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Equity Bottom-Up

Daily Brief Equity Bottom-Up: My Take on Samsung’s Big Foundry Deal with Tesla and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • My Take on Samsung’s Big Foundry Deal with Tesla
  • Samsung Electronics Clinches a Huge Chip Contract from Tesla
  • Laopu Gold (6181 HK): Strong Earnings, Soft Share Price – What’s Driving the Disconnect?
  • Anta (2020 HK): Company Estimates Higher Growth Due to Acquisition
  • NSDL IPO Analysis: India’s First & Largest Depository
  • APR: Time To Take Profits (Three Major Reasons)
  • CNI – Will Its Recent Strategic CapEx Investment Help Sustain Profitability In The Long-Term?
  • Imdex Ltd – The Overnight Report: Tariff Reality Bites
  • Memory Monitor: SK Hynix Vs. Micron — Different Speeds & Focus, Same Structural Shift
  • Japan Pure Chemical (4973 JP): Q1 FY03/26 flash update


My Take on Samsung’s Big Foundry Deal with Tesla

By Sanghyun Park

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

Samsung Electronics Clinches a Huge Chip Contract from Tesla

By Douglas Kim

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

Laopu Gold (6181 HK): Strong Earnings, Soft Share Price – What’s Driving the Disconnect?

By Devi Subhakesan

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

Anta (2020 HK): Company Estimates Higher Growth Due to Acquisition

By Ming Lu

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

NSDL IPO Analysis: India’s First & Largest Depository

By Sudarshan Bhandari

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

APR: Time To Take Profits (Three Major Reasons)

By Douglas Kim

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

CNI – Will Its Recent Strategic CapEx Investment Help Sustain Profitability In The Long-Term?

By Baptista Research

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

Imdex Ltd – The Overnight Report: Tariff Reality Bites

By FNArena

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

Memory Monitor: SK Hynix Vs. Micron — Different Speeds & Focus, Same Structural Shift

By Vincent Fernando, CFA

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

Japan Pure Chemical (4973 JP): Q1 FY03/26 flash update

By Shared Research

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

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Daily Brief Equity Bottom-Up: China TCM (570.HK) – About the 25H1 Profit Warning and the Outlook and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • China TCM (570.HK) – About the 25H1 Profit Warning and the Outlook
  • Taiwan Dual-Listings Monitor: TSMC ADR Premium Remaining Unusually High; UMC & ASE Headroom Changes
  • Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Jul)
  • Domain Holdings Australia Ltd – The Monday Report – 28 July 2025
  • Intel (INTC.US): 18A May Have Been Too Rushed; Now All Hopes Rest on 14A.
  • Sai Gon Cargo Service (SCS VN) Q2 FY25: Maintaining 75% Operating Margins and 50% ROCEs
  • Intel Q225. GM Obfuscation, Red Flags & 14A Now Officially A Risk Factor
  • Chugai Pharmaceutical (4519 JP): Actemra Shine Bright Amid Margin Pressure, 2025 Guidance Reiterated
  • AeroEdge (7409 JP)
  • Japan Pure Chemical (4973 JP): Q1 FY03/26 flash update


China TCM (570.HK) – About the 25H1 Profit Warning and the Outlook

By Xinyao (Criss) Wang

  • China TCM’s Profit Warning indicates a weak 25H1 results. Performance downturn is longer-than-expected. But as an industry leader, China TCM will enhance its bargaining power by integrating the industrial chain.
  • Investors have reignited interest in betting on privatization of China TCM and potential merger with Taiji, as deadline is approaching.Privatization price may be lower considering China TCM’s weak 25H1 results.
  • HK$0.84-2.17/Share is the reasonable share price range at this stage.The catalyst for China TCM’s share price is CNPGC may announce how to address the horizontal competition issue within three months.

Taiwan Dual-Listings Monitor: TSMC ADR Premium Remaining Unusually High; UMC & ASE Headroom Changes

By Vincent Fernando, CFA

  • TSMC: +26.3% Premium; Opportunity to Go Short the ADR Premium
  • UMC: -1.2% Discount; ADR Headroom Falls Yet Again by a Significant Amount
  • ASE: +0.7% Premium; Opportunity to Go Long the ADR Premium — ADR Headroom Has First Change in a Long Time

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Jul)

By Gaudenz Schneider

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

Domain Holdings Australia Ltd – The Monday Report – 28 July 2025

By FNArena

  • Trade deals, central bank meetings, earnings season (US & Europe) with first local releases later in the week, as well as the all-important June quarter CPI print domestically will set the mood and tone for the ASX200 this week.
  • ASX200 futures are pointing to a slightly weaker start, but the overnight, EU-US trade deal may boost sentiment.

Intel (INTC.US): 18A May Have Been Too Rushed; Now All Hopes Rest on 14A.

By Patrick Liao

  • On July 24, chip giant Intel announced that its latest 18A advanced process is progressing smoothly. However, the next-generation 14A process will be developed “based on confirmed customer commitments.”
  • Apple (AAPL US) adopt Intel’s 14A process for its future M-series chips, while NVIDIA Corp (NVDA US) is expected to use the same process for its entry-level gaming GPUs.
  • U.S. President Trump is imposing tariffs on countries around the world, which is indirectly pressuring some manufacturers to accelerate the establishment of U.S.-based production facilities.

Sai Gon Cargo Service (SCS VN) Q2 FY25: Maintaining 75% Operating Margins and 50% ROCEs

By Sameer Taneja

  • Sai Gon Cargo Service (SCS VN) reported flat earnings for Q2 FY25, with operating margins/net margins at 75%/65% and ROCEs topping 50%. 
  • The tariff increases (16% YoY) offset the degrowth in volumes (-5%YoY) and the increase in effective taxation (from 11% to 20%). 
  • Based on management guidance, the stock trades at 9.3x FY25 PE, with an 8.6% dividend yield

Intel Q225. GM Obfuscation, Red Flags & 14A Now Officially A Risk Factor

By William Keating

  • Intel reported Q225 revenues of $12.9 billion, up $200 million QoQ, flat YoY but $1.1 billion above the guided midpoint. After that revenue beat, things went downhill from there.
  • CEO Lip Bu Tan said he will review and approve all future company product designs prior to tape out. Sounds like a vote of no confidence in the design team.
  • Intel’s 10 Q now lists the possibility of pausing or abandoning 14A as a risk factor with doomsday details about the implications for the company

Chugai Pharmaceutical (4519 JP): Actemra Shine Bright Amid Margin Pressure, 2025 Guidance Reiterated

By Tina Banerjee

  • Chugai Pharmaceutical (4519 JP) reported 5% YoY rise in core revenue in 1H25, as overseas sales grew 7% YoY and domestic market revenue was up 3%.
  • Actemra witnessed growth in both overseas and domestic market. Hemlibra overseas sales stood at ¥151B (30% of total sales), down 6% YoY.
  • In 1H25, two significant developments that happened are successful P3 trial of orforglipron and positive results from phase I/II study of NXT007.

AeroEdge (7409 JP)

By Michael Fritzell

  • Earlier this month, Substack writer Gezzogero mentioned AeroEdge (7409 JP) (7409 JP — US$88 million) on his blog.
  • I thought it was a fantastic write-up and wanted to dig into it myself.
  • The company is a supplier of aircraft components. It manufactures low-pressure turbine blades for the well-regarded LEAP jet engine, which is used in narrow-body aircraft such as the Airbus (AIR FP) A320neo and Boeing (BA US) 737 MAX.

Japan Pure Chemical (4973 JP): Q1 FY03/26 flash update

By Shared Research

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

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Daily Brief Equity Bottom-Up: Intuitive Surgical: What Are Its Latest Advancements in Robotic-Assisted Surgery Technology & Key Growth Levers? and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Intuitive Surgical: What Are Its Latest Advancements in Robotic-Assisted Surgery Technology & Key Growth Levers?
  • JD.com Splashes Cash on Robotics AI Startups
  • IEX Ltd: Over-Reaction on Market Coupling?
  • CoStar Group: Initiation of Coverage- LoopNet’s Growth & Strategic Shifts to Ensure A Sustainable Growth Trajectory!
  • Domino’s Pizza: Its Franchise Efforts Are Helping Small Operators Thrive In Big Ways!
  • D.R. Horton: An Insight Into Its Incentives & Affordability Initiatives & Other Major Catalysts!
  • Danaher Bets Big on Bioprocessing—Will Resilient Demand Outpace Market Headwinds?
  • Halliburton Company: Will The Management Focus on Artificial Lift & Related Technologies Support Its Overall Growth?
  • General Motors (GM): How Are They Tackling The Electric Vehicle (EV) Transition & Tariff Challenges?
  • CSX Joins The M&A Chessboard: Why It’s Exploring Strategic Alternatives After Union Pacific’s Norfolk Bid


Intuitive Surgical: What Are Its Latest Advancements in Robotic-Assisted Surgery Technology & Key Growth Levers?

By Baptista Research

  • Intuitive Surgical’s recent quarterly results highlight a strong performance, marked by a 21% increase in revenues and a pro forma earnings per share rise of 23%.
  • The company saw robust growth in procedure volumes, with da Vinci procedures increasing by 17%, attributed to strong performance in benign general surgery in the U.S. and a notable rise in international procedures outside urology.
  • The introduction of their latest robotic platform, the da Vinci 5, is beginning to show positive traction with broad launches underway in the U.S., and initial adoption in Europe and Japan following regulatory clearances.

JD.com Splashes Cash on Robotics AI Startups

By Caixin Global

  • Three robotics startups announced Monday they had completed funding rounds led by JD.com Inc., signaling the Chinese e-commerce giant is accelerating its push into the burgeoning, much-hyped field of embodied artificial intelligence (AI).
  • Embodied AI — which refers to intelligent systems with physical forms that interact with the real world, such as robots and self-driving cars — has recently become a battleground for tech firms. As JD.com is a relative latecomer, it’s making an aggressive effort to catch up with rivals like Meituan and Lenovo Group Ltd.
  • While supporters of the tech say it’s set to reshape industries from logistics to consumer households, others warn that the technology is a long way off mass adoption and that many firms in the space lack a viable commercial model.

IEX Ltd: Over-Reaction on Market Coupling?

By Nitin Mangal

  • This week, the CERC issued the order on market coupling for DAM across all the Indian Power Exchanges. Now, a single uniform market clearing price will be determined centrally.
  • Shares of Indian Energy Exchange Ltd (IEX IN) have reacted negatively to this development. Management’s stance on market share remains positive even though there is uncertainty involved.
  • Investors should also consider structural drivers like rising electricity demand, low exchange penetration, strong user loyalty, and positive performance of IGX platform while evaluating IEX’s long-term prospects.

CoStar Group: Initiation of Coverage- LoopNet’s Growth & Strategic Shifts to Ensure A Sustainable Growth Trajectory!

By Baptista Research

  • CoStar Group’s second quarter of 2025 showcased a mix of significant achievements and potential challenges.
  • The company reported a robust revenue of $781 million, marking a 15% increase from the previous year, and achieved a notable adjusted EBITDA of $85 million, representing a 108% increase year-over-year.
  • These figures surpassed consensus estimates, indicating strong operational performance and efficient management.

Domino’s Pizza: Its Franchise Efforts Are Helping Small Operators Thrive In Big Ways!

By Baptista Research

  • Domino’s Pizza reported a strong second quarter performance, marked by market share gains and growth in both U.S. and international markets, despite a challenging macroeconomic environment.
  • In the U.S., Domino’s saw positive results in its delivery and carryout businesses, driven by strategic innovations and improvements in customer value propositions.
  • The launch of the Parmesan Stuffed Crust pizza was highlighted as a significant contributor, attracting new customers and performing well operationally due to prior training investments.

D.R. Horton: An Insight Into Its Incentives & Affordability Initiatives & Other Major Catalysts!

By Baptista Research

  • D.R. Horton, Inc., a significant player in the homebuilding industry, reported its financial results for the third quarter of fiscal 2025.
  • The company navigated prevailing market conditions with a focus on maximizing returns and efficiency.
  • Earnings per share stood at $3.36, reflecting a decrease from $4.10 in the previous year.

Danaher Bets Big on Bioprocessing—Will Resilient Demand Outpace Market Headwinds?

By Baptista Research

  • Danaher Corporation’s second-quarter 2025 results provided a comprehensive view of their financial performance, strategic initiatives, and market positioning.
  • The quarter was marked by notable achievements and some challenges, set within a complex macroeconomic environment.
  • From a financial perspective, Danaher reported sales of $5.9 billion, with core revenue growth of 1.5% year-overyear.

Halliburton Company: Will The Management Focus on Artificial Lift & Related Technologies Support Its Overall Growth?

By Baptista Research

  • Halliburton’s second quarter of 2025 presented a mixed financial and operational performance, with notable challenges and some opportunities.
  • Despite volatile commodity markets and global economic uncertainties, the company reported a 2% increase in total revenue, reaching $5.5 billion compared to the first quarter of 2025.
  • Operating income totaled $727 million, yielding an operating margin of 13%.

General Motors (GM): How Are They Tackling The Electric Vehicle (EV) Transition & Tariff Challenges?

By Baptista Research

  • General Motors Company presented its financial results for the second quarter of 2025, underscoring both strengths and areas of challenge in its current performance.
  • The company’s financial position and strategic maneuvers present a complex picture for potential investors to consider.
  • On the positive side, General Motors reported a strong operating performance, with key highlights including substantial revenue figures.

CSX Joins The M&A Chessboard: Why It’s Exploring Strategic Alternatives After Union Pacific’s Norfolk Bid

By Baptista Research

  • CSX Corporation’s recent financial performance showcases a company in recovery, marked by deliberate efforts to address operational challenges and improve service delivery.
  • The second-quarter results reflect a mix of successes and ongoing hurdles within their business framework.
  • Positively, CSX Corporation has demonstrated a strong recovery from earlier disruptions, with notable improvements in network performance metrics including velocity, dwell time, and trip plan compliance.

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Daily Brief Equity Bottom-Up: Asian Equities: Our Asian Robust Dividend Yield Basket – Revisiting After Sharp Outperformance and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Asian Equities: Our Asian Robust Dividend Yield Basket – Revisiting After Sharp Outperformance
  • Infosys (INFY) — No Fireworks but Better Performance than TCS
  • Asian Dividend Gems: Taiyo Kagaku
  • Amazon to Shut Down Shanghai AI Lab Amid Strategic Shift
  • Malaysian Banks; Stick with RHB Bank, Downgrading CIMB
  • Jafco Co Ltd (8595 JP): Q1 FY03/26 flash update
  • Forge Resources: Discovers Coal Seam While Driving Decline
  • Fortescue Metals Group Ltd – Next Week At A Glance – 28 July-1 Aug 2025
  • CME Group: The House Always Wins – [Business Breakdowns, EP.224]
  • BYD Teams Up With Octopus Energy to Cut EV Charging Costs in the U.K.


Asian Equities: Our Asian Robust Dividend Yield Basket – Revisiting After Sharp Outperformance

By Manishi Raychaudhuri

  • Since inception on February 23, our Robust Dividend Yielders basket has generated 20.3% total return, vs MSCI Asia-ex-Japan’s 11.34%. 10 stocks in our basket of 23 appreciated more than 20%.
  • We reconstruct our basket screening all Asian stocks > US$2bn market cap, dividend yield >6% in 2025 and 2026, EPS CAGR > 5% and upward revision to EPS forecasts.
  • Our new Dividend Yield basket has 15 stocks, 10 from HK, 3 from onshore China, 1 each from Indonesia and Singapore. Bosideng is the only stock common in both baskets. 

Infosys (INFY) — No Fireworks but Better Performance than TCS

By Sreemant Dudhoria,CFA

  • Infosys Ltd (INFO IN) reported a stable Q1FY26 with constant currency (CC) revenue growth of 2.6% QoQ and 3.8% YoY, despite persistent macro headwinds in key geographies.
  • While the company increased its lower end of guidance from 0 to 3% to 1%-3% CC, the sector still faces challenges from macro uncertainty.
  • While there are no fireworks in the results, it is much getter than Tata Consultancy Svcs (TCS IN) . We present analysis on the same.

Asian Dividend Gems: Taiyo Kagaku

By Douglas Kim

  • Although Taiyo Kagaku is not a household name among consumers in Japan, it has a strong reputation in Japan and internationally among F&B companies for functional, health-enhancing ingredients.
  • Three main reasons we like the stock include strong loyal customers in the F&B segment in Japan/internationally, solid growth of sales and profits, and attractive valuations. 
  • Taiyo Kagaku currently has a SmartScore of 4.6 out of 5 which is among the top ranking stocks in the Japanese stock market. 

Amazon to Shut Down Shanghai AI Lab Amid Strategic Shift

By Caixin Global

  • Days before the 2025 World Artificial Intelligence Conference is to begin in Shanghai, Amazon’s Shanghai-based AI research institute — once a centerpiece of the event’s inaugural launch — is facing its imminent closure, marking the end of Amazon Web Services Inc.’s last overseas AI lab.

  • Wang Minjie, an applied scientist at AWS AI Shanghai Lablet, shared on Chinese social media platform WeChat on Tuesday that the lab will be dissolved due to “strategic adjustments between China and the United States.”

  • Amazon did not deny the closure. In a statement to Caixin, the company said, “Following a comprehensive evaluation of our organizational structure, growth priorities and future strategic direction, we have made the difficult decision to streamline certain teams within AWS China. We are committed to supporting affected employees through this transition.”


Malaysian Banks; Stick with RHB Bank, Downgrading CIMB

By Victor Galliano

  • RHB Bank is now our sole pick in Malaysian banks, topping our proprietary scorecard; it retains strong fundamental value credentials, with an improving cost of risk trend
  • We downgrade CIMB shares to a hold from a buy; the valuations are less compelling than RHB and it has further to improve on credit quality and returns
  • PB Bank is a name to watch for its sustained premium returns, and for its position as the peer group benchmark in terms of ROE, credit quality and efficiency ratio

Jafco Co Ltd (8595 JP): Q1 FY03/26 flash update

By Shared Research

  • Revenue increased by 40.9% YoY to JPY7.2bn, with operating profit up 67.6% YoY to JPY2.7bn.
  • Capital gains reached JPY3.2bn (+29.7% YoY), primarily from listed shares, with an investment multiple of 2.1x.
  • Total investment executed was JPY6.8bn, with JPY3.2bn in domestic VC investments, averaging 20.4% equity stakes.

Forge Resources: Discovers Coal Seam While Driving Decline

By Atrium Research

  • Forge announced that while driving the decline at the La Estrella project, a coal seam was encountered measuring 0.5-1.0m in thickness.
  • The Company has taken channel samples for lab analysis to assess the coal’s quality and market suitability.
  • We recently initiated coverage on FRG, read the report here.

Fortescue Metals Group Ltd – Next Week At A Glance – 28 July-1 Aug 2025

By FNArena

  • A brief look at important company events and economic data releases next week.

CME Group: The House Always Wins – [Business Breakdowns, EP.224]

By Business Breakdowns

  • Exchanges like the Chicago Mercantile Exchange serve the crucial function of bringing buyers and sellers together, ensuring transactions are completed smoothly and efficiently.
  • Clearinghouses, coordinated by exchanges, play a vital role in finalizing transactions and mitigating risks, acting as a safety net to guarantee trades will settle even if one party defaults.
  • CME Group specializes in futures contracts, offering a wide range of products and deep liquidity pools for global benchmark products, making it a leading marketplace for derivatives globally.

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


BYD Teams Up With Octopus Energy to Cut EV Charging Costs in the U.K.

By Caixin Global

  • Octopus Energy Ltd., Britain’s largest power utility, has partnered with Chinese electric vehicle (EV) giant BYD Co. Ltd. on a service in the U.K. that can help EV owners cut down on charging costs by providing them with a way to supply electricity to the grid.
  • The Power Pack Bundle, launched last month, offers customers a leased BYD Dolphin and a special two-way charger that turns the car into a battery that can send electricity back to the grid during peak hours.
  • This is one application of the vehicle-to-grid (V2G) system, creating a two-way street for electricity to flow between charging stations and EVs. This allows cars to charge up when power is abundant and provide electricity back into the grid when demand surges.

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Daily Brief Equity Bottom-Up: QAF: Regional Consumer Stock with Appealing 5.6% Dividend Yield and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • QAF: Regional Consumer Stock with Appealing 5.6% Dividend Yield
  • Tesla (TSLA): Go Short
  • Corpay’s $2.2 Billion Move: Why The Alpha Group Deal Could Be A Game-Changer For Global B2B Payments
  • Fisher & Paykel Healthcare (FPH AU) Vs. ResMed (RMD AU): Dislocation in Healthcare
  • SK Hynix: Good 2Q, Positive Messages but No 2026 Guidance Means that Market’s Doubts Will Remain
  • Palo Alto Eyes SentinelOne: The $7 Billion Power Move That Could Reshape Cybersecurity!
  • Deere & Co Is Quietly Dominating the AI Farming Revolution—Here’s Why It Could Be The TESLA Of Agriculture!
  • Datadog Eyes $1 Billion Upwind Deal: Could This Be A Game-Changer For Cloud Security?
  • [Earnings Preview] Shell Falters on Fundamentals, But Options Data Signals Optimism
  • Dialogue. Evolution 2Q25 Business Update, Black Markets, UK Investigation, Asia Cyber Attacks


QAF: Regional Consumer Stock with Appealing 5.6% Dividend Yield

By Punit Khanna

  • Singapore small-mid cap stocks are having a good run in anticipation of Market Equity Development Programme. QAF may appeal to yield investors
  • QAF is a well run number 1 bread company in Singapore, Malaysia and Philippines
  • Business is stable and mature making it difficult for a new player to enter the market

Tesla (TSLA): Go Short

By Henry Soediarko

  • Not impressive earnings result for 2Q25 as revenue fell 12%, led by a weaker EV sales followed by lower sales from the renewable energy division as well.  
  • The highest-margin business contributor, regulatory credit, may be gone soon as recently the US government removed the financial penalty for higher emissions. 
  • Tesla (TSLA US) is trading at premium compared to its Chinese counterparts such as BYD (1211 HK) , NIO (9866 HK) and XPeng (9868 HK) .

Corpay’s $2.2 Billion Move: Why The Alpha Group Deal Could Be A Game-Changer For Global B2B Payments

By Baptista Research

  • Corpay has made headlines with its definitive agreement to acquire Alpha Group International in an all-cash deal valued at approximately $2.2 billion (£1.6 billion).
  • The transaction, offering Alpha shareholders £42.50 per share—a 55% premium over its undisturbed price as of May 1, 2025—is expected to close in Q4 2025, pending shareholder and regulatory approvals.
  • This acquisition comes on the heels of a busy strategic year for Corpay, including a $300 million cross-border partnership with Mastercard and a minority investment in AvidXchange.

Fisher & Paykel Healthcare (FPH AU) Vs. ResMed (RMD AU): Dislocation in Healthcare

By Gaudenz Schneider

  • Context: The Fisher & Paykel Healthcare (FPH AU) vs. ResMed (RMD AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
  • Highlights: The long position is supported by higher growth aligning well with the statistical analysis. The trade faces some event risk due to an upcoming earnings announcement.
  • 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.

SK Hynix: Good 2Q, Positive Messages but No 2026 Guidance Means that Market’s Doubts Will Remain

By Nicolas Baratte

  • 2Q25 beats consensus by 5% with a number of unexpected moves: NAND and Commodity DRAM shipments a lot higher than expected, hence weaker ASP (more commodity), margins decline QoQ. 
  • HBM positive messages: HBM sales double in 2025, we now have secured visibility on next year’s demand”, leading to higher capex in 2025, HBM will continue to enjoy strong growth. 
  • But a lack of concrete numbers (HBM, eSSD % of revenue), 2025-26 Capex, capacity increase, etc means that the market will not find grounds to have a more positive view. 

Palo Alto Eyes SentinelOne: The $7 Billion Power Move That Could Reshape Cybersecurity!

By Baptista Research

  • Rumors are swirling around a potential acquisition that could significantly reshape the cybersecurity landscape.
  • SentinelOne, a company known for its autonomous endpoint protection platform, saw its shares surge after reports emerged suggesting that industry giant Palo Alto Networks (NASDAQ: PANW) might be in advanced talks to acquire it.
  • While neither company has confirmed the speculation, multiple Israeli media outlets have cited industry sources suggesting a potential deal value of around $7 billion.

Deere & Co Is Quietly Dominating the AI Farming Revolution—Here’s Why It Could Be The TESLA Of Agriculture!

By Baptista Research

  • Deere & Co is no longer just a symbol of tractors and green machines — it has quietly transformed into one of the most dominant forces in agricultural technology.
  • At the intersection of artificial intelligence and farming, Deere is building a future where its equipment not only performs fieldwork but also interprets real-time data, automates decision-making, and boosts crop yields through precision.
  • The company’s recent developments, including strong second-quarter financials for fiscal 2025 and an impressive Investor Day presentation in Brazil, reveal a clear trajectory: Deere is shifting from traditional machinery to becoming a full-scale agri-tech platform.

Datadog Eyes $1 Billion Upwind Deal: Could This Be A Game-Changer For Cloud Security?

By Baptista Research

  • Datadog, a leader in observability and security, is reportedly in advanced talks to acquire Israeli cybersecurity firm Upwind for approximately $1 billion, according to a report by Calcalist.
  • The move comes just months after Upwind raised $100 million in a Series A funding round, valuing the startup at roughly $900 million.
  • As Datadog continues expanding its product portfolio, especially in cloud-native security and AI observability, the potential acquisition of Upwind signals a strategic push deeper into cloud workload protection and runtime security.

[Earnings Preview] Shell Falters on Fundamentals, But Options Data Signals Optimism

By Suhas Reddy

  • Shell’s Q2 2025 revenue is expected to drop 10.6% QoQ and 16.9% YoY. Its EPS is projected to drop 29.9% QoQ and 34.8% YoY.
  • Despite stronger refining margins, unplanned maintenance is expected to drag down downstream and chemicals earnings, pressuring overall performance.
  • However, options positioning reflects bullish sentiment, with traders betting on a potential upside surprise despite a downbeat operational update.

Dialogue. Evolution 2Q25 Business Update, Black Markets, UK Investigation, Asia Cyber Attacks

By The Synopsis

  • Evolution reported 2Q25 earnings, with stock up 7% on the day
  • Live casino revenue up 4%, RNG flat with potential for growth
  • Expansion of partnership with Hasbro for Monopoly IP in North America, positive outlook in the market

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


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Daily Brief Equity Bottom-Up: DFI Retail (DFI SP): Up 90% in a Year + Special Dividend. Cash Out or Hold Tight? and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • DFI Retail (DFI SP): Up 90% in a Year + Special Dividend. Cash Out or Hold Tight?
  • [7732 JP] KKR–JIC Take-Private of Topcon: Strategic Bet on Digital Eye Care
  • [JD.com, Inc (JD US, SELL, TP US$24) TP Change]: C2Q25 Preview: Near Term Loss Pressure Imminent
  • Tencent/Netease: Zero Approval in July
  • The Bunny Returns: Playboy’s Market Comeback
  • Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – July 2025
  • Korea Small Cap Gem #41: Korea Fuel Tech (FT) Corp
  • GE Aerospace’s New Focus: How LEAP Engine Retrofits & $4B in Services Could Up Their Game!
  • GCL Tech (3800): Why Wait?
  • Kinder Morgan: Haynesville Gas Gathering Expansion for Robust Growth Potential In Pipeline Utilization!


DFI Retail (DFI SP): Up 90% in a Year + Special Dividend. Cash Out or Hold Tight?

By Devi Subhakesan

  • DFI Retail’s strategic shift from portfolio investor to focused operator has unlocked over US$900 million, with US$600 million returned to shareholders via a US¢44.3 per share special dividend announced yesterday.
  • Underlying profit rose 39% in 1HFY2025, driven by lower financing costs and strong performance in the Health & Beauty segment.
  • On its investor call, DFI Retail Group Holdings (DFI SP) acknowledged sector headwinds and outlined plans for cost control, margin focus, and digital monetisation to offset weak revenue growth.

[7732 JP] KKR–JIC Take-Private of Topcon: Strategic Bet on Digital Eye Care

By Rahul Jain

  • KKR and JIC Capital launched a ¥348B (~$2.3B) MBO for Topcon (7732 JP) at ¥3,300/share, offering an ~88% premium.
  • The deal implies ~78x FY25 P/E and ~37x FY26E P/E—pricing in Eye Care’s high-margin growth while Positioning remains a cyclical drag.
  • Long term, Eye Care is well-positioned to scale globally as AI diagnostics and SaaS platforms unlock sustained double-digit growth.

[JD.com, Inc (JD US, SELL, TP US$24) TP Change]: C2Q25 Preview: Near Term Loss Pressure Imminent

By Ying Pan

  • We expect JD.com to report C2Q25 revenue/adjusted operating profit growth of 16%/(63%) YoY, which is 2%/(50%) vs. cons. due to the takeout subsidies.
  • Despite the surge in new users, we remain skeptical on the ST effectiveness of food delivery (FD) cross-selling. We expect 2025 FD losses at RMB29bn.
  • We keep JD as SELL and cut TP from US$25 to US$24.

Tencent/Netease: Zero Approval in July

By Ke Yan, CFA, FRM

  • China announced game approval for the July batch. The number of games approved remained at a higher level than 2023.
  • The pace of China game approval appears to have accelerated to the same level as pre-tightening.
  • In July, 7 listed companies that we tracked received zero domestic game approval. Having said that, overall sentiment is improving and gaming names have performed well YTD.

The Bunny Returns: Playboy’s Market Comeback

By Garvit Bhandari

  • Playboy, Inc. (Nasdaq: PLBY) is undergoing a transformation to an asset-light business model centered around its iconic brand, positioning the company for sustainable profitability
  • The strategy is starting to yield tangible improvements in profitability, as evidenced by its return to positive adjusted EBITDA in Q1 2025.
  • Playboy’s current valuation (2.7x EV/2025 sales) does not fully reflect its long-term earnings potential. As licensing continues to scale and margins expand, the company is poised for a meaningful re-rating.


Korea Small Cap Gem #41: Korea Fuel Tech (FT) Corp

By Douglas Kim

  • Korea Fuel Tech (123410 KS) is the 41st company in our Korea Small Cap Gem Series. 
  • Korea Fuel Tech (FT) Corp is a Korean automotive components manufacturer specializing in emissions control systems, fuel system parts, and other auto plastic parts.
  • Three key investment highlights include key beneficiary of growing demand for carbon canisters used in hybrid vehicles, compelling valuations, and sharp increase in operating margins/ROE. 

GE Aerospace’s New Focus: How LEAP Engine Retrofits & $4B in Services Could Up Their Game!

By Baptista Research

  • General Electric Company (GE) Aerospace’s second quarter of 2025 earnings report reflects a robust performance and a constructive outlook characterized by growth in revenue, profits, and operational efficiencies.
  • The company continues to leverage its strong position within the aerospace industry, both in commercial and defense sectors, to sustain and enhance its performance metrics.
  • In the reported quarter, GE Aerospace exhibited solid growth across several financial parameters.

GCL Tech (3800): Why Wait?

By Henry Soediarko

  • Suffering from overcapacity for a while, the company is a beneficiary of the Chinese government policy to consolidate the solar industry. 
  • At 0.6x PBR and a share price at HKD 1.3, far from its high at HKD 4, sounds like a bargain. 
  • Management has conducted one share buy back this year and share price rallied afterwards. 

Kinder Morgan: Haynesville Gas Gathering Expansion for Robust Growth Potential In Pipeline Utilization!

By Baptista Research

  • Kinder Morgan Inc. (KMI) delivered quarterly results that highlighted notable financial performance and forwardlooking business prospects, especially in the context of the growing international demand for natural gas.
  • Positively, Kinder Morgan reported strong financial growth, with adjusted EBITDA and EPS increasing by 6% and 12% respectively compared to the second quarter of 2024.
  • The company expects to exceed its budget for 2025, buoyed by the promising acquisition of Outrigger Energy.

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Daily Brief Equity Bottom-Up: Kawasaki Heavy (7012 JP): Recovery Done and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Kawasaki Heavy (7012 JP): Recovery Done, Eyes on Hydrogen, Aerospace, and Margin Upside
  • Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman ‘Jokes’ About Buying 100x More GPUs
  • Sona Comstar’s China JV: Tapping into the World’s Largest EV Market
  • Chow Tai Fook(1929 HK) – What’s Clicking in Q1FY26? Brand Revamp, Cost Focus and SSS Recovery
  • UCO Bank (UCO IN) Vs. IOB (IOB IN): Catch-Up Potential
  • Woolworths Group Limited: Initiation of Coverage- Inside the Bold Push to Reinvent Grocery with W Living and Private Labels!
  • NXP 2Q25: Slowly Getting Out of the Hole
  • WiseTech Global: Initiation of Coverage: Can The Ramp-Up of New Products & Innovations Up Their Game?
  • [Earnings Preview] Chevron Faces the Heat as Earnings Projected to Slide and Traders Turn Defensive
  • [Earnings Preview] Exxon Braces for Weakest Quarter Since 2021 But Markets Bet on a Surprise


Kawasaki Heavy (7012 JP): Recovery Done, Eyes on Hydrogen, Aerospace, and Margin Upside

By Rahul Jain

  • Past Performance: KHI has rebounded from FY21 losses to record-high revenues and profits in FY25, driven by aerospace recovery and energy systems strength.
  • Future Growth: Orderbook visibility of ~¥3 trillion supports 5–6% annual growth, led by hydrogen, commercial engines, and automation.
  • Valuations: At 7.6x EV/EBITDA and 14x PE (NTM), KHI trades at a discount to peers like MHI and Komatsu, reflecting lower ROE and execution risk on long-cycle capex bets.

Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman ‘Jokes’ About Buying 100x More GPUs

By Vincent Fernando, CFA

  • TSMC’s Most Advanced Node — 5x Growth to 200K Wafers a Month? Upcoming 2nm Node Capacity Ramp Could Be Much Bigger Than Many Think
  • OpenAI’s Sam Altman ‘Jokes’ About Owning US$3 Trillion Worth of GPUs One Day…
  • AI PC Delay — Nvidia-MediaTek Push AI PC Chip Launch to 2026

Sona Comstar’s China JV: Tapping into the World’s Largest EV Market

By Sudarshan Bhandari

  • On July 20, 2025, Sona Blw Precision Forgings Lt (SONACOMS IN) announced a $20 million joint venture with China’s JNT to enter the world’s largest EV market.
  • The move aims to capture growth in China’s dominant EV market, aligning with the company’s new strategy to expand into eastern markets
  • An EV slowdown is expected in FY26 while the China JV and railway business, despite driving future growth from FY27 onwards, are expected to lower margins.

Chow Tai Fook(1929 HK) – What’s Clicking in Q1FY26? Brand Revamp, Cost Focus and SSS Recovery

By Sreemant Dudhoria,CFA

  • Chow Tai Fook Jewellery (1929 HK) saw lowest degrowth in retail sales value(RSV) in Q1FY26 among last few quarters.
  • Same-Store sales growth showed a clear sequential improvement across key regions. Mainland China self-operated stores saw the decline narrow sharply.
  • Driven by store optimization and brand transformation, earnings quality should sustain. At 16.9x P/E valuation on FY26e EPS, we believe investors will increasingly view CTF as a long-term structural winner.

UCO Bank (UCO IN) Vs. IOB (IOB IN): Catch-Up Potential

By Gaudenz Schneider

  • Context: The Indian Overseas Bank (IOB IN) vs. UCO Bank (UCO IN) 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 short-term outperformance of UCO Bank (UCO IN), also supported by more attractive valuations.
  • 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.

Woolworths Group Limited: Initiation of Coverage- Inside the Bold Push to Reinvent Grocery with W Living and Private Labels!

By Baptista Research

  • Woolworths Group’s half-year financial performance for FY 2025 exhibits a mix of achievements and challenges, emphasizing the competitive and dynamic retail landscape.
  • The company’s diverse portfolio, including Australian Food, New Zealand Food, BIG W, and other segments, reflected varied growth patterns influenced by external and internal factors.
  • Starting with the positives, Woolworths Group achieved a 3.7% increase in group sales, reaching $35.9 billion, with eCommerce sales showcasing robust growth of 20%.

NXP 2Q25: Slowly Getting Out of the Hole

By Nicolas Baratte

  • Bold statement by Management: early stage of cyclical recovery, new upcycle beginning. 2Q result and 3Q guidance show a smaller pace of YoY decline, converging slowly to 0. 
  • Other than an increasing order book, Management not forthcoming on details. In Automotive NXP has outperformed its peers during this latest downcycle with a smaller pace of decline.
  • Stock valuations at 20x 2025 EPS, 16.8x 2026 EPS, which are almost +1 standard deviation above average PEx. No room for error here.

WiseTech Global: Initiation of Coverage: Can The Ramp-Up of New Products & Innovations Up Their Game?

By Baptista Research

  • WiseTech Global Limited, a developer of cloud-based software solutions for the international and domestic logistics industries, recently released its first half of 2025 financial results.
  • The company reported revenue of $381 million, marking a 17% increase compared to the same period in 2024, with an organic revenue growth rate of 15%.
  • CargoWise, their flagship logistics platform, exhibited strong performance with organic revenue growth of 20% and recurring revenue contributing 99% of total CargoWise revenue.

[Earnings Preview] Chevron Faces the Heat as Earnings Projected to Slide and Traders Turn Defensive

By Suhas Reddy

  • Chevron’s Q2 2025 revenue is expected to drop 8% QoQ and 14.5% YoY. Its EPS is projected to drop 21.6% QoQ and 32.9% YoY.
  • Chevron’s Q2 earnings are expected to fall to their lowest level since 2021, primarily due to weak crude oil and natural gas prices.
  • Bearish sentiment dominates options positioning, with elevated put-call ratios and heavy put open interest near key support levels.

[Earnings Preview] Exxon Braces for Weakest Quarter Since 2021 But Markets Bet on a Surprise

By Suhas Reddy

  • Exxon’s Q2 2025 revenue is expected to drop 3% QoQ and 13.4% YoY. Its EPS is projected to drop 11.4% QoQ and 27.1% YoY.
  • Exxon’s Q2 earnings are expected to hit their lowest since Q3 2021, driven by weak crude and gas prices despite stronger refining margins.
  • Options market positioning shows a bullish bias, suggesting traders are betting on a potential upside surprise.

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Daily Brief Equity Bottom-Up: Crime Scene Investigation: How Seven&I (3382-JP) Murdered the ACT (ATD-CA) Deal and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Crime Scene Investigation: How Seven&I (3382-JP) Murdered the ACT (ATD-CA) Deal
  • Japan Activism Briefs | Noritake, Square Enix, Eiken Chemical
  • Meta Scores Big with PlayAI Acquisition—Here’s What It Means for AI’s Future!
  • Which Dividend Diamonds Will Sparkle?
  • Korea Surpasses France as Top Exporter of Cosmetics to the USA [CJ Olive Young – Key Beneficiary]
  • BHP Group: Initiation of Coverage- Inside the $4.4 Billion Profit Engine Fueling the Next Commodity Supercycle!
  • Bajaj Finance CEO Resignation: Rajeev Jain Returns, But Succession Looms Large
  • Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen
  • HEG IN – Graphite Leader Expands into Anodes; Capacity Edge and Battery Optionality Key
  • Markets in Motion: Turnover Gains Spark Sharper Spreads


Crime Scene Investigation: How Seven&I (3382-JP) Murdered the ACT (ATD-CA) Deal

By Michael Allen

  • Alimentation Couche-Tard just withdrew their offer to buy Seven&i for $47.2bn, and within two days, Seven’s share price is down 12.5% and ACT’s is up 10.6%.
  • Seven’s management deluded itself into thinking it could match ACT’s returns by selling off non-core assets. This is pure financial gimmickry, and the market sees right through it.
  • Seven will never see a deal as good as the one ACT offered, and failing to capitalize on should be investigated as a potential crime against common sense.

Japan Activism Briefs | Noritake, Square Enix, Eiken Chemical

By Mark Chadwick

  • Noritake – Despite strong profits from semiconductor ceramics, lack of strategy for underperforming segments and idle assets invites activist pressure for structural reform. 
  • Square Enix – New turnaround plan lacks clear KPIs and capital discipline, prompting activists to demand sharper execution and improved shareholder returns. 
  • Eiken Chemical – Activists gained board influence through compromise, advancing governance reform and signaling momentum toward a potential buyout.

Meta Scores Big with PlayAI Acquisition—Here’s What It Means for AI’s Future!

By Baptista Research

  • In the fast-moving world of artificial intelligence, Meta has doubled down on voice-driven innovation by snapping up PlayAI, a nimble startup renowned for its natural-sounding speech synthesis and user-friendly voice-creation platform.
  • With more than 3.4 billion daily users across its apps and nearly one billion monthly users of its Meta AI service, the company is eager to integrate PlayAI’s specialized talent directly into Meta Superintelligence Labs.
  • This move arrives just after Meta rolled out Llama 4 models and launched its stand-alone Meta AI app, signaling an all-in push toward multimodal, conversational AI.

Which Dividend Diamonds Will Sparkle?

By GEMS Research – Aletheia Capital

  • Singapore’s yield superiority is not restricted to the REIT and Banking Sectors.
  • There are 13 stocks (that are not REITs or Banks) that have been identified as high performing dividend stocks.
  • These stocks trade more than US$3m ADT in the last six months and are outside the REIT and Banking sectors. 

Korea Surpasses France as Top Exporter of Cosmetics to the USA [CJ Olive Young – Key Beneficiary]

By Douglas Kim

  • Korea surpassed France as the top exporter of cosmetics to the USA in 2024. Korea exported $1.7 billion worth of cosmetics to the USA in 2024, up 54.2% YoY.
  • CJ Olive Young’s online cosmetic sales to overseas markets soared 70% YoY in 1H 2025, fueled largely by the explosive demand from the United States.
  • We have raised our NAV valuation of CJ Corp to 207,713 won per share (up 28%). We raised the valuation of CJ Olive Young to 7 trillion won. 

BHP Group: Initiation of Coverage- Inside the $4.4 Billion Profit Engine Fueling the Next Commodity Supercycle!

By Baptista Research

  • BHP Group Limited’s performance in the first half of the 2025 financial year illustrates a mix of strategic advancements and operational challenges in its diverse portfolio.
  • The first half results showcase several strengths and areas for further focus as the company navigates a complex global mining landscape.
  • A key positive from BHP’s recent performance is the record output in its Western Australian iron ore operations, which achieved the lowest production costs globally.

Bajaj Finance CEO Resignation: Rajeev Jain Returns, But Succession Looms Large

By Nimish Maheshwari

  • Anup Saha’s sudden resignation as MD of Bajaj Finance Ltd (BAF IN), just three months into the role, raises succession planning concerns.
  • The architect of BAF’s growth resumes full control as VC & MD until March 2028, ensuring near-term continuity.
  • While operations remain stable, the event sharpens focus on long-term leadership depth in India’s most premium NBFC.

Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

By Manishi Raychaudhuri

  • Since inception on February 27, our equal-weighted Indian Mid-Cap basket has appreciated 29.4%, sharply outperforming the BSE Mid-Cap Index (18.6%). We revisit our basket and apply the relevant screens again. 
  • We screen on minimum 10% EPS CAGR over next two years, maximum PEG of 1.3x, consensus rating of buy/overweight and upward revision in consensus EPS estimate over past 6 months.
  • 14 stocks come up in our new India Mid-Caps basket – fewer than the 20 that we had earlier. Four stocks are common with the previous basket.

HEG IN – Graphite Leader Expands into Anodes; Capacity Edge and Battery Optionality Key

By Rahul Jain

  • Q4 FY25 delivered best operational quarter with 27% EBITDA margin and steady 80–85% utilization despite global steel demand weakness.
  • Expanding graphite electrodes to 100 ktpa, commissioning 20 ktpa anode plant by FY27, and deepening exposure via GrafTech stake.
  • Base case SOTP implies Rs614/share, valuing core at 8× EV/EBITDA and anode business at 2.5× invested capital.

Markets in Motion: Turnover Gains Spark Sharper Spreads

By Geoff Howie

  • Sanli Environmental and mDR saw significant increases in average daily trading turnover, with returns of 98.9% and 137.5% respectively.
  • Q&M Dental led net institutional inflows with S$7.68 million, alongside increased CEO ownership and active share buybacks.
  • OKP Holdings secured a S$258 million contract, boosting its order book to S$736 million, with visibility to 2031.

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Daily Brief Equity Bottom-Up: Curator’s Cut: Japan Insurers Vs Banks and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Curator’s Cut: Japan Insurers Vs Banks, the State of the Chinese EV Sector and Asian Ports in Focus
  • Formosa Prosonic: (FOR MK) : Margin of Safety Is Very High – Trades Below Cash
  • Asian Terminals (ATI PM)
  • Relative Value Opportunities in Asia-Pac, Pair Trade Roundup.
  • Bright Smart (1428 HK): Valuation Update
  • Tokai Carbon (5301.T) – Portfolio Shift Underway; Margin Recovery Key to Re-Rating
  • Waypoint REIT (WPR AU) Vs. Region Group (RGN AU): Aussie REIT Spread Trade Looks Ripe
  • Resonac Holdings (TSE: 4004) – Strategic Pivot Toward Semiconductor Materials
  • JSW Steel (NSE: JSWSTEEL) – Strong Q1 Beat, Confident FY26 Guidance, Premium Valuation
  • Regis Resources Ltd – The Monday Report – 21 July 2025


Curator’s Cut: Japan Insurers Vs Banks, the State of the Chinese EV Sector and Asian Ports in Focus

By Pranav Rao

  • Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma
  • In this cut, we compare Japanese insurers versus banks, look at the Chinese EV sector and explore how tariff hikes benefit Asian port operators
  • Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

Formosa Prosonic: (FOR MK) : Margin of Safety Is Very High – Trades Below Cash

By Punit Khanna

  • Formosa Prosonic is a very cheap stock. Cash on its Balance Sheet is MYR 1.65 which is way higher than stock price.
  • Operating business has been consistently profitable & generated very good ROE & is available for free. 
  • Stock has been falling as Wistron the largest shareholder has decided to exit its holding as part of strategic overview which we think is a Buying opportunity

Asian Terminals (ATI PM)

By Michael Fritzell

  • Asian Terminals (ATI PM — US$941 million) is a Philippines-based port operator.
  • It’s owned by Eusebio (“Yosi”) Tanco, recently famous for having hit a jackpot with online bingo operator DigiPlus and school operator STI Education.
  • Asian Terminals has also done exceptionally well. It was set up in the 1980s and managed to acquire the Manila South Harbor port in the early 1990s.

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup.

By Gaudenz Schneider

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

Bright Smart (1428 HK): Valuation Update

By Osbert Tang, CFA

  • Bright Smart Securities (1428 HK) rallied by 132% since our last Insight, fueled by the euphoria in the brokerage and securities sector on the HK government’s stablecoin initiative.
  • At HK$16.44, it is at 100% PER premium to the sector average, ex-Guotai Junan International (1788 HK). The risk-reward payoff now looks less attractive.
  • It also implies net profit to grow by 150% by FY31F and priced at 18x PER. This appears stretched in the near term, though long-term prospects stay decent. 

Tokai Carbon (5301.T) – Portfolio Shift Underway; Margin Recovery Key to Re-Rating

By Rahul Jain

  • Revenue peaked in FY23 but margins have declined due to cost pressures and impairments.
  • The company is exiting underperforming assets and expanding in fine carbon, furnaces, and carbon black.
  • At ¥1,010, it trades at ~19.6x FY25e P/E, in line with peers but below book at 0.8x P/B.

Waypoint REIT (WPR AU) Vs. Region Group (RGN AU): Aussie REIT Spread Trade Looks Ripe

By Gaudenz Schneider

  • Context: The Region (RGN AU) vs. Waypoint REIT (WPR AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
  • Highlights: The pair shows strong alignment in both statistical terms and fundamental metrics and factors.
  • 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.

Resonac Holdings (TSE: 4004) – Strategic Pivot Toward Semiconductor Materials

By Rahul Jain

  • Past Performance: Revenues stable; margins improved due to semiconductor growth, despite weak performance in legacy chemicals and graphite electrodes.
  • Strategy & Shutdown: Shutting 30% electrode capacity; refocusing on high-margin semiconductor, SiC, and packaging materials with ¥330 bn capex planned by FY25.
  • Valuation: Trades at 8x EV/EBITDA and 14x P/E FY25E; re-rating possible with higher margins and semiconductor mix.

JSW Steel (NSE: JSWSTEEL) – Strong Q1 Beat, Confident FY26 Guidance, Premium Valuation

By Rahul Jain

  • Recent Results: Q1 EBITDA surged 38% YoY to ₹7,576 Cr, driven by volume ramp-up, improved product mix, and lower coking coal costs.
  • FY26 Guidance: Company maintains production at 30.5 mt and sales at 29.2 mt, reflecting confidence in its ramp-up and downstream expansion roadmap.
  • Valuation & Growth: Trading at ~18× FY27E P/E and ~7× EV/EBITDA—above global peers—justified by projected 20% EBITDA and 23% EPS growth into FY27.

Regis Resources Ltd – The Monday Report – 21 July 2025

By FNArena

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

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Daily Brief Equity Bottom-Up: Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (18 July to 1 August 2025) and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (18 July to 1 August 2025)
  • US-China Decoupling: The Reshaping of Asian Industrial Logistics  – SHORT MapleTree Logistics Trust
  • BHP: Operations Strong in Q4/25 But Looking Fully Valued


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (18 July to 1 August 2025)

By Douglas Kim

  • In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (18 July to 1 August 2025).
  • Our top 10 picks were up on average 4.5% in the past two weeks, slightly outperforming KOSPI which was up 4.4% in the same period.
  • The top 10 picks in this bi-weekly include Hanil Cement, LG CNS, KCC Corp, Poongsan, Paradise, Samsung Electronics, Naver, SM Entertainment, LG Chem, and SK Inc. 

US-China Decoupling: The Reshaping of Asian Industrial Logistics  – SHORT MapleTree Logistics Trust

By Jacob Cheng

  • The US-China decoupling is resulting in geo-political risks, causing structural changes to China’s manufacturing and logistics sector.  Companies re-locate their supply chains due to “China Plus One” strategy. 
  • Despite E-commerce remains as a long-term strong driver for China logistics, the sector is facing severe over-supply in the near term.  National vacancy is 20.3% at Q1 2025
  • We recommend SHORT MapleTree Logistics Trust, due to its significant exposure to China logistics.  DPU, NPI and ROE are on downward trend

BHP: Operations Strong in Q4/25 But Looking Fully Valued

By Graeme Cunningham

  • BHP reported strong operations overall for fiscal Q4/25, with iron ore, copper and coal production up yoy and a qoq recovery after rough Q3/25 Australian weather
  • The company released 2026E guidance, with the low-end indicating production declines for the three major divisions, although this was expected by the market 
  • We remain concerned of potential iron ore and copper price reversals, while the shares trade near our DCF value and at a moderate premium to big cap iron ore 

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