Equity Bottom-Up

• We believe game revenue will continue to recover in 2Q25, riding on the policy easing.
• We also believe the operating margin will improve slightly due to the usage of AI.
• We expect the stock has an upside of 23% for year end 2025.

• On 6 August, the Korean government confirmed visa-free entry of group tourists from China to South Korea.
• The new policy will allow the group tourists from China to visit South Korea on a visa-free basis from 29 September 2025 to end of June 2026.
• We provide a list of top 20 companies in Korea that are key beneficiaries of the no visa policy for group tour visitors from China to South Korea.

• Expansion of Microsoft Research to Singapore as a regional research and development frontier
• Focus on AI research in Singapore, including foundational AI, embodied AI, and AI in health
• Importance of tapping into local talent and culture for AI development

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

• American Electric Power’s (AEP) second quarter of 2025 showcased several pivotal developments and a strong financial performance, indicative of both strategic progress and growth potential.
• This summary encapsulates the earnings call highlights, offering a balanced view of the company’s current state and future prospects.
• First, AEP reported a record-breaking second quarter with operating earnings of $1.43 per share, a notable increase from the previous year’s $1.25 per share.

• Recruit Holdings (6098 JP) reported 1Q results on Tuesday after market. As expected, topline declined 2.5% YoY falling below consensus. Productivity enhancements supported EBITDA growth.
• With gradual cooling of labour markets, the HR Tech segment’s top line growth has declined and Recruit does not expect the segment to see strong growth in FY03/2026E.
• Recruit’s share price dropped 4.4% during today’s trade and with further weakening of job markets, we think there is further opportunity to gain on the Short side.

• Meta Platforms delivered a standout performance in the second quarter of 2025, with shares surging 12% to $779.70, just shy of its all-time high.
• The company significantly exceeded Wall Street expectations, reporting earnings per share of $7.14 versus the expected $5.88 and revenue of $47.5 billion, up 22% year-over-year.
• This strong financial showing was driven by growth in daily users, ad impressions, and price-per-ad across Meta’s platforms.

• Microsoft reported a strong finish to fiscal year 2025, delivering financial results that surpassed Wall Street’s expectations and underscored its continued momentum in cloud and AI-driven services.
• For the fiscal fourth quarter, Microsoft posted adjusted earnings of $3.65 per share on revenue of $76.4 billion, handily beating the consensus estimates of $3.37 per share on $73.9 billion in revenue.
• This marked a notable improvement over the prior year’s fourth-quarter figures of $2.95 per share on $64.7 billion in revenue.

• Qualcomm recently reported its fiscal third-quarter 2025 results, delivering revenues of $10.4 billion and a nonGAAP EPS of $2.77, which were near the high end of guidance.
• The company’s chipset business, QCT, recorded revenues of $9 billion, reflecting ongoing growth across automotive, IoT, and handset segments.
• Notably, automotive and IoT revenues increased by 21% and 24% year-over-year, respectively, driven by Qualcomm’s strategy to diversify and expand its product offerings beyond mobile handsets.

• An executive at Kuaishou Technology has identified Google as the No. 1 rival to its artificial intelligence (AI) video generator Kling AI, as the short-video specialist tries to capitalize on growing public interest in the tools.
• “Google is a very strong competitor to Kling AI in areas ranging from technology to AI infrastructure and talent, with co-founder Sergey Brin personally overseeing the research and development of its video generation models,” Wan Pengfei, head of Kuaishou’s visual generation and interaction center, said in an interview with Caixin on the sidelines of the World Artificial Intelligence Conference held in Shanghai from Saturday to Monday.
• Riding the AI video wave sparked by OpenAI’s text-to-video model Sora in early 2024, Kuaishou in June that year launched Kling AI, which can create short videos from written prompts and images.

• Kopran Limited has approved the merger of its diagnostics arm, Kopran Laboratories, aiming to become a fully integrated pharmaceutical and healthcare solutions provider. 
• The merger diversifies Kopran’s revenue mix, enhances EBITDA margins with high-value consumables, and unlocks synergies across pharma and diagnostics distribution channels. 
• Kopran transitions from a mid-scale exporter to a multi-vertical healthcare platform, with stronger earnings visibility, improved capital efficiency, and potential for valuation re-rating.

• AEM (AEM SP) announced a new CEO, Samer Kabbani, would take over with immediate effect.
• The previous CEO, Amy Leong, had only been in the job for about a year. The rapid change of CEO does not instill confidence going into 2Q25 results next week.
• New CEO’s frequently kitchen sink upon their appointment, will Samer continue this trend?

• Ecopro BM reported net profit of 34.3 billion won (up 397% YoY and TB YoY in 2Q25). Profits from its Indonesian investment also contributed to earnings, reaching 40.5 billion won.
• The European EV market started to turn around in 2Q 2025 driven by OEM new car launches and customer inventory normalization compared to the end of 2024.
• There are increasing signs of a positive turnaround at Ecopro BM. The company’s excellent results in 2Q 2025 are likely to result in higher earnings revisions by the consensus.

• Unicharm Indonesia looks very attractive on the basis os excess cash on its books and cash flow it generates. Trades at <1x EV?EBDITA
• Its number 1 diaper and feminine pads company which is facing earnings headwinds
• Any plans by the management to return cash, consumer demand recovery can lead to rerating in the stock.

• Tesla & Samsung just inked an eight year, $16.5 billion foundry deal set to run from July 24, 2025 through December 31, 2033.
• Had Intel snagged this deal, it would have been a lifesaver for the company. Not getting it likely triggered the updated “Risk Factors” section in their latest 10K.
• This isn’t Intel playing politics, there’s no point. It’s LBT laying it on the line for investors. Continued investment in 14A is no longer a given. It’s that simple…

• Luckin reported C2Q25 revenue 9%/11% higher than our est./cons., and non-GAAP OP 37%/17% higher than our est./cons., driven by the extra demand from food delivery platforms’ promotional campaigns. 
• As we now expect the food delivery war to persist, we raise Luckin’s C2H25 revenue/OP estimate by 6%/18% and raise the TP to US$45.
• Luckin, however, managed margin and expenses well to deliver the profit beat;

• Nextracker, a provider of advanced solar tracking systems, reported its financial performance for the first quarter of fiscal year 2026, showcasing both strengths and underlying challenges.
• The company achieved a significant year-over-year revenue increase of 20% to $864 million, buoyed by strong global demand and robust operational execution.
• Adjusted EBITDA similarly grew by 23% to $215 million, representing an EBITDA margin of 25%, a 100 basis point improvement from the prior year.

• Anil Ambani is being investigated by the ED for a massive INR 17,000 crore loan fraud case involving Reliance Group companies.
• The case centers on allegations of fund diversion and financial irregularities related to loans from a consortium of nearly 20 public and private banks.
• The investigation is being conducted under the PMLA, which involves even arrest and a parallel probe by SEBI into alleged fund diversion by Reliance Infrastructure.

• July 2025 saw significant buying by promoters and key management in 14 companies, signaling insider confidence across diverse sectors.
• Engineering, Pharmaceuticals, Consumer, Infrastructure, and Financials stood out with consistent insider purchases.
• Notable Companies:Shoppers Stop (SHOP IN),Anup Engineering (ANUP IN), D.B. Corp Ltd (DBCL IN) , La Opala Rg Ltd (LOG IN) , and Paisalo Digital (PAISALO IN) saw aggressive accumulation.

EOS Optic Systems has announced a landmark order. The group has been developing High Energy Laser Weapons (HELW) systems to expand on its traditional kinetic systems for a number of years. The €71.4m order provides a clear validation of the group’s strategy and technology as well as an income stream for the next three years.

• We stick with Hana Financial as our sole buy in Korean banks; even though it does not top our proprietary scorecard, it remains attractively valued and its returns are improving
• We downgrade Woori to a neutral from a buy, with Woori now trading at a PBV premium to Hana; historically, this has been an indicator of future poor share performance
• KB Financial ranks top in our scorecard; KB is one watch, but remains a neutral due to limited appeal in terms of valuation

• Taiyo Yuden underperformed its peers in electronic components by 29% over the past year, but its change in operating profit margin should outperform peers by 68% in the current year.
• Exposure to the U.S. is less than 7% of direct sales, but probably 25% including indirect exposure. Still, based on supply/demand analysis, we think Yuden is probably tariff proof.  
• While rivals have prioritized high-margin device modules to offset component sales declines, Yuden doubled down on its core capacitor and inductor strengths and appears to be coming out ahead.

• U.S. 2nm Production May Begin Sooner Than Expected — Is TSMC Responding to Unprecedented N2 Demand?
• Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher 
• TechChain Insights: Taiwan’s Battery Cell Moment? USA & EU Supply Chain Under Strategic Pressure 

• Ferrari N.V. (RACE US) reported Q2 FY25 revenue and earnings growth of 4.4% and 3% (a slight miss on analysts’ estimates) due to increased tax rates and slower growth.
• Management is confident of meeting its conservative guidance for FY25, projecting baseline revenue and EPS growth of 5% and 2% YoY.
• The stock trades at 41.6x FY25 PE and 24x EV-EBITDA. Ferrari N.V. (RACE US)  continues to maintain its unique pricing power position due to its loyal customer base.

• The value of Laopu lies in its innovation in business model,successfully breaking away from the low-profit attribute of the industry by following the pricing and operation methods of luxury goods.
• However, Laopu cannot enjoy the valuation system of luxury brands because it cannot “escape” gold price cycle.So, when valuation of Laopu approaches that of luxury brands, it has overvaluation risks.
• Current valuation has priced in overseas expansion, which however isn’t a done deal.During upward cycle of gold prices,it’s easy to optimistically linearly extrapolate Laopu’s growth potential.Valuation faces downward revision risk  

• ASE Technology Holding Co., Ltd. delivered a robust performance in the second quarter of 2025, with advancements in several key business segments contributing to the company’s overall growth.
• The company reported an unconsolidated revenue increase of 9% year-over-year and 2% on a sequential basis, expressed in new Taiwan dollars.
• On a U.S. dollar basis, revenues grew by 7% sequentially and 11% annually.

• M&B Engineering, a leader in the PEB space, launched a INR 650 crore IPO with a price band of INR 366-385, opening July 30, 2025.
• The company will use the INR 275 crore fresh issue proceeds for capital expenditure to expand manufacturing facilities, upgrade technology, and repay certain borrowings.
• Growth is fueled by 60% capacity expansion by FY28 and a booming PEB market; valuation appears reasonable given its high PAT CAGR of 53%.

• Thirumalai Chemicals is nearing completion of two transformative capex projects in Dahej (India) and West Virginia (USA) set to expand capacity by over 130,000 TPA across commodity and specialty chemicals. 
• These investments position TCL to capture demand in both domestic import-substitution and underserved global food ingredient markets, while reducing dependency on cyclical PAN margins. 
• The company is transitioning from a commodity-heavy profile to a more diversified, global specialty player, unlocking long-term margin expansion and reducing volatility in earnings.

• Revenue increased 3.5% YoY to JPY54.5bn, with major subsidiaries in the US, China, and Malaysia contributing growth.
• Operating profit decreased 3.3% YoY to JPY7.2bn due to higher SG&A expenses, despite revenue growth and improved cost ratio.
• Flavor Division revenue rose 4.4% YoY to JPY48.7bn, while Fragrance Division revenue declined 3.3% YoY to JPY5.8bn.

• In Sambhv Steel Tubes (SAMBHV IN), the anchor investor lock-in expiry ends brought expected selling pressure, testing the stock’s resilience and investor conviction in its fundamentals.
• The company posted record Q1 revenue and profit, driven by strong volumes and margin expansion from its strategic value-added product focus.
• Management guides for sustained 12-13% EBITDA margins, backed by aggressive brownfield and greenfield expansions to capture future market demand.

• Pokarna is India’s leading quartz exporter, leveraging italian Bretonstone technology to deliver industry-leading margins, growth in Natural Quartz segment.
• Company is doing major capex worth Rs. 440Crs, that will add an additional 500Cr in topline once fully operational.
• The company is facing demand challenges due to the US 25% Tariff since more than 80% revenue is coming from the US.

• Tokyo Electron’s share price dropped 18% on Friday following the announcement of weak Q1 results and a huge downward revision to H2 FY Mar-26 guidance. 
• Push-Outs and/or cancellations of orders due to the uncertainty caused by President Trump apparently caught managment by surprise. Costs also rising as management ramps up capex and R&D.
• Impact of Trump’s yet-to-be-announced tariffs on semiconductors is still unknown, but 15% base rate on Japan already a negative. 

• 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 six pair trade opportunities across three markets and three sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• TSMC: +23.9% Premium; Continued Opportunity to Short the ADR Premium
• UMC: -0.4% Discount; Wait for More Extreme Levels Before Going Long or Short
• ASE: -1.5% Discount; Historically Rare Discount Presents Opportunity to Long the ADR Spread

• Spindex has announced that they have been approached by a third party on a possible transaction in relation to shares of the company.
• The discussions are ongoing and transaction may or may not happen
• We have published insight on 22nd April highlighting that the stock trades below 2x EV/EBDITA and has 60% of market cap

• Battery cells are the new chokepoint in the global clean energy supply chain, with China still controlling 75%+ of global capacity and exporting under increasingly restrictive terms.
• Taiwan is emerging as a high-trust, high-precision hub for advanced cell manufacturing, applying its semiconductor model to batteries.
• With pouch cells gaining traction across drones, robotics, and compact mobility, Taiwan’s lab-to-fab advantage positions it as a future anchor of the U.S. and European energy ecosystems.

• Teradyne, Inc. reported second-quarter results that showed a sequential and year-over-year improvement in its core business areas, led by strong demand in AI compute-related segments.
• The company posted secondquarter revenue of $652 million and non-GAAP EPS of $0.57, both above the midpoint of guidance.
• Semi Test revenue was $492 million, including $397 million from System-on-Chip (SOC) testing and $61 million from Memory.

• PayPal Holdings, Inc. delivered mixed results for the second quarter of 2025, displaying both strong growth in certain key segments as well as some challenges.
• The positive highlights from their results include continued profitability and expanding transaction volumes, driven by strategic initiatives across their platforms.
• PayPal’s transaction margin dollars increased by 8% excluding interest on customer balances, marking their sixth consecutive quarter of profitable growth, and non-GAAP earnings per share surged by 18% year-over-year.

• The Boeing Company reported its second-quarter 2025 financial results, showcasing a mixed bag of performance indicators, strategic progress, and notable challenges.
• During this period, Boeing generated total revenue of $22.7 billion, marking a significant increase of 35% from the previous year.
• This uptick was primarily driven by an increase in commercial airplane deliveries.

• Seagate Technology reported a strong performance for the fiscal fourth quarter and the entire fiscal year 2025, characterized by significant year-over-year growth in key financial metrics.
• The company’s results highlighted a 30% year-over-year increase in quarterly revenue and record gross margins, marking the ninth consecutive quarter of gross margin improvement.
• This performance was attributed to increased adoption of Seagate’s heatassisted magnetic recording (HAMR) technology and a robust demand for nearline products in global cloud markets.

• LRCX reported FY 25Q4 revenues of $5.17 billion, + 10% QoQ, + 33% YoY and up $170 million from the guided midpoint.  
• For FY 2025 as a whole, revenue amounted to $18.44 billion, up 23% YoY and their highest ever annual revenue, exceeding the previous record by roughly $1 billion.
• China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That’s a concern..

• Samsung’s playing its old game—sacrificing margins to shake rivals—aiming to disrupt DRAM and win HBM4, assuming it clears NVIDIA’s HBM3E qual test soon.
• Local intel says no official word from Samsung yet, but the street thinks qual’s done—hence Samsung’s bold HBM3E tone and oversupply warning on the call.
• There’s urgency—Samsung’s undercutting Hynix now to stop them from reinvesting cash into DRAM fab expansion, a playbook Samsung once dominated with.

• Handset and edge networking demand powered a strong QCT beat, but licensing growth underwhelmed, and margins declined sequentially.
• Apple modem revenues will fade by 2026, and the management conspicuously avoided commentary on China auto; both adding to uncertainty.
• Snapdragon X’s monetisation has been deferred,  while XR design momentum was a rare bright spot beyond mobile.

• Plover Bay Technologies (1523 HK) reported 9.9%/13.4% YoY revenue/net profit growth, led by growth from customers in the EMEA and Asia (with the US being a drag).
• Earnings were more or less in line with our preview, Plover Bay (1523 HK): Preview On Earnings For H1 2025, but revenues were slightly weaker, and margins were stronger.
• The stock trades at 21.5x PE FY25e (assuming 15% growth), with a 4.4% dividend yield (assuming an 80% payout), but we acknowledge there could be upside to our earnings. 

• Institutional investors are turning to AI to analyze SEC filings and earnings call transcripts, with Fintool offering a quicker and more efficient solution.
• The biography of Larry Ellison, focusing on Oracle during the dot com crisis, provides insight into Ellison’s leadership style and business strategies.
• Despite some mixed feelings about Oracle and Ellison’s personality, his vision for the future of computing, such as using commodity hardware and smartphones, has proven to be accurate in hindsight.

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

• Q425 revenues of $76.4 billion, up 5.5% QoQ, 18% YoY and handily beating guidance of $73.8 billion.
• Azure surpassed $75 billion in revenue in FY25, up 34% YoY, driven by growth across all workloads.
• Contracted backlog grew by $53 billion QoQ to reach $368 billion. Wow!

• Some of my favorite situations are international spin-offs because they fly under the radar. Hamee has not been written up on VIC, Seeking Alpha or Twitter (I found one writeup on Substack).
• The company is 3 months away from breaking up into two separate companies which both look attractive. It is currently classified as a Specialty Retail company but will spin off a high growth, high margin, SaaS company in November that I estimate is worth more than the entire company’s market cap today.
• The stock looks compelling on an absolute basis (5.1x NTM EBITDA) and SOTP basis. I see 31% to 117% upside over the next 6 months as the break up is completed.

• Soft World International has an integrated value chain/sizeable moat for its game development, distribution, payments, content, and events in Taiwan. 
• The company is trading at attractive valuations. It is trading at EV/EBITDA of 3.7x, P/E of 13.4x, and P/B of 1.5x based on recent prices and LTM financials.
• Net cash as a percentage of market cap is 79%. The company’s dividend yield remained steady at 6% in FY23 and FY24.

• 3Q25 saw an acceleration in revenues (+10% YoY) and EPS (+12%), after a long period of stagnation (2022-23-24 at ~3% growth). 4Q guidance is 5% above Consensus. 
• Impact of US import tariffs is negligible. Services is the major growth driver and Apple has few answers on critical questions (Epic ruling, DoJ rulings against Google, AI roll out). 
• The stock is expensive, as always  (27x FY26 EPS, 25x FY27 EPS) for sub-10% growth. Some people love the buybacks, the brand and dominant market position.

• Hyundai chief partners with Samsung and Hanwha in US tariff push, showing collaboration between major companies to address trade issues.
• Arm CEO considers in-house chip production, signaling a strategic shift for the company towards more control over its manufacturing process.
• BOE secures half of Apple’s MacBook screen orders, displacing LG Display, showcasing the competitiveness in the display market.

• While Mineral Resources performed strongly operationally in the fourth quarter, not everyone is comfortable with its debt and the outlook for commodity prices.
• -Mineral Resources’ strong fourth quarter across all segments -Production outperformance, strong cashflows at Wodgina and Onslow -Onslow progressing toward nameplate capacity -Improving balance sheet, but sensitivity to commodity prices remains

• In Q1 FY03/26, the company reported revenue of JPY549.6bn, operating profit of JPY144.7bn, and net income of JPY117.8bn.
• The revised FY03/26 forecast projects revenue of JPY2.35tn, operating profit of JPY570.0bn, and net income of JPY444.0bn.
• The company plans aggressive R&D investments, increasing from JPY250.0bn in FY03/25 to JPY295.0bn in FY03/26.

• Brightstar Lottery (BRSL) reported solid Q2 2025 results and is delivering on every aspect of the original thesis I laid out in June.
• The company has now begun executing on the largest capital return in its history: a $3.00 per share tax-free special dividend (paid July 29) and a $250MM accelerated share repurchase (ASR) — the first half of a $500MM buyback authorization.
• Brightstar also reiterated that it will maintain its $160MM annual dividend, so with fewer shares outstanding, the per-share dividend will increase, potentially rising to ~$0.22–$0.24 per quarter.

• Samsung confirmed PRA sign-off for 1c HBM4, shipped samples to NVIDIA, went full redesign on base die, and is in talks with vendors like Hanmi for hybrid bonding gear.
• From a trading POV: Samsung pivoting to Hanmi signals “speed over pride”—a clear tell they’re serious about ramping HBM4 fast, even if it means breaking from vertical integration.
• For the move to stick, yields and customer wins matter — but Hanmi’s stepping up, and this could give Samsung’s HBM4 story a real leg up if it plays out.

• OP pre-announced, the details aren’t inspiring. Margins decline in TV, Semi. Only Smartphone is resilient. 2H25 demand outlook is weak for TV, Smartphone.
• Confident tone on HBM growth, qualifications, ASP increase. Several contradictions: Samsung endorses theory of HBM price pressure (how’s that positive?); HBM3E is already 80% of HBM revenue (where’s the upside?)
• Consensus is revising up slowly, stock is going up sharply. This assumes a large turnaround in memory / HBM / Foundry. 

• Ownership in Alibaba has rebounded to 76.4% of EM funds, nearing its 2020 peak and making it the second most widely held stock among GEM funds, behind only TSMC.
• The past six months have seen strong momentum, with 29 new fund positions marking a 7.7% rise in participation— the third highest among all EM stocks.
• Alibaba attracts broad cross-style interest, with Value funds leading on allocation size, but Growth and GARP strategies among the top holders, reflecting high and diverse conviction.

• 3Q25 guidance (Assuming US$1 = NT$29.2.): Consolidated US$ revenue: +12-14% QoQ; NT$ revenue: +6-8% QoQ; Gross margin: -1 to -1.2ppts QoQ; OPM: -0.1 to -0.3ppts QoQ.
• Still keep US$1bn advanced packaging guidance despite AI boom (TSMC revised up).
• Long-Term success definition for ASE: Transition from OSAT model to foundry-aligned scale.

• In the second quarter of 2025, Honeywell International Inc. delivered robust financial results, maintaining or exceeding expectations across various metrics, despite economic fluctuations.
• The company reported a 5% increase in organic sales growth, driven by strong performances in the Defense and Space and UOP segments, as well as overall increases in orders and backlog reaching a record of $36.6 billion.
• Earnings per share rose by 4% to $2.45, with an adjusted earnings per share up by 10% to $2.75.

• Westports Holdings (WPRTS MK), along with MMC Port Holdings Berhad (2436494D MK), are the two largest container port terminal operators in Malaysia.
• With a stranglehold on Port Klang, where it holds a 75% market share, the company will be the beneficiary of significant tariff hikes of 30% over the next 1.5 years.
• Despite the recent rally, the stock trades at 18x/15x FY25e/26e earnings and a dividend yield of 4%. Following the pricing-led growth, the company is embarking on an expansion plan post-2028. 

• Nvidia’s smooth return to China hits turbulence as regulators question the H20 chip’s security.
• AMD stays below the radar; less political baggage, and could be better positioned if Nvidia is slowed.
• AMD also gets a lift from its Threadripper 9000 launch and a bullish analyst price upgrade.

• TSMC has been operating as a monopoly, raising prices without consequence and controlling pricing in the industry.
• Intel’s CEO’s recent comments about not investing in the next process without an external customer have raised concerns about the future of Intel’s Foundry business.
• The lack of commitment to future processes has led to suggestions that Intel should shut down fabs and secure capacity at TSMC, potentially impacting CPU competitiveness.

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

• Flex completed a notable first quarter in fiscal 2026, recording revenues of $6.6 billion, a 4% increase from the previous year.
• The company’s global footprint and strategic positioning appear to play key roles in driving this growth, particularly within the data center sector, which contributed significantly to the revenue.
• Flex reported a robust adjusted operating margin of 6% and an adjusted EPS of $0.72, the highest for a first quarter in the company’s history.

• Occidental’s Q2 2025 revenue is expected to drop 9.1% QoQ and 9.4% YoY. Its EPS is projected to fall by 66.7% QoQ and 71.8% YoY.
• Occidental expects Q2 performance to be weighed down by lower production and weaker commodity realizations, particularly in the Gulf of Mexico.
• Options activity and analyst outlooks suggest a potential rebound if earnings meet or beat subdued expectations.

• Today after the close, a Nikkei article said Denso Corp (6902 JP) had recently lifted its stake in ROHM Co Ltd (6963 JP) from “about 0.3%” to “just under 5%.”
• Given the recent buy of 28mm shares of Rohm into the Nikkei 225, that means ~11.5% or perhaps more has been taken out of the public’s hands. 
• Some may have come from cross-holders, but it’s not clear there are that many. This renders the stock more squeeze-able going forward. Rohm reports next week.

• Magnificent 7 positioning remains elevated across global funds, but momentum has clearly stalled, with recent activity pointing to consolidation rather than renewed conviction buying. 
• Growth and GARP funds are near fully allocated, while Value and Yield managers remain structurally underweight— potentially limiting the potential for broad-based participation from here. 
• Microsoft leads with cross-style appeal; Tesla lags with minimal support. Apple is the conviction underweight, while NVIDIA’s benchmark surge has left it at a record active underweight.

• This is a short insight, informing readers that we intend to initiate a container port terminal product, following our recent initiation on Asian Terminals (ATI PM) 
• This product will be followed by initiations on high-quality companies like Westports Holdings (WPRTS MK) / ICTSI (ICT PM) / Port of Tauranga (POT NZ), etc, and a monthly screen.
• In this insight, we will highlight our rationale for introducing this product and outline the screening metrics for companies. 

• Since inception on May 15, our Model Portfolio (up 6.2%) underperformed the MSCI Asia-ex-Japan index (up 7.87%) due to underperforming stock picks in India, ASEAN and China consumer proxies.
• The main themes: China’s changing consumption and investment patterns, Korea’s improving corporate governance, continuing global infrastructure investments and India’s earnings disappointment. Korea, HK/China remain overweight; India is downgraded to Neutral.
• We exclude Meituan, Titan, Infosys, Bharat Dynamics, Krafton. We include Laopu Gold, Lonking Holdings, China Hongqiao, AIA and Hyundai Engineering and Construction. We are now Neutral Industrials and Underweight Technology.

• The stress periods are the times when the mettle of the best gets tested. We are in such a period and HDFCB has remained unscathed.
• Even Bajaj Finance, which is also rated gold-standard in underwriting and risk management, noted issues with asset quality in the current environment, however, HDFCB’s asset quality has remained pristine.
• HDFCB’s retail NPA ex-Agri has been steady at 0.82%. While HDFCB’s competitors have provided a cautious outlook, especially in unsecured loans, HDFCB has provided a stable outlook on asset quality.

• Google: increased 2025 Capex ($75bn -> 85bn). Capex will increase in 2026. Higher capex is justified by “strong demand for Cloud products and services“.
• Meta: last quarter increased 2025 Capex ($62.5bn -> 68bn). This quarter, more modest $1bn increase to $69bn. Meta expects “another year of similarly significant capital expenditures dollar growth in 2026”.
• Microsoft: FY26 Capex growth will moderate compared to FY25 (FY25 Capex increased 58% YoY).

• Q25: inline with a GP one-off.  3Q25: FX impact but still revenue decline QoQ. Add margins compression and 3Q guidance is a large miss: OP -20% below Consensus.
• Management continues to provide very bullish “indications” on growth from 2026-27: AI ASIC, collaboration with Nvidia, Automotive. Multiple analysts questions on risk of hyperscalers projects delayed or cancelled.
• Mediatek is entering very large markets (AI ASIC, Auto) that will provide new growth beyond the exhausted Mobile market. You want to buy into this after a ~20% correction.

• Hon Hai Precision Industry (2317 TT) and Teco Electric & Machinery (1504 TT) held a joint press conference this afternoon to announce the formation of alliance through a share swap.
• Teco (1504) TT and Hon Hai (2317 TT) stated their target markets extend beyond Taiwan and Asia, to include substantial business opportunities in the U.S. and the Middle East.
• Foxconn Chairman Mr. Young Liu also noted that as AI data centers scale up rapidly and demand surges, modular design is increasingly favored.  

• Don Quijote announced a slew of initiatives over the past two months targeting tourists, a move to capitalise on the burgeoning fitness boom, and new social media use.
• The initiatives reflect the continued dynamism in the business both in the discount format and as city centre tourist meccas.
• While the company has closed some overseas stores, the outlook in Asia remains very strong. 

• Oisix was originally known for its food subscription boxes but then expanded into meal kits which brought in a new type of customer looking to save time.
• But with more busy and stressed customers no longer wanting to even spend 20 minutes cooking its meal kits, Oisix has launched 5-minute deli meals.
• Oisix remains the leading independent online food retailer and the most innovative. While subscriber numbers fell recently, sales per user are up.

Severfield has suffered greatly in the last 12 months, but the outlook appears to be improving as the order book is expanding and the low embedded margins within it wash out over the next 12 months or so. Furthermore, we anticipate the recruitment of a new chief executive ‘imminently’ and the company could return to paying dividends in the current year if the outlook and balance sheet improve sufficiently. Margin recovery could imply that risks are to the upside in FY27.

• MediaTek Reportedly Wins Meta’s 2nm AI Chip Order Over Broadcom
• Memory Monitor: SK Hynix Vs. Micron — Different Speeds & Focus, Same Structural Shift 
• Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good 

• There is a brewing disagreement among many members of the National Assembly in Korea regarding the new dividend tax policy.
• A key controversial issue is dividend taxes on dividends exceeding 300 million won. There is a room for some disappointment in the works regarding tax reductions on dividends.
• Instead of 25% tax rate for this dividend income bracket (exceeding 300 million won), there has been an increasing pressure by the ruling party to raise this rate to 35%.

• 2Q is inline, revenue and margins look like a beat but that’s weaker JPY and higher utilization as the firm is increasing inventory, expecting a better 2H25. 
• 3Q guide is flat QoQ, the YoY recovery continues (2Q -9%, 3Q -4%). For 4Q, management expects a “modest” flattish or slight increase QoQ, which implies at least +13% YoY
• The stock is cheap, but “overall demand for automotive, we still have no clue as to how that will unfold” and short-term, Auto growth depends on China

• We update our views on ten Japanese midcap banks focusing on those with large strategic shareholdings relative to market value, as well as beneficiaries of the improving interest rate outlook
• Our top-rated pick is Iyogin Holdings (5830 JP), with its constructive mix of large strategic holdings, attractive valuations including PTBV ratio and healthy gearing to higher interest rates
• We also retain Hokuhoku Financial and Hachijuni Bank as buys; Hokuhoku has yet to realize its large strategic holdings whilst Hachijuni has reached its target level for cross-holdings reduction

• 3Q25 Outlook (based on USD/TWD = 28.7): Wafer Shipments: +7–9% QoQ; ASP: +1–3% QoQ; Gross Margin: 25–27%.
• Revenue Mix (Industrial, Auto, 3C): Industrial + Automotive: 40%+ (majority industrial; automotive in teens) ; Communication & Computing: 20%+ each ; Consumer: 10%+.
• 2025 Dividend Policy : Will maintains NT$4.5 per share dividend.

• Context: The Ampol (ALD AU) vs. Woodside (WDS AU) price-ratio has diverged more than two standard deviations from its one-year average – a classic signal for a potential mean-reversion trade.
• Highlights: Going long Ampol (ALD AU) and short Woodside (WDS AU) targets a 7% return if the price ratio reverts to its one-standard-deviation threshold.
• 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.

• Singapore’s small- and mid-cap equities have surged over the past month, defying a generally cautious macroeconomic backdrop.
• The rally is widely linked to expectations of significant capital inflows from the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme (EQDP).
• A firm Singapore dollar and comparatively attractive dividend yields have further supported investor interest in these stocks.

• 2Q25 Results Summary: Reports Broad-Based Growth with Specialty Margin Strength  
• Yageo Inventory Recovery Marks a Demand-Led Inflection for Hardware Components
• Update on Shibaura Acquisition: Still on Track, Strategic Synergy in Focus

• This morning, EDG announced assay results for four drill holes at its Reliance Gold Project as part of its 2025 exploration campaign.
• Today’s highlight hole returned 5.63 g/t Au and 5.12% Sb over 3.3m, representing the best antimony grade over width intersection to date.
• At current antimony prices, this intercept adds about 10 g/t AuEq (gold equivalent) to the 5.63 g/t gold intercept.

• The A16 chip Samsung fabs is mainly for real-time inference in Tesla’s FSD cars, not data-center training, which remains dominated by Dojo and NVIDIA hardware.
• If Tesla’s deal includes AI chips with HBM, it’s a major catalyst; if just A16, it’s not proof HBM yield issues are solved.
• Tesla’s deal isn’t a sure sign Samsung’s HBM4 passed NVIDIA’s qual tests, but it’s a key reference boosting market hype—time to consider a Samsung long, SK Hynix short setup.

• On 28 July, it was reported that Samsung Electronics (005930 KS) clinched a huge chip contract worth $16.5 billion from Tesla (TSLA US). 
• This is a major win for Samsung Electronics since it is one of the largest foundry orders for the company from a single customer in the past decade.
• Samsung Electronics is trading at attractive valuations. It is trading at P/E of 12.3x, P/B of 1.0x, and EV/EBITDA of 3.6x in 2026, based on consensus estimates.

• Laopu Gold (6181 HK)’s stock has fallen nearly 30% since its July 8 peak and declined another 4% yesterday despite an upbeat 1H2025 profit update.
• The company’s positive profit alert reported revenues and profits up more than 2.5x year-on-year, exceeding market expectations.
• The ongoing share price weakness despite strong results likely reflects a combination of technical factors, such as lock-up related selling, and broader fundamental concerns.

• Anta expects “other brands” revenue will increase by “60-65%” YoY in 1H25.
• We believe Anta finished the consolidation of Jack Wolfskin within June.
• We conclude the stock will have an upside of 28% for the next twelve months.

• NSDL (NSDL IN)‘s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore
• As India’s pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.
• Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.

• There are three major reasons why we would take profits on APR (278470 KS) at current levels. 
• They include lofty valuations, increased competition, and share price decline post large scale dividend payout announcement. 
• APR could be facing especially tough competition for the beauty device products from Amorepacific, LG H&H, and others especially starting in 4Q 2025. 

• Canadian National Railway Company (CN) presented its financial and operational results for the second quarter of 2025, reflecting a cautiously optimistic outlook amidst challenging external conditions.
• The company reported a 2% growth in adjusted earnings per share (EPS), despite a static year-over-year carload count and a 1% reduction in revenue ton miles (RTMs).
• Key highlights and challenges from the earnings call offer insights into CN’s operational strategy and market conditions.

• European markets turned negative as sentiment following the US trade tariiff deal moved to ‘not great’ from ‘better than expected’.
• The Nasdaq edged to a new high, but enthusiasm across the board was weak.
• ASX futures are suggesting a soft start as Australia and other countries remain in the US line of sight for blanket 15%-20% tariffs.

• From Cycles to Systems: Memory’s Pivot to Strategic AI Infrastructure
• SK Hynix Leads in HBM4 Execution Thus Far; But How This Next HBM Advancement is Carved Up Remains to Be Seen
• Conclusion: Memory Market Becoming Less Commoditized and More Specialized into Advanced Categories

• Revenue increased by 10.7% YoY to JPY3.4bn, while operating profit decreased by 37.8% YoY to JPY93mn.
• Sales for AI servers and data centers remained strong, but consumer product demand stalled due to US-China tensions.
• Revenue from semiconductor packages grew 24.1% YoY, while automotive-related sales declined slightly due to inventory adjustments.