Equity Bottom-Up

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.

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (15 to 29 August 2025)

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.

China Healthcare Weekly (Aug.17) – GLP-1s Inflection Point, Novartis to Acquire Avidity Biosciences

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.

Taiwan Dual-Listings Monitor: TSMC ADR Premium Sees Small Breakdown; ASE Discount Long Opportunity

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: Initiation of Coverage- Unlocking Hidden Value Through Advanced Zone Development!

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.

Birla Opus: Grasim’s Game-Changing Play in India’s Decorative Paints Market

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: Initiation Of Coverage- Betting Big on LEO Satellites – Will Direct-to-Device Services Capture the Market First?

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 Hits 10

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 Stock Pops On Sale Rumors—Is A Bidding War Next?

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 Navigates Trade Turbulence – Can It Keep Its Global Project Pipeline Strong?

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.

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Aug 16

Daily Brief Equity Bottom-Up: What’s Up (& Up) With Shandong Hi-Speed 412 HK)? and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

What’s Up (& Up) With Shandong Hi-Speed 412 HK)?
Korea Small Cap Gem #43: Total Soft Bank
Fast Fitness Japan Inc (7092 JP): Q1 FY03/26 flash update
AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes
What’s New(s) in Amsterdam – 15 August (Aalberts / GVT | Triodos Bank)
OneSource Specialty Pharma: Building a Global CDMO Champion from India
Elecom Co Ltd (6750 JP): Q1 FY03/26 flash update
PC Monitor: ASUS’s Gaming & Commercial Strength Signal AI PC Cycle; Positive Read for Dell, HP
BLRX: ASCO Poster & Abstract
BCLI: Focused on Initiation of Phase 3b ENDURANCE Trial of NurOwn in ALS

What’s Up (& Up) With Shandong Hi-Speed 412 HK)?

By David Blennerhassett

Back on the 18th Feb 2025, Shandong Hi-Speed (412 HK) (SHS) closed its unconditional Offer for Shandong Hi-Speed New Energy (1250 HK). Shortly thereafter, SHS’ share price took off.
SHS is now up 190% in the past six months. And ~1800% since Covid.
What gives? It’s not index related. And forward earnings do not justify the move. This looks like a bubble. Short interest is on the move.

Korea Small Cap Gem #43: Total Soft Bank

Total Soft Bank (045340 KS) is a Korean software company focused on digital solutions (enterprise industrial software, SaaS) for the maritime shipping and port logistics value chain.
The company had best ever results in 2Q25. It had sales of 9.7 billion won (up 140.6% YoY) and operating profit of 5.1 billion won (up 947% YoY) in 2Q25.
Using a P/E ratio of 15x on the estimated net profit of 15.5 billion won (2027E), it would suggest market cap of 233 billion won (207% higher than current levels).

Fast Fitness Japan Inc (7092 JP): Q1 FY03/26 flash update

Revenue reached JPY4.9bn (+15.9% YoY), with JPY2.9bn from directly operated clubs and JPY1.8bn from franchise revenue.
Operating profit increased 40.8% YoY to JPY877mn, driven by higher revenue and offsetting increased SG&A expenses.
Gross profit was JPY2.2bn (+18.9% YoY) with a GPM of 44.8%, and SG&A expenses totaled JPY1.3bn (+7.7% YoY).

AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range
Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY
The China slump was not unexpected, but the leading edge logic drop was definitely a surprise

What’s New(s) in Amsterdam – 15 August (Aalberts / GVT | Triodos Bank)

By The IDEA!

In this edition: • Aalberts | Grand Venture Technology records modest EBITDA growth in relation to revenue growth • Triodos Bank | making progress in managing its risks; a lot more work ahead though

OneSource Specialty Pharma: Building a Global CDMO Champion from India

Onesource Specialty Pharma (ONESOURC IN) reported a solid Q1 FY26, with a 12% YoY revenue increase, accelerated capacity expansion, and momentum toward global growth through potential acquisitions.
The proposed acquisition of sterile injectable and carbapenem facilities, coupled with the company’s existing biologics platform, positions OneSource to become a formidable, multi-modality CDMO.
This quarter marks a strategic inflection point for OneSource, signaling a confident transition from a focused CDMO to a globally competitive specialty pharma player with an eye on high-value segments.

Elecom Co Ltd (6750 JP): Q1 FY03/26 flash update

Sales reached JPY28.6bn, a 3.7% YoY increase, with power supplies and I/O devices showing growth.
Operating profit increased by 18.8% YoY to JPY3.0bn, driven by higher gross profit despite rising SG&A expenses.
B2C sales were JPY19.4bn (+3.2% YoY), while B2B sales amounted to JPY9.2bn (+5.0% YoY).

PC Monitor: ASUS’s Gaming & Commercial Strength Signal AI PC Cycle; Positive Read for Dell, HP

ASUS experienced record 2Q25 revenue driven by 30–40% YoY growth in gaming and commercial PCs, supported by a new GPU sales strength and enterprise market expansion.
AI servers held mid-teens revenue share for ASUS; margin pressure from tariffs and FX expected to ease after 3Q.
Strong gaming and commercial PC momentum could signal PC upgrade activity in response to AI PCs, offering positive read-through for Dell and HPQ’s upcoming results end-August.

BLRX: ASCO Poster & Abstract

By Zacks Small Cap Research

BioLineRx is a commercial stage biopharmaceutical company with a development portfolio advancing motixafortide, a platform molecule targeting indications in stem cell mobilization (SCM) & in the treatment of advanced pancreatic cancer.
The candidate is approved in the US for SCM and is undergoing studies for use in gene therapy and in pancreatic cancer.
Partner Gloria Biosciences is developing motixafortide in Asia & is expected to be conducting bridging studies in the near term for SCM & longer-term studies for other indications.

BCLI: Focused on Initiation of Phase 3b ENDURANCE Trial of NurOwn in ALS

By Zacks Small Cap Research

On August 14, 2025, BrainStorm Cell Therapeutics, Inc. (BCLI) announced financial results for the second quarter of 2025 and provided a business update.
The company continues to be focused on initiating the Phase 3b ENDURANCE trial of NurOwn for the treatment of amyotrophic lateral sclerosis (ALS).
Following the filing of the Citizen’s Petition in July 2025, we await a decision from the FDA regarding that petition and whether the agency will invite BrainStorm to resubmit the Biologics License Application (BLA) for NurOwn in ALS.

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Aug 15

Daily Brief Equity Bottom-Up: Appier (4180) | Sustained High-Growth Momentum with Expanding Margins and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Appier (4180) | Sustained High-Growth Momentum with Expanding Margins
Digi Plus Interactive (PLUS PM): Strong Q2 FY25, But Regulatory Cloud A Massive Overhang
Business Breakdown: CFF Fluid Control – In the Middle of India’s Naval Indigenization Drive
Webtoon Entertainment: Secures a Big Contract With Disney
Allegro MicroSystems: Fueling EV & ADAS Growth with Strategic Design Wins!
SoftBank Group (9984 JP): Our Last Review of Quarterly Data
Hikari Tsushin (9435 JP): Q1 FY03/26 flash update
Roku Boosts User Retention & Revenue With Subscription Bundling Strategy; Will It Work In The Long Term?
Qb Net Holdings (6571 JP): Full-year FY06/25 flash update
Goldiam International: Riding on Lab-Grown Exports Despite Tariff Uncertainty

Appier (4180) | Sustained High-Growth Momentum with Expanding Margins

By Mark Chadwick

Revenue: JPY 10.3 billion compared to JPY 8.2 billion a year ago, +27% YoY; FX-neutral revenue of JPY 11.0 billion, +35% YoY – fastest growth in eight quarters.
Gross Margin: 56.1%, up 4.8 percentage points YoY, driven by high-margin products, organic margin improvements, and GenAI-enabled efficiencies.
Stock continues to offer compelling value at 3.2x revenue – a discount to US peer Braze

Digi Plus Interactive (PLUS PM): Strong Q2 FY25, But Regulatory Cloud A Massive Overhang

By Sameer Taneja

DigiPlus Interactive (PLUS PM) reported robust Q2 FY25 results with revenue/net profits up 30.6%/30.1% YoY, driven by an increase in MAUs to 8.5 million from 7.5 million in Q1FY25.
Net margins remained flat YoY at 17%, as a decline in franchisee fees and taxes was offset by an increase in A&P spend as marketshare declined to 39% (vs 45%).
The stock trades at 6.9x FY25e, with multiple expansion catalysts. On the flipside, the regulatory concerns (on restrictions on online gaming) still cloud the sector.

Business Breakdown: CFF Fluid Control – In the Middle of India’s Naval Indigenization Drive

By Nimish Maheshwari

CFF Fluid Control enters FY25 with a INR 500+ crore order book and expanded manufacturing capacity at Khopoli and upcoming Chakan facility.
Strategic partnerships, high entry barriers, and preferred supplier status strengthen revenue visibility amid India’s naval indigenization push.
Robust growth prospects and contract pipeline outweigh concentration risks, reinforcing a positive long-term outlook.

Webtoon Entertainment: Secures a Big Contract With Disney

Webtoon Entertainment (WBTN US) has secured a big contract with The Walt Disney Co (DIS US) including Avengers and Spider Man to become available in webtoon format.
We believe Webtoon Entertainment could grab about 20% of the global market for webtoons in 2030 which would be about $4 billion in revenues.
Assuming a net margin of 10% and a P/E multiple of 20x, it suggests market cap of $8 billion for Webtoon Entertainment by 2030 (264% upside from current levels).

Allegro MicroSystems: Fueling EV & ADAS Growth with Strategic Design Wins!

When we look at the broader performance of Allegro MicroSystems, the results indicate both positive and challenging aspects of the company’s current situation.
From a financial perspective, Allegro delivered a solid performance in its first quarter of fiscal year 2026.
The company reported sales of $203 million and a non-GAAP earnings per share of $0.09, which was above the midpoint of their guidance range.

SoftBank Group (9984 JP): Our Last Review of Quarterly Data

By Victor Galliano

With this report, we terminate coverage of SoftBank group (SBG) shares; going forward, our coverage will be concentrated on financial and fintech stocks, with a bias towards Emerging Markets
SBG shares have rallied hard recently, driven by IPOs of portfolio companies, good IPO prospects for other private companies including PayPay and positive market sentiment towards AI investments
The group NAV’s discount has narrowed sharply to under 30%; we conclude our coverage with a neutral rating, but we stress that high expectations are baked into this narrow discount

Hikari Tsushin (9435 JP): Q1 FY03/26 flash update

The company reported Q1 FY03/26 revenue of JPY167.2bn (+14.4% YoY) and recurring income of JPY43.5bn (+12% YoY).
New segmentation in Q1 FY03/25 includes seven reportable segments; revenue and profit figures adjusted retroactively.
Dividend for Q1 FY03/26 set at JPY181 per share, with total payout of JPY7.9bn, effective September 12, 2025.

Roku Boosts User Retention & Revenue With Subscription Bundling Strategy; Will It Work In The Long Term?

Roku’s second quarter 2025 earnings call reflected a nuanced picture of both progress and ongoing challenges for the company.
On the positive side, the quarter was highlighted by an 18% year-over-year growth in platform revenue, driven largely by the expansion and diversification of advertising demand, and a robust performance from the newly launched Roku Ads Manager.
This growth was fueled by significant gains in video advertising, which outpaced the overall U.S. OTT and digital ad markets, pointing to successful integration strategies and product innovations.

Qb Net Holdings (6571 JP): Full-year FY06/25 flash update

Revenue rose JPY786mn YoY, driven by growth in Domestic and Overseas Operations, with a +3.2% full-year increase.
Operating profit declined JPY430mn YoY due to unplanned costs in Domestic Operations and increased talent development investment.
The company opened 43 new salons, increasing the total salon count by 33 YoY to 724.

Goldiam International: Riding on Lab-Grown Exports Despite Tariff Uncertainty

Goldiam International reported its highest-ever Q1 results, with sales increasing by 39% year-on-year (YoY) and 17% quarter-on-quarter (QoQ).
The most standout update from the company is that it has able to pass on additional tariffs to US consumers despite a muted demand environment
Company is now raising growth capital of close to INR 250 crores via QIP and also expanding its backward integration, which will improve its performance further

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Aug 14

Daily Brief Equity Bottom-Up: Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge? and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?
Tencent (700 HK): 2Q25, Game Revenue Up by 22%, FinTech Back to 2 Digits
Super Dovish Comments From Bessent Fuels Home Builder Strength
10x Genomics + Scale Bio: The High-Plex Power Move Wall Street Didn’t See Coming
Container Port Terminal Screener August 2025: Strong Q2 Results Season
Metaplanet (3350 JP): 1H FY12/25 flash update
Avantor Faces Activist Fire: Why Engine Capital Wants It Sold Now?
Hugel Inc (145020 KS): Strong Overseas Sales Drive 2Q Performance; Positive Outlook
JYP Entertainment: Explosive Earnings Growth in 2Q 2025
Western Union’s $500 Million Intermex Deal: The High-Stakes Bet On Corridor Dominance!

Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?

By Devi Subhakesan

Sea Ltd’s stock surged nearly 20% yesterday after it reported 2Q 2025 results that beat street expectations across key metrics.
During the investor call, Management sounded confident in sustaining growth while improving profitability, citing a vast addressable market and an emerging logistics cost advantage.
Full-Year gaming guidance was raised on the back of Free Fire’s strong momentum across performance metrics.

Tencent (700 HK): 2Q25, Game Revenue Up by 22%, FinTech Back to 2 Digits

By Ming Lu

In 2Q25, game revenue increased by 22% YoY and FinTech revenue growth reached two digits.
The operating margin improved to 34.5% in 2Q25 compared to 30.6% in 2Q24.
The 10-year P/E band suggests an upside of 22.5% and a target price of HK$718 for year end 2025.

Super Dovish Comments From Bessent Fuels Home Builder Strength

By Andrew Jackson

Sentiment for Sumitomo Forestry will continues to rise with pressure on US rates increasing.
Coreweave fails to live up to the hype dropping -20% on profit miss, but topline growth remains strong
Cisco Systems reporting their AI infrastructure orders were double initial expectations for 2025

10x Genomics + Scale Bio: The High-Plex Power Move Wall Street Didn’t See Coming

10x Genomics has been in the spotlight recently after signaling strong interest in acquiring Scale Biosciences—an emerging leader in split-pool combinatorial barcoding for ultra-high-plex single-cell assays.
Just days after posting mixed Q1 results impacted by U.S. academic funding headwinds, CEO Serge Saxonov affirmed a strategy centered on innovation and partnership to sustain momentum in single-cell and spatial genomics.
Scale’s technology promises instrument-free barcoding kits, sample-pooling workflows, and its first commercial single-cell methylation solution—all of which could integrate seamlessly into 10x’s Chromium and Xenium platforms.

Container Port Terminal Screener August 2025: Strong Q2 Results Season

By Sameer Taneja

ICTSI (ICT PM) and Westports Holdings (WPRTS MK) have reported strong results, which we will summarize.
Asian Terminals (ATI PM) made three large share buyback transactions in August, which we will highlight. The company is due to report its Q2 results soon.
Our preference is, in order of priority, Asian Terminals (ATI PM)/ICTSI (ICT PM) and Westports Holdings (WPRTS MK).

Metaplanet (3350 JP): 1H FY12/25 flash update

Revenue reached JPY2.1bn, with Bitcoin Treasury Operations at JPY1.9bn and Hotel business at JPY212mn (+25.8% YoY).
Operating profit was JPY1.4bn, with Bitcoin Treasury at JPY1.6bn and Hotel business contributing JPY82mn.
Bitcoin holdings increased to 13,350 BTC, with BTC yield at 129.4% in Q2, exceeding the 35% target.

Avantor Faces Activist Fire: Why Engine Capital Wants It Sold Now?

Avantor, the $7.8 billion life sciences supplier headquartered in Radnor, Pennsylvania, has recently drawn the attention of activist investor Engine Capital, which has taken a roughly 3% stake in the company.
The move comes after a tumultuous year in which Avantor’s shares fell nearly 50%, pressured by weakened demand—especially in government and education sectors due to research funding cuts—and the April announcement of its longtime CEO’s departure.
Now, with a new chief executive, Emmanuel Ligner, set to take the helm in mid-August, Engine Capital is urging Avantor to either sell itself outright or embark on a strategic overhaul that could include a board refresh, cost reductions, stock buybacks, and divestitures of noncore assets.

Hugel Inc (145020 KS): Strong Overseas Sales Drive 2Q Performance; Positive Outlook

By Tina Banerjee

Hugel Inc (145020 KS) has reported strong 2Q25 result, with all key parameters marking the highest quarterly figures in the company’s history and contributed to a record first-half performance.
Overseas revenue of toxin and derma fillers rose 21% YoY to KRW70B, accounting for 63% of the company’s total sales, boosted by robust growth in the U.S., China, and Europe.
Hugel is well-positioned to report ~20% annual revenue growth through 2027 through global expansion amid favorable industry backdrop.

JYP Entertainment: Explosive Earnings Growth in 2Q 2025

JYP Entertainment reported an explosive growth in sales and profits in 2Q 2025. It achieved sales of 215.8 billion won (up 125.5% YoY and 6.4% higher than consensus).
JYP also had an operating profit of 52.9 billion won (up 466.5% YoY and 23.3% higher than consensus in 2Q 2025.
JYP’s much better than expected results in 2Q 2025 confirms its ability to monetize the growing popularity of K-Pop globally.

Western Union’s $500 Million Intermex Deal: The High-Stakes Bet On Corridor Dominance!

Western Union is making strategic headlines with its agreement to acquire International Money Express for $16 per share in cash, valuing the deal at roughly $500 million.
The acquisition price reflects a 50% premium to Intermex’s 90-day volume-weighted average price and signals Western Union’s intent to strengthen its U.S. retail footprint while expanding into high-potential geographies.
The move comes amid a challenging macro backdrop for Western Union, which recently reported Q2 2025 revenues of $1.026 billion, down 1% year-over-year (excluding Iraq), with ongoing headwinds in U.S. outbound corridors due to heightened immigration enforcement.

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Aug 13

Daily Brief Equity Bottom-Up: KT Corp: Excellent 2Q 2025 Earnings Driven by Market Share Gain and Improving AI/Cloud Businesses and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

KT Corp: Excellent 2Q 2025 Earnings Driven by Market Share Gain and Improving AI/Cloud Businesses
Taiwan Tech Weekly: Foxconn US$1bn USA Robotics Push; Samsung Doubles Down on US Fabs; Intel Crisis
TSMC (2330.TT; TSM.US): Board Meeting Resolutions; 2nm Technology Information Leakage Issue.
GRAB Holdings Riding A 19% GMV Surge – Can Its Super App Ecosystem Keep Momentum Alive?
Indian Banks: Stick with Baroda and UBI on the Buy List, Downgrading Canara
Kalyan Jewellers: Deleveraging “Pause,” Capital Absorption Rising, Contrasting Capital Allocation
Nanya July Revenue Soars 31% MoM As Micron Revises Current Quarter Guide Up >5%
Tencent Music (TME): 2Q25, Concert Revenue Booming, Margin Hitting Historical High
[ACMR(ACMR US, BUY, TP US$30) Review]: 2Q25 Review: Missing Two Quarters but We Still Love It
[Zai LAB (ZLAB US, BUY, TP US$40) Review]: Past Is Holding ZLAB Back but Future Is What Matters

KT Corp: Excellent 2Q 2025 Earnings Driven by Market Share Gain and Improving AI/Cloud Businesses

The most important reason for KT’s excellent results in 2Q 2025 was due to the major hacking incident at SK Telecom in May 2025.
The company’s growing AI business and successful real estate sales also contributed to the company’s improving results in 2Q 2025.
KT is likely to benefit from higher profits and returns on capital in the next couple of years as the penetration of 5G service surpasses more than 80%.

Taiwan Tech Weekly: Foxconn US$1bn USA Robotics Push; Samsung Doubles Down on US Fabs; Intel Crisis

Foxconn Tech invests US$1bn in U.S. robotics, AI, and smart manufacturing over 10 years, expanding into service robotics via RoboTemi stake.
Samsung to surpass US$50bn in U.S. chip investments, adding US$7bn for advanced packaging to compete with TSMC and capture AI/HPC integration opportunities.
Intel faces leadership crisis as CEO Lip Bu Tan’s strategy is criticized; U.S. policy and competitive pressures may accelerate market gains for TSMC and Samsung.

TSMC (2330.TT; TSM.US): Board Meeting Resolutions; 2nm Technology Information Leakage Issue.

By Patrick Liao

Taiwan Semiconductor (TSMC) – ADR (TSM US) disclosed Board of Directors meeting resolutions today.
Taiwan Semiconductor (TSMC) – ADR (TSM US) 2nm technology manufacturing information leakage issue.
Currently, only TSMC, Samsung, and Intel have achieved trial production at the 2nm node.

GRAB Holdings Riding A 19% GMV Surge – Can Its Super App Ecosystem Keep Momentum Alive?

Grab Holdings’ second-quarter 2025 earnings reflected a mix of strong operational progress and notable challenges, painting a nuanced picture for investors evaluating the company’s prospects.
The quarter showcased impressive momentum in user engagement, with group Monthly Transacting Users (MTUs) continuing to rise and on-demand Gross Merchandise Value (GMV) posting 21% year-on-year growth in US dollar terms and 18% in constant currency.
This growth underscores the platform’s increasing utilization and the loyalty of its user base.

Indian Banks: Stick with Baroda and UBI on the Buy List, Downgrading Canara

By Victor Galliano

We take profits on our Canara Bank buy recommendation, due to adverse credit quality trends, and we stick with our two high conviction buy names UBI and Bank of Baroda
UBI ranks top in our proprietary scorecard, replacing Canara Bank; UBI has high earnings and dividend yields; it ranks highly on NPL coverage and it has a well-controlled write-off ratio
Baroda remains our core value pick; it has attractive valuations and potential to expand returns which we expect to emerge over the medium term, especially given its control of write-offs

Kalyan Jewellers: Deleveraging “Pause,” Capital Absorption Rising, Contrasting Capital Allocation

By Nimish Maheshwari

Management has paused its previously articulated plan to reduce debt by INR 300–400 crore.
The pause defers balance‑sheet de‑risking and redirects internal cash toward a lean‑credit procurement pilot and a new regional‑brand roll‑out (inventory‑heavy upfront), raising working‑capital intensity just as gross‑margin mix is shifting.
Near‑term FCF could compress despite strong topline; margin delivery needs to outpace capital absorption to sustain the rerating. Market reaction (‑9% on the day) shows low tolerance for capital‑allocation ambiguity.

Nanya July Revenue Soars 31% MoM As Micron Revises Current Quarter Guide Up >5%

Nanya last week announced that revenues for the month of July amounted to NT$5.3 billion, an increase of 31.4% MoM, and an increase of 95% YoY,
Micron this week revised upwards its guidance for the current quarter with a roughly $500 million increase in revenue, attributable primarily price increases for DDR5
Customisation of Micron’s HBM4E base logic die is transforming their key customer relationships from commodity vendor to strategic ASIC design-like partner. That’s good for Micron…

Tencent Music (TME): 2Q25, Concert Revenue Booming, Margin Hitting Historical High

By Ming Lu

In 2Q25, non-subscriber music revenue surged by 47% YoY and total revenue grew by 18% YoY.
The operating margin hit the historical high since TME’s IPO.
We believe the stock has an upside of 9% and a price target of US$27.60 for the year end 2025.

[ACMR(ACMR US, BUY, TP US$30) Review]: 2Q25 Review: Missing Two Quarters but We Still Love It

By Eric Wen

ACMR reported C2Q25 top line, non-GAAP operating profit and GAAP net income (14%), (35%) and (17%) vs. our estimate, and (3.9%), (16%) and (9.9%) vs. consensus.
However, company maintained full year revenue guidance of US$850-950 unchanged and raised long term revenue target by 33% to US$4bn;
We keep rating and TP unchanged. ACMR is one of our TOP BUY’s.

[Zai LAB (ZLAB US, BUY, TP US$40) Review]: Past Is Holding ZLAB Back but Future Is What Matters

By Eric Wen

Zai Lab reported C2Q15 top line, non-GAAP operating loss and GAAP net loss 1.5% above, 31% narrower and 38% narrower than our estimate, and 12% below,
We cut ZEJULA’s peak sales by 12% due to sustained competition. We are also concerned on the slow ramp up of AUGTYRO, which will likely persist.
However, ZLAB has several catalysts ahead, including Bemarituzumab, KarXT, and ZL1310. We keep TP unchanged and maintain BUY.

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Aug 12

Daily Brief Equity Bottom-Up: Intel CEO Heads To DC To Save His Job As Former CEO Calls His Leading Edge Strategy A Joke and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Intel CEO Heads To DC To Save His Job As Former CEO Calls His Leading Edge Strategy A Joke
What’s Trump After in Lip-Bu Tan’s Oval Office Meeting?
LG Chem: Flurry of Asset Sales Raises the Probability of A Partial Sale of LG Energy Solution
The Beat Ideas: Edelweiss 2.0 – Unlocking Value Through Deleveraging and Strategic Listings
Chongqing Taiji Industry (Group) (600129 CH) – Investors Are Betting on the Merger with China TCM
Closure of Short Call on Tata Motors
Kalyan Jewellers (KALYANKJ IN) | The Capital Sinkhole
Mobvoi Inc. Revenue From AIGC Solutions Continues To Post Hyper Growth, TicNote Debuted in April
CyberAgent: Newly Released Games Drive Growth with an Upward Revision to Guidance
IFAST Corporation Limited: Undervalued for Its Prospects

Intel CEO Heads To DC To Save His Job As Former CEO Calls His Leading Edge Strategy A Joke

Intel CEO Lip Bu Tan is reportedly headed to Washington today to meet with the US Administration and clear up any misunderstandings about his past investments in China etc.
Meanwhile, former CEO Craig Barrett published his third opinion piece about Intel’s future and calls LBT’s strategy of not investing further in 14A without customer support a joke
It’s challenging to deal with the US Administration from a position of strength. It’s a whole different ball game when both the CEO & the company are in crisis mode…

What’s Trump After in Lip-Bu Tan’s Oval Office Meeting?

By Raghav Vashisht

Political scrutiny and perception issues form a tense backdrop ahead of Tan’s Oval Office meeting.
Strategic rifts over investment pace, 14A development, and fab build-outs are at the heart of the discussion.
The meeting’s outcome may hinge on whether Tan can align Intel’s roadmap with Trump’s manufacturing agenda.

LG Chem: Flurry of Asset Sales Raises the Probability of A Partial Sale of LG Energy Solution

In the past three months, LG Chem has announced two asset sales worth 1.6 trillion won including dermal filler and water filter businesses.
Due to worsening balance sheet and need to raise additional capital, there is an increasing probability of LG Chem selling a partial stake in LGES in the next 6-12 months.
Our NAV valuation of LG Chem suggests implied NAV per share of 414,325 won, which is 49% higher than current levels.

The Beat Ideas: Edelweiss 2.0 – Unlocking Value Through Deleveraging and Strategic Listings

Edelweiss plans a INR 1,500–2,000 crore IPO of EAAA and a 25–30% stake sale in its mutual fund arm to accelerate deleveraging.
These transactions could meaningfully reduce corporate debt from INR 6,325 crore, strengthen the balance sheet, and unlock shareholder value.
Successful execution improves capital efficiency, supports high-margin business growth, and enhances upside potential, reinforcing the 56% target price appreciation case.

Chongqing Taiji Industry (Group) (600129 CH) – Investors Are Betting on the Merger with China TCM

By Shifara Samsudeen, FCMA, CGMA

The current channel inventory digestion has been ongoing for nearly a year. If the terminal sales data in 25Q3 improves, it is expected to support the revenue recovery in 25Q4.
China TCM and CNPGC had signed relevant agreement on the free transfer of equity. Investors think this is paving the way for the future integration of China TCM and Taiji.
Investors have reignited interest in betting on China TCM’s privatization and merger with Taiji .According to Taiji, CNPGC will still fulfill its commitment to resolving the issue of horizontal competition

Closure of Short Call on Tata Motors

By Sreemant Dudhoria,CFA

Post Q4FY25 results,we had presented our case for shorting Tata Motors in May 2025, anticipating a challenging quarter ahead.We now recommend closing the short position,with reasons explained in this insight
The company reported a very challenging Q1FY26, with JLR EBIT crashing to 4.0% (vs 8.9% YoY). The India passenger car business also faced similar pressure.
The only segment to deliver stable performance was the commercial vehicle division.

Kalyan Jewellers (KALYANKJ IN) | The Capital Sinkhole

By Pranav Bhavsar

Kalyan Jewellers (KALYANKJ IN) Management paused INR 350-400 crore debt reduction after 90 days, now planning INR 2,700 crore capital consumption without clear justification.
Candere losses increased 5X while management admits e-commerce isn’t their strength, yet continues expanding with new regional brand initiatives.
Stock trades at 44x P/E NTM above 3-year average despite questionable capital allocation and non-quantifiable efficiency claims from management.

Mobvoi Inc. Revenue From AIGC Solutions Continues To Post Hyper Growth, TicNote Debuted in April

By Andrei Zakharov

Mobvoi Inc., a Google-backed provider of AIGC software solutions and TicWatch maker, will announce interim results for the six months ended June 30, 2025, soon.
The AI firm currently adjusts its business strategy, shifting to AIGC business model from traditional project-based revenue generating model.
In April 2025, Mobvoi unveiled TicNote, a compact AI-powered voice recorder. It’s a separate device from smartphone, which gathered significant attention from media and users.

CyberAgent: Newly Released Games Drive Growth with an Upward Revision to Guidance

CyberAgent Inc (4751 JP) reported 3QFY09/2025 results on Friday aftermarket. Both revenue and OP beat consensus estimates with an upward revision to full-year guidance.
Gaming segment has begun to see recovery driven by the strong performance of newly released game titles which have become a hit. There are several new titles up for release.
Though CA’s share price has moved up with recovery in games and improved profitability of AbemaTV, we think there is further upside.

IFAST Corporation Limited: Undervalued for Its Prospects

By GEMS Research – Aletheia Capital

We initiated coverage on iFAST Corporation Limited (iFAST) a week ago.
Though stock has risen 21% since our note, we see a further 20% upside.
The market appears to be missing iFast’ s value in terms of P/AUM and EV/Revenue, in light of the AUM growth prospects. 2Q PAT was ahead of consensus expectations.

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Aug 11

Daily Brief Equity Bottom-Up: Taiwan Dual-Listings Monitor: TSMC Spread Remains Extreme; UMC ADR Short Interest Falling and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Taiwan Dual-Listings Monitor: TSMC Spread Remains Extreme; UMC ADR Short Interest Falling
Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (11 Aug)
COSCO Shipping Ports (1199 HK): Potential Involvement in CKH’s Port Sale
Case Study: Time-Based Exit in Two Long-Running Pair Trades
Apple. A Master Class On How To Win Friends & Influence People
Champion Iron (CIA AU) Vs. Stanmore (SMR AU): Coal–Steel Mean Reversion Targeting 12%
UCO Bank (UCO IN) Vs. Central Bank Of India (CBOI IN): Statistical Edge in India Bank Pair Trade
VEON 2Q25: Solid Digital Non-Telco Products Uplift, Kyivstar Listing in Focus
BeiGene (6160.HK/ONC US) 25Q2 – The High Growth of BRUKINSA May Not Bring High Valuation
Haier D-Share (690D GR) — 2025 Update

Taiwan Dual-Listings Monitor: TSMC Spread Remains Extreme; UMC ADR Short Interest Falling

TSMC: +22.8% Premium; ADR Spread Remains at Historically Extreme Levels
UMC: -0.8% Discount; Wait for More Extreme Levels; Short Interest in ADRs Falling
ASE: -0.1% Discount; Continued Opportunity to Go Long the ADR Spread

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (11 Aug)

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 nine pair trade opportunities across three markets and five 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.

COSCO Shipping Ports (1199 HK): Potential Involvement in CKH’s Port Sale

By Osbert Tang, CFA

Cosco Shipping Ports (1199 HK) is a major beneficiary of its parent’s potential 20-30% stake in the consortium to acquire CK Hutchison Holdings (1 HK)‘s port portfolio.
A potential injection of such assets from its parent will enhance its profitability, diversify its throughput mix, and expand its geographical coverage in the future.
Its 8.3x PER and 0.43x P/B are not expensive relative to earnings outlook and ROE. The strong 1Q25 and upcoming 1H25 results mean earnings upgrade potential.

Case Study: Time-Based Exit in Two Long-Running Pair Trades

Context: This Insight is an update on two previously published relative value pairs.
Highlight: The trades provide a case study illustrating how mean-reversion trades can fail to revert or hit stop-losses within extended timeframes.
Why Read: Gain insights into timing-related challenges in mean-reversion strategies and time-based exit as a risk management choice.

Apple. A Master Class On How To Win Friends & Influence People

Apple CEO Tim Cook visited the White House announcing an additional $100 billion investment in the US over the next four years, on top of the $500 billion already committed.
He launched the American Manufacturing Program with nine initial members seven of which are already long terms partners and two of which have no direct relationship with Apple at all
Samsung with its image sensor deal (presumably) and MP Materials with its rare earth magnets deal are two clear winners from the Apple announcement. Overall, successful mission by Mr. Cook.

Champion Iron (CIA AU) Vs. Stanmore (SMR AU): Coal–Steel Mean Reversion Targeting 12%

Context: The Champion Iron (CIA AU) vs. Stanmore Resources (SMR AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: The trade targets ~12% return to the one-standard-deviation line.
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.

UCO Bank (UCO IN) Vs. Central Bank Of India (CBOI IN): Statistical Edge in India Bank Pair Trade

Context: The UCO Bank (UCO IN) vs. Central Bank Of India (CBOI IN) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Both stocks are trading near 52-week lows, opening a window for a statistically supported mean-reversion setup.
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.

VEON 2Q25: Solid Digital Non-Telco Products Uplift, Kyivstar Listing in Focus

Digital Growth & Guidance Up: 2Q25 revenue +11.2% YoY (LCY), EBITDA margin 47.8%; digital revenue share hits 16.5%; Group FY25 guidance raised to +13–15% revenue, 14–16% EBITDA growth (LCY).
Uklon Boost: First consolidation of Uklon ridesharing acquisition added US$21.7m revenue, US$9.3m EBITDA to the quarter; expansion in Uzbekistan underway, Kazakhstan a likely future market.
Fintech Momentum: JazzCash +47% revenue; Banglalink digital bank license pending; Ukraine fintech optionality via Kyivstar, Helsi, and Uklon integration. We maintain our Structural Long rating for the shares.

BeiGene (6160.HK/ONC US) 25Q2 – The High Growth of BRUKINSA May Not Bring High Valuation

BeiGene’s 25Q2 performance beat expectations. The main driver was still BRUKINSA. The growth rate of tislelizumab was surprising.Sales of tislelizumab in international market is expected to be reflected in 25H2.
BeiGene’s turnaround from losses to profits has entered the countdown.However, investors may not be happy with the net profit margin brought by single revenue driver Brukinsa based on our calculation.
There’s no next blockbuster that can drive BeiGene to a big step forward.This is why the market is reluctant to offer higher valuation, despite current high growth in product revenue.

Haier D-Share (690D GR) — 2025 Update

By Michael Fritzell

Haier is the world’s largest home appliances company, with particular strength in refrigerators and washing machines. It’s got multiple world-renowned brands, including Haier, GE Appliance, Fisher & Paykel, Candy and more.
The company was largely built by visionary entrepreneur Zhang Ruimin, who created a corporate culture unique in China and beyond. He spearheaded Haier’s international expansion, acquiring companies such as America’s GE Appliances and Italy’s Candy, giving it local distribution networks for its lower-priced Haier offering.
In late 2020, Haier Smart Home merged with its separately-listed distribution subsidiary Haier Electronics. Following this complex transaction, Haier was left with three separate share classes: A-shares listed in Shanghai, H-shares listed in Hong Kong and D-shares listed in Frankfurt.

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Aug 10

Daily Brief Equity Bottom-Up: Intel. Crisis Mode All Over Again and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Intel. Crisis Mode All Over Again
Ford’s EV Division Is Bleeding Cash—And Investors Are Cheering Anyway
Axalta Coating Systems Taps China & Latin America: Can They Build Volumes & Enable Global Mobility Expansion?
Omada Health: 2Q’FY25 Net Loss Narrowed, Strong Progress Towards Adj. EBITDA Profitability
Q2 Holdings: Innovation Studio Adoption As A Significant Contributor To Growth!
Asian Dividend Gems: Korea District Heating Corp (KDHC)
China Healthcare Weekly (Aug.10)-Trump Plans Drug Tariff, Biosimilar VBP, BeiGene’s Headwind in 25Q2
MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?
Apple’s Massive Fall Line-Up! 15 New Products Could Supercharge Its Stock in 2025 & Beyond!
AMETEK Builds A $5 Billion M&A War Chest But Is Inorganic Growth The Only Way?

Intel. Crisis Mode All Over Again

President Trump wants Intel CEO Lip Bu Tan to resign immediately because he claims that he is “highly CONFLICTED”
The President’s concerns likely relate to a recent DoJ case against Cadence as well an investigation by the Select Committee on the CCP into Walden International’s Chinese investments
That both these topics weren’t comprehensively addressed and mitigated prior to Mr. Tan’s appointment beggars belief. Where was the due diligence Mr. Yeary?

Ford’s EV Division Is Bleeding Cash—And Investors Are Cheering Anyway

Ford Motor Company’s second-quarter 2025 performance paints a picture of a company executing on its strategic ambitions while managing through significant operational headwinds.
The automaker posted record quarterly revenue of $50.2 billion, up from $47.8 billion a year earlier, driven by solid demand across its divisions.
Adjusted EBIT came in at $2.1 billion, topping Wall Street estimates of $1.9 billion, while adjusted earnings per share were 37 cents versus an expected 33 cents.

Axalta Coating Systems Taps China & Latin America: Can They Build Volumes & Enable Global Mobility Expansion?

Axalta Coating Systems reported their Q2 2025 financial results, showcasing a mixed picture of performance and challenges in various segments.
The company’s record adjusted EBITDA of $292 million and adjusted diluted EPS underscore their ability to sustain profitability even in a volatile macroeconomic landscape.
Notably, adjusted EBITDA margins remained strong at over 22%, marking the fifth consecutive quarter of hitting or exceeding their 21% target outlined in their A Plan.

Omada Health: 2Q’FY25 Net Loss Narrowed, Strong Progress Towards Adj. EBITDA Profitability

By Andrei Zakharov

San Francisco-based Omada Health reported stronger than expected 2Q’FY25 revenues of $61.4M as a public company. Management provided FY25 revenue and adj. EBITDA guidance.
In May, Omada Health announced a new AI-agent, OmadaSpark. A member-facing AI agent directly works with Omada members. It was trained on ~3M foods and dishes.
The company expects adj. EBITDA loss in the range of $9M to $5M in FY25. I forecast FCF losses to steadily dissipate until Omada Health becomes FCF positive in FY26.

Q2 Holdings: Innovation Studio Adoption As A Significant Contributor To Growth!

Q2 Holdings reported its financial results for the second quarter of 2025, demonstrating strong performance in several key areas.
The company achieved revenue of $195 million, representing a 13% increase compared to the previous year.
This growth was largely driven by subscription-based revenues, which saw a 16% year-overyear increase, contributing to 81% of the total revenue mix.

Asian Dividend Gems: Korea District Heating Corp (KDHC)

There are three major reasons why we like Korea District Heating (071320 KS). First, the company has been sharply improving its shareholder return program (especially for dividends).
The BOD members of KDHC and other major Korean utility companies are increasingly likely to focus on improving shareholder value by raising prices.
Its valuations remain attractive. It is trading at P/E of 3.2x, P/B of 0.4x, and EV/EBITDA of 6.8x based on 2025 consensus estimates.

China Healthcare Weekly (Aug.10)-Trump Plans Drug Tariff, Biosimilar VBP, BeiGene’s Headwind in 25Q2

Trump threatened to levy tariffs on pharmaceuticals, but the BD model of Chinese innovative drugs will be less affected, because the essence is licensing-out model, not physical drug exports.
The long-awaited national VBP of biosimilar drugs has moved from policy incubation period to substantive operation stage, which is expected to change the market structure after big price reduction.
BeiGene’s 25Q2 results beat expectations. Reasonable market value is about US$40-42.4 billion. However, the market is reluctant to offer higher valuation due to the concerns on the outlook of BeiGene.

MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?

MasterBrand, Inc. recently announced an all-stock merger with American Woodmark Corporation, aiming to form an extensive portfolio of cabinet brands.
The merger is poised to create an entity with expansive geographic reach and a diversified customer base, which is seen as a significant step forward in bolstering both companies’ market positions.
Through the anticipated merger, MasterBrand expects to realize approximately $90 million in annual cost synergies by the end of the third year, driven by procurement efficiencies, manufacturing optimizations, and operational excellence.

Apple’s Massive Fall Line-Up! 15 New Products Could Supercharge Its Stock in 2025 & Beyond!

Apple delivered an impressive third-quarter performance in fiscal 2025, reporting a record $94 billion in revenue, up 10% year-over-year, and earnings per share of $1.57, marking a 12% increase.
This growth was fueled by robust double-digit revenue gains across several segments, particularly the iPhone, Mac, and Services.
The iPhone generated $44.6 billion in sales, a 13% jump, largely driven by strong global demand for the iPhone 16 series.

AMETEK Builds A $5 Billion M&A War Chest But Is Inorganic Growth The Only Way?

AMETEK Inc. delivered solid financial performance in the second quarter of 2025, with key highlights reflecting their robust operational capabilities and strategic growth plans.
The company reported record sales and EBITDA, despite a challenging macroeconomic environment.
The total sales reached $1.78 billion, marking a 2.5% increase compared to the same period in 2024.

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Aug 09

Daily Brief Equity Bottom-Up: Micro-Mechanics (Holdings) Limited – Next Generation Supplier of the Semicon Industry and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Micro-Mechanics (Holdings) Limited – Next Generation Supplier of the Semicon Industry
Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26
Grab Holdings (GRAB US) – Harvesting Sequentially
PG Electroplast: KMP Selling and Lowering Guidance
Lasertec Corp (6920 JP): Full-year FY06/25 flash update
Antero Resources: A Tale Of LNG Export Growth & Increased Demand at Plaquemines Terminal!
C.H. Robinson Is Betting Big on AI—Can Agentic Tech Revolutionize Logistics Forever?
Intel (INTC.US): Changing the CEO Could Save This Company? Probably the Wrong Direction.
Anicom Holdings (8715 JP): Q1 FY03/26 flash update
IAC: Reviewing Q2 and Updating My Valuation

Micro-Mechanics (Holdings) Limited – Next Generation Supplier of the Semicon Industry

By SAC Capital

Micro-Mechanics (Holdings) Limited is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools and parts for process-critical applications for the semiconductor and other high technology industries.
The group operates across two segments: Consumable Tools, which are tiny, consumable precision tools used in the assembly and testing of semiconductor chips, and Wafer Fabrication Equipment (WFE) Parts, which are precision components used in semiconductor wafer fabrication equipment.
By serving both back-end and front-end processes, Micro-Mechanics operates in a niche and essential segment of the semiconductor supply chain.

Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26

By Sanghyun Park

Street chatter says Hynix’s HBM4 hike tops ~20%, not covering costs — and Nvidia’s pushing similar cuts on its flagship 12-Hi HBM3E.
Yeouido’s watching “Blind” posts from Samsung engineers saying 1c 12-Hi HBM4 yields look strong — fueling bets Samsung will cut prices, ramp HBM3E now, and challenge Hynix in HBM4.
In Yeouido, the Samsung long/Hynix short theme is seen as a structural trade through 1H next year amid Hynix’s contract uncertainty and Samsung’s supply entry potential.

Grab Holdings (GRAB US) – Harvesting Sequentially

By Angus Mackintosh

Grab reported a strong set of 2Q2025 results with growth accelerating across all three segments, with on-demand services driven by product-led initiatives, driving expansion in MTUs through Saver.
The company continues to increase efficiencies and reinvests those scale benefits to grow the business, with new product offerings making good headway, with Grab Unlimited subscribers spending 5X non-members.
Financial services booked the highest growth in 2Q2025, driven by both GrabFin and three Digibanks. Management expects growth momentum to continue sequentially and margins to improve in 2H2025.

PG Electroplast: KMP Selling and Lowering Guidance

By Nitin Mangal

PG Electroplast (PGEL IN) is under limelight after the management cut its revenue guidance from 33% to 21-23%, within a single quarter.
The management has also flagged concerns regarding RAC demand which has affected performance.
Additionally, between Feb–Jun 2025, relatives of the CFO sold ~INR 376 mn worth of shares, mostly in June, shortly before the guidance cut, raising potential governance concerns.

Lasertec Corp (6920 JP): Full-year FY06/25 flash update

The company reported significant YoY growth in sales, operating profit, recurring profit, and net income, driven by AI semiconductor demand.
FY06/25 orders and backlog decreased sharply YoY, with the company ceasing quarterly order disclosures and forecasting weaker future orders.
The company plans increased R&D spending, reduced capital expenditures, and stable dividends, with a share repurchase program announced.

Antero Resources: A Tale Of LNG Export Growth & Increased Demand at Plaquemines Terminal!

Antero Resources recently reported its second-quarter results for 2025, revealing a mix of positive and negative developments that reflect its operational strategies and market dynamics.
On the positive side, Antero Resources has achieved notable improvements in capital efficiency, managing to increase its production guidance while reducing capital expenditures.
This improvement is underscored by a 26% decline in maintenance capital requirements from $900 million to $663 million since 2023.

C.H. Robinson Is Betting Big on AI—Can Agentic Tech Revolutionize Logistics Forever?

C.H. Robinson Worldwide, Inc. has shown a performance bolstered by its ongoing transformation beginning in early 2024, marked by the implementation of a lean operating model.
Despite the challenges within the global market, the company has delivered six consecutive quarters of consistent outperformance.
This is attributed to the disciplined execution of its operating model and the adoption of advanced technological tools.

Intel (INTC.US): Changing the CEO Could Save This Company? Probably the Wrong Direction.

By Patrick Liao

US President Trump urged Intel Corp (INTC US) yesterday to replace its current CEO, Mr. Lip-Bu Tan.
We believe Intel Foundry Services (IFS) could be a highly challenging — or even misguided — strategy
Intel Corp’s share price has declined about 23% since Mr. Lip-Pu Tan took office.

Anicom Holdings (8715 JP): Q1 FY03/26 flash update

Recurring revenue increased by 10.4% YoY to JPY18.2bn, driven by underwriting, investment, and non-insurance business growth.
Recurring profit decreased by 40.7% YoY to JPY960mn, impacted by increased costs from AXA Direct insurance contract transfers.
The combined ratio based on earned premiums rose 4.0pp YoY to 97.9%, influenced by higher medical costs and policy transfer expenses.

IAC: Reviewing Q2 and Updating My Valuation

By Richard Howe

IAC reported its second-quarter results recently and sold off sharply. In my view, the market reaction was overly punitive. While results came in slightly below expectations, they were far from disastrous.
The stock now looks exceptionally cheap, trading at just 3.4x EBITDA, and I see 43% to 78% upside.
Over time, I’m confident that management will unlock value—most likely through strategic asset spin-offs.

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Aug 08

Daily Brief Equity Bottom-Up: How Chip Tariffs Shake up Samsung’s HBM Pricing Play Based on Fresh Local Intel and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

How Chip Tariffs Shake up Samsung’s HBM Pricing Play Based on Fresh Local Intel
Toyota (7203 JP) Vs. Subaru (7270 JP): Rare Mean-Reversion Setup After Earnings
Korea Small Cap Gem #42: T&L Co
Keepers Holdings Solid Q2 2025: Multiple Catalysts Lined Up
KT&G: Solid Results in 2Q 2025 + Treasury Shares Cancellation of 300 Billion Won
Voltas Ltd: Forensic Analysis
Could Amphenol’s $10.5 Billion Commscope Deal Catalyze Growth—Or Backfire?
Cognizant Lands Mega-Deals & Doubles Down on AI—Can It Outrun the Competition?
Check Point Software: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!
Capgemini’s Bold Growth Formula: Can Strategic Acquisitions & APAC Momentum Outpace the Competition?

How Chip Tariffs Shake up Samsung’s HBM Pricing Play Based on Fresh Local Intel

By Sanghyun Park

Samsung’s 12-high HBM3E qual at NVIDIA may slip to Oct–Nov. But tariff timing uncertainty still leaves room for a near-term demand spike.
Samsung’s 1c-based HBM4 is yielding better than expected, but it’s 30% pricier than Hynix’s. Tariff treatment of the Taylor fab could make or break its HBM4 competitiveness.
Too early to call HBM4, but Samsung’s HBM3E pricing plus tariff uncertainty could spark urgent NVIDIA buying — triggering a near-term volume spike before next-gen ramps.

Toyota (7203 JP) Vs. Subaru (7270 JP): Rare Mean-Reversion Setup After Earnings

Context: The Toyota (7203 JP) vs. Subaru (7270 JP) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlight: Both companies in this highly correlated pair reported results on 7 August 2025, opening up a rare opportunity.
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.

Korea Small Cap Gem #42: T&L Co

T&L’s key investment highlights include its exceptional sales growth led by its core wound dressing/cosmetic product Mighty Patch.
It had a CAGR sales growth of 44% from 2020 to 2024. Its operating profit increased at even faster rate (CAGR of 56% from 2020 to 2024.
Considering T&L’s 40%+ per year sales growth and 50%+ per year operating profit growth from 2020 to 2024 combined with 30%+ ROE, the company is deeply undervalued.

Keepers Holdings Solid Q2 2025: Multiple Catalysts Lined Up

By Sameer Taneja

The Keepers Holdings (KEEPR PM) declared strong Q2FY25 results with revenues/profits up 14%/13% YoY. Net margins declined by 20 bps YoY to 18.7% due to the discounting/fx.
Currently in the final stages of acquiring Booze Online Inc., the company intends to finalize the transaction by the end of Q3, contingent upon the resolution of regulatory approvals.
The company trades at 9.7x FY25e, net cash, and an ROCE exceeding 20%. Supported by multiple growth levers, this presents an attractive opportunity within the Philippine domestic consumer discretionary sector.

KT&G: Solid Results in 2Q 2025 + Treasury Shares Cancellation of 300 Billion Won

KT&G reported solid results in 2Q 2025. It had sales of 1.5 trillion won (up 8.7% YoY) and operating profit of 349.9 billion won (up 8.7% YoY).
KT&G plans to repurchase and cancel 300 billion won worth of treasury stock starting 8 August.
KT&G continues to have attractive valuation multiples. It is currently trading at P/E of 12.3x, P/B of 1.6x, and EV/EBITDA of 9.4x.

Voltas Ltd: Forensic Analysis

By Nitin Mangal

Voltas Ltd (VOLT IN) is a renowned name among the households in India.
The company is a prominent player in the field of air conditioning and cooling technology and offers a variety of services across different industrial sectors, both in India and internationally.
But there are few issues with respect to revenue recognition policy, capital allocation issues and falling market share.

Could Amphenol’s $10.5 Billion Commscope Deal Catalyze Growth—Or Backfire?

Amphenol’s aggressive pursuit of CommScope’s broadband connectivity and cable unit has reignited speculation about its next transformative move.
As of early August 2025, multiple sources report that Amphenol is on the verge of finalizing a roughly $10.5 billion acquisition of CCS, CommScope’s largest division by sales and operating income.
The deal aligns with Amphenol’s strategic thrust into high-growth markets—especially AI-powered data centers, where fiber-optic demand has surged—and mirrors last year’s $2 billion purchase of Carlisle Interconnect Technologies.

Cognizant Lands Mega-Deals & Doubles Down on AI—Can It Outrun the Competition?

Cognizant Technology Solutions’ second-quarter performance for 2025 highlighted a continuation of its revenue growth and expanding profit margins.
The company reported a 7.2% year-over-year increase in revenue, reaching $5.2 billion, marking the fourth consecutive quarter of organic growth.
This was predominantly driven by strong performance in the Financial Services and Health Sciences segments.

Check Point Software: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!

Check Point Software Technologies recently reported a solid quarter, with revenue and earnings per share (EPS) in line with expectations.
The company’s revenues exceeded projections slightly, reaching $665 million, with a non-GAAP EPS of $2.37, representing a 9% growth year-over-year.
This growth was driven primarily by strong customer demand for new appliances and a higher volume of product refreshes, particularly the Quantum Force AI-powered firewalls which posted a robust year-over-year growth of 12%.

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