Equity Bottom-Up

• Transaction services revenue was stagnant due to high comparison base.
• The gross margin declined significantly due to the overseas expansion.
• However, we believe revenue growth and margins will be stable in the long run.

• Laopu maintained high growth in 25H1, mainly benefit from the upward cycle of gold price and the continuous improvement of the brand power. Accordingly, we raised our 2025 performance forecast.
• The key issue here is the sustainability of performance during stable and declining cycle of gold hasn’t been verified. Especially when gold price drops, it will also cause inventory depreciation.
• Laopu cannot “escape” the gold price cycle.The Fed’s rate cuts are usually accompanied by fluctuations in asset prices, and gold may also face sell-off, which may lead to valuation decline.  

• Samsung has scaled back its Texas fab plans from 44 billion to 37 billion, but the summit may bring a top-up with Intel and Amkor partnerships.
• Intel is shifting glass substrate patents to an Arm-like royalty model backed by SoftBank’s 2 billion stake and a 10 percent US government holding.
• Samsung’s partnership would show alignment with US semiconductor policy at a time when subsidies and political backing matter as much as technology.

• Semi-Cap names outperforming an otherwise dreary tape after TSMC announces no Chinese equipment in its 2nm lines for fear of US reprisals 
• Yields rose on concerns it’s going to be a ‘one and done’ situation after September cuts 
• Trend Micro looking interesting after rebounding off the lows yesterday – with OTC prints possibly pointing to a seller getting cleaned up after 2-months of woeful price action 

• Owens Corning’s second quarter of 2025 demonstrated a blend of strategic advancement and lingering market challenges.
• The company reported a 10% revenue increase compared to the prior year, with revenues reaching notable highs due partly to the addition of its Doors business in May of the previous year.
• This addition reflects strategic diversification efforts to capture a larger share of the building products market in North America and Europe despite a softening market environment.

• After Ben Keswick took over Jardine Matheson, the company has slowly transitioned away from being an owner-operator to more of a portfolio manager.

• The privatization of Jardine Strategic was under-priced, but it also simplified the corporate structure. That should be positive for minorities in the long term.

• Jardine Matheson’s own board has now been stacked with private equity professionals. And new CEO Lincoln Pan comes from private equity firm PAG, where he built up its non-China business.

• What you need to know: • GEC has over 33 years of operating history with deep education roots, offering student housing and academic services across 24 locations.
• • GEC has a proven track record of value creation with a 3x return on the sale of SSCC and strong gains on multiple real estate assets; GEC will now focus on transitioning to a student housing pure play company.
• • The Company has a development pipeline of ~2,900 beds and over $40M in revenue coming online over the next five years, supported by favourable government policy and elite development partners.

• Dream International (1126 HK) reported a solid result with revenues/profits up 12%/10% YoY, led by a healthy growth in both the plush and plastic toy segments
• The company sees an opportunity in growing its presence in China locally to counter the tariff threats. We will get more color on this in the Sept 1st conference call.
• Trading at 13.5x FY25 PE, with net cash 15% of the market cap, a 4% dividend yield, and a four-year ROCE averaging >20%, we would explore the name on dips. 

• Kovai Medical is entering Chennai with a 300–400 bed facility, marking its first move beyond Coimbatore and strengthening its presence in a high-growth metro market.
• The medical college now contributes 7% of revenue, up from 3% in FY22, ensuring recurring cash flows and deeper clinical-academic integration.
• Consistent investments in advanced robotics and AI-driven systems enhance KMCH’s differentiation, positioning it to capture premium demand and medical tourism opportunities in Southern India.

• CSL Ltd (CSL AU) announced major strategic initiatives targeting annual pre-tax cost savings of >$500M by end of FY28. The initiatives will result in 15% reduction in CSL’s employee base.
• CSL intends to demerge CSL Seqirus as a substantial ASX-listed entity by FY26. The remaining CSL group will continue to have leading market positions in multiple rare and serious diseases.
• CSL reported on-target financial performance for FY25. The company has guided for FY26 revenue growth of 4–5% and NPATA (excluding non-recurring restructuring cost) of $3.45B–3.55B, up 7–10%.

• Context: The Tencent (700 HK) vs. Hang Seng Index (HSI INDEX) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: After Tencent’s recent outperformance, going long the HSI and short Tencent targets an 8% 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.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlight: Currently eight pair trade opportunities across three markets and four 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.

• TSMC: +25.6% Premium: Latest Spike is Opportunity to Short the ADR Spread
• UMC: +2.0% Premium; Near Level to Go Short the ADR Spread
• ASE: +5.1% Premium; Good Level to Take Profits on Previous Long Since Parity

• Intel has reached an agreement with the U.S. government, under which Washington will invest $8.9bn for a 9.9% equity stake in the company.  
• Intel benefits from the optics of government backing, which could help sentiment and prevent downside pressure on the stock in the short term, i.e. near-term optics positive, fundamentals unchanged. 
• TSMC’s Japan and Germany fabs were structured through co-investments and partnerships, with equity involvement only when tied to technology access (e.g., Sony CMOS JV). 

• In a high-stakes move to stay competitive in the rapidly evolving AI landscape, Meta Platforms is radically restructuring its artificial intelligence organization.
• The company is dismantling its existing Meta Superintelligence Labs (MSL) and splitting it into four specialized groups—focused on research, product, infrastructure, and superintelligence.
• This development follows months of internal tension and strategic uncertainty, culminating in a significant leadership pivot with the appointment of Scale AI’s founder Alexandr Wang as Meta’s new Chief AI Officer.

• Zhou Liu Fu Jewellery (6168 HK)‘s 1H25 results are healthy, but there are challenges, including weak revenue growth and higher R&D costs.  
• Growth is almost entirely driven by online sales, but its plan to expand offline stores rapidly may erode net profit in the near term. 
• The stock has become the most expensive one in the sector, based on its PERs of 22.4x CY25F and 21.4x CY26F. Its 3-year EPS CAGR of 6.8% is uninspiring.

• After years of turbulence, Boeing is closing in on a potential mega-deal to sell up to 500 aircraft to China.
• This development comes at a time when the U.S. aerospace giant continues to wrestle with production inefficiencies, regulatory scrutiny, safety lapses, and supply chain instability.
• The proposed transaction—still contingent on easing trade tensions between the U.S. and China—would mark the largest commercial order since President Trump’s 2017 visit and may serve as the centerpiece of a broader trade agreement between the two economic superpowers.

• Amdocs recently announced its financial performance for the third quarter of fiscal year 2025, which showcased mixed results and highlighted the company’s strategic focus areas and operational achievements.
• The company recorded a revenue of $1.14 billion, marking a 3.5% increase in pro forma constant currency compared to the previous year.
• This was aided by significant contributions from various regions, most notably a record quarter in Europe.

• Bayan Resources delivered solid H1 2025 results with strong volumes and margins but faces an ambitious ramp-up challenge in H2 to meet full-year targets.
• The company’s 2025 guidance calls for 70–72 million tonnes sales, revenue of US$4.1–4.4 billion, and EBITDA of US$1.4–1.6 billion, supported by Tabang expansion and stable costs.
• Despite solid fundamentals, Bayan trades at a steep premium with P/E of ~39x and EV/EBITDA of ~27x, far above Indonesian coal peers.

• MinebeaMitsumi is focused on expanding semiconductor backend capacity with the Cebu Mitsumi facility, ramping aerospace machining in India, and scaling AI/data center cooling bearings through FY27–28.
• In Q1 FY26, MinebeaMitsumi posted record revenues of ¥366.9bn (+3.2% YoY), though operating income declined 7.8% YoY to ¥17.4bn due to yen appreciation and rare-earth supply disruptions.
• Trading at a reasonable 8.1× EV/EBITDA and 20.9× P/E (TTM), the stock offers a mid-range multiple relative to peers like Nidec and NSK, reflecting a stable but cyclical industrial franchise.

• Intel has agreed to convert US CHIPs Act funding (past & future) & Secure Enclave contracts into a 10% equity stake for the US Administration.
• The equity stake will comprise 433.3 million primary shares of Intel common stock at a price of $20.47 per share, a roughly 16% discount to their market value yesterday
• In his commentary on the deal, President Trump referred to Intel CEO Lip-Bu Tan as a victim, stating he came to the White House to save his job. Wow!

• Revenues are up 7% yony & down 10% qonq and net profits are down 10%
• Historically 2nd quarter is weak quarter as 1st quarter sales are influenced by festival seasons
• Reason for improvement in margin is higher raw material on own brands, increased labour cost and FX losses.

• Honda Motor Company Limited’s recent financial results for the first fiscal quarter of 2025 and forecasts for the entire year reveal various factors influencing the company’s performance.
• The operating profit for Q1 was JPY 244.1 billion, a significant decline compared to the same period last year, impacted by several nonrecurring expenses related to electric vehicles (EVs) and tariffs.
• Despite challenges, notably in the automobile segment with operating losses, the company revised its full-year forecast upward, anticipating an operating profit of JPY 700 billion — a JPY 200 billion increase from previous projections.

• A cigarette price hike has been long overdue in Korea. The last time there was cigarette price hike in Korea was more than 10 years ago.
• We believe that the Korean government could raise cigarette prices to about 7,000 won to 8,000 won per pack from current price of 4,500 won in the next 6-12 months.
• Raising cigarette prices could improve the sharp shortfall in government tax revenues.

• BeOne Medicines recently announced its financial results for the second quarter of fiscal year 2025.
• The company reported significant financial and strategic progress, reinforcing its position in the market.
• Breaking down the results, BeOne’s revenue reached $1.3 billion, reflecting a robust 42% year-over-year growth.

• Guess?
• Inc. has announced it will go private in a $1.4 billion transaction with Authentic Brands Group, marking a pivotal moment in the denim retailer’s four-decade history.
• The buyout, which offers shareholders $16.75 per share in cash—a 26% premium to the closing stock price on the day prior to the announcement—signals a new chapter for the company amid operational headwinds and evolving consumer behavior.

• Global Payments Inc. has reported its second quarter 2025 earnings, showcasing progress across several business segments and initiatives.
• The company’s earnings for the quarter slightly surpassed expectations, with adjusted net revenue reaching $2.36 billion, marking a 5% constant currency growth when excluding dispositions.
• The adjusted operating margin improved by 130 basis points to 44.6%, with adjusted EPS increasing by 11%.

• Fortinet’s second quarter of 2025 financial results reflect a strong and balanced performance, driven by its strategic focus on unified cybersecurity solutions and robust customer growth.
• Fortinet saw a 15% increase in billings to $1.78 billion, with revenue growing 14% to $1.63 billion, primarily fueled by its expanding market presence in unified Secure Access Service Edge (SASE) and AI-driven security operations.
• The company maintained a solid non-GAAP operating margin of 33%, indicating operational efficiency despite increased investment activities.

• As of August 2025, the smartphone war has shifted—hardware takes a backseat, and AI drives the battle.
• Google’s Pixel 10 has emerged as the AI leader, showcasing real-time voice translation, proactive features like Magic Cue, and intelligent photo tools.
• These aren’t experimental; they’re already in users’ hands.

• RB Global presented its financial and operational performance for the second quarter of 2025 with a focus on disciplined execution and strategic expansion.
• The company continues to exhibit growth, particularly within the automotive sector, complemented by strategic acquisitions and partnerships aimed at enhancing its market position in both the automotive and commercial construction and transportation sectors.
• A key highlight of the quarter was a 2% increase in total gross transactional value (GTV), with the automotive sector GTV increasing by 8%, driven by a 9% rise in unit volumes.

For our next Corporate Webinar, engageIR by Smartkarma is glad to welcome StarHub Ltd (STH SP)’s CEO, Mr. Nikhil Eapen.

In the upcoming webinar, Nikhil will share a short company presentation after which he will engage in a fireside chat with Smartkarma Insight Provider, Alec Tseung. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Wednesday, 17 September 2025, 17:00 SGT.

About StarHub

StarHub is a leading homegrown Singapore company that delivers world-class communications,
entertainment, and digital services. With their extensive fibre and wireless infrastructure and
global partnerships, they bring to people, homes and enterprises quality mobile and fixed
services, a broad suite of premium content, and a diverse range of communication solutions. They develop and deliver solutions incorporating artificial intelligence, cybersecurity, data analytics, Internet of Things, and robotics for corporate and government clients.

StarHub is committed to conducting their business sustainably and responsibly. StarHub is named among TIME’s World’s Most Sustainable Companies 2025 and ranked as the world’s most
sustainable wireless telecommunication provider on the Corporate Knights Global 100 (2025).
StarHub also ranks 187 on the FORTUNE Southeast Asia 500 in 2025. Listed on the Singapore
Exchange mainboard, StarHub is a component stock of the SGX iEdge Singapore Low Carbon
Index, iEdge-OCBC Singapore Low Carbon Select 50 Capped Index; as well as the FTSE4Good
Index series.

For more information on StarHub, please visit https://ir.starhub.com/

• The Deal: KKR and JIC are taking Topcon (7732 JP) private via a ¥3,300/share tender offer (~100% premium), with CEO Eto and ValueAct reinvesting.
• Likely Outcome: The offer is highly likely to succeed, with minimal regulatory risk and low probability of a price bump.
• Investor Action: Shareholders should tender into the offer to lock in value, as risk‑reward does not justify holding out.

• Uber Technologies Inc. has reported robust earnings for the second quarter of 2025, setting several new records.
• The company saw significant growth in its key metrics, with trips and gross bookings both increasing by 18%.
• This performance was underpinned by achieving all-time highs in adjusted EBITDA, GAAP operating income, and free cash flow.

• Viper Energy has recently completed the acquisition of Sitio Royalties, signaling a transformative moment in the royalty space.
• This all-equity transaction follows the approval by Sitio shareholders and adds meaningful scale and operational depth to Viper’s portfolio.
• The acquisition, which closed in mid-August 2025, is expected to immediately enhance cash available for distribution by 8%–10%, thanks to the incremental 43 days of Sitio contribution factored into Viper’s revised Q3 2025 production guidance.

• AppLovin has reported strong financial results for the second quarter of 2025, showing robust growth in both revenue and EBITDA.
• The company generated approximately $1.26 billion in revenue, marking a 77% increase year-over-year, and achieved an impressive adjusted EBITDA of $1.02 billion, representing an 81% margin.
• The primary driver of this growth was the company’s core gaming advertising business, although there was also notable performance within the e-commerce sector.

• Emerson exhibited a mixed performance in its third quarter of 2025, attributed to both strategic advancements and external conditions impacting the overall business environment.
• The company’s underlying sales growth was modest, up by 3%, driven mainly by its process and hybrid businesses that grew at 3.5%, whereas discrete businesses posted a 2% growth year-over-year.
• Order growth was particularly notable in the Test & Measurement segment, which increased by 16%, signaling a recovery in that market.

• XPeng reported C2Q25 top line, non-GAAP operating loss and GAAP net loss (5.4%), 28% wider and 10% narrower than our estimate and (2.2%), 13% narrower and 49% narrower than consensus. 
• Vehicle gross margin beat our estimate by 2.3ppt, consensus by 1.7ppt, and improved 14ppt YoY and 1.8% QoQ. XPEV guided for breakeven in C4Q25;
• We reiterate our TOP BUY on XPEV with TP unchanged.

• Airbnb’s second-quarter 2025 earnings call presented a mixed yet promising landscape for investment consideration.
• The company reported robust financial results, marked by a notable increase in key metrics such as bookings, revenue, and margin, which indicate strong demand recovery, particularly in global markets outside the U.S. Despite a challenging economic environment at the beginning of the quarter, travel demand saw an upturn, with significant contributions from expanded offerings in home-sharing and the evolving services and experiences sector.
• 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.

• GPIL is transitioning from a cyclical, commodity-focused steel/pellet company into a value-added steel and battery energy storage manufacturer, supported by captive integration and conservative leverage.
• Capex of INR 1,600 Cr (CRM + BESS) is underway, with pellet expansion and mining approvals in FY26 strengthening the raw material base. 
• FY26 will focus heavily on executing the pellet ramp-up and obtaining EC approvals; FY27–28 is expected to represent a significant change as CRM and BESS are commissioned

• Q1 FY26: Sales up +6% YoY but profits softer on transport and hotel margins.
• Guidance Raised: FY26 OP lifted +20% on fare hikes, ridership recovery, and real estate monetization.
• Valuation: At ¥5,268, shares trade at a 47% discount to SoTP (¥9,916) 

• TSMC Chairman C.C. Wei previously emphasized that customer demand for 2nm technology surpasses that for 3nm, and the company is actively working to expand production capacity. 
• For 2nm technology, we expect production to take place at the Tainan fab, ahead of the U.S. Arizona fab and earlier than the previously anticipated 2028 timeline.
• Taiwan Semiconductor (TSMC) – ADR (TSM US)’s next generation 2nm development is actively progressing.

• Wuxi Biologics (2269 HK) logged solid performance in 1H25, with revenue growing 16% YoY to RMB10B and net profit increasing 55% YoY to RMB3B. Revenue from continuing operations grew 20%.
• Total backlog reached $20B as of June 30, 2025, including $11B service backlog, while the total backlog within three years stood at $4B, enhancing near-term revenue visibility.
• The company raised 2025 revenue growth target to 14–16% YoY from 12–15% YoY earlier. This indicates 2H25 revenue to be RMB11,524M, up 14% YoY and 16% HoH.

• IFAST SP has risen 28% since our initiation and has seen net institutional outflows of S$50m in the first week of the month.
• We see further upside of 12%, as the value in terms of P/AUM is not reflected in the price.
• Recent private transactions such as the Chocolate Finance Series A+ deal round indicate that iFAST is cheap relative to its assets. There is a strong chance of a buy back in 2026.

• The Mosaic Company recently shared its financial results for the second quarter of 2025, showcasing a mixed performance largely characterized by operational challenges but an optimistic future outlook.
• The company’s efforts to enhance operating efficiencies and asset reliability are starting to bear fruit, though certain operational interruptions have impacted short-term outcomes, particularly in the phosphates segment.
• For the quarter, The Mosaic Company reported net income of $411 million, a significant turnaround from last year’s net loss of $162 million.

• A major Intel balance sheet boost, backed by SoftBank, the U.S. government, and leading institutions, would enhance the company’s capacity to make bold bets on regaining global chip manufacturing leadership.
• UMC’s market valuation is less than the capex for just one advanced fab. Intel would likely make a gain on its investment since it would cause UMC shares to rally.
• For less than the cost of a single advanced fab, a large company could acquire UMC and gain chipmaking expertise approaching TSMC’s level; boosting returns across an entire fab network.

• The growth rate of GMV (Gross Merchandise Value) rose to 18% YoY in 2Q25 from 15% YoY in 1Q25.
• The operating margin improved to 13% in 2Q25 from 11% in 2Q24 so that operating profit increased by 35% YoY in 2Q25.
• We conclude an stock upside of 91% for the next twelve months. Buy.

• Freee KK (4478 JP)  reported 4Q and full-year FY06/2025 results last week which disappointed the market leading to a sell-off.
• After reporting 3-consecutive quarters of Adj. OP, profitability dipped in 4Q due to higher advertising and D&A costs. However, freee expects to return to profits in the current fiscal year. 
• Following 4Q results, premium over Money Forward has disappeared and Freee is currently trading at a huge discount to MF which seems unwarranted

• SoftBank widens its AI bet with a $2B stake in Intel, suffers a 12% dip over two consecutive days.
• Nvidia’s dominance has hyperscalers wary of lock-in. With Amazon and Microsoft building their chips, SoftBank’s move lands right as the market searches for alternatives.
• Can Son replicate Intel’s historic design-fab alignment in AI, or would execution risk outweigh his ecosystem-diversification logic?

• Salesforce is charging deeper into the AI frontier.
• On August 18, 2025, the CRM titan announced a definitive agreement to acquire Regrello, an AI-native startup that specializes in transforming fragmented business processes into orchestrated, automated workflows.
• The deal, expected to close in Salesforce’s fiscal Q3 2026, underscores the company’s commitment to building out its “agentic enterprise” vision—where human workers and AI agents collaborate in real time.

• Lumax’s strong product portfolio, global partnerships, and 80% market share in key segments position it as a dominant player in India’s automotive component industry.
• Lumax’s strategic acquisitions, including IAC India and GreenFuel Mobility, and the “NorthStar Strategy” aim to drive revenue growth, operating margins, and leadership in clean mobility solutions.
• Lumax’s SHIFT project enable technological integration, enhancing product offerings and content per vehicle, positioning LATL for long-term growth in the automotive market.

• Results: Q1 revenue ¥51.8B (–21% YoY) and OP ¥10.9B (–44%) came in weak, with DRAM softness offset partly by NAND strength.
• Guidance: FY26/3 outlook (¥244B revenue, ¥55.2B OP) reiterated, implying a sharp 2H acceleration in shipments and margin recovery.
• Valuation: Shares trade at ~11× EV/EBITDA, a discount to peers, but execution risk keeps the multiple constrained.

• Advancing from Breakdown to Breakthrough:ROHM Co Ltd (6963 JP) returned to profitability in Q1FY25 on improved demand and cost controls with strong outlook for Q2.
• Rohm is actively implementing structural reforms, with a priority on ensuring profitability in any market environment.  It is also drafting its second Medium-Term Management Plan for FY26 to FY28.
• It continues to be available at significantly cheaper valuation versus peers of just 0.8x price to book. Also, it has been added to the Nikkei 225 Index recently.

• Vikram Solar’s IPO launch with INR 1,500 crore fresh issue underscores its ambition to fund large-scale expansion, boosting installed capacity from 4.5 GW to 20.5 GW by FY27.
• A robust 10.3 GW order book and Tier-1 global recognition reinforce demand visibility and credibility, positioning the company strongly amid India’s accelerating renewable transition.
• Execution risks in new facilities, raw material price volatility, and premium valuations temper the growth story, requiring cautious optimism from investors.

• Astera Labs, in its second quarter of fiscal year 2025, showcased robust financial performance and strategic advancement in its market positioning.
• The company reported revenue of $191.9 million, reflecting a 20% increase from the previous quarter and a notable 150% year-over-year rise.
• This substantial revenue growth was attributed to increased demand in both its signal conditioning and switch fabric product lines, notably with the Scorpio P-Series switches.

• Results: Q1 FY26 came in solid, with strength in Electronic Materials offsetting weakness in Insulation.
• Guidance/Estimates: FY26 guidance was reiterated, and we retain our estimates, with 2H execution key.
• Valuation: At ~9.5x EV/EBITDA FY26E, Nittobo looks inexpensive, with its monopoly T-glass exposure offering direct leverage to NVIDIA-driven AI/data center demand.

• Intel is suddenly at the center of a high-stakes drama.
• Just this month, the Trump administration reversed its public criticism of CEO Lip Bu Tan—who had been accused of being “conflicted” due to his past China ties—and moved into “constructive discussions” about a possible government equity stake in the company .
• That shift followed a White House meeting that apparently reset the tone, with Trump calling Tan’s journey “amazing” after once demanding his resignation .

• Jacobs presented strong fiscal third-quarter 2025 results, with both adjusted EPS and revenue targets meeting or surpassing expectations.
• The quarter was marked by a 25% increase in adjusted EPS to $1.62, buoyed by net revenue growth of 7% and substantial year-over-year margin expansion.
• The company’s backlog grew 14% to a record $23 billion, and bookings maintained a positive trajectory, positioning Jacobs favorably for upcoming quarters.

• US commerce secretary Howard Lutnick confirmed that the US Administration is pursuing a strategy of converting CHIPS Act funding into equity stakes with Intel acting as its guinea pig
• It seems clear that Mr. Lutnick is bent on applying the same formula with other beneficiaries of US CHIPs Act funding
• CHIPs Act Dollars for Equity, Pay For China Play may seem like innovative ideas but in reality they are a slippery slope to confusion & chaos. Who or what’s next?

• Broadridge Financial Solutions presented a robust financial performance in its fiscal fourth quarter and full year 2025 results, signaling positive momentum and strategic positioning for future growth.
• The company reported a 7% increase in recurring revenue on a constant currency basis and an 11% growth in adjusted earnings per share (EPS), in line with its long-term objectives.
• This financial achievement was complemented by the strategic execution in key areas such as democratization and digitization of governance, capital markets innovation, and modernization of wealth management.

• The recent financial results for International Flavors & Fragrances Inc. (IFF) reveal a balanced but challenging landscape for the company, marked by both growth strides and headwinds across various business segments.
• In the second quarter of 2025, IFF reported a revenue increase of over 3% year-over-year, reaching just above $2.75 billion.
• Additionally, the adjusted operating EBITDA grew by approximately 6% to $552 million, with a margin improvement of 50 basis points.

• Intel just announced that SoftBank has agreed to buy $2 billion worth of Intel stock, details here. 
• The shares are likely newly issued, meaning dilution of existing shareholders. Markets didn’t care and shares rose >5% in after hours trading. 
• $2 billion is a far cry from the $40 billion former CEO Craig Barrett thinks Intel needs. Could this be the first of similar deals with US semiconductor/technology companies?

• In 1H25, Pop Mart’s revenue surged by 204% YoY with all major business lines growing significantly.
• We believe the operating margin will improve strongly in 2025 and rise slightly in 2026.
• The P/E band suggests an upside of 64%  for the end of 1H265. Buy.

• Q1/H1 2025 results: Revenue collapsed (–88% YoY) and EBITDA turned negative due to concentrate export expiry and slow smelter ramp-up.
• Earnings revisions: FY25–26 cut sharply (–60–70% vs earlier estimates), with normalization only from FY27.
• Valuation: At ~USD 38bn (IDR 8,400/share), AMMN already prices in Elang optionality; conservative SOTP points to 20–25% downside, leaving the stock fully valued.

• Monetary support may temporarily ease Intel’s current financial difficulties, but the ultimate solution lies in securing technical support from manufacturing.  
• We remain curious how the U.S. government will devise a solution for Intel if the company ultimately cannot provide the necessary support for U.S. Fabless players.
• We are bearish on Intel Corp (INTC US)’s current position and do not believe financial support alone can help the company overcome its challenges.

• In FY06/25, sales increased 7.2% YoY, operating profit grew 15.8% YoY, driven by effective business initiatives.
• Discount Store business achieved non-consolidated operating profit over JPY100.0bn, OPM improved to 7.2%, strong duty-free sales.
• Company plans to open 25 new stores in Japan, seven overseas, targeting JPY190.0bn duty-free sales annually.

• Gem Aromatics, a specialty ingredients manufacturer, opened its INR 450 crore IPO (Aug 19–21) at a INR 309–INR 325 price band. 
• The company supplies sticky, specification-heavy ingredients (mint derivatives, aroma chemicals) to marquee FMCG and F&F players—segments benefiting from “China+1” and premiumisation in India.
• Quality of customers and process capabilities are positives, but concentration, raw-material cycles and a pending land litigation temper enthusiasm, execution on citral scale-up is key.

• Despite a 307% surge in revenue, CoreWeave’s extended six-year GPU depreciation schedule flatters its profitability while masking faster asset wear-down.
• Despite ballooning into a $30 bn market cap, CoreWeave is weighed down by debt and lease obligations; Q2 interest expense exceeded operating profit, with CRWV netting $290 m in losses. 
• The Aug 15 IPO lock-up expiry triggered insider selling via $1 bn+ block trades, driving a 35% stock plunge and spiking short interest.

• Marriott International, Inc. reported its second-quarter 2025 financial results, revealing both positives and areas of concern.
• The company showed resilience amid global macroeconomic uncertainty by delivering strong performance metrics that surpassed previous earnings guidance.
• The company’s global RevPAR (revenue per available room) increased by 1.5%, with particular strength observed in regions like APAC (Asia-Pacific) and EMEA (Europe, Middle East, and Africa), demonstrating a 9% and 7% rise, respectively.

• Vishnu Chemicals is expanding beyond its core chromium and barium verticals with a first-mover entry into strontium carbonate, positioning itself as the only producer in India and Asia.
• Strategic backward integration in chrome ore and barites mining reduces raw material volatility, safeguarding margins while strengthening long-term supply security.
• Near-Term growth guidance has been moderated to 10–15% due to U.S. tariff headwinds, but diversification and capacity expansion support a structurally stronger growth trajectory.

• On 18 Aug 2025, JSW and POSCO agreed to explore a 6mt steel JV in Odisha under a 50:50 structure.
• JSW to reach 51.5mt by FY31 via Indian expansions; POSCO to hit 52mt by 2030 through green steel upgrades in Korea and overseas growth.
• Strategic Positive: The JV blends JSW’s domestic scale with POSCO’s technology and global network, accelerating India’s steel hub ambitions.

• EIEL is strategically expanding into high-margin Zero Liquid Discharge (ZLD) projects and the renewable energy sector, diversifying its business beyond its traditional water and wastewater treatment core.
• This strategic shift is crucial as it addresses critical national challenges like water scarcity and sustainable energy, aligning the company with major government initiatives and creating new, high-growth revenue streams.
• By entering these technically complex and margin-accretive segments, the company is changing its business model to a diversified infrastructure player with enhanced long-term growth and profitability potential.

• Telstra is guiding to subdued mobile growth in FY26 as the cost of living bites.
• Earnings growth relies on cost cutting and satellite development.
• -Telstra’s FY25 in line, FY26 prognosis subdued -Cost of living driving customers to cheaper options -Major staff reductions to drive cost-outs -Satellite service critical to maintaining dominance

• I’m fascinated by the market for second-hand goods.

• eBay has existed for many decades, but it was only with the smartphone that the market took off.

• With a smartphone, you could snap a photo of your item and post it online within minutes. 

• Aurora World reported excellent results in 2Q 2025. It had sales of 77.1 billion won (up 26.5% YoY) and operating profit of 8.8 billion won (up 86.7% YoY).
• The company’s excellent results in 2Q 2025 was driven by the continued strong demand for its character toys (Palm Pals, YooHoo & Friends, and Rolly Pets) in key overseas markets.
• If we attach a 10x P/E on estimated net profit of 30.1 billion won, it would suggest a market cap of 301 billion won (2026E) (37% upside from current levels). 

• Metaplanet’s equity halved since June, slowing its bitcoin accumulation flywheel as mNAV collapsed from 8x to 2.1x, straining progress toward the 30,000 BTC target.
• Despite headwinds, ¥154b raised via SAR and new perpetual preferred shares expand funding capacity, though near-term headroom of ¥80b remains modest relative to ambitions.
• September’s EGM may prove pivotal; beyond share amendments, a potential U.S. listing via Metaplanet Treasury Corp could signal intent to access deeper capital markets.

• Kyndryl, a prominent player in mission-critical enterprise technology services, presented its earnings results for the first fiscal quarter ending June 30, 2025.
• The company’s financial performance showcased notable progress alongside certain challenges, reflecting the ongoing transformation and strategic initiatives implemented since the spin-off from IBM.
• The company reported revenue of $3.7 billion for the quarter, an increase on a reported basis but a decline of 2.6% in constant currency.

• Allison Transmission’s recent earnings call highlighted a mix of strategic initiatives, industry achievements, and both financial performance and adjustments that are significant to potential investors.
• The acquisition of Dana Incorporated’s Off-Highway business reflects a key strategic move to broaden the company’s global reach, diversify its markets, and optimize its operational efficiencies.
• This transaction, which carries a purchase price of approximately $2.7 billion, is expected to extend Allison Transmission’s capabilities into additional markets, such as agriculture and construction, while promising significant synergy benefits of up to $120 million annually.

• BWX Technologies, Inc., presented robust financial results for the second quarter of 2025, showcasing a strong operational performance that exceeded expectations.
• The key highlights of the quarter include double-digit growth in adjusted EBITDA and earnings per share, alongside substantial free cash flow.
• A significant contributor to the company’s promising outlook is the recently closed acquisition of Kinectrics, expanding BWXT’s capabilities in the nuclear power and energy infrastructure markets.

• Sterling Infrastructure delivered an impressive performance in the second quarter of 2025, showing significant growth in revenue, earnings, and margins, while also enhancing its financial outlook for the remainder of the year.
• The company reported a 21% increase in overall revenue, driven largely by its E-Infrastructure and Transportation Solutions segments, which grew by 29% and 24% respectively.
• Sterling’s strategic emphasis on scaling high-margin businesses, particularly in the data center market, stands out as a catalyst for its robust financial results.

• AECOM’s third-quarter performance for fiscal 2025 highlighted several key accomplishments, challenges, and strategic insights that are crucial in evaluating the company’s investment profile.
• As disclosed in their earnings call, AECOM achieved record results across multiple financial metrics, including a 6% year-over-year increase in organic net service revenue (NSR) with an 8% increase in the Americas segment alone, indicating robust fundamentals in its core markets.
• 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.

• Results: Q1 FY25 sales grew +10.5% YoY with OP surging +56%, led by AI/data-center substrate demand and margin gains.
• Earnings Upgrade & Outlook: FY25–27 EPS/EBITDA raised 9–12% on stronger substrates and resilient ceramics, implying ~18–19% CAGR ahead.
• Valuations: Trading at 21× FY25E P/E and 5.9× EV/EBITDA, Ibiden offers structural growth at compressed multiples versus AI peers.

• Valuation based on Cancellation Price hasn’t fully reflected the potential of Weijing Medical Robot business, nor does it reflect the future growth driven by import substitution due to centralized procurement.
• The medical device sector is expected to have a strong trend of performance reversal/valuation repair. Kangji’s fundamentals/prospects are moving in a positive direction. Reasonable valuation is HK$12-15 billion at least.
• The current Cancellation Price of HK$9.25 is too low to normally reflect the Company’s true fundamentals and prospects. Therefore, we’re worried that there would be some investors opposing this privatization.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlight: Currently seven pair trade opportunities across two markets and two 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.

• Context: The Macquarie (MQG AU) vs. ANZ (ANZ AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Macquarie (MQG AU) and short ANZ (ANZ AU) targets a 5% return to the statistical mean reversion level.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• The 1H25 net profit of US$630m (+79.7% YoY) for SITC International (1308 HK) is impressive. It maintains a generous 70% payout ratio, yielding 4.8% for the interim.
• Its outlook for 2H25 stays positive despite the recent pull-back in spot rates. Overall demand-supply dynamics continue to be favourable in the short and medium term.
• With interim earnings already accounting for 58% of full-year consensus, there is room for an upgrade. At 3.3x P/B, it is not expensive given 30-40% ROEs. 

• Context: The Commonwealth Bank (CBA AU) vs. Bank of Queensland (BOQ AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: After Commonwealth Bank’s sharp post-earnings drop last week, a mean-reversion model suggests long Commonwealth Bank of Australia (CBA AU) and short Bank Of Queensland (BOQ AU).
• 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.

• Bangkok Dusit Medical Services (BDMS TB) posted 4% rise in revenue from hospital operations in 2Q25 as international and Thai patients revenue reported growth of 6% and 3% YoY, respectively.
• EBITDA grew 7% YoY to THB 6.1B on higher revenue and better cost management, while net profit rose 5% YoY to THB 3.5B on lower interest cost. Margins expanded.
• BDMS has delivered an overall stable financial performance with inpatient revenue growth and stable EBITDA margin. Near term upside potential remains.

• Results: Q1 FY25 revenue rose 12% YoY to ¥191.3bn with operating profit up 22% and net profit up 33%, driven by robust semiconductor and ICT materials growth.
• Guidance & Revisions: FY25 guidance lifted to ¥760bn revenue/¥110bn OP; dividend ¥18. Our forecasts rise to PAT ¥70bn (+35%) in FY25, with 30–40% upgrades through FY26–28.
• Valuations: At ~13x P/E and ~12x EV/EBITDA, JX trades above domestic miners but below semiconductor materials peers, leaving room for rerating if the advanced materials mix deepens.

• Asian Terminals (ATI PM) reported a strong increase in revenues/profits of 22.1%/48.9% YoY for Q2 2025, led by the base effect of a 10% YoY price increase in Manila South Harbor. 
• Q3 2025 should be another decent quarter, given the effect of a price hike for the Batangas Container Terminal (Passenger terminal fees are on hold at the Batangas).
• The stock trades at 9.3x FY25e, with a 7% dividend yield (65% payout ratio) and is net cash with an ROCE>20%. 

• Telstra is guiding to subdued mobile growth in FY26 as the cost of living bites.
• Earnings growth relies on cost cutting and satellite development.
• -Telstra’s FY25 in line, FY26 prognosis subdued -Cost of living driving customers to cheaper options -Major staff reductions to drive cost-outs -Satellite service critical to maintaining dominance

• Coherent Corp has announced a strategic divestiture, selling its Aerospace and Defense (A&D) business unit to private equity firm Advent International for $400 million.
• The transaction, disclosed on August 13, 2025, marks a critical pivot in Coherent’s broader portfolio optimization initiative.
• As part of this deal, Coherent will relinquish approximately 550 employees and 10 global operational sites tied to the A&D division.

• In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (15 to 29 August 2025).
• Shipbuilding and rechargeable battery were two of the best performing sectors in the past two weeks.
• Top 10 picks in this bi-weekly include Samsung Electronics, LG Uplus, Hyundai Elevator, KT&G, KEPCO E&C, Dentium, NCsoft, JYP Entertainment, LG Chem, and Ecopro BM. 

• Based on 25Q2 sales data of Semaglutide and Tirzepatide, the penetration rate of both T2D and weight loss indications is approaching ceiling. The inflection point of GLP-1 market has arrived.
• When the gap of clinical progress in EU/US markets is too large, these drugs may not even be on the same tier, and thus do not constitute substantive competition.
• Novartis has approached Avidity Biosciences with an acquisition offer. We think price range of $9-11B is justified by 3-5x peak sales multiples and strategic urgency.

• TSMC: +21.5% Premium; Historically High Short Interest in the Local Begins to Drop?
• ASE: -0.4% Discount; Opportunity to Go Long the ADR Premium
• UMC: +0.2% Premium; Wait for More Extreme Levels Before Going Long or Short the Spread

• Diamondback Energy reported its second-quarter 2025 results, showcasing its consistent focus on enhancing shareholder value through operational efficiencies and strategic asset management.
• The company continues to leverage its expertise in acquiring and optimizing assets, particularly in the Permian Basin, where it has historically demonstrated proficiency in cost reduction and improved execution.
• One of the highlights of the quarter included successful integration of previous acquisitions, notably Endeavor, which was executed smoothly without operational disruptions.

• Grasim’s Birla Opus has rapidly gained market share in India’s decorative paints sector, crossing the 10% organized market threshold in Q1FY26.
• Capacity is set to ~24% of organised industry, reinforcing a scale-led market share push even as incumbents intensify discounting in economy paints.
• With distribution densification, a service layer (PaintCraft), and premium skew, Birla Opus is building operating leverage; monitor execution through festive season and monsoon volatility.

• EchoStar Corporation’s second quarter 2025 financial performance reflects a combination of strategic initiatives and significant challenges, particularly in its interaction with the Federal Communications Commission (FCC) and the communications market.
• The company’s overarching ambition is to maintain leadership in global communications through spectrum rights and technological advances, yet it is navigating regulatory complexities that impact these plans.
• The company’s primary setback stems from an FCC review of its spectrum licenses, including obligations related to 5G broadband service and its AWS-4 band rights.

• IDEXX Laboratories, Inc. reported robust financial results for the second quarter of 2025, underpinned by strong execution, particularly in their Companion Animal Group (CAG) business.
• The company’s revenue increased 11% as reported and 9% organically.
• Growth was driven notably by advancements in their CAG Diagnostic Recurring Revenues, which benefited from significant CAG instrument sales and a strong international performance.

• Hillenbrand’s fiscal third-quarter results for 2025 present a complex picture of strategic maneuvers amidst persistent economic challenges.
• On one hand, Hillenbrand has advanced its strategic objectives, focusing on simplifying its portfolio and reducing debt, evidenced by the divestiture of the Milacron Injection Molding & Extrusion (MIME) business and the sale of its minority interest in TerraSource.
• These divestitures generated a total of $380 million in net proceeds, which were channelled towards debt reduction, thereby enhancing the company’s balance sheet.

• Fluor Corporation recently reported its second quarter earnings for 2025, which presented a mixed financial picture and an update on strategic activities.
• A major highlight was the announcement of converting 15 million NuScale Power (NuScale) Class B shares into Class A securities.
• This strategic move aims to enhance shareholder value and leverage their expertise in NuScale EPC, although the decrease in NuScale’s market performance presents challenges.