Order growth was also positive, with a 7% increase, supported by growth across both the Communications Solutions Group (CSG) and Electronic Industrial Solutions Group (EISG).

• Analog Devices, Inc. (ADI) recently reported a strong third quarter for fiscal year 2025, exceeding its revenue and earnings expectations and reflecting double-digit growth across all major end markets.
• The company’s performance illustrates the resilience and diversity of its business model amid ongoing geopolitical and macroeconomic uncertainties.
• A notable highlight is the accelerated recovery in ADI’s industrial sector, which saw robust performance.

• Box, Inc.’s latest earnings for Q2 FY 2026 highlight a blend of growth and strategic transformation through AIdriven offerings.
• The company reported revenue of $294 million, which reflects a year-over-year growth of 9%, or 7% in constant currency, surpassing their guidance.
• This growth is attributed to an uptick in customer adoption of Box’s AI and advanced workflow solutions.

• MongoDB’s recent financial performance in the second quarter of fiscal year 2026 illustrates a robust growth trajectory balanced by strategic challenges and opportunities.
• The company reported total revenue of $591 million, up 24% year-over-year, surpassing guidance expectations.
• The growth is majorly driven by Atlas, MongoDB’s cloud database service, which saw a 29% increase in revenue year-over-year, comprising 74% of total revenues.

• NCino’s latest financial results for the second quarter of fiscal year 2026 present a nuanced picture of the company’s performance and strategic direction.
• The company, which offers cloud-based solutions for financial institutions, reported total revenues of $148.8 million, representing a 12% increase year-over-year.
• Subscription revenues showed a notable 15% rise, reaching $130.8 million.

• Workday, Inc. announced its second quarter fiscal year 2026 results, highlighting a mixed bag of financial performance, product innovation, and strategic initiatives designed to strengthen its foothold in the cloud-based enterprise software market.
• The company reported a 14% year-over-year increase in subscription revenue, totaling $2.169 billion, and a non-GAAP operating margin of 29%.
• Total revenue rose to $2.348 billion, marking a 13% growth driven largely by robust demand across several verticals, geographies, and customer segments.

• Zoom Video Communications Inc. reported its second quarter fiscal year 2026 earnings, demonstrating a blend of strengths and areas of caution for investors.
• The company achieved a relatively robust revenue growth of 4.7% year-over-year, totaling $1.217 billion, exceeding the upper range of their projections by $17 million.
• A significant contributor to this performance was the 7% growth in the enterprise segment, which now comprises 60% of total revenue.

• Korea Zinc (010130 KS) is the world’s largest merchant zinc smelter, with growing exposure to high-margin rare metals (Sb/In/Bi).
• Management is executing the “Troika Drive” strategy—expanding copper and nickel sulfate capacity while scaling strategic minerals and recycling.
• Stock trades at ~5x 2027E earnings and ~4.7x EV/EBITDA, a clear discount to peers, key risks remain rare metal price volatility, zinc TC/RC recovery timing

• Nvidia’s performance in the industry show was okay, with the stock being slightly off and mixed reactions from analysts.
• The company is continuing to grow at a significant rate, but there are concerns about AI market trends and China relations.
• Questions surround Nvidia’s potential deal with China, with uncertainties about revenue sharing and government involvement.

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

• The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.
• These are supposed to be “next-generation GST reforms” with a promise of implementing reforms as a “Diwali gift” for consumers.
• Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the “G” Day – Day of GST Reform Announcements.

• The bank is starting to perform both absolutely and relative to both the Topix and the Megabanks
• The core thesis is intact as  Net Interest Income improves from a changed asset mix 
• The move into digital currencies is groundbreaking for this institution

• Nvidia’s operating cash fell to $15.4B from $27.4B last quarter, even as net income climbed to $26.4B.
• Receivables jumped to $5.7B with Days Sales Outstanding at 54 days, while accrued liabilities flipped to a $4B drag.
• The balance sheet shows a company pushing more product out than cash is coming in; the predicament arising from Nvidia’s revenue booking model.

• This is the third report in our series analysing the state and outlook for Indian steel majors in their ambition to expand capacity while meeting decarbonisation goals.
• Following our reports on JSW Steel and Tata Steel, this edition focuses on Jindal Steel and Power Ltd (JSPL).
• JSPL has set a net zero emissions target for 2047, 23 years ahead of India’s national goal.

Key points (machine generated)

• Dell’s ISG recorded $38.4 billion in FY2023 but faced a 12% revenue decline to $33.9 billion in FY2024 due to macroeconomic challenges.
• In FY2025, ISG rebounded with a 29% revenue increase to $43.6 billion, fueled by demand for AI-optimized servers and storage solutions.
• ISG is integral to Dell’s AI infrastructure strategy, collaborating with partners like NVIDIA and Nokia to enhance AI offerings and maintain low-teens operating margins.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)

• Air Lease is trading at 0.9 times its book value and is expected to double its earnings in three years.
• Factors contributing to earnings growth include new aircraft deliveries, increased yields from extended leases, and the end of lower-rate COVID-era leases.
• A potential stock buyback announcement is anticipated due to the company’s excess capital position.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• 3SBio Inc (1530 HK) witnessed a revenue decline of 1% in 1H25. Company’s core product Tpiao’s sales decreased 4% to RMB 2.4B (54% of total) impacted by lower volume.  
• Phase III clinical trial of SSS06 (anemia in chronic renal failure), 608 (psoriasis), and 613 (acute gouty arthritis) is complete. NDAs for the same are under review by NMPA.
• 3SBio shares are trading at forward P/E of 11.5x, lower than peers. We feel that there is still upside potential left in the stock.

• Firing on All Cylinders :Midea Group (300 HK) delivered robust 15.7% YoY revenue growth and 25% profit increase in H1 2025, driven by strong domestic demand and overseas expansion.
• Disciplined Execution : Smart Home remained the largest contributor, while Energy Solutions and Intelligent Building Technology delivered fastest growth; overseas revenue rose 17.7% YoY, now 42.5% of group sales.
• Available at compelling valuation of 13.7x P/E (FY25e), Midea emphasizes R&D leadership, digital transformation, and green solutions to sustain long-term growth.

• Number 1 service provider in inspection and technical testing services in Singapore
• Very high net profit margin of 20% and 20%+ ROE
• Consistently makes free cash flow but earnings growth is limited

• The past month has witnessed a remarkable shift in India-China relations, with multiple high-profile developments signaling the most significant thaw in bilateral ties since 2020.
• Despite the expansion in bilateral commerce, India continues to face a significant trade deficit, especially in pharmaceuticals, where dependence on Chinese imports remains high. 
• At present, the revived engagement seems to offer greater advantages to Chinese companies than to their Indian counterparts.

• Kyoto Financial has equity holdings relative to market cap of 135%, well above its larger cap Japanese peer banks, and amounting to a market value of over JPY1.1trillion
• Management has stated that it is targeting JPY100bn+ of disposals in terms of market value by March 2029, but we believe that the market expected more
• Sizeable disposals of equity holdings is Kyoto’s primary source of prospective shareholder value creation; aside from this, its fundamental attractions are limited and so we downgrade Kyoto to a neutral

• In 2Q25, total revenue grew strongly by 30% YoY and the operating margin continued to improve.
• The market focuses on car deliveries, but IoT is the largest contributor to gross profits.
• We believe the stock has an upside of 45% for the year end 2026. Buy.

• Q2 saw sales growth slow sharply (+8% yoy vs +16% in Q1) with OPM collapsing 600bps qoq; OP cut 34% sequentially.
• China sales reset to long-term average, but FY25 outlook slashed to ¥58b (-42% vs prior) with limited disclosure on margin impact.
• Stock down 25% post-results; buyback expansion (¥50b cap maintained) and long-only accumulation (First Eagle to 9.4%) provide near-term support.

• Indonesia’s leading retailer, Mitra Adiperkasa (MAPI IJ), dominates the country’s major malls with 150 brands. It booked a solid 2Q2025 despite the seasonal impact from Lebaran.
• The company’s growth was led by active wear and fashion, with luxury brands outperforming in 2Q2025, although the Inditex brands continued to dominate fashion, with digital business also rebounding.
• MAPI’s expansion into Southeast Asia has slowed, as it focuses on Indonesia. Valuations attractive, with a forecast recovery in 2H2025, with recent troubles providing a  buying opportunity. 

• FMG’s FY25 earnings slumped, with net profit hitting a five-year low as weak Chinese demand and global oversupply pressured prices.
• Heavy reliance on iron ore and limited diversification keep Fortescue lagging peers Rio Tinto and BHP, amplifying downside risks ahead.
• Fragile share price recovery faces technical headwinds, while narrowing steel mill margins undermine near-term prospects for premium ore demand.

• The Philippines is on a strong economic recovery, supported by supportive macroeconomic landscape and expansion of Business Processing Outsourcing (BPO)
• The office market is also recovering strongly, supported by BPO demand.  We think it is a structural fundamental improvement, not a simple cyclical recovery
• We LONG Ayala Land.  It is currently at 9.7x PE, versus 10-year average of 20.4x.

• ISOTeam’s FY2025 results fell short of our expectations, with revenue declining 8.4% yoy to S$119.2m (11.7% below our forecast) and net profit attributable to shareholders dropping 21.2% yoy to S$5.1m (29.2% below forecast).
• The weaker performance was primarily driven by delayed project commencements in Repairs & Redecoration (–42.9% yoy) and Coating & Painting (–14.4%) segments, partially offset by strong growth in Addition & Alteration (25.0% yoy) and Others (10.4% yoy) segments.
• Gross margin improved modestly on better project mix and pricing, but earnings was further weighed down by lower other income and a higher effective tax rate.

• Stockland posted a strong FY25 result and guidance, highlighting growth potential in residential and commercial property, while addressing funding concerns.
• -Stockland posts FY25 and FY26 guidance beats -Master-planned communities growth a highlight in residential -Data centre partnerships to drive commercial -Analysts praise a reduced dividend payout

• With Maynilad Water Services Inc.’s largest IPO in the Philippines, slated for October 2025, targeting up to ₱45.8 billion in total raise, PSE’s IPO pipeline will exceed ₱ 200 billion.
• It represents a substantial >142% YoY increase over 2024 (where IPO pipeline was ₱82.4 billion), with the majority of it back-end loaded (pipeline completed till Aug FY25 ₱70 billion) 
• Trading at 15x FY25 PE, with 18% of the market cap in cash, a 6% dividend yield, and multiple growth levers in the future, this is a stock to explore.

• In August, BYD’s total sales volume was still flat and its domestic sales volume continued to shrink.
• The operating margin declined significantly to 2.3% in 1H25 from 4.4% in 1H24.
• The P/E band suggests a downside of 23% and a price target of HK$89.00.

• KT&G announced that it is selling numerous properties nationwide as well as financial assets, aiming to generate about 1 trillion won in additional cash flow.
• KT&G has started to sell off a number of real estate properties in Seoul, Bundang, Daegu, Sejong, Busan, and North Chungcheong, and other parts of Korea through public bidding process.
• Four key catalysts with KT&G include an increasing probability of cigarette price hike, asset sales of non-core properties/improving corporate governance, high dividend yields, and profitable growth of core tobacco business. 

• Golden Throat (6896 HK — US$343 million) is an iconic Chinese brand of throat lozenges, used to deal with sore or dry throats.

• The core product is similar to Strepsils, Halls, or Ricola, but is sold over-the-counter in pharmacies.

• The company sells 146 million boxes per year and has an estimated market share of 26% in China.

• ICLN has surged more than 35% since April, driven by record renewable generation, strong corporate earnings, and institutional inflows.
• Investors and banks are rotating capital from fossil fuels into clean energy, signalling structural shifts and fuelling the rise of solar and renewables.
• Global clean energy investment, led by solar, points to the early stages of a solar super cycle, positioning ICLN as a prime long-term play.

• ¥15 Bn investment to triple glass cloth capacity at Fukushima plant, with new operations starting Q4 FY2026.
• Demand for low-dielectric and T-glass cloth in AI servers and semiconductors has outpaced supply, creating a strategic bottleneck and premium pricing.
• Full earnings uplift from FY2027 onward, with projected revenue and EPS rising 12–15% post-expansion.

• National Aluminium (NACL IN) has announced a significant INR 30,000 crore capex over the next five years, its largest in recent history, to expand its core smelting, power generation capabilities.
• Targeting an almost doubling of its smelting capacity and securing long-term power supply. This is crucial for NALCO to enhance its competitiveness and achieve the coveted “Maharatna” status by 2030.
• This expansion, funded by a mix of internal accruals and debt, positions NALCO for an earnings inflection point, contingent on disciplined execution and favorable long-term commodity cycles.

• Pinduoduo Holdings Inc. on Monday reported its slowest revenue growth in three years, as the Chinese e-commerce giant ran into stiffer competition at home and new tariff challenges abroad for its overseas arm Temu.
• The Nasdaq-listed company posted second-quarter revenue of 103.99 billion yuan ($14.5billion), just above market expectations and up 7% from a year earlier. That marked the fifth straight quarter of deceleration and the slowest pace since mid-2022.
• Pinduoduo’s meteoric rise since launching Temu in September 2022 peaked with a 131% revenue surge in the first quarter of 2024. Growth has slowed each quarter since, falling to 86% in the second quarter of 2024, 44% in the third, 24% in the fourth, and only 10% in the first quarter of 2025.

• We stick with Brazilian exchange B3 as our buy pick, as the scorecard indicates; data represents the highest share of total revenues versus peers and its post-trade revenues are understated
• We downgrade Hong Kong Exchange to a neutral from buy, after its strong share price performance YTD; we feel much growth potential is discounted at current valuations
• We downgrade BSE to a sell rating as it trades on rich fundamental valuations making it vulnerable to negative earnings surprises; its EBITDA margin no longer lags its peer group

• Akums secured a €200m European supply contract, marking its first large entry into regulated markets and validating its compliance and scale capabilities.
• This shifts Akums from a domestic CDMO leader to a credible global player, with exports positioned to become a material earnings contributor from FY27.
• While near-term growth remains muted, Akums’ medium-term profile looks stronger, with greater diversification and reduced dependence on India’s CDMO cycle.

• The de facto total revenue increased by 10% YoY excluding two disposed shopping malls.
• We believe Alibaba will win the price war for food deliveries, because competitors’ earnings were even worse.
• The stock surged by 13% in NYSE after the result release, but we still believe it has an upside of 48% for next twelve months.

• Alibaba (BABA US)  jumped 12.9% on Friday following better than expected 2Q2025 results and upbeat management commentary.
• Investors cheered growth plans centered around Consumption and AI + Cloud, signaling confidence in the company’s long-term strategy.  
• 2Q2025 operating profits dipped slightly, as higher costs in quick commerce were largely offset by growth in other business segments.

• In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (29 August to 12 September 2025).
• Shipbuilding remained the best performing sector in the past two weeks. Rechargeable battery was the worst performing sector. 
• Top 10 picks in this bi-weekly include KCC Corp, KT&G, LG Uplus, Samsung Life Insurance, Paradise, Nongshim, LG Chem, HD Hyundai Mipo, SK Inc, and CJ Corp. 

• Samsung’s potential Intel stake highlights need for packaging know-how, not customers, and provides a hedge if its 2nm yields or production slip.
• TSMC extends lead with stable N3, on-track N2, AI packaging dominance, and customer migrations, while Samsung’s foundry share declines below 8%.
• Implications: Positive for TSMC (2330 TT), negative signal for Samsung (005930 KS), validating for Intel (INTC US) though regulatory and governance constraints remain important.

• 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 four pair trade opportunities across two markets and three 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.

• Alphabet Inc. Class A is a leading global technology conglomerate headquartered in the United States, best known as the parent company of Google.
• The company maintains a dominant international presence across key sectors such as online search, digital advertising, cloud computing, and artificial intelligence.
• The Company’s shares are listed οn the Nasdaq Composite stock market Ιndex since August 19, 2004 and are included among the companies with the higher market capitalization globally.

• Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally.
• The company operates in two segments, Automotive and Energy Generation & Storage.
• The Company’s shares are listed in the Nasdaq Composite Index under the symbol ‘TSLA’ since June 29, 2010 and are included among the companies with the higher market capitalization globally. 

Key points (machine generated)

• The core portfolio includes leading health and hygiene consumer brands projected to generate £10 billion in sales and £2.6 billion in operating income for FY’24.
• Mead Johnson and Essential Home contribute about 15% of EBIT but are planned for divestment due to low growth potential.
• The self-care segment is expected to represent 33% of total sales in FY’24, with a growth rate of 7% and varying contributions from different regions.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work.
• ART has reported its FY25 result, which was largely flagged in the recent Q4 FY25 cash flow update.
• Further disclosure reveals a monetisation rate of 21.6% for FY25, up from 20% in FY24 and above our forecast.

Key points (machine generated)

• WEIR Group plc is a mining equipment OEM with 80% of sales from aftermarket services and a strong market position.
• The company is undervalued at 12x EV/Adj. EBITA based on 2026 estimates, with potential growth from increased mining capital expenditures.
• WEIR operates in four equipment categories, generating £2.5 billion in revenue with an 18.8% adjusted operating margin, while investing in growth and innovation.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• JFrog reported their financial results for the second quarter of 2025, highlighting continued growth and strategic execution.
• Total revenue for the quarter was $127.2 million, marking a 23% increase year-over-year, with cloud revenue growing by 45% to $57.1 million.
• This growth highlights JFrog’s successful strategy of converting customers with usage above minimum commitments into annual contracts, reinforcing the predictability of revenue streams and strategic focus on cloud services.

• In a stunning geopolitical development, ExxonMobil has reportedly engaged in secret discussions with Rosneft—Russia’s largest state-owned energy company—regarding a potential return to the Sakhalin-1 oil and gas project.
• These talks, led by Exxon Senior Vice President Neil Chapman, signal a possible energy détente between Washington and Moscow, tied to broader negotiations aimed at ending the war in Ukraine.
• The meetings were held under U.S. Treasury Department licenses that allow for discussions on stranded assets and involved back-channel diplomacy, including conversations between Exxon CEO Darren Woods and former President Donald Trump.

• Deere & Company’s third-quarter earnings report presents a mixed outlook for the company, marked by ongoing challenges due to global uncertainties and shifting market dynamics, tempered with strategic operational efficiencies and modest positive trends in some segments.
• The segments of Production and Precision Agriculture, Small Agriculture and Turf, and Construction and Forestry each tell a distinct story of both struggle and strategic positioning.
• 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.

• We strongly disagree with the valuation method of “P/R”. which is calculated by dividing market value by R&D expenses. It is still necessary to view the valuation system rationally.
• Innovent surprisingly turned loss into profits for the first time in 25H1. Considering the future contribution of mazdutide and IBI363, valuation of Innovent may reach above RMB200 billion.
• The logic of Zylox is import substitution. Based on strong fundamentals, if liquidity remains strong, reasonable P/E is 40-45x. Target share price is HK$25-29/share based on 2025 net profit.

• Cytokinetics presented its Q2 2025 earnings and strategic updates, which highlighted significant operational milestones and challenges.
• The company’s focus remains on advancing its pipeline of muscle biology-focused therapies, particularly within cardiology.
• A key development is the ongoing regulatory process for aficamten, a treatment for obstructive hypertrophic cardiomyopathy (oHCM).

• Stantec’s second quarter of 2025 presents a mixed picture, with various factors suggesting both opportunities and challenges for potential investors.
• The company reported net revenue of $1.6 billion, marking a 6.9% increase compared to the previous year.
• This growth was primarily driven by a 4.8% in organic growth, pointing to consistent demand across its operations, particularly in sectors like water, transportation, mining, energy, and mission-critical projects.

• TSMC: +21.8% Premium; Wait for Higher Premium Before Fresh Short of the Spread
• UMC: -0.6% Discount; Wait for More Extreme ADR Spread Level
• ASE: +0.4% Premium; Good Level to Go Long the ADR Spread

• Crocs, Inc. reported a solid performance in the second quarter despite facing ongoing market volatility.
• The company achieved revenues of $1.1 billion, reflecting a 3% growth from the previous year.
• Revenues for the Crocs brand alone rose by 4%, reaching $960 million, with a notable 16% growth in international markets.

• SoundHound exhibited a noteworthy performance in the second quarter of 2025, recording its strongest ever quarterly revenue of $42.7 million, a significant surge of 217% compared to the previous year.
• This growth was primarily driven by substantial advancements in their diverse business verticals: automotive, AI customer service for enterprises, and AI solutions for the restaurant industry.
• The company highlighted its strategic acquisition initiatives, which have effectively enhanced growth trajectories and solidified its position as a key player in the conversational AI sector.

• Coherent Inc.’s fourth quarter and full fiscal year 2025 results reflect both strong performance and some areas of challenges.
• The company experienced a robust fiscal year with revenue hitting a record $5.81 billion, marking a 23% year-over-year increase.
• This growth was propelled significantly by the company’s data center and communications business, with data center revenue alone increasing by 61% from the previous year.

• Context: The Macquarie Group (MQG AU) over National Australia Bank (NAB AU) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: The pair is trading just at the border of the 2 standard deviation threshold which triggers the trade open signal. Monitor to find a good entry point.
• 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.

• Beike (BEKE) reported C2Q25 top line, non-GAA op. profit and GAAP net income (2.5%), (43%) and (3.0%) vs. our est. 
• Since a strong start in C1Q25, both new and existing home sales growth have trended down after early March, against a weak 2024. 
• We cut TP by US$1 to US$24 and maintain BUY.

• Nvidia beat revenue expectations by 1.5% with $46.7 billion in revenue; data centre growth underwhelmed, with compute slipping sequentially.
• Blackwell is ramping at full speed, while Rubin’s six chips have already taped out at TSMC, keeping Nvidia’s annual launch cadence intact.
• Inventory jumped to $15B, and China licenses remain uncertain, leaving little margin for error.

• Glencore Plc (GLEN LN) shares are down 15.3% YTD and remains undervalued relative to peers. Asset optimisation, buybacks & dividends to drive its share prices higher.
• Firm has identified USD 1 billion in annual cost savings, with at least 50% expected to be realized in the second half of 2025.
• The company has reiterated its commitment to shareholder returns via USD 1 billion buyback and USD 1 billion through dividend payout.

• The Engineered Materials segment, driven by AI/5G-linked products like MicroThin™ and FaradFlex®, is poised for strong growth, offsetting near-term Metals segment weakness.
• A forward valuation of ~17× P/E and ~7.5× EV/EBITDA, supported by strong growth in MicroThin™ and the scaling of FaradFlex®, is broadly in line with peers.
• Key risks include metals price volatility, execution delays in FaradFlex®/MicroThin™ ramp-up, and intensifying competition from Asian copper foil and laminate producers.

Key points (machine generated)

• Trinseo has historically been viewed as a high-risk investment due to its troubled history and significant leverage.
• Recent improvements in its balance sheet and liquidity position, including over $450 million available through 2025, indicate a potential shift in investment outlook.
• The alignment of bid-ask expectations for asset sales suggests a positive recovery potential for Trinseo in the next 12-18 months.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Grasim Industries (GRASIM IN) ‘s Birla Opus rolled out “Birla Opus Assurance”— India’s first 1-year free repainting program covering various defects.
• This is just another marketing technique, aimed at capturing market share from existing players. Because of the cut throat competition, other players are expected to launch similar programs.
• Ultimately, this would lead to higher warranty provisioning as well as higher A&P spends, thereby impacting the margins. But in long run, we expect warranty claims to be modest.

Key points (machine generated)

• Global Tax Free Co (GTF) holds a 70% market share in South Korea and 25% in Singapore for VAT refund services.
• The company is recovering from a failed acquisition due to fraud and aims to expand into Japan and Thailand in the next 18 months.
• Founded in 2005 and acquired by a SPAC in 2017, Chairman Mr. Moon Yang-Geun owns an 18.7% stake in GTF.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Apple Secures Over Half of TSMC’s Cutting-Edge 2nm Capacity; How TSMC Anchors Apple’s Product Leadership Strategy
• NVIDIA Results Key Take-Away: Long-Reasoning AI Models Driving Massive Compute Demand
• Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective 

• Results are steady. Revenues are flat with gross profit marginally down.
• There are 2 exceptions : S $5.5 mn impairment on PPE at Nantong due to economic slowdown and fx loss of US $5.5 mn
• Declares 2 cents dividend, ROE of 10% on Balance Sheet which has 30% excess cash and Book Value of Cash S$ 1.46

• We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.
• Our top picks are Asian Terminals (ATI PM), The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).
• We have some very positive updates from Plover Bay Technologies (1523 HK) / Asian Terminals (ATI PM) and The Keepers Holdings (KEEPR PM), post their quarterly results.

• Meituan (3690 HK) shares fell 12.5% post – 2Q2025 results, reflecting investor concerns over prolonged subsidy wars and lack of visibility on when rational competition may resume.
• 2Q 2025 revenue growth lagged the pace of delivery transaction growth as incentives sharply reduced effective revenue capture while rising marketing costs nearly wiped out quarterly profit.
• Along side the rapid growth in China’s instant delivery market, where groceries and daily essentials are delivered in 30 minutes or less, competition among leading retail/delivery players have escalated.

• AI is becoming more integrated into daily life, including potential use for planning holidays and making payments
• Visa is focusing on innovation to redefine the future of payments, with a history of adapting to new technologies and consumer expectations
• Visa’s chief Product officer discusses the company’s vision for the future of consumer payments and the opportunities they see in the market

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

• Tovis is one of the key beneficiaries of continued opening of new casinos in Asia/globally. The company provides specialty monitors for slot machines, casino gaming cabinets, and arcade/gaming machines.
• The growth of the automotive/other displays unit has been driven mostly by domestic sales which increased from 36.6 billion won in 2022 to 239.2 billion won in 2024.
• Tovis is trading at EV/EBITDA of 4.5x based on LTM financials and recent prices. This is much lower than average EV/EBITDA multiple of 12.4x from 2020 to 2024.

• The stock price surged by 7.7% on the 2Q25 release day.
• Total revenue increased by 16% YoY in 2Q25 among which accommodation reservation revenue increased by 21% YoY.
• The operating margin was stable at a level significantly higher than the period before COVID.

• FY2024–25 results showed a sharp rebound, with Resources strength (copper, gold) more than offsetting Smelting losses.
• August FY2025 guidance raised PBT and dividend despite trimming sales and Smelting outlook, reflecting confidence in core earnings.
• EBITDA is set to grow ~6–7% over FY2025–27, leaving the stock inexpensive on P/E (~12x vs peers ~16x).

• Shares of Chinese AI chipmaker Cambricon Technologies Corp. Ltd. (688256.SH +3.24%) surged Monday, bringing the company to the brink of unseating Kweichow Moutai Co. Ltd. (600519.SH -2.27%) as the most expensive stock on China’s A-share market.
• Cambricon’s stock closed up 11.4% on Monday at 1,384.93 yuan ($191.07) per share, just shy of the fiery liquor-maker Kweichow Moutai, which closed at 1,490.33 yuan.
• The chip company’s shares have more than doubled since mid-July and have climbed over 562% since September 2024. The rally has pushed Cambricon’s price-to-earnings ratio to 4,463 times, far exceeding Moutai’s 20 times.

• Block, Inc.’s latest earnings report for the second quarter of 2025 provided key insights into the company’s ongoing strategies, progress, and operational challenges.
• Showing signs of a return to growth mode, the company reported a gross profit of $2.5 billion, up 14% year-over-year, and an adjusted operating income of $550 million, reflecting a 38% increase.
• This indicates an expansion in margins to a new peak of 22%.

• Doximity, a professional network for physicians, recently reported its fiscal 2026 first-quarter results.
• The company posted a revenue of $146 million, marking a 15% year-over-year increase, exceeding its guidance by 4%.
• The adjusted EBITDA was $80 million, translating to a 55% margin, which was above the guidance range, reflecting a 21% year-on-year growth.

• LY is finally moving to integrate LINE and Yahoo more effectively. It has taken too long.
• LINE has 100 million users in Japan and yet until now, there has not been a decent shopping tab within the LINE app to encourage cross-use.
• This is finally happening next month and, along with some AI-based UI and search improvements should help LY maintain parity with Rakuten if not surpass on growth rates.

• Metaplanet launches international equity raise of up to 555m shares, potentially almost doubling share count, targeting approximately ¥130b in proceeds subject to pricing and demand.
• Proceeds earmarked primarily for Bitcoin purchases, potentially adding 4,800–26,800 BTC to treasury holdings, accelerating NAV growth and reinforcing positioning as a Bitcoin balance sheet company.
• Suspension of 20th–22nd series stock acquisition rights through September ensures offering stability and clears path for subsequent preferred share issuance capacity.

• Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas. 
• Comfortdelgro Corp (CD SP) subsidiary, Vicom Ltd (VCM SP) is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.
• It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.  

• Shibaura Electronics (6590 JP) is at the center of a takeover battle between MinebeaMitsumi and Taiwan’s YAGEO.
• Minebea has bid ¥6,200/share with 23% locked in and management support, while YAGEO counters at ¥7,130/share, pending FEFTA clearance.
• Financial investors may wait for FEFTA clarity and lean YAGEO for price, while risk‑averse or aligned holders favor Minebea’s certainty.

• 2Q26 (Jul-25) revenue growth 56% YoY, despite a sharp decline in China revenue (-24% YoY). No H20 revenues from China. H20 charges normalize, margins improve, Net Income 5% above Consensus. 
• 3Q26 revenue growth stable at 54% YoY, not including any H20 revenues from China. Upside from H20 at $2-5bn, max revenue growth 68% YoY. 3Q guidance ~3% above Consensus.   
• The stock is not expensive. Trading at its average 47x trailing PEx, 33x forward. Very little risk to Consensus expectations over FY26-28. 

• Anta Sports acquired Jack Wolfskin in April 2025 so that “other brands” revenues surged by 61% YoY in 1H25.
• The margin pressure came from e-commerce promotion and product function development.
• We conclude an upside of 18% and a price target of HK$120. Buy.

• Shares of Pop Mart International Group Ltd. hit an all-time high after the Chinese toymaker posted strong half-year earnings, fueled by frenzied demand for its Labubu plushies in the U.S. and other overseas markets.
• The Hong Kong-listed company’s profit soared 385.6% year-on-year to nearly 4.7 billion yuan ($654.9 million) in the first half of 2025, while revenue jumped 204.4% to almost 13.9 billion yuan, according to a stock exchange filing on Tuesday.
• Notably, Pop Mart’s revenue from the Americas skyrocketed more than twelvefold from the first half of 2024, while sales in Europe and other regions excluding Asia-Pacific jumped more than eightfold.

• CNRE (600111.SH) posted record H1 FY25 profits with strong production and margin gains.
• The company is ramping alloy, magnet, and separation capacity into 2026 to lift downstream integration.
• Shares have surged over 200% in 12 months, leaving valuations stretched and bubble-like.

• New Oriental is an education service company based in China that has seen significant growth and success since its founding in 1993.
• The company faced challenges in 2021 due to policy changes in China, but has since recovered and is deemed undervalued by Xu Zhong Xu.
• Xu Zhong Xu, a knowledgeable investor with background in the education industry, provides insights on the company’s history, growth trajectory, and potential for continued success.

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

DUG Technology’s FY25 results confirmed that order intake stepped up in H225, with intake of $45.7m 131% higher half-on-half, resulting in a record order book of $52m at the end of the year. While revenue came in marginally below our forecasts, EBITDA was stronger, with the margin down only 0.7pp y-o-y despite investment in international expansion during FY25. We have revised our forecasts to reflect the better-than-expected order intake, lifting revenue by 1.2% in FY26 and FY27 and EBITDA by 11.9% and 10.8% respectively.

Topps Tiles’ (TPT’s) diversification into larger addressable markets with more trading brands means it is well-placed to service more products to more customers in more sectors, and with greater efficiency given the associated investment in operations. There has been good progress with the Mission 365 growth initiatives, albeit these were somewhat masked by a tough trading environment in FY24. Our multiple valuation methods confirm similar upside to the current share price, to at least 111p/share, even at the conservative end of management’s financial goals.

• PC Partner reported 1H25 results, which showed strong revenue growth and flat net margins.
• The company is confident it can delist from HK before the end of the year, as it only needs 50% of shareholders to approve the transaction. SGX only listing remaining.
• The company is now part of the Nvidia Partnership Network, which could accelerate growth in FY26.

• China announced game approval for the August batch. The number of games approved remained at a higher level than 2023.
• The number of game approval in August marked the record high level since the resumption post tightening.
• Of the companies that we are monitoring, Netease and Bilibili got approval for one game each.

• Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.
• Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.
• Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.

• Nongfu Spring’s revenue increased by 16% YoY in 1H25, compared to a decrease of 7% YoY in 2H24.
• The operating margin reached its historical high, 37%, since the company’s IPO.
• Wahaha, the competitor that defamed Nongfu, is in a scandal itself.

• Amazon has officially stepped into the online used-car market through a high-profile partnership with Hertz, potentially disrupting an industry already in flux.
• After quietly testing car listings through its Amazon Autos vertical for over a year, Amazon is now allowing customers in select U.S. states to browse Hertz’s used vehicle inventory and complete much of the transaction through its platform — a move designed to provide a more convenient and digital car-buying experience.
• Delivery or pick-up logistics are handled by Hertz, while Amazon facilitates discovery, payments, and logistics support.

• As geopolitical tensions intensify, Nvidia is walking a tightrope between U.S. export controls and China’s increasingly assertive push for self-reliance in critical technologies.
• The chipmaker’s position as the dominant provider of AI semiconductors has forced it into delicate strategic maneuvers, especially in China, where demand remains strong but political scrutiny is mounting.
• To preserve a foothold in this crucial market, Nvidia has introduced weakened chip designs to comply with U.S. restrictions, explored revenue-sharing deals with local partners, and restructured its supply chain to insulate operations from further shocks.

• Jio dominates telecom with 42% market share and 480M+ subscribers, driving India’s 5G revolution.
• Spans oil-chemicals, retail, digital services, renewable energy with vertical integration advantages across sectors.
• Targeting Net Carbon Zero by 2035 with 100 GW renewable capacity and world’s largest green energy ecosystem.

• Take-Two Interactive Software reported strong financial results for the first quarter of fiscal year 2026, ending June 30, 2025.
• The company reported net bookings of $1.42 billion, significantly surpassing its guidance range of $1.25 to $1.3 billion, indicating robust demand across its portfolio.
• Take-Two’s core franchises, particularly NBA 2K and the Grand Theft Auto series, continue to perform exceptionally, which has supported an upward revision of the company’s net bookings outlook for fiscal year 2026 to a range of $6.05 to $6.15 billion.

• Lyft’s second-quarter 2025 results demonstrate a mix of strong financial performance and strategic expansion initiatives, though not without associated challenges and considerations.
• The company reported record-breaking metrics across several financial measures, including gross bookings, adjusted EBITDA, and free cash flows, marking substantial growth in its operational performance.
• Additionally, Lyft executed a substantial $200 million stock buyback program, signaling confidence in its valuation and future prospects.

• Expedia Group’s Q2 2025 results show both strengths and challenges in their performance.
• On the positive side, the company has managed to surpass expectations for gross bookings, revenue, and adjusted EBITDA margins, indicating effective execution amid a soft U.S. travel market.
• Gross bookings grew by 5%, while revenue increased by 6%, suggesting solid underlying business momentum.