Equity Bottom-Up

• Back on the 8th June 2022, IFM Global Infrastructure Fund announced a 15% stake in Atlas Arteria (ALX AU) (ATLAX), and subsequently floated the possibility of a non-binding proposal. 
• However, IFM’s request, at the time, for limited company information on ATLAX , a US/Europe toll-road play, came to nought.
• Undeterred, IFM continues to accumulate shares. Reportedly, IFM now holds ~35% after picking up 1.9% this morning.

• Singapore Airlines (SIA SP) is growing its footprint in India, presenting an interesting opportunity for long term investors. 
• However, it may come slightly costly in the near term as Indian aviation infrastructure is not that ready just yet. 
• Singapore Airlines (SIA SP) does not trade at a significant discount to its peers from PER and PBR. 

• We were correct not buying at a 51 FPE (at the top), despite our bullish view on their oncology portfolio of drugs.
• With hindsight, we were early at the end Oct 2024 at 39 FPE – numbers disappointed and the counter derated significantly.
• At a 16.5 FPE, expectations are very different. Enhertu has moved from strength to strength and has just achieved its first billion dollar quarter.

• Baidu, Inc. delivered a solid performance in the first quarter of 2025, with its Baidu Core division reporting a 7% year-over-year revenue increase, reaching RMB 25.5 billion.
• This growth was primarily driven by a substantial surge in its AI cloud business, which saw a 42% increase year-over-year, contributing significantly to Baidu Core’s overall revenue.
• A notable development within this business unit is the expansion of the AI cloud’s role in Baidu’s operations, now accounting for 26% of Baidu Core’s revenue, up from 20% in the previous year.

• Merck & Co., Inc.’s third-quarter performance demonstrates its commitment to leveraging scientific advances to deliver value in the healthcare space.
• The company’s revenue for the quarter reached $17.3 billion, a growth of 4% despite foreign exchange headwinds.
• This growth was primarily driven by the continued strength of its oncology segment, notably the drug KEYTRUDA, which saw an 8% increase in sales, contributing $8.1 billion.

• Warren Buffett’s Berkshire Hathaway has disclosed a significant new position in Alphabet Inc., acquiring 17.9 million shares valued at approximately $4.9 billion during Q3 2025.
• This development marks a notable strategic shift by Berkshire, as it trimmed positions in long-held names such as Apple Inc. and Bank of America while initiating and expanding positions in Alphabet, UnitedHealth, and Chubb.
• Alphabet’s shares climbed in extended trading following the announcement, which signals investor enthusiasm over Buffett’s endorsement.

• The generic availability of GLP-1 drugs from 2026 presents a structural, high-volume, and repetitive diagnostics opportunity that perfectly fits Thyrocare’s low-cost, centralized B2B model.
• Thyrocare Technologies (THYROCAR IN) reported robust Q2 FY’26 consolidated revenue growth of 22% YoY, coupled with a normalized EBITDA margin expansion to 34.8%.
• Strong execution and quality improvements position Thyrocare to capture this multi-year GLP-1-driven volume surge.

Since completing its merger with Mandalay Resources on 5 August, Alkane has 1) provided guidance for the combined group for FY26, 2) updated group reserves and resources and 3) released its Quarterly Activities Report for Q126. In the wake of these announcements, we forecast that the ‘new Alkane’ will produce c 158.8koz (plus c 4.3koz AuE in the form of antimony) in FY26 (cf 70.1koz in FY25) and that the merger will prove transformative to both its scale and valuation, including achieving the size required for inclusion in the VanEck Junior Gold Miners ETF (GDXJ) and the ASX 300 index (now confirmed).

• Celsys reported cumulative Q3 FY12/25 sales of JPY7.0bn (+15.9% YoY), operating profit of JPY2.2bn (+39.0% YoY).
• Celsys revised FY12/25 forecast: sales JPY9.3bn, operating profit JPY2.9bn, net income JPY1.4bn, citing strong subscription growth.
• Creator Support segment sales JPY6.0bn (+19.4% YoY), driven by CLIP STUDIO PAINT upgrades and global expansion efforts.

• Apple, Qualcomm, and Tesla are all hiring for EMIB-class advanced packaging, signalling an industry shift toward tech where Intel holds a structural edge.
• Intel’s “packaging-first” strategy outlined last year is now visible in real customer activity; foundry share will be won through packaging long before leading-edge wafers.
• With TSMC carrying excess capacity, IFS enters a rare window where early 18A traction and EMIB pull-through can create a credible path to 14A volume wins.

• Australian banks’ November earnings triggered sharp and divergent share-price reactions, widening performance dispersion across the sector.
• Based on the most recent moves, ANZ (ANZ AU) and Westpac (WBC AU) appear overvalued versus peers and potentially overbought, while two other banks screen as comparatively oversold.
• Statistical analysis identifies sixteen actionable opportunities for quantitative traders targeting mean reversion plays within the sector.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: Currently ten pair trade opportunities across four markets and four sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Novelis is the world’s largest producer of flat-rolled aluminum (FRP) products and the global leader in aluminum recycling, uniquely positioning it to benefit from the secular trend towards lightweighting and sustainability in the automotive and beverage packaging industries.
• The company’s business model is centered on a closed-loop recycling system, which provides a significant cost and sustainability advantage over primary aluminum producers, as recycling aluminum requires only 5% of the energy needed for primary production.
• Significant capital investments in expanding rolling and recycling capacity are underway to meet growing demand, particularly in the high-value automotive and beverage can segments. However, operational disruptions and cost inflation present near-term headwinds to profitability.

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• BeiGene (6160 HK) reported 3Q25 revenues of $1.4B, up 40% YoY (9M25 Revenue: $3.8B, up 43%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.
• In 3Q25, US sale of Brukinsa was $738.7M, up 46% YoY. For four consequtive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $612M in 3Q25.
• BeOne now expects 2025 revenue to be in the range of $5.1–5.3B (up 34–39% YoY) compared to the previous revenue guidance of $5.0–5.3B.

• SG Mart is rapidly expanding its B2B marketplace for building materials, primarily focusing on steel, with an aggressive growth strategy aiming to capture a significant share of the large and fragmented Indian market.
• The company benefits from the strong backing of the APL Apollo Group, providing it with industry relationships, funding, and brand leverage for its B2C distribution.
• Key risks include the highly competitive nature of the steel trading industry, which operates on thin margins, and the volatility of steel prices, which can impact profitability.

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• Leading Market Position in a Resilient Sector: Toho is a dominant player in Japan’s food service distribution industry, a sector characterized by stable, albeit low-margin, demand. Its comprehensive business model, encompassing distribution, cash & carry, and food solutions, provides a significant competitive advantage.
• Strategic Growth Initiatives Driving Profitability: The company’s mid-term management plan, ‘SHIFT-UP 2027,’ focuses on key growth areas including expansion in the Greater Tokyo Area, increasing the share of higher-margin private brand (PB) products, and pursuing strategic M&A, which are expected to enhance profitability.
• Attractive Shareholder Returns and Valuation: Toho demonstrates a strong commitment to shareholder returns, targeting a 40% dividend payout ratio. The stock trades at a compelling valuation relative to its peers, supported by robust growth in earnings and dividends over the past three years.

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• New Leadership, New Strategy: The August 2025 merger of Paramount Global and Skydance Media, creating Paramount Skydance (PSKY), marks a pivotal moment. Led by CEO David Ellison, the new entity aims to blend Paramount’s iconic content library and distribution network with Skydance’s modern production prowess and tech-focused approach. The strategy centers on revitalizing key franchises, achieving profitability in the Direct-to-Consumer (DTC) segment, and realizing significant cost synergies, now targeted at $3 billion.
• Navigating a Shifting Media Landscape: PSKY operates in a highly competitive and rapidly evolving industry characterized by the secular decline of linear television and the intense ‘streaming wars’. The company’s success hinges on its ability to grow its Paramount+ streaming service profitably while managing the decline of its traditional cable and broadcast assets. Management has signaled a focus on technology improvements to enhance user experience and reduce churn on its streaming platforms.
• M&A Remains a Key Theme: The formation of Paramount Skydance is a major act of consolidation, but the company remains a subject of further M&A speculation. As noted by Smartkarma analyst Baptista Research, the company is already contemplating an ambitious bid for Warner Bros. Discovery. This highlights the industry-wide pressure to scale up to compete effectively with larger, well-capitalized rivals, including tech giants like Apple and Amazon.

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• Shinhan Financial Group is one of South Korea’s largest and most diversified financial institutions, with a strong market position in banking, credit cards, securities, and insurance. Its scale and diversified business model provide a stable earnings base.
• The company is actively pursuing digital transformation and global expansion to drive future growth. Strategic initiatives like the ‘Super SOL’ application and investments in fintech aim to enhance competitiveness against traditional peers and emerging digital players.
• While the company exhibits attractive valuation multiples (low P/E and P/B ratios), it faces key risks from the domestic economic slowdown, potential deterioration in asset quality, particularly from real estate project financing (PF), and intense competition within the South Korean financial sector.

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• Dominant integrated entertainment enterprise in Japan, underpinned by a powerful intellectual property (IP) portfolio, most notably the globally recognized ‘Godzilla’ franchise.
• Clearly defined growth strategy, “TOHO VISION 2032,”focuses on strengthening its four core pillars (Film, Theatre, Real Estate, and Anime), with a significant emphasis on international expansion and digital innovation.
• Stable financial performance is augmented by the lucrative and less volatile Real Estate division, providing a solid foundation for investments in the inherently cyclical content creation business.

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• ROHM is demonstrating a significant turnaround, returning to profitability in Q1FY25 after a challenging FY2024, driven by structural reforms, improved demand, and cost controls.
• The company is a key player in the high-growth Silicon Carbide (SiC) power semiconductor market, which is critical for electric vehicles (EVs) and energy-efficient applications, representing a major growth catalyst.
• Despite the positive outlook, the stock trades at an attractive valuation of approximately 0.8x Price-to-Book, though it faces significant risks from macroeconomic headwinds, weak demand in China, and geopolitical tensions.

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• Biocon Ltd has confirmed its board, via a committee first formed on May 8, 2025, is formally evaluating a reverse merger of its unlisted arm, Biocon Biologics, into the parent.
• This merger is a financial de-risking move designed to immediately address $1.2 billion in acquisition debt and unlock a ‘conglomerate discount’ on the Rs.2,721 crore revenue biosimilars business.
• The move would eliminate the parent’s holding company discount, but the key hurdle is the valuation and swap ratio required to satisfy minority shareholders, chiefly Serum Institute.

• FY25 is the trough: weak smelter ramp (3–39%) and export ban drive losses; recovery depends on utilisation >50% in FY26.
• FY26 mining strong, smelter unclear: 220 kt Cu and 579 koz Au guided, but smelter repairs run through H1’26.
• Index risk rising: gold share <20% puts AMMN at high risk of GDX/MVGDX exclusion, with US$140–200m passive outflows.

• AppFolio, Inc. has reported its financial results for the third quarter of 2025, showcasing both advancements and challenges as it navigates the property management software industry.
• The company achieved revenue of $249 million, marking a robust 21% increase year-over-year.
• This growth underscores AppFolio’s market strength, driven by their strategic initiatives in expanding new business and enhancing current service offerings, particularly in their Plus and Max premium tiers.

• Olectra Greentech is a leading manufacturer of electric buses in India, strategically positioned to capitalize on the country’s significant push towards electric mobility in public transportation.
• The company’s growth is underpinned by a strong order book from State Transport Undertakings (STUs), a technological partnership with global EV giant BYD, and robust support from government initiatives like the FAME II scheme and the National Electric Bus Program.
• Key risks include high dependence on government contracts, intensifying competition from established automotive players, and a premium valuation that demands flawless execution on its large order book.

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• Merit Medical Systems reported a strong performance in the third quarter of 2025, showing substantial growth across various financial indicators.
• The company achieved total revenue of $384.2 million, representing a 13% increase year-over-year on a GAAP basis, and 12.5% on a constant currency basis.
• This robust performance was primarily driven by 7.8% constant currency organic growth, surpassing the previously forecasted 6% high range.

• Mitsubishi Electric is strategically divesting non-core assets, including a motor and insurance business, to free up capital and focus resources on the high-growth Factory Automation Digital Solution business.
• Capital optimization efforts have generated financial resources to fund the company’s ambitious Digital Transformation goals and M&A pipeline, including the acquisition of Nozomi Networks.
• Company now focused on structural enhancement, including significant CapEx plan for FY26 prioritizing the Semiconductor & Device segment, which covers SiC technology for semiconductor applications; large R&D investments also planned

• CCC Intelligent Solutions presented its third quarter results for fiscal 2025, demonstrating a strong financial position with a notable revenue increase and robust performance in expanding AI-driven solutions.
• The company reported a 12% year-over-year revenue growth to $267 million, exceeding guidance estimates.
• This growth was propelled by a 5% contribution from cross-sell and upsell initiatives, 3% from new client acquisitions, and 4% from EvolutionIQ.

• Cavco Industries, Inc. recently reported their second quarter fiscal year 2026 earnings, showcasing both strengths and challenges.
• Positive aspects included a 9.7% year-over-year increase in revenue, driven by a 5.4% increase in homes sold and a 4.4% increase in average revenue per home sold.
• Operating profit spiked by 27% compared to the previous year, indicative of robust operational performance and cost management efficiency.

• Hilton Grand Vacations (HGV) reported a performance in the third quarter of 2025 that showcased both strategic successes and challenges.
• The company’s contract sales rose impressively by 17% to $907 million, setting a record on a pro forma basis.
• This growth underpinned a noticeable improvement in both real estate profitability and adjusted EBITDA, which reached $302 million, marking near double-digit growth.

• Casella Waste Systems, Inc. recently presented its third quarter 2025 results, showcasing a blend of accomplishments and challenges, which together compose an intriguing outlook for the company.
• The report included key personnel, such as John Casella, Chairman and CEO, who will transition to Executive Chairman at the end of 2025, passing the CEO role to Ned Coletta on January 1.
• Despite the leadership overhaul, the company’s operational consistency and growth strategy appear solid.

• Pfizer and Novo Nordisk engaged in a heated battle for control over biotech company Metcera, which is developing innovative weight loss drugs
• Novo Nordisk, once seen as a leader in the obesity drug market, has recently faced challenges and a decline in stock price due to competition from Eli Lilly and a weaker drug pipeline
• Investors are closely watching the outcome of the bidding war between Pfizer and Novo Nordisk, as the future of the weight loss drug market could be lucrative and competitive

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• Lum Chang Creations Limited (LCC) is a niche urban – revitalization specialist, that covers complex conservation and restoration of heritage assets, flagship interior fit -outs for retail/hospitality/healthcare, and A&A (Additions and Alterations) works that upgrade brownfield buildings.
• The company’s service include aftercare for retail programs and selective in-house joinery to control quality on signature elements.
• The operating model is asset -light, with a focus on specialist know -how, repeatable delivery processes, and disciplined subcontractor management.

• Q3 arrived slightly soft, but currency-neutral EBIT narrows the miss; Q4 needs a steep ramp, though much of the downside risk already appears priced in.
• Longer-Term trajectory remains solid: sustained ~25% growth and a credible path to mid-teens operating margins by FY27 as AI adoption and enterprise penetration deepen.
• Cash flow softness reflects slower conversion and continued intangible investment, but growing pains not structural issue; valuation still shows 25%+ upside on DCF.

• Trane Technologies delivered robust performance in the third quarter of 2025, exhibiting significant growth in key business segments despite challenges in certain markets.
• The company reported record quarterly bookings of $6 billion, reflecting a 13% year-over-year organic growth and expanding its adjusted operating margins by 170 basis points.
• Additionally, Trane Technologies achieved a 15% growth in adjusted earnings per share (EPS) and demonstrated robust free cash flow generation.

• Acquired Entity Operating as a Key Growth Pillar: Primero Group is no longer a publicly traded entity (PGX AU), following its acquisition by NRW Holdings (ASX: NWH) in March 2021. It now operates as a key component of NRW’s Minerals, Energy & Technologies division, providing vertically integrated engineering, procurement, and construction (EPC) services.
• Vertically Integrated Business Model: The company specializes in the design, construction, and operation of global resource projects, offering a turnkey solution that spans the entire project lifecycle. This integrated model, which includes Build-Own-Operate (BOO) solutions, provides a competitive differentiation and allows for capturing value across different stages of a project.
• Strategic Positioning for Energy Transition: Primero has established a strong foothold in projects related to future-facing commodities, including lithium, vanadium, and hydrogen, positioning it to capitalize on the global shift towards sustainable energy. This aligns with NRW’s strategy to diversify and expand its capabilities in high-growth sectors.

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• Coupang faces a fast-emerging risk: a potential ban on early dawn deliveries (midnight–5 AM), driven by the powerful 1.1 million-member Korean Confederation of Trade Unions (KCTU). 
• The Coupang Union and most drivers strongly oppose the ban, warning of layoffs and slower deliveries. Consumers also prefer the current system. 
• If enacted, the ban could severely hurt Coupang and Korea’s economy. Probability of passage has risen sharply. I would be cautious on Coupang until this risk factor is fully resolved. 

• Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business segments.
• Total revenue reached $180.2 billion, marking a year-over-year increase of 12% when adjusting for foreign exchange impacts.
• Operating income was reported at $17.4 billion, however, this was impacted by two significant expenses: a $2.5 billion FTC settlement and $1.8 billion in estimated severance costs.

• Crocs, Inc.’s third quarter of 2025 revealed a complex performance landscape driven by strategic decisions and market conditions.
• The company, known for both the Crocs and HEYDUDE brands, demonstrated efforts to realign its operations toward long-term growth despite short-term challenges.
• On the positive side, Crocs, Inc. showcased strong profitability and cash flow in the quarter, which facilitated share repurchases and debt reduction.

• Apple Inc. reported robust financial results for the fourth quarter of fiscal year 2025, showcasing an impressive performance with total revenue reaching $102.5 billion, an 8% increase from the same period last year, marking a record for the September quarter.
• The company’s services sector set an all-time revenue record with $28.8 billion, reflecting a substantial 15% growth, largely driven by strong demand across developed and emerging markets.
• Additionally, the company saw a record earning per share (EPS) of $1.85, marking another significant achievement.

• With an in-line 3Q’FY25 revenue, the next major catalyst for GRAIL Inc. is the Galleri PMA submission to FDA, which is expected to occur in 1Q’FY26.  
• The #1 MCED screening test maker has guided to cash burn of <$290M for FY25 and the company’s cash position of $850M+ provides runway into 2030.
• Despite Galleri’s early stage, I view GRAIL Inc. as a very high quality company, which is a clear leader in MCED testing market in the United States.

• The revenue growth accelerated for the fourth quarter in 3Q25.
• In 3Q25, the gross margins of all business lines improved year over year.
• Tencent’s operating margin had improved year over year for thirteen quarters.

• NTT DC REIT is a pure -play data center trust backed by a global sponsor and listed in Singapore.
• It holds six stabilized facilities across the U.S., Europe, and Asia with a total design IT load of about 90 MW and 94% occupancy.
• The portfolio comprises of six assets across key hubs with high occupancy and a diversified tenant base.

• Based on the Offer Price of HK$0.35, P/B is 0.69x. This valuation level is lower than the historical average and also has a certain discount compared to the industry average.
• CSM’s net profit may return to positive by 2026. After profitability returns to normal, its P/B ratio is expected to approach 0.8-1x at least. Then reasonable valuation level is HK$0.41-0.51/share.
• Since minorities representing 18.74% of CSM outstanding shares needs to tender to hit the “50% hurdle”, this brings uncertainties as the Offer Price may not be attractive to some minorities.

• Natera is a leader in the high-growth cell-free DNA (cfDNA) testing market, with a strong portfolio spanning women’s health (Panorama), oncology (Signatera), and organ health (Prospera).
• The company is experiencing rapid revenue growth, driven by the strong uptake of its Signatera test for cancer monitoring, and is demonstrating significant operational leverage with improving gross margins and a clear trajectory towards positive free cash flow.
• While the company’s proprietary SNP-based technology provides a competitive advantage, Natera faces significant risks related to reimbursement uncertainty, intense competition, and the need to achieve sustained profitability after a history of net losses.

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• NVIDIA Corporation’s recent earnings for the second quarter of fiscal 2026 highlighted a record quarter in terms of total revenue, driven by widespread adoption of its comprehensive product suite across various sectors.
• The company reported a total revenue of $46.7 billion, surpassing its expectations with substantial growth noted in its data center segment, which increased by 56% year-over-year.
• The rollout of new technology, including the Blackwell platform and GB300 systems, was cited as a key driver of this growth, facilitating NVIDIA’s expansion in the AI infrastructure space.

• Eli Lilly and Company delivered a robust financial and operational performance in the third quarter of 2025.
• The company reported a 54% increase in revenue year-over-year, driven by strong sales of key drugs like Mounjaro and Zepbound.
• These products showed significant market penetration, particularly in the U.S., where Lilly has captured a dominant share of the incretin analogs market.

• Context: The REA Group (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: Going long REA Group (REA AU) and short News Corp (NWS AU) targets a 5% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Wasion Group is a leading Chinese provider of smart metering and energy efficiency solutions, well-positioned to benefit from domestic and global grid modernization trends.
• The company is experiencing accelerated growth, driven by China’s ‘dual carbon’ policy, strong investment in smart grids by state-owned utilities, and expansion into higher-growth areas like smart water/gas metering and international markets.
• Key risks include high customer concentration with Chinese state-owned utilities, potential for margin pressure from intense competition, and reliance on government policy direction.

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• Revenue in 3Q25 was 7.8% higher than in 2Q25, in line with stronger seasonal demand. GM: 22.0% in 3Q25, compared with 20.4% in 2Q25 and 20.5% in 3Q24.
• The Company expects: Revenue Flat to up 2% quarter-over-quarter (QoQ). Gross Margin: Between 18% and 20%.
• SMIC’s stock price has risen 160.7% year-to-date in 2025, outperforming Taiwan Semiconductor (TSMC) – ADR (TSM US) at 44.2% and United Microelectron Sp Adr (UMC US) at 10.8%.

• Twilio’s third-quarter results for 2025 reveal a mix of strong performance metrics and ongoing strategic advancements that could impact investors’ perspectives on the company.
• The company reported a record $1.3 billion in revenue, marking a 15% increase year-over-year, and $235 million in non-GAAP income from operations, both above expectations.
• This translates to a non-GAAP operating margin of 18%, albeit with a slight sequential improvement.

• Total revenue grew by 21% YoY and offline revenue grew by 50% YoY in 3Q25.
• Both ARPPU and the user base increased YoY in 3Q25.
• The margin had improved year over year for 13 quarters.

• JX Advanced Metals (5016 JP) — Second Guidance Upgrade; Margin Expansion Accelerates, Momentum Builds
• Focus businesses now contribute nearly half of operating profit, reinforcing structural earnings quality.
• JX Advanced Metals trades at ~22× FY26E P/E and ~13× EV/EBITDA, reflecting premium growth exposure but still below Japanese specialty materials peers (Tokyo Ohka ~26×, Entegris ~45×).

• We highlight large and small cap companies that experienced significant insider buying during October 2025, as reported on the stock exchanges.
• October 2025 saw fewer companies reporting insider buying due to silent period before reporting their half yearly results.
• Promoters of few companies had made the purchase in September but reported on exchanges in the month of October.

• AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.
• Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.
• Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.

• SEGRO is a leading UK-based Real Estate Investment Trust (REIT) specializing in the ownership, management, and development of modern warehouses and light industrial properties. Its portfolio is strategically located in and around major cities and key transportation hubs across the UK and seven other European countries.
• The company is well-positioned to capitalize on structural tailwinds, including the continued growth of e-commerce and the increasing need for resilient and efficient supply chains. These trends are driving strong demand for high-quality logistics and industrial space.
• SEGRO is actively expanding its portfolio through strategic acquisitions and a robust development pipeline, with a growing focus on the high-growth data center sector. The company maintains a strong balance sheet with a prudent loan-to-value ratio, providing financial flexibility to fund its growth ambitions.

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• Atlassian Corporation Plc reported strong financial performance for the first quarter of fiscal year 2026, achieving total revenue growth of 21% year-over-year, amounting to $1.4 billion.
• A significant contributor to this growth was their cloud revenue, which saw a 26% increase to $998 million.
• Additionally, the company’s remaining performance obligations (RPO) grew impressively by 42% to $3.3 billion.

• Delfi announced 3rd qtr. update: Revenue increasing 4.9%. This is in contrast to1st Half when revenues were flat.
• Revenue growth in Indonesia was driven by both pricing and volume gain in key brands in Indonesia & by regional markets
• Indonesia sales would be higher at 6.9% on constant currency basis.

• Classys is a high-growth medical aesthetics company poised for significant global expansion, driven by its flagship ‘Ultraformer’ (HIFU) and ‘Volnewmer’ (RF) product lines. The company’s growth strategy is centered on penetrating new, high-value markets such as the United States and Europe, supported by recent and anticipated regulatory approvals.
• The business model, which combines initial equipment sales with recurring revenue from high-margin consumables, has delivered a robust financial profile characterized by strong revenue growth and impressive profitability. Consumables now account for a significant and growing portion of sales, providing a stable and predictable revenue stream.
• Near-term challenges include potential margin compression due to shifts in product and geographic sales mix, as well as foreign exchange volatility. Long-term success is contingent on effective execution of its global expansion strategy, navigating intense competition, and maintaining its pace of innovation.

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• 7th straight quarter of double-digit growth; 3Q revenue +21% y/y to ¥222bn, led by strong EU and Japan performance and steady global expansion.
• Gross margin +110bps to 56.1%, operating margin +320bps to 20.9%; FY OP guidance raised to ¥140bn, share buyback of ¥30bn announced.
• Near-Term share impact limited, but long-term growth underpinned by SportStyle and Onitsuka Tiger; OP could double to ~¥260bn though next MTP cycle.

• Revenue increased by 15.9% YoY to JPY74.2bn, with all segments showing revenue growth and operating profit up 35.1% YoY.
• Extraordinary loss of JPY5.9bn related to the Antimonopoly Act led to a net loss of JPY1.5bn.
• Domestic demand remained firm, with revenue and profit rising YoY due to product price revisions and improved productivity.

• Softbank Group (9984 JP)  reported a record H1 net income of ¥2.9 trillion, driven principally by a USD 14.6 billion fair-value gain from its OpenAI investment and Rights to invest.
• The Group fully exited its USD 2.9 billion NVIDIA Corp (NVDA US) stake in October, realizing gross gains of USD 2.9 billion on sale proceeds of USD 5.8 billion.
• It also sold partial stakes in T-Mobile for USD 9.2 billion and Deutsche Telekom for USD 2.4 billion even as it raised its investment target in OpenAI to USD34.7 Bn.

• Introducing the all new Adobe Acrobat Studio with AI powered PDF spaces
• Fairlife milk, a phenomenon in the dairy industry, known for being healthier and having longer shelf life
• Protein craze in the beverage industry, highlighted by Fairlife and other protein drinks at Starbucks

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• In this insight, we provide reasoning behind the clear recent outperformance of Korean preferred shares versus common shares.
• Among the 10 pairs, nine of them have preferred shares outperforming common shares in the past five days.
• One of the main reasons why the preferred shares have recently outperformed their common counterparts is because of the expectation of the higher probability of lowering tax on dividends.

• We like GDS holdings, a high-beta play on Asia data center market, on the back of strong AI and hyperscale cloud infra growth across Asia
• GDS is a high beta play through 3 ways:  flexible capital deployment, high velocity AI growth, as well as diversification
• We think AI growth and utilization may surprise on the upside.  Also, establishment of a C-REIT platform will enable asset recycling at a high multiple

• FMC is a global leader in the crop protection market, with a strong, patent-protected portfolio, particularly in high-value insecticides. The company’s pure-play focus on agricultural sciences distinguishes it from more diversified peers.
• The company is currently navigating a severe industry-wide downturn caused by unprecedented inventory destocking in key channels, which has significantly impacted recent revenue and profitability. This cyclical headwind is masking underlying end-user demand.
• Management has initiated a strategic growth plan and restructuring program aimed at navigating the current challenges, driving cost savings, and capitalizing on the eventual market normalization. Future growth is expected to be driven by new product launches from its R&D pipeline and expansion in its Plant Health (biologicals) business.

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• Sprouts Farmers Market released a set of financial results for the third quarter of 2025 that presents a mixed picture for current and potential investors.
• The company reported total sales of $2.2 billion, marking a 13% increase compared to the same quarter in the prior year.
• Comparable store sales rose by 5.9%, indicating growth despite challenging market conditions.

• World Bank debarred TARIL from participating in its funded projects following old Nigerian contract issues; the company contests it.
• The incident has raised governance questions and led to an exaggerated stock sell-off, despite immaterial financial exposure and reaffirmed guidance. 
• Debarment is isolated and non-material. Execution delays are transitory. Strong order book, backward integration, and FY26 guidance make TARIL attractive on dips.

• Monolithic Power Systems Inc. (“the company”) in its third quarter of 2025, reported a banner quarter, achieving record revenue levels of $737.2 million, marking sequential growth of 10.9% and an 18.9% increase from the same period in the prior year.
• This outcome underscores the efficacy of their diversified market approach and strategic innovations aimed at addressing specific customer needs across a variety of segments.
• On a positive note, the company has demonstrated a robust capacity for growth, amplified by its successful penetration into multiple market segments.

• Takamiya (hereafter, the Company) is a leading manufacturer of temporary equipment used at construction sites, with its business centered on the next-generation scaffolding system Iq System, launched in 2014.
• Its vision is to become the industry’s first scaffolding platform company, shifting from a flow-based to a stock-based business centered on the Takamiya Platform, with the aim of establishing a new profit structure and strengthening the balance sheet.
• Construction investment continues to trend upward, and construction volume among the Company’s customers remains resilient.

• ABCL’s Q2 FY26 lending portfolio surged 29% YoY, driven by Housing Finance and secured MSME loans, while the firm deployed Generative AI across its flagship digital platforms.
• Robust asset growth and an improving credit profile (Gross Stage 2 & 3 down 121 bps YoY in NBFC), but consolidated PAT growth was constrained by rising interest costs.
• The One ABC’ digital ecosystem and high-growth segments position ABCL for enhanced return ratios, meriting a closer look at its valuation discount relative to pure-play NBFC peers.

• Our updated NAV valuation of LG Corp suggests implied market cap of 17.2 trillion won or target price of 111,605 won per share, representing 29.3% higher than current levels.
• LG Corp’s investment stakes in LG Chem and LG Electronics are worth 15.7 trillion won representing 119% of LG Corp’s entire market cap.
• Lower taxes on dividends could accelerate the capital allocation to companies with higher dividend yields/payouts such as LG Corp.

• Shiseido’s Q3 revenue rose 4.6% YoY to ¥224bn, marking its first growth in three quarters, though full-year sales guidance was cut 3%.
• Profitability remained pressured by tariffs and Drunk Elephant weakness; product margins fell 340bps YoY, but SG&A improvements limited overall margin decline to 80bps.
• Management maintained core OP profit guidance and continued executing structural reforms, achieving ¥21bn cost savings YTD, with deeper efficiency cuts planned through 2026.

• Mitsui Chemicals is slashing exposure to commodity chemicals and ramping up high-margin specialty films and resins—setting the stage for its RoE to soar from 5% to over 13%.
• Restructuring is unlocking massive cost savings while driving growth from cutting-edge segments that are poised for double-digit growth and global dominance.
• The stock trades at a deep discount, but could easily command a premium with solid execution, driving the share price to more than double or even treble within 3 years.

• Nvidia Pushes TSMC for More Capacity as AI Chip Demand Surges
• Apple Expands Its Satellite Ambitions for iPhones Beyond Just Emergencies — A Step Towards Disintermediating Telcos?
• Nvidia’s International HQ in Taipei Deal Clears Final Hurdle — Boost for Taiwan 2026E-2027E

• Trough valuations: JFE trades at only US$525/t EV/t and 0.5× P/B, despite stable guidance and improving high-value steel mix.
• Hidden value: 15% JSW Steel stake (~¥500 bn) equals ~45% of JFE’s market cap—cheap India exposure with re-rating potential.
• Upside case: SOTP implies +50–60% equity upside, supported by 4–5% dividend yield and H2 margin recovery.

• Four stock pairs have triggered new mean-reversion trade signals, with price ratios deviating more than two standard deviations from their one-year averages.
• Two of the opportunities involve companies in the same industry and two pairs involve companies in different industries within the same sector.
• Essential for quantitative traders seeking mean-reversion opportunities, outlining opportunities and key risk considerations.

• Sentiment has started to wobble in the AI mega cap trade
• Risk is elevated as bearish divergences  and rolling tops abound
• No top yet signalled in the major US indices –  so what to do in this environment 

• Treasury Wine Estates (TWE AU — US$3.0 billion) is one of the world’s largest wine producers globally. And it’s one of the very few large companies in Australia trading at a reasonable valuation multiple.

• It started as the wine division of brewery giant Forster’s Group. From the 1990s onwards, Foster’s acquired vineyards and brands such as Penfolds, Lindeman’s and Beringer.

• But throughout the 2000s, this wine division underperformed, draining cash from Foster’s highly profitable beer business. So in 2011, it was eventually spun off into a separately listed entity called Treasury Wine Estates (TWE).

• We turn cautious on our sole positive Thai recommendation Bangkok Bank, downgrading it to neutral from buy, despite its very attractive value attributes
• We believe that Thailand’s unilateral suspension of the peace accord in the Thailand-Cambodia conflict is likely to be negative for sentiment towards Thai equities, including banks, in the short term
• Consequently, in the worsening investor climate, we do not expect Bangkok Bank shares to benefit from a re-rating over the short term

• Elementos is strategically positioned to capitalize on a forecast tin supply deficit, with two world-class projects in stable jurisdictions: the development-ready Oropesa project in Spain and the exploration-focused Cleveland project in Australia.
• The recently completed Definitive Feasibility Study (DFS) for the Oropesa project demonstrates robust economics, underpinning a clear development pathway. The company is also pursuing a mine-to-metal strategy in Europe to capture additional value.
• Exploration at the Cleveland project continues to uncover significant mineralization of not only tin and copper but also critical minerals like tungsten and fluorite, offering substantial long-term upside potential.

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• BYD (1211 HK) has produced an enviable growth rate for the last 2 decades in the NEV sector. 
• Berkshire Hathaway Inc Cl A (BRK/A US) has completed selling all its holding in BYD. 
• The growth rate is no longer as high as before, and therefore demands a new way to evaluate the stock as its PEG increases. 

• Just Dial is a dominant player in India’s local search market, boasting a vast database of listings and a strong brand recall built over two decades. The company is currently in a growth phase, evidenced by a significant 102.04% 3-year CAGR in net income.
• The strategic acquisition of a majority stake by Reliance Retail Ventures Ltd. provides substantial synergistic opportunities, access to capital, and integration into a larger digital ecosystem, which is expected to accelerate the growth of its B2B platform, JD Mart.
• Despite strong financial performance, the company faces intense competition from Google’s local search offerings and various specialized vertical players, which poses a significant threat to its market share and pricing power. The company’s future success hinges on its ability to innovate and effectively monetize its new ventures.

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• In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (7 to 21 November 2025).
• Our top 10 picks in the next two weeks include KT&G, Samsung Electronics, Samsung Life Insurance, Orion Corp, Dentium, Hanmi Pharm, LG Chem (pref), Amorepacific Corp, Daewoong Pharm, and SK.  
• Notable stocks with excellent share price performances in the past two weeks are as follows: Taihan Electric Wire (up 32.7%) Hanmi Pharm (up 29.5%), and SK Hynix (up 13.7%).

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: Currently 14 pair trade opportunities across four 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.

• Softcare (2698 HK)‘s IPO price was fixed at HK$26.20, or 16.4x FY26F PER, with overwhelming positive responses in both the Hong Kong IPO and international offer. 
• We calculate its fair value at HK$26.07-29.43, based on a 50% premium to Hengan International Group (1044 HK) and a 20% discount to the US peers, leaving limited upside.
• Its tiny public shareholder ownership (15%) and the potential of being an M&A target will elevate its valuations. However, anything above the US peers (i.e. 20.5x PER) is expensive. 

• Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma. 
• In this cut, we revisit memory stocks’ stellar year, unpack results from the best pure-play gaming franchise, and spotlight airline stocks poised for lift-off.
• Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.

• iX Biopharma is a specialty pharmaceutical company centered around its proprietary WaferiX sublingual drug delivery technology, which aims to improve bioavailability and speed of onset for various active compounds.
• The company remains unprofitable, with consistent net losses and negative operating cash flow over the past three years, highlighting significant cash burn and reliance on external financing for its R&D and operational activities.
• Future growth hinges on the successful commercialization and out-licensing of its key pipeline products, such as Wafermine (ketamine wafer) and Wafesil (sildenafil wafer), and expanding its nutraceuticals division.

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• Record margins sustained: Q2 FY26 EBITDA ₹1,932 cr; full-year margins near 49% on captive coal and lower caustic costs.
• Growth visibility: 1 Mtpa 5th-stream alumina refinery to commission by Jun 2026; Pottangi mine start by FY27.
• Valuation gap: Trades at ~4× EV/EBITDA vs 6–7× peers, with ₹7,900 cr cash and 4.5% yield supporting 25–30% re-rating potential.

• EchoStar’s recently amended agreement to sell its unpaired AWS-3 spectrum licenses to SpaceX for $2.6 billion in SpaceX stock represents a pivotal shift in its operational and strategic trajectory.
• Building on a previous September deal where EchoStar committed to transferring AWS-4 and H-block licenses to SpaceX for up to $17 billion (half cash, half stock), this new AWS-3 transaction strengthens both firms’ long-term ambitions.
• For EchoStar, this move not only unlocks immediate financial runway and positions it to operate more flexibly but also furthers its transformation from a spectrum-heavy, capital-intensive business into a leaner, investment-focused entity.

• Cognex Corporation reported strong financial results for the third quarter of 2025, showcasing a solid strategic direction and improved operational efficiencies.
• The company’s focus on AI technology for industrial machine vision is evident in its performance and the introduction of innovative products like the SLX, aimed at enhancing logistics applications.
• Positive aspects from the results include achieving double-digit revenue growth and reaching the highest adjusted EBITDA margin since Q2 of 2023.

• Lion Rock Group is a global printing services provider with a strong foothold in the international book publishing market, demonstrating consistent revenue growth and robust cash flow generation.
• The company faces headwinds from the secular decline of traditional print media but is actively pursuing growth through strategic acquisitions and operational diversification, particularly in Australia and Southeast Asia.
• Valuation appears attractive, with low earnings multiples and a high dividend yield, suggesting a value proposition for investors, balanced against the inherent risks of the evolving printing industry.

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• Omada Health reported stronger than expected 3Q25 revenue of ~$68M (consensus: $61.2M) and management provided guidance for 2025 revenue of $251.5M-$254.5M, +49% y/y at midpoint.  
• The chronic disease management company introduced Meal Map, a new AI-powered nutrition tool integrated within the Omada Health’s cardiometabolic programs.
• I’m updating OMDA model estimates in my insight to reflect the company’s 3Q25 results, management guidance, and trends in the digital therapeutics space.

• NEC and Siemens plan to develop an automated robot teaching system for faster set-up and more efficient operation of production lines incorporating multiple robots.
• NEC’s FY Mar-26 guidance raised on strong 1H results. BluStellar, which includes digital twins for robot teaching, grew faster than expected.  
• Aerospace/Defense led sales growth and followed BluStellar in operating profit. Improving product mix and rising Japanese defense budget point to growing long-term potential.

• The medical insurance fund has crossed certain “warning lines”. Therefore, it is inevitable that the measures to control costs at the expenditure end will be further tightened.
• We are actually not optimistic about the NewCo model, because domestic pharmaceutical companies may not necessarily be able to share much of Newco’s future development achievements in the end.
• BeiGene’s 25Q3 results beat expectations. However, 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.

• 1H FY26 results resilient: LNG and FX offset metals softness; FY26 NI raised 6% to ¥820 bn, ROE ~13%.
• Valuation gap to Itochu closed; Mitsui now trades ~1.4× P/B with superior copper and LNG leverage.
• Sustained buybacks (~5% p.a.) and ≥10% Berkshire anchor ensure 6–9% TSR CAGR, with 10%+ if copper >US$10k/t.

• Macnica is a leading Japanese technology distributor specializing in semiconductors and network equipment, well-positioned to capitalize on long-term growth in AI, IoT, and automotive sectors.
• The company is strategically shifting towards a higher-margin ‘Services & Solutions’ model, expanding beyond traditional distribution to include proprietary products and cybersecurity services.
• While facing near-term headwinds from semiconductor market cyclicality and margin pressure, Macnica maintains a strong balance sheet, attractive dividend yield, and a valuation that appears reasonable compared to global peers.

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• Serve Robotics is a key player in the nascent autonomous sidewalk delivery market, with a strategic focus on last-mile food and grocery delivery.
• The company’s growth is underpinned by significant partnerships with major food delivery platforms, Uber Eats and DoorDash, providing immediate access to a large volume of orders.
• While experiencing rapid revenue growth, the company remains unprofitable with significant cash burn, highlighting the high-risk, high-reward nature of this emerging industry. The path to profitability hinges on successful fleet expansion, operational efficiency, and navigating regulatory landscapes.

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• TSMC: +21.8% Premium; Wait for Lower Premium Before Fresh Long
• UMC: +2.2% Premium; Good Level to Short the ADR Premium
• CHT: -2.0% Discount; Near Level to Go Long the ADR Spread

• Core “Ocean” EBITDA fell by 55% Y/Y in Q325 due to lower average freight rates
• Maersk lifted lower end of guidance range, but offered downbeat tone on Q4, 2026
• Shares fell by 5% in response to Thursday’s report; we remain negative on sector

• Bitfarms is a vertically integrated Bitcoin mining company aggressively expanding its operational footprint in North America and diversifying into High-Performance Computing (HPC) and AI infrastructure to create new, stable revenue streams.
• The company’s strategy hinges on leveraging low-cost, primarily renewable energy sources to maintain competitiveness in a post-halving environment, where operational efficiency is paramount for profitability.
• Significant financial risks exist, including a history of net losses, high stock volatility, and execution risk associated with its capital-intensive pivot to the AI/HPC sector, alongside its inherent exposure to the volatile price of Bitcoin.

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