Equity Bottom-Up

• Samsung Electronics announced today that it plans to conduct a large scale buyback worth 3.9 trillion won, of which 2.8 trillion won will be cancelled. 
• Samsung Electronics reported  consolidated sales of 74 trillion won and operating profit of 4.6 trillion won in 2Q 2025, down 0.1% and 55.9% YoY, respectively. 
• The average daily trading volume (ADTV) of Samsung Electronics (005930 KS) (common shares) is 15.43 million. Therefore, the share buyback of 56.89 million (common shares) represents 3.7x of ADTV. 

• Looking ahead to the third quarter, we estimate that TSMC’s revenue in U.S. dollars could grow by approximately 5–10% quarter-over-quarter.
• Buoyed by the AI boom and the recent increase in U.S. semiconductor investment tax credits to 35%, TSMC will achieve its full-year target of 25% growth in U.S. dollar revenue.
• In the second half of the year, as multiple brands launch flagship smartphone chips, TSMC’s N3P process is fully prepared for volume production.

• India’s PVC market faces high import dependency, reaching 63% in FY25, due to stagnant domestic capacity and a widening 3 MMT demand-supply gap. 
• Adani and Reliance plan 2.5 MTPA domestic capacity expansion, bolstering production to reduce import reliance. 
• This aims to cut import dependency from 63% to under 30% by FY27, narrowing the gap to 1.4 MMT, enhancing domestic profitability.

• Power GaN coming oversupply, an illustration. The fear is a repeat of the SiC situation (large capacity built in China, Wolfspeed filling for bankruptcy protection) 
• Samsung delays A14 to focus on 3-2nm. Samsung and Intel have the same problem: yields are too low to attract customers.  
• Chinese GPU are coming – or IPO are coming? Moore Threads and MetaX approved to list in Shanghai. Tiny revenues, lots of R&D. Biren Technology expected to file in HK.

• Kokusai has delivered steady growth, with revenue rising from ¥181.8B in FY2021 to ¥238.9B in FY2025 and a strong rebound in profitability.
• It plans to expand capacity, grow service revenue beyond 35%, and launch next-gen tools for GAA logic and 3D memory.
• At ~22x P/E and 12.5x EV/EBITDA, valuations appear fair given its scale, but upside exists if GAA traction and service leverage play out.

• CSC saw peak profitability in 2021, but margins and earnings have since contracted sharply, with EBITDA/ton down to just US$15 in Q1 2025.
• It now targets US$3.1–4.7B capex over 5 years toward green steel, premium products, and ASEAN expansion, though execution risks remain high.
• Despite modest growth and high leverage, CSC trades at 15x EV/EBITDA and over US$1,500 EV/ton—well above regional peers.

• Sales of ikeGPS Group’s suite of products are benefitting from structural trends.
• New research explains these tools remain critical for a range of large customers, with the current focus on North America

bp is pivoting back towards its traditional upstream oil and gas business, with a renewed focus on shareholder returns. It will remain an integrated energy play with strong differentiating factors (trading, high-quality assets) but with a less aggressive tilt towards renewables, a strategic review of lubricants (Castrol) and a primary focus on maximising shareholder returns. In our view, this pivot could reduce its discount to peers. We believe oil and gas exposure is important in the construction of investors’ portfolios as it offsets the negative impact of energy price spikes.

• Revenue increased by 14.6% YoY to JPY66.1bn, with operating profit rising 18.1% YoY to JPY17.6bn.
• The company revised its full-year forecast, lowering revenue by 3.9% but raising operating profit by 4.7%.
• Assets under management reached JPY2.67tn, exceeding fiscal year-end targets, driven by new asset management contracts.

• 2Q25 production was 21.4 mbbl/d, which is very close to our forecast (~22 mbbl/d).
• The company reported a net cash position of US$241.9 mm at end-June, significantly above our expected US$210 mm.
• This reflects both the timing of capital expenditures across 2025 and continued strong operating performance.

• The US$10.23bn net inflow through the Southbound Stock Connect in June marked a near-doubling from the May slump (US$5.85 bn), though it’s still lower than the 15-month average (US$12.1 bn).
• Investors bought high dividend yield SOEs heavily (e.g. China Construction Bank), and sold Tencent, Xiaomi, Alibaba. Healthcare companies – Innovent Biologics and CSPC Pharma were bought, underscoring investors’ defensive stance.
• Investors’ dividend yield fascination seems unabated.  Some technology stocks (Tencent) do not seem overbought. Despite large buying, EV and ecommerce heavyweights (Meituan) are declining. Investors’ appetite in them could slump.

• The DigiPlus Interactive (PLUS PM) share price has slipped from a peak of 65 Pesos on June 17th to under 30 Pesos/share as gaming restriction proposals dampen sentiment.  
• The bill proposed by Senator Gatchalian prohibits e-wallets, imposes high minimum cash-ins, and stricter advertising regulations. In addition, the Finance department is proposing a tax on online gaming. 
• The stock now trades at 8.3x PE FY25e. The company has announced a buyback of 6 billion pesos (5% of outstanding shares on current market capitalization). 

• TSMC: +26.3% Premium; Near Record High After U.S. 4th of July Holiday
• UMC: +4.7% Premium; One of the Highest Levels in History — Short
• ASE: +4.6% Premium; Wait for More Extreme Level Before Going Long or Short

• Royal Gold Inc (RGLD US) launched a cash takeover bid of 2 CAD/share (85% premium) on Horizon Copper.
• Recall, Horizon Copper (HCU CN) has a 25% controlling stake in Entree Resources (ETG CN). 
• Rio Tinto PLC (RIO LN)is too bureaucratic to counterbid as the CEO transition paralyses the organization.

• ASML has been underperforming for 18 months. Recent downgrades are a delayed recognition of reality. ASML’s management goals for 2030 (10% revenue growth Cagr) are ok (plausible) 
• But growth is slowing fast in 2H25-1H26. Growth should re-accelerate in 2H26 as the impact of China and  Mature node lower spending, multiple delays (Intel, Samsung) is fading away. 
• The stock is getting cheaper, but lacks catalysts for another 2-3 quarters. Trading at 25x forward PEx, that’s reasonable given the firm’s intrinsic qualities.

• Protean’s exclusion from the PAN 2.0 project raises concerns about potential long-term revenue loss, especially as tax services contribute significantly to its current business.
• Protean’s strategic diversification into pension services, digital identity solutions, and international markets positions it well for long-term growth, reducing reliance on tax services.
• With INR800 crore in cash reserves and zero debt, Protean is financially resilient, allowing it to invest in new growth areas, making it attractive for long-term investors despite short-term volatility.

• Extra Edition of the Broker Call Report

• Shanghai Conant Optical (2276 HK) to utilize proceeds from its January placement for the research, development, design and manufacturing of lenses and vision solutions for smart glasses and XR headsets.
• The company will construct an automated RX resin lens production line with a focus on high-end customized lenses, at a cost of $4M, to be funded by internal accruals.
• The company declared that based on the preliminary assessments, it expects its 1H25 net profit to increase by 30% mainly due to strong volume growth and higher ASP.

• US Eyes New AI Chip Restrictions on Malaysia and Thailand
• Chip and AI Boom Driving Taiwan’s Offshore Wind Expansion — Local Stocks to Watch
• China Set to Become World’s Largest Semiconductor Foundry Hub by 2030 — But One Needs to Consider Leading Edge Capacity vs. Mature Capacity

• Q3 earnings risk skewed to upside: we forecast sales/OP of ¥857b/¥171b vs. Street’s ¥826b/¥152b.
• Domestic Uniqlo trends strong; international segment likely resilient despite Inditex’s headline miss.
• Tariff impact likely reiterated but remains a FY26 issue, not a near-term earnings swing factor.

• In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (4 to 18 July 2025).
• Korea Electric Power (KEPCO) (015760 KS) was the best performing stock among the top 100 stocks in KOSPI in the past two weeks. 
• The top 10 picks in this bi-weekly include LG Uplus, KCC, SK Hynix, Naver, Korea Kolmar, Korea Investment Holdings, Misto Holdings, Lotte Tour Development, LG Chem, and SK Inc.

• After peaking in 2021, POSCO’s performance has steadily weakened, with revenue and margins declining due to softer steel prices and macro headwinds.
• The group is gradually pivoting toward battery materials and EV supply chains via POSCO Future M, backed by large investments in lithium, cathodes, and green hydrogen.
• Despite near-term profitability pressure, the stock trades at just 0.5× book and ~4.7× EV/EBITDA, offering compelling value if its transition strategy plays out.

• Hansoh Pharmaceutical Group (3692 HK) granted an exclusive worldwide license to develop, manufacture, and commercialize HS-20094, an investigational dual GLP-1/GIP receptor agonist.
• Globally, the only approved dual GLP-1/GIP receptor agonist is Eli Lilly’s Zepbound, which garnered revenue of $4.9B in 2024, with a potential of peak global sales of $27.2B by 2030.
• Hansoh’s mainstay drug Ameile was approved for an additional indication of treatment of adult patients with stage II to IIIB NSCLC whose tumors have EGFR mutations.

• Asian Terminals (ATI PM) is a steady container port terminal operator, trading at 8.4x PE for FY25e, based on our numbers, and net cash (~10% of the market cap). 
• With the recent approval of a two-phase 16% tariff hike at the Batangas Container Terminal, we see scope for the company to increase its earnings in FY25 and FY26.  
• We also anticipate multiple years of growth (~20% ROCE) as the company embarks on a 4.2 billion peso expansion, and growth from the South Harbor/Manila is expected to be consistent.

• Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead

• Riverstone’s (RSTON SP — US$779 million) CEO recently bought 1 million shares on the open market.

• That caught my attention. Insider buying after a decline in the share price is usually a positive sign.

• I also knew that Riverstone had been one of the best-performing stocks on the Singapore Stock Exchange, compounding earnings per share at a +15% annual rate since its IPO in 2006.

• KHI has retreated 12% from its June 30 high, but is still 69% above its April low, despite guiding for a decline in orders and weak profits in FY Mar-26.
• Orders from Japan’s Ministry of Defense are forecast to drop from ¥772.3 billion to ¥400 billion this fiscal year, while the overall profit of the Aerospace division drops 14%.
• The potential impact of U.S. tariffs on Power Sports & Engines is not factored into guidance, offsetting  what otherwise seem to be conservative assumptions.

• GitLab recently reported its financial results for the first quarter of fiscal year 2026, demonstrating a robust revenue increase of 27%, amounting to $214.5 million.
• The company’s non-GAAP operating margin reached a commendable 12.2%, a significant improvement from the previous year’s negative margin.
• GitLab’s CEO, Bill Staples, emphasized the strategic positioning of its AI-native, cloud-agnostic DevSecOps platform, which caters to the entire software development lifecycle and supports a unified data store for contextual AI.

• In 1H FY11/25, revenue was JPY18.7bn (+13.2% YoY), with operating profit of JPY321mn and net income of JPY186mn.
• Wholesale unit sales increased, retail unit sales declined, but higher average unit prices boosted revenue and gross profit.
• SG&A expenses decreased by 3.3% YoY, contributing to improved profitability, with a workforce of 1,037 employees.

• For the upcoming 11th national VBP, we think some core and big varieties could be included, involving companies such as Sunshine Lake Pharma, Huadong Medicine, Hansoh Pharmaceutical (3692 HK), etc.
• Anjoy’s IPO is fairly priced. Reasonable valuation range is 10-15x P/E.However, unfavorable factors have led us to take a conservative attitude towards the upside potential of stock price after IPO.
• For Sunshine Lake Pharma’s privatization of HEC Pharma, Composite Document was despatched. However, if investors truly understand “the essence” of HEC Pharma, they will be calm/rational about this absorption merger.

• Tan’s continuation of IDM 2.0 marks a pragmatic recalibration. By focusing on margin recapture and tailored customer models, Intel’s ambitions are not just about competing with TSMC at scale.
• Intel’s 18A node was never intended as a mass-market foundry product; it was a strategic, internal milestone to reestablish process credibility, with commercial foundry ambitions anchored in 18A-P and 14A.
• Intel’s future hinges less on market share and more on executing a credible, margin-accretive foundry model.  It could well emerge as a second-source alternative in a geopolitically fragmented supply chain.

• Chewy Inc., a prominent player in the pet e-commerce space, presented an overall positive first-quarter performance for fiscal year 2025, emphasizing growth initiatives and financial health.
• Chewy reported an 8.3% year-over-year increase in net sales, reaching $3.12 billion, surpassing their guidance estimates.
• This growth was largely driven by robust demand across consumables and health and wellness product categories, with a notable year-over-year hardgoods sales increase of 12.3%.

• Jabil Inc. presented a strong performance in its third quarter of fiscal year 2025, surpassing expectations in multiple financial metrics.
• The company reported net revenue of $7.8 billion, marking a 16% increase year-over-year and exceeding earlier guidance by $800 million.
• This boost was primarily attributed to the Intelligent Infrastructure sector, particularly in AI-related revenue, supporting robust demand in cloud and data center infrastructure markets.

• Infinitt Healthcare is a leading Korean healthcare IT solutions specializing in medical imaging and enterprise imaging platforms. It is the number one provider of PACS system in Korea. 
• Five major investment highlights include strong export growth, solid growth in sales and operating profits, number one player in PACS system in Korea, strong balance sheet, and attractive valuations. 
• The company has a strong balance sheet. Net cash was 150 billion won at the end of 1Q 2025, representing 95% of its market cap.

• Aurubis AG, a key player in the multimetal production sector, has reported robust performance for the first half of its fiscal year 2024-25, amidst a challenging global market environment.
• The company posted an operating EBT of EUR 229 million, nearly matching the previous year’s figures, and an EBITDA of EUR 341 million.
• A slight increase in return on capital employed to 10.2% was observed, despite an increase in capital employed due to their growth projects.

• Alphabet is making headlines once again—this time for a groundbreaking deal that could reshape the future of clean energy.
• In one of the largest commercial commitments yet to nuclear fusion, Google has signed an agreement with Commonwealth Fusion Systems (CFS) to purchase 200 megawatts of electricity from the company’s first commercial fusion power plant, ARC, currently under development in Chesterfield County, Virginia.
• This deal marks a major endorsement of fusion power as a viable long-term solution to the surging energy needs of hyperscale technology companies.

• Vodafone Idea (IDEA IN) faces severe financial distress due to INR 83,400 crore in mounting Adjusted Gross Revenue (AGR) dues and substantial deferred payment obligations. 
• Management warns Vi cannot operate beyond Financial Year 2026 without timely government support for AGR dues, halting crucial bank funding.  market.
• Vi proposes payment plans and seeks substantial funding, while ARPU is growing, and the government supports a three-player

• Nuvama Wealth Management (NUVAMA IN)‘s stock fell sharply due to SEBI barring Jane Street, its domestic trading partner, over alleged market manipulation, despite no direct accusations against Nuvama.
• This dip is an overreaction; Nuvama’s strong wealth/asset management (74% revenue) and robust FY26 growth guidance insulate it from Capital Markets segment impact (26%). PAG’s ongoing exit also signals value.
• The market correction presents a “blessing in disguise,” opportunity  into a fundamentally strong, diversified Indian financial services firm.

• SHI has signed an MoU with PetroVietnam Shipyard to build two Suezmax and two LR2 tankers, marking its first move into Vietnam.
• With Geoje running at 117% utilization, SHI has outsourced over 12 Suezmax tankers to PaxOcean Zhoushan and holds ~$3–3.5 billion in tanker backlog.
• While modest in scale, the Vietnam deal could reshape SHI’s outsourcing model—diversifying away from China and laying the groundwork for a longer-term shift in global production strategy.

• Capri Global’s foray into merchant banking, investment banking, and wealth management signals a major shift towards becoming a full-spectrum financial services provider, broadening its business model.
• With a target of reaching INR 50,000 crore AUM in the next three years, CGCL is positioning itself for significant expansion in India’s underserved financial segments, highlighting strong growth potential.
• By integrating AI, data science, and machine learning into its operations, Capri Global is enhancing underwriting, improving customer acquisition, and streamlining business processes, positioning itself for sustained competitive advantage.

• Verint Systems Inc. presented its Q1 2026 earnings results, showcasing a strong beginning to the fiscal year.
• The company reported accelerated annual recurring revenue (ARR) growth of 6%, with total revenue of $208 million and non-GAAP diluted earnings per share (EPS) of $0.29, both surpassing guidance expectations.
• This positive performance was primarily attributed to the company’s expanding AI momentum, led by its AI-powered bots and CX automation platform.

• Netflix, once the poster child for prestige TV and high-budget scripted series, is now rewriting its own playbook.
• In a strategic pivot to broaden its appeal, the streaming giant is aggressively moving into unscripted entertainment, including music competitions, celebrity interviews, global live events, and talent shows.
• Among the most notable developments, Netflix is set to debut Building the Band, a reality competition blending the secrecy of Love Is Blind with the structure of The Voice, hosted by Backstreet Boys’ AJ McLean.

• Patanjali Ayurved (holding company of Patanjali Foods (PATANJAL IN)) acquired a 73.555% majority stake in Magma General Insurance for approximately INR 4,500 crore.
• Patanjali seeks to diversify, leveraging its brand and distribution network to tap India’s underpenetrated insurance market, aligning with IRDAI’s “Insurance for All by 2047” vision.
• Magma General brings established operations, a 26% GWP CAGR, and a network of 18,000 agents, providing an immediate platform for market expansion and growth.

• Top Glove Corp (TOPG MK) revenue grew 30% YoY to RM 830M in 3QFY25. Revenue dropped 6% QoQ despite sales volume increasing 4%, due to lower ASP and weaker USD.
• The revenue in Europe (contributes 37% of total revenue) softened further in 3QFY25 due to heightened competition. North America region (26% of revenue) witnessed 24% QoQ sales growth in 3QFY25.
• Decline in raw material prices in 3QFY25 coupled with competitive pressure led to the ASPs being adjusted downwards.

• Context: The REA Group Ltd (REA AU) vs. News Corp (NWS AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity. 
• Highlights: Statistical mean reversion suggests going long REA Group Ltd (REA AU) and short News (NWS AU). A target return is provided. News Corp is the majority owner of REA.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Context: This article provides an update on a previously identified pair trading opportunity between Perseus Mining (PRU AU) and Capricorn Metals (CMM AU), based on statistical mean reversion analysis.
• Key Insights: The trade has now reached its exit signal as the price ratio reverted to its one-standard deviation band, yielding a positive return.
• Why Read: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.

• The real point of Reuters’ article on Intel CEO “new” Foundry strategy is, imo, to pre-announce the possibility of a very large write off 
• TSMC discontinues GaN doesn’t matter, it’s not even 1% of revenue. 1) Auto demand is slow, GaN is lower margins, lot of competition  2) management has better things to do 
• UMC 6nm rumor, maybe yes but most likely with Intel’s manufacturing after 2030. UMC and Intel first start with 12nm in 2027-28.

• Puregold Price Club (PGOLD PM) is now the largest groceries company by market share in the Philippines, recently overtaking SM Retail, through its Puregold and S&R Warehouse stores. 
• The company’s S&R Warehouse is a members-only big box retailer aiming at more affluent consumers, whilst Puregold stores cater for both Sari Sari (mom&pop) and less affluent consumers. 
• Puregold Price Club booked a solid start to the year, despite seasonal disruptions, with management remaining confident about the outlook for FY2025. Valuations are attractive. 

• Mitsui & Co. has delivered robust earnings and cash flows, fueled by commodity tailwinds and disciplined capital returns over the last 5 years.
• Looking ahead, the company plans to rebalance its portfolio through increased exposure to LNG and energy transition assets 
• However, muted near-term growth and persistently low ROCE—driven by scattered, low-control holdings—suggest limited upside until newer investments begin contributing meaningfully to the bottom line.

• The culture of trading has shifted, with people enjoying losing money and constantly looking for prices on various assets
• Robinhood caught the wave of this cultural shift with its user-friendly interface and introduction of free stock trading during the pandemic

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

• On Monday, June 30, Meta CEO Mark Zuckerberg announced the creation of Meta Superintelligence Labs, staffing it with a host of leading researchers from the likes of OpenAI and Google 
• With astronomical hiring bonuses and lucrative compensation packages, this newly assembled team will struggle to gel and likely drive an exodus of existing Meta AI employees elsewhere
• Yann LeCun is sidelined in the MSL memo. He believes LLMs are not the way to achieve human-level AI. It appears that Mark Zuckerberg disagrees. Let’s see…

• A global perspective on what happened overnight

• On 2 July, Cosmecca Korea (241710 KS) announced that it plans to switch its listing from KOSDAQ to KOSPI. Cosmecca Korea is the third largest cosmetics ODM company in Korea.
• Cosmecca Korea’s ROE is similar to the average ROE of the comps. However, Cosmecca Korea’s P/B valuation is 36% discount to that of the comps.
• By switching its listing from KOSDAQ to KOSPI, there is an increasing probability of the Cosmecca Korea receiving higher valuations, narrowing the gap with its peers. 

• Update on changes to and revisions of analysts’ Best Ideas and Conviction Calls, as well as Model Portfolio compositions

• Karnataka Bank (KBL IN)‘s top two executives resigned under unclear circumstances, with boardroom friction, unauthorized spending, and weak financial performance raising concerns.
• Even audit report also suggests some red flags of minuscule amounts in unauthorized expenses, raising governance issues.
• The bank’s leadership shakeup and declining financials suggest instability; while governance reforms are needed along with new and strong leadership and governance realignment.

• China Travel International Investment Hong Kong (308 HK)‘s 1-week share price rally was driven by restructuring speculations. Yet, underlying operations have improved in 2H24.  
• Tourist attractions and hotel operations will stay decent in FY25, and more projects will come on stream to fuel profitability.
• Asset-Based valuation should be the focus, and its 0.49x P/B is inexpensive. Net cash now equals 8.2% of the share price. 

• Jim Chanos discusses Bitcoin treasury companies and their flaws on Bloomberg Audio Studios Podcasts Radio News
• Companies are continuing to adopt the strategy of using treasury to buy Bitcoin
• The value of companies like MicroStrategy is being inflated by the appreciation of their Bitcoin holdings

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

• Taiwan Semiconductor (TSMC) – ADR (TSM US) is planning to scale back its presence in the gallium nitride (GaN) market to focus on high-growth areas.
• To meet customer demand, Taiwan Semiconductor (TSMC) – ADR (TSM US) has recently been reallocating resources away from mature process nodes.
• We estimate that Navitas Semiconductor Corp (NVTS US) alone consumes over half of TSMC’s GaN capacity each month, making it TSMC’s largest GaN customer.

• SoftBank group (SBG) relies increasingly on Arm’s premium valuation for NAV growth, with SBG shares having benefited from their high correlation to those of Arm Holdings
• JPY-USD FX strengthened recently, with the potential for BoJ monetary tightening and Fed easing set to accentuate this trend; SBG is USD asset heavy, and JPY heavy in its liabilities
• The Vision Funds are slowly seeing IPO exits for private companies; in essence, we see that SBG shares are challenged by (geo)political, concentration, currency and market risks

• Context: The ICICI Bank (ICICIBC IN) vs. HDFC Bank (HDFCB IN) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long ICICI Bank (ICICIBC IN) and short HDFC Bank (HDFCB IN) targets a 2% return to the statistical mean reversion level. The pair has closely aligned fundamentals.
• 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.

• Even if Intel Corp (INTC US) ceases marketing 18A to new customers, the company will still fulfill existing foundry commitments.
• In response to the 18A dilemma, Intel’s initial solution is to redirect resources toward the development of 14A, a next-generation process where Intel hopes to gain an edge over TSMC.
• In addition to the strategic realignment of the foundry business, Tan’s broader efforts include refreshing Intel’s leadership team.

• Adani Power faced nearly USD 900 million in overdue receivables from its 1,600 MW Godda plant under a long-term export PPA.
• Bangladesh resumed regular payments and cleared USD 437 million in June; future dues secured via Letter of Credit and sovereign guarantee.
• Working capital improves over 40%, interest costs fall by ₹300–400 crore, and credit upgrade likely; boosts cash flow and strategic flexibility.

Singapore Post (SingPost) has experienced significant changes over the last six months, and further change is likely as the company searches for a new CEO. We expect a strategy update following the hiring of the new CEO. The timing of an appointment is unknown, as are the identity of the candidate and the strategy itself. Given the potential upheaval, we withdraw our forecasts pending strategic clarity.

• Revenue and net profit have grown steadily over the past 5 years, but margins remain structurally thin due to its tolling-heavy model.
• Strategic shift underway to expand captive mining, value-added copper products, and ESG compliance—potentially lifting margins and returns through FY30.
• Trading at a steep discount to Zijin (~0.6x P/B vs. 2.3x), the gap reflects real structural differences; not unjustified—but offers upside optionality under copper price normalization and higher captive integration.

• Crizac’s INR 860-crore, 100% OFS IPO opens at INR 233-245, giving investors exposure to its fast-growing B2B overseas-education marketplace.
• International student demand is booming, yet 95 % of revenue hinges on UK-Canada-Ireland; any visa tightening or pricing shock could squeeze growth.
• Valuation looks fair and model asset-light, but high concentration and no fresh funds temper enthusiasm.

• Tax credit increase from 25% to 35% (portion of investment deducted from taxable income), which becomes as impactful in $ as the direct subsidies or about $40bn. 
• The US is working hard to make Semi investments more attractive. Subsidies, loans and tax credits altogether now approach $150bn. 
• That could mitigate a little bit of TSMC price increase in Arizona. But it’s not massive. The impact of tax credits increase from 2% of revenue to 3%. 

• Okamura trades at a PBR of 1.0 and a PER of 8.6 despite earning more than 12% return on equity.
• Okamura’s new AI-driven warehouse automation system is a potential game-changer as it reduces costs and improves decision making for mid-sized enterprises.
• Management’s incentives are still poorly aligned with the interests of shareholders, and their performance is well below potential.

• Samsung doesn’t provide guidance when it reports, but gives revenue an operating profit guidance ~2 weeks before reporting. But we have an officially non-official preview in Korean media. 
• 2Q25 operating profit will be “weaker than expected”, declining “by more than 15% from the first quarter” to KRW mid-5 trillion range. Consensus expects +1% QoQ. 
• Some positive news to counter balance this large disappointment – smartphone, HBM3E – I am skeptical any of these can lift profits in 2H25, revisit early 2026.

• Intercontinental Exchange, Inc. reported a record-breaking performance for the first quarter of 2025, demonstrating significant growth across its diverse business segments even amidst fluctuating macroeconomic conditions.
• The company achieved an adjusted earnings per share of $1.72, marking a 16% increase year-over-year.
• Net revenue rose by 8%, reaching a new high of $2.5 billion.

• The EU ended the direct purchase subsidies for EVs; that is a negative for Samsung SDI (006400 KS).
• Management is quite bullish, but the last two quarters result were quite informative on the level of margin and contribution from the battery business. 
• It trades around 112x PER while historically around 25-35x PER and its competitor Contemporary Amperex Technology (CATL) (3750 HK) is only trading at 20x. 

• In this edition: • ABN Amro | completes the acquisition of Hauck Aufhäuser Lampe • ING | cutting 230 senior roles globally within its Wholesale Banking • InPost | EVRi intends to deploy 10,000 APMs by 2030 • PostNL | proposed changes in postal legislation do not go down well at PostNL • Dutch retail sales | up 2.2% YoY in May; sales volume down 2.2% • Dutch inflation | continued to trend down in June

• Context: This article provides an update on a previously identified pair trading opportunity between Ampol (ALD AU) and Woodside Energy Group Ltd (WDS AU), based on statistical mean reversion analysis.
• Key Insights: The trade has now reached its exit signal as the price ratio reverted to its one-standard deviation band, yielding a positive return.
• Why Read It: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.

• OUG Holdings (TYO 8041) is a vertically integrated seafood group that auctions fresh fish at major markets, runs a nationwide cold-chain for trading, processing, and delivering seafood to stores and restaurants, and farms premium buri and bluefin tuna.
• Because it controls aquaculture, logistics hubs, and its own truck fleet, it moves product from port to plate faster and fresher than rivals that outsource storage and transport.
• They currently have dominant market share in Osaka and are slowly expanding to Tokyo.

• A global perspective on what happened overnight

• Nanosonics Ltd (NAN AU) is on track to launch its newly approved endoscope cleaning device, Coris in the U.S. in Q1FY26.
• FY25 performance is expected to beat revised guidance. Consensus is expecting revenue growth of 14% for FY25, matching the higher end of the revised guidance.
• Nanosonics shares have a high short interest (6.65%) in ASX. We may see some short squeeze as the company entering eventful Q1FY26 (new launch, FY25 result announcement, FY26 guidance).

• We are reiterating our Buy rating, $30 price target and projections for A.K.A. Brands after meeting with management in their San Francisco headquarters.
• We believe the company has continued to make material progress on multiple fronts, from adding new Princess Polly stores (and upgrading the current fleet), increasing the wholesale presence for both Petal & Pup and Princess Polly, leveraging the “test and repeat” model to return Culture Kings to higher margins and top line growth, and shifting the Australian market to top line expansion.
• When combined with the potential for debt refinancing and continued strong online results (helped by new store expansion), we believe there remains top and bottom line upside, and we are reiterating our Buy rating and $30 price target for AKA.

• We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.
• Our top in China are Chow Tai Fook Jewellery (1929 HK) , Midea Group (300 HK) and Dongfeng Motor (489 HK) 
• Our top picks in Japan are Denso Corp (6902 JP),ROHM Co Ltd (6963 JP) and in India Auto it is Mahindra & Mahindra (MM IN) & Ashok Leyland (AL IN) 

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

• Ian Purdy departing Paladin Energy, with Paul Hamburrow stepping up as new CEO
• Paladin Energy facing challenges and controversies during Purdy’s tenure
• Potential implications and scrutiny surrounding Purdy’s departure and the future of the company under new leadership

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

• RPSG Ventures reported a strong Q4FY25 led by the BPO business that has been growing well. BPO revenues grew 3%+ QoQ and 30%+ YoY. EBIT margin has sustained at 11%+.
• The FMCG business after posting INR 550cr+ annualized revenue run-rate for the past few quarters saw a dip in Q4FY25 with annualized revenue at INR 520cr.
• The Sports segment reported similar revenue YoY at INR 135cr+, led by part revenue recognition from IPL 2025 that began at end of March, similar to that in 2024.

• Retirement is a key focus for BlackRock, with half of their assets being retirement related
• Recent policy changes have expanded access to workplace retirement plans in the US
• BlackRock and the Bipartisan Policy Center have co-authored a paper with recommendations to increase access to retirement plans and improve best practices for saving and investing for retirement

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

• In recent months, Nvidia has quietly transformed from the undisputed leader in AI semiconductors into a formidable new player in cloud computing.
• What began with DGX Cloud—launched two years ago as an infrastructure offering focused on AI workloads—has evolved into a full-fledged attempt to reshape how cloud services are consumed and delivered.
• The latest development is the launch of DGX Cloud Lepton, a marketplace designed to aggregate unused GPU capacity across a network of Nvidia-aligned cloud providers, including CoreWeave, Lambda, and Crusoe.

• Aditya Birla Fashion and Retail Ltd (ABFRL IN) demerged its business into two focussed entities, ABLBL(Stable Business) and ABFRL(High growth Business).
• The separation aligns capital with business maturity isolating cash-generating lifestyle brands from high-growth, capital-hungry verticals like ethnic, luxury, and digital-first.
• The two entities are targeting a combined INR 30,000 Cr in revenue and 3x cash profit by FY30 through unlocking sharper execution, better capital efficiency, and distinct investor appeal.

• TME proposed to acquire 100% shares of Ximalaya, a long audio app.
• TME has been exploring the long audio market since 2020.
• We believe Ximalaya has advantages in monthly active users and car radio.

• Easy Bio Inc is one of the leaders specializing in piglet feed and animal feed additives in Korea. 
• The company completed an excellent M&A of a company in the US called Devenish Nutrition in February 2024 for 88 billion won. 
• If we assume a P/E of 10x and apply this on consensus net profit estimate of 36.3 billion won in 2026, this would suggest market cap of 363 billion won. 

• Zijin has acquired one of Kazakhstan’s largest gold mines, Raygorodok, adding 3.2 Moz in reserves and 193 koz in annual production.
• He asset is highly profitable (USD 202m net profit in 2024) with low costs (USD 796/oz), lifting Zijin’s output by 8% and reserves by 4%.
• 5.9x P/E and 3.3x EV/EBITDA, the deal looks attractively priced and enhances the scale, margins, and IPO narrative for Zijin Gold International.

• TSMC: +23.4% Premium; Consider Shorting ADR Spread at Current Level; Record Short Interest in Local
• UMC: +1.1% Premium; Wait for More Extreme Premium to Short
• ASE: +2.9% Premium; Near Level to Go Long the ADR Spread

• Monash IVF (MVF AU) announced that an incident occurred at its Brisbane clinic, where embryo of one patient was incorrectly transferred to another patient resulting in birth of a child.
• The company revised the guidance of FY25 underlying NPAT to be A$27.5M from previous A$30M–31M, announced post H1FY25 results.
• Consensus estimates predict the company’s FY26 revenue to grow marginally by 1% to A$272M and net profit to decline nearly 5%.

• Bright Smart Securities (1428 HK)‘s earnings rebounded solidly by 20.4% YoY in 2H FY25, fueled by higher client accounts and assets, and better HK market turnover.
• BSS has been an underperformer against peers since May, as other brokerage companies rallied on the back of potential entry into the virtual asset dealing business. 
• Ant Financial will be able to transform BSS into a sizeable cross-asset house. The share price’s current implied earnings growth and PER valuations are conservative.

• Context: This article provides an update on a previously identified pair trading opportunity between Samsung Fire & Marine Insuranc (000815 KS) and Woori Financial Group (316140 KS).
• Key Insights: The pair has not mean-reverted.  This Insight discusses the use of a Stop Loss in a statistical pair trading context and why one might be considered at this point.
• Why Read It: For investors interested in quantitative strategies, this article demonstrates some of the mechanics of statistical arbitrage and which indicators can be used to decide on exiting a position.

• Context: This article provides an update on a previously identified pair trading opportunity between Uco Bank (UCO IN) and Indian Overseas Bank (IOB IN), based on statistical mean reversion analysis.
• Key Insights: The trade has now reached its exit signal as the price ratio reverted to its one-standard deviation band, yielding a positive return.
• Why Read It: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.

• Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead

• Over the last few years, Silvercorp has delivered steady revenue and earnings growth, supported by strong margins and consistent free cash flow.
• It is now expanding beyond China with the development of the El Domo copper-gold project in Ecuador and ramping up investment at Ying and Kuanping.
• Despite this growth visibility and a net cash balance sheet, the stock trades at a meaningful discount to peers across P/E, EV/EBITDA, and FCF multiples.