Equity Bottom-Up

• This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25.
• Then, we had a price target of GBP0.30. We have increased the target price now to GBP0.39 in view of the REIT’s pivot and diversification and factoring in the market’s willingness to accept a smaller traded discount on the REIT’s share to its NAV.
• Since our initiation report, several positive developments have emerged.

• FnGuide is one of the key beneficiaries of the increased index investing in Korea. 
• Total net assets of ETFs tracking FnGuide indices surged from about 14 trillion won at the end of 2024 to about 30 trillion won as of end of October 2025.
• There has been a sharp increase in foreign ownership of FnGuide from 0.4% at the end of 2023 to 14.5% as of 3 November 2025.

• Switch 2 production signals confidence: Supplier orders for up to 25 mn units imply upside to Nintendo’s conservative guidance and likely operating profit revisions over FY3/26.  
• Quarterly Earnings Sensitivity: Every 1 mn hardware units adds ¥11 bn to OP and 1 mn software units ¥3 bn, making Q2 results a key sentiment catalyst.
• Sector positioning remains strong: With major global peers acquired, Nintendo stands as the premier pure-play gaming franchise; valuation premium sustained by scarcity and structural growth exposure.

• Hyperscalers (AMZN, GOOG, META, MSFT) revenues accelerating from 1Q25. Total revenues in 2025 ~$1.15tn, up 17% YoY.
• Cloud (AWS, GOOG, MSFT) revenues accelerating. 2025 Cloud revenues in 2025 ~$375bn, up 25% YoY.
• 2025 Capex up 63% YoY to $376bn. 2026 Capex will increase by ~46% YoY to reach ~$550bn. I estimate ~30% increase in 2027 to reach $715bn.

• Pop Mart’s 25Q3 results beat expectations, mainly driven by high growth of revenue attributed from operations overseas. The “online + offline + overseas” three-wheel drive strategy has achieved remarkable performance.
• However, the market has expressed concerns over the IP life cycle and performance sustainability of Pop Mart through the decline in its stock price, which may not have ended yet.
• There are no signs that new products can catch up with LABUBU. Once market sentiment reverses, it will affect Pop Mart’s valuation outlook. 30-35x P/E is a more comfortable range.

• In 3Q25, Hanwha Aerospace reported sales of 6.5 trillion won (up 146.5% YoY and 1.6% lower than consensus) and operating profit of 856.4 billion won (up 79.5% YoY).
• The company’s results in 3Q 2025 were its best ever in its history. The strong results were driven by its land defense business and its shipbuilding unit Hanwha Ocean.
• Given the company’s excellent growth in sales and profits in the past several years as well as its strong order backlog, its valuationsremain attractive. 

• Sheng Siong (SSG SP) surpassed expectations in Q3 2025, delivering revenue/profit growth of 14%/12% YoY, with FY25e store expansions totaling 11 stores, bringing the total to 86 in Singapore. 
• The company is now pursuing a strategy of mall openings in tandem with its already successful HDB strategy, resulting in a higher growth rate than previously expected. 
• Despite the more rapidly expanding footprint in Singapore, we believe the company is now fairly valued at 24.4x FY25PE with risks from the Johor Bahru-Singapore RTS and the associated SEZ. 

• Daewon Sanup’s net cash as percentage of market cap is 171%. This is one of the highest net cash/market cap ratios in the Korean stock market.
• Daewon Sanup is one of the largest Korean automobile seat manufacturers. It is also one of the beneficiaries of the reduction in US auto tariffs to 15% (from 25% previously). 
• The company is trading at dirt cheap valuations. It is trading at P/E of 2.3x and P/B of 0.4x based on LTM financials. 

• Weak 3Q reported, weak 4Q guidance (Operating Margin) due to wafer price, some TSMC tightness (5-3nm), Opex increase. This should continue into 2026. Consensus too high. That should be negative.
• But Management provides a very upbeat ASIC guidance: $1bn revenue in ’26, several bn in ‘27 , OP margin accretive at some point. Short-term pain, long-term gain.
• MTK posits itself as the next ASIC disruptor, has several codesigns with Nvidia. But that’s material in ’27. The stock is down -8% YTD. Underperformance continues at least in 1H26.

• Confluent, a company specializing in data streaming solutions, reported solid quarterly results, surpassing all guided metrics.
• The company’s subscription revenue saw a 19% increase year-over-year, reaching $286 million, while Confluent Cloud revenue increased by 24% to $161 million.
• This highlights the firm’s strong growth trajectory in cloud services, which now represent 56% of its subscription revenue.

• 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 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.

• The 11th national VBP officially started last week. The average price reduction of the selected products is 53%. Due to the “anchor price” mechanism, VBP is becoming increasingly rational.
• The purchasing power of the global pharmaceutical industry on Chinese assets is still far from saturated that we have reason to expect more transactions to come to Chinese pharmaceutical companies.
• Based on WuXi AppTec’s 25Q3 results, CDMO business has emerged from fundamental turning point following the recovery of overseas biotech industry, but the inflection point of CRO is lagging behind.

• QFIN shares are down ~19% MTD on regulatory concerns in China’s consumer finance sector, though the proposed credit-risk sharing rules may only modestly impact near-term RoE (1–3ppt).
• While speculation over a lower NFRA loan yield cap persists, QFIN’s current yield profile suggests limited sensitivity; any tangible financial impact will depend on actual regulation rollout.
• QFIN’s 0.9x P/B reflects overly bearish loss expectations. Even under a bear case with a 5ppt RoE reduction, the stock offers 56% upside, implying a fair value of $34.

• Nearly every comment on Japanese equities is focused on the half of the market that trades below book, but last week, Advantest, which trades at 18x book, exploded 30%.
• Searches for “AI Bubble” on google are up 90%, but Advantest’s share price exploded because it became clear that investors were underestimating demand for AI related hardware.
• Fear and Hype on both sides proved overdone. When I searched for the truth, I found only 1 red flag, 2 green, and 7 yellow.  

• Coinbase is a leading, US-based cryptocurrency exchange that has established a strong brand reputation for security and regulatory compliance in a volatile and often risky industry.
• The company’s financial performance is intrinsically linked to the cyclical and volatile nature of the cryptocurrency market, with revenues heavily dependent on transaction volumes and crypto asset prices.
• Future growth is contingent on diversifying revenue streams beyond transaction fees, with strategic initiatives focused on institutional services, the stablecoin (USDC) ecosystem, derivatives, and international expansion.

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• Revenue up 18% YoY. Cloud revenue up 26%. Commercial remaining obligation up 51%. Commercial bookings up 112%. AI capacity up 80% this year, will roughly double over next two years. 
• For a company with $300+bn revenue, that’s impressive. Slight irritant: $4bn loss on OpenAI in a quarter, 13% of net income gone. Is that the price of top line growth?
• The stock is trading at 29x forward EPS, Cloud & AI revenues are accelerating, but profits incl OpenAI loss are probably very thin. The cash cow will come years later. 

• 3Q25 revenue up 13% YoY, AWS up 20%, Operating Profit would have increased by 25% YoY but 2 one-time charges (FTC and headcount) bring OP flat YoY.
• 2025 Capex revised up from $100bn to 125bn. If Data Center capacity doubles to 2027, that means $205bn Capex in 2027. AWS revenues will double to ~$270bn? Probably yes.
• Next 2 years revenue growth and margins expansion are an AWS story. Valuations are average at 31x forward EPS. Buy more.

• Chery’s revenue growth rate plunged below 5% YoY in 3Q25 from 28% YoY in 2Q25.
• Chery’s domestic retail sales volume began to decline in September 2025.
• The company is still the number five largest car maker in China.

• Steady operations despite price softness; volumes up 8% YoY, debt down ₹3,400 Cr, margins stable around 10%.
• Capex on track; IISCO ₹33,000 Cr expansion progressing, funded via internal accruals and moderate leverage.
• Valuation reasonable; trades at ~7× EV/EBITDA and ~US$560/t EV/Ton with Positive Bias on margin recovery and balance-sheet strength.

• Nippo Ltd. is a specialized trading company with significant manufacturing capabilities, focusing on high-value-added products in the Mobility, Electronics, and Medical & Precision Devices sectors.
• The company is poised to benefit from growing demand in high-growth areas, particularly components for electric vehicles, generative AI servers, and medical equipment, which are key pillars of its medium-term strategy.
• A revised shareholder return policy, increasing the dividend payout ratio to 50%, coupled with a strong growth track record in dividends and market capitalization, signals a commitment to enhancing shareholder value.

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• Binjiang Service is a high-growth property management firm with a strong brand in the premium segment of the Yangtze River Delta, benefiting from the stable pipeline of its reputable parent developer, Binjiang Real Estate.
• The company is strategically shifting its focus towards high-margin ‘5S’ value-added services (VAS), particularly in soft decoration and community living, to offset declining revenues and margins in its non-owner VAS segment.
• While demonstrating robust top-line growth and a generous dividend policy, the company faces significant risks from the broader downturn in China’s property market, intense industry competition, and rising operational costs.

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• GATX Corporation’s third-quarter earnings for 2025 reflect both strengths and challenges across its diverse operations in North America, Europe, and India, as well as its involvement in locomotive engine leasing.
• The company reported a net income of $82.2 million ($2.25 per diluted share), a slight decrease compared to the previous year’s third-quarter net income of $89 million ($2.43 per diluted share).
• This financial outcome incorporates a positive impact of $5.3 million from tax adjustments and other items.

• InterDigital’s second quarter of 2025 showcased significant financial and operational achievements, highlighted by the conclusion of a pivotal arbitration with Samsung.
• This 8-year licensing agreement, running through 2030, marks a substantial development for InterDigital, as the deal is valued at over $1 billion.
• This contract represents an annual payment increase of 67% compared to the previous agreement with Samsung, reflecting the strength and increasing valuation of InterDigital’s intellectual property portfolio.

• The Coca-Cola Company’s third-quarter performance for 2025 reveals a complex but strategically managed operating environment, resulting in steady growth amid various economic challenges.
• The company’s adaptability to global market dynamics, coupled with its strategic focus on expanding its beverage portfolio and optimizing operational efficiencies, continues to underpin its growth trajectory.
• During the quarter, organic revenue increased by 6%, with unit cases growing by 1%, reflecting sequential improvement over the months of July to September.

• AT&T’s third-quarter 2025 results reveal a solid performance overall, with a balance of positive strides and areas to monitor.
• The company has shown growth in key areas like mobility and consumer wireline, underpinned by strategic enhancements in their service offerings, although challenges remain in the competitive landscape.
• Positively, AT&T reported over 400,000 postpaid phone net additions, indicating effective customer retention and acquisition strategies.

• J.B. Hunt Transport Services, a leader in the transportation and logistics industry, presented a mixed performance in the third quarter of 2025 that reflects a strategic emphasis on operational excellence, cost management, and preparation for long-term growth.
• The company is navigating a challenging freight demand environment while focusing on maintaining service excellence, which remains at the forefront of its operational priorities.
• The transportation giant continues to adapt its strategies in response to market dynamics, including potential rail consolidations that could influence its substantial Intermodal operations.

• Avery Dennison reported a solid third quarter with earnings up 2% year-over-year, marginally surpassing midpoint expectations.
• The company demonstrated resilience in navigating ongoing trade policy changes by executing strategic operational adjustments and select pricing surcharges to mitigate cost increases.
• Materials Group achieved margin expansion, although modest revenue declines were observed in high-value categories, attributed primarily to inventory management adjustments by some customers.

• Halliburton Company reported its third-quarter 2025 financial results, reflecting both edges of volatility in the current global oil and gas market.
• The company posted a revenue of $5.6 billion, a 2% increase from the previous quarter.
• However, this performance is set against a slightly complex backdrop of contrasting conditions across North America and international markets.

• HCA Healthcare’s third-quarter performance for 2025 has shown strong results year-over-year, with a notable 42% increase in diluted earnings per share, as adjusted.
• The revenue grew by 9.6%, driven by broad-based volume growth and an improved payer mix.
• This improvement, coupled with disciplined operational management, resulted in better margins.

• Globalstar Inc. reported a modest revenue growth of 6% year-over-year for the first quarter of 2025, reaching $60 million.
• This increase was mainly attributed to the higher service revenue driven by wholesale capacity services and growth in the commercial IoT segment.
• Despite the revenue increase, the adjusted EBITDA rose only slightly by 3% to $30.4 million compared to the prior year.

• 4Q25 Guidance: Revenue is NT$142.1 – 150.1 bn (+0 – 6% QoQ, +3 – 9% YoY); Gross margin is 46% ± 1.5ppt; Opex ratio is 31% ± 2ppt.
• Cloud ASIC TAM: Raised from US$40bn → ≥ US$50bn by 2028; MediaTek targeting ≥ 10–15% share; Gross Margin: 4Q dip from mix; 2026 to benefit from repricing + high-value allocation
• MediaTek continues to execute on a dual-engine AI strategy. Despite near-term margin pressure from mix and FX, the company is building a foundation for sustainable profit growth.

• Company incurred a loss of 90 bn Rupiah in 3rq quarter or loss of 21.6 Rupiah per share. 
• Even though sales have declined for the first 9 months – inventory and receivables have increased indicating stress in working capital. 
• GP Margin is flat, selling expense as %ge of sales have increased as we think company is pushing economy products to compete with local players and maintain market share

• Wendt India completed a transformative acquisition of global “Wendt” brand IP, while Wendt GmbH (3M) initiated exit from the JV, consolidating CUMI and public ownership.
• Autonomous brand/IP rights unshackle Wendt from legacy risk while maintaining technical lead. A diversified, high technology industrial revenue stream, debt-free balance sheet, and high cash conversion reinforce the investment case.
• Wendt India is among the highest quality plays in Indian manufacturing: sticky client relationships, sectoral diversity, and recurring cash flows balance mid-term volatility in autos/steel.

• Establishment Labs is a medical technology company poised for significant growth following the recent US FDA approval for its flagship Motiva® breast implants, granting access to the world’s largest market for aesthetic procedures.
• The company’s key competitive advantage lies in its focus on safety and innovation, with its proprietary SmoothSilk® surface and ergonomic implant designs demonstrating low complication rates in extensive clinical studies, potentially disrupting a market dominated by long-standing incumbents.
• Despite strong revenue growth, the company has a history of significant net losses and negative cash flow. The successful commercialization in the US and a clear path to profitability are critical for future stock performance.

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• 88 Energy is a high-risk, high-reward oil and gas exploration company with a primary focus on large-scale, early-stage projects in the politically stable and well-developed hydrocarbon province of Alaska’s North Slope.
• The company’s strategy centers on identifying and de-risking significant prospective resources and then farming out interests to larger partners to fund capital-intensive drilling and development, thereby minimizing shareholder dilution and financial risk.
• Recent divestment from production assets in Texas has sharpened the company’s focus on its core Alaskan exploration portfolio (Projects Phoenix and Leonis) and a new frontier opportunity in Namibia, positioning it as a pure-play exploration entity with significant potential upside contingent on drilling success.

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International Public Partnerships (INPP) had a strong first half of 2025, maintaining solid financial and operational performance while advancing portfolio optimisation and disciplined capital allocation. Alongside accretive share buybacks, the company’s investment in Sizewell C, targeting low-teens returns, enhances both inflation linkage and portfolio longevity. At the current share price, investors can access double-digit net returns from a low-risk, inflation-protected portfolio offering a cash yield above 6%, with dividend growth underpinned for over 20 years.

• Nextracker’s second quarter fiscal year 2026 results reflect a strong performance marked by substantial revenue growth, strategic partnerships, and expansion of their technology platform.
• The company posted a 42% year-over-year revenue increase to $905 million and a 29% rise in adjusted EBITDA to $224 million.
• For the first half of the fiscal year, revenue reached $1.77 billion, which indicates a 31% increase compared to the previous year, setting a new record for the company.

• CGN Mining is uniquely positioned as the sole overseas uranium resources development and trading platform for its parent, China General Nuclear Power Corporation (CGN), a major nuclear power operator in the world’s fastest-growing nuclear energy market.
• The company is set to benefit from a strong uranium market uptrend, driven by a global nuclear energy renaissance and supply constraints. A lucrative off-take agreement with its parent company at prices reportedly 50% higher than previous contracts is expected to significantly boost revenues.
• Despite a robust long-term outlook, the company faces risks from geopolitical instability in key uranium-producing regions, potential price volatility, and recent financial pressures from managing high-cost inventory, which has impacted margins.

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• Consolidated ordinary income increased by 19.6% YoY to JPY53.7bn, driven by higher interest and dividend income.
• Hokkoku Bank’s core gross profit grew 23.9% YoY to JPY24.5bn, with a 50.0% rise in core operating profit.
• Non-performing loans at Hokkoku Bank totaled JPY78.3bn, with a 0.25pp YoY decline in percentage of total credit.

• The company reported a 35.7% YoY revenue increase to JPY36.1bn and a 65.4% YoY rise in operating profit.
• Revised full-year FY03/26 forecast: revenue JPY88.5bn, operating profit JPY8.6bn, recurring profit JPY8.7bn, net income JPY5.9bn.
• Engineering segment revenue rose 25.8% YoY, with a 1,201.4% surge in operating profit, OPM at 4.6%.

• It is no surprise that BYD’s revenue decreased YoY in 3Q25 according to our previous sales volume note.
• The quarter-over-quarter margin improvement is not about seasonality, but about a sign of the margin recovery in 2026.
• We believe the stock has a downside of 25% for 2026.

• Good 3Q25: revenue 4% above Consensus, Operating Income 7% above. But a huge US$18bn tax reversal leads to a big GAAP miss. A 10% NON-GAAP beat.
• 2025 Capex revised up to high end of range, from $66-72 bn to $70-72 billion. 2026 Capex dollar growth will be notably larger than 2025, that means over 100bn.
• Stock down -9% after hours, an over-reaction to a one-off non-cash tax write off. Valuations: slightly high as 2026 growth is forecast to be low due to OP margin decline.

• First 3 hyperscalers to report (GOOG, META, MSFT). GOOG and META increase 2025 Capex. GOOG and META mention “significant increase” or “larger increase” in 2026.
• MSFT is in 1Q26, ending June-27. In FY25 Capex increased by 58% YoY. FY 26 capex will increase more than in FY25.
• Altogether it looks like a ~50% Capex increase in 2026.

• Lenskart’s upcoming IPO marks India’s first major consumer-tech listing, positioning the eyewear disruptor as a vertically integrated D2C brand with around 75% share in organized retail and strong international traction.
• While Lenskart’s 75% revenue surge and 275% EBITDA jump over two years highlight its operational strength, but the proposed valuation (70x EV/EBITDA) far exceeds global peers raises serious concerns.
• Lenskart’s vertically integrated model, data-led omnichannel scale, and strong international playbook offer structural advantages. But the IPO’s frothy valuation and pre-IPO promoter stake sales warrant a cautious stance for investors.

• Alternative data suggests a turn in the luxury wristwatch market. But most likely, this turn is due to US tariffs on Swiss watch imports, causing US buyers to panic buy. 
• Oriental Watch continues to be undervalued at just 8.3x P/E and a dividend yield of 12%
• However, the Chinese watch market remains weak and there’s no clear sign of a turnaround yet

• Tri Pointe Homes has reported its financial performance for the third quarter of 2025, providing a mixed outlook on both its immediate results and strategic direction moving forward.
• During this period, the company closed 1,217 homes at an average selling price of $672,000, generating home sales revenue of $817 million.
• This exceeded the upper limit of their delivery guidance, showcasing their ability to navigate a challenging housing market environment.

• Booz Allen Hamilton provided detailed insights into their second quarter fiscal year 2026 performance and presented a mixed financial outlook characterized by a stark bifurcation in their market segments.
• The company faces significant challenges and opportunities, presenting both potential advantages and drawbacks for investors.
• On the positive side, Booz Allen’s national security portfolio, encompassing defense and intelligence sectors, shows encouraging signs.

• Sany Heavy Industry (6031 HK) has rallied 15.3% after its IPO, and 3Q25 earnings are in a consistent trend. We do not expect a significant change in earnings forecasts. 
• The mere 0.1% discount to its A-share looks rich. The FY26F PER of 17.7x is also significantly higher than its peers, reflecting most of its strengths.
• Even if it re-rates to a similar premium as Jiangsu Hengrui Pharmaceuticals (1276 HK), the upside is only 5.8%. The risks clearly outweigh the return.

• We upgrade deep value Bangkok Bank to buy from neutral; it trades on a 40%+ PBV discount to SCBx and its return trends improved further alongside solid balance sheet credentials
• TMB Thanachart’s share price has corrected versus the peer group, so its PBV valuation no longer looks so stretched especially versus SCBx; we upgrade TMB Thanachart to neutral from sell
• Krung Thai remains a neutral, even though it is delivering on improved returns, as it is not compelling value and has been narrowing the discount with SCBx

• Euronet Worldwide reported its third-quarter financial results, showcasing a mixed performance across its segments.
• The company achieved a revenue of $1.1 billion, with operating income standing at $195 million.
• Adjusted EBITDA reached $245 million, while the adjusted earnings per share were $3.62, reflecting a 19% growth compared to the previous year.

Key points (machine generated)

• Alibaba Group (BABA) is currently priced at $120 per ADS, with a projected valuation of $300 per ADS by 2028, indicating a potential upside of 2.5 times.
• The company’s future valuation is expected to depend on its key segments: Taobao and Tmall Group in the China e-commerce market and Alicloud, which are currently undervalued.
• BABA’s low forward multiple of 11-12 times next year’s earnings, along with revenue growth from Alicloud and potential stock buybacks, suggests downside protection for investors.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Nvidia CEO said he has a $500bn AI order book. If over the next 7 quarters, it means growth will remain at ~60% YoY till Apr-27. No slowdown. That’s possible.
• If it’s over the next 5 quarters (which is what he actually said), it’s enormous growth reaching ~200% YoY in 2H26. I doubt that the supply chain can do that.
• Consensus is the lowest with most room for upside: Memory stocks. Consensus too low by ~20%: Nvidia. Just a it too low: TSMC.

Key points (machine generated)

• Fiserv is a leading global technology provider in financial services, serving over 1,000 institutions and excelling in multiple sectors.
• The company has achieved nearly 40 years of double-digit adjusted EPS growth and is well-positioned for continued expansion.
• Investor focus on Clover’s GPV growth has overshadowed other business strengths, causing market reactions that reflect a disconnect in perception.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)

• Shoei, a Japanese company, has been producing premium motorcycle helmets since 1960, known for quality in fit, comfort, and noise reduction.
• The company holds a 60% market share in the premium motorcycle helmet sector, outperforming competitors like AGV and Bell.
• Shoei generates significant sales, with 45% from Europe, and has shown solid financial growth with a 3% unit volume CAGR and a 10% revenue CAGR from 2016 to mid-2025.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• While CIMC Enric Holdings (3899 HK)‘s share price has lagged YTD, its 3Q25 and 9M25 results look decent with 6.2% and 12.9% YoY increase, respectively.
• Its backlog orders amount of Rmb30.8bn, up by 10.9% YoY, is a record high. This is already enough to cover the full-year FY26 projected revenue.
• With a 13.4% 3-year EPS CAGR, its PERs are inexpensive. Meanwhile, it is in an excellent position to thrive under China’s 15th Five-Year Plan (2026-2030).

• SK Hynix reported Q325 revenues of ₩34.45 trillion, up +10% QoQ and up 39% YoY representing an all time quarterly revenue record
• Now given the customers demand and the company’s capacity for next year not only HBM but DRAM and NAND capacity has essentially been sold out.
• DRAM margin could rise closer to HBM but the company does not plan to immediately adjust the capacity mix based on what can be a short-lived change in profitability

• Dollar Industries (DOLLAR IN) has announced a Composite Scheme of Arrangement, merging eight promoter group companies and demerging one hosiery business undertaking into the listed entity.
• The scheme fundamentally restructures DIL, consolidating brand ownership, key manufacturing assets, and operational real estate, directly addressing long-standing concerns regarding related-party transactions and corporate complexity.
• While execution risks persist, the strategic clarity and governance enhancement resulting from this vertical integration could serve as a powerful catalyst, potentially driving a valuation re-rating.

• Lululemon Athletica is making its most ambitious leap yet into professional sports apparel with a new licensed collection for all 32 NFL teams.
• The move marks the brand’s first-ever partnership with the National Football League and is aimed at diversifying its consumer base while reigniting sluggish U.S. sales.
• The collection—available on Fanatics.com, NFLShop.com, and at team stadium stores—includes men’s and women’s gear from Lululemon’s signature styles such as Steady State, Define, Scuba, and Align.

• Ford Motor Company’s third-quarter 2025 earnings presentation highlighted several areas of strength and challenge within the business.
• The company reported a record $50.5 billion in revenue and $2.6 billion in adjusted EBIT, despite encountering significant headwinds due to tariff impacts and an operational disruption caused by a Novelis plant fire.
• The revenue growth, driven by strong product offerings such as the iconic F-150 and Mustang, showcases Ford’s solid market position in both traditional vehicles and its developing lineup of electric vehicles (EVs).

• Vicor Corporation surged 27% in a single session to $82.64, following a bullish Q3 2025 earnings report, rapid expansion of its IP licensing business, and deepening engagements with hyperscalers and AI chipmakers.
• With net income more than doubling year-over-year and licensing revenue on track to exceed $200 million annually, Vicor is increasingly being recognized not just as a power module manufacturer but as a dual-engine IP and hardware company riding the AI wave.
• Analysts from Needham and Craig-Hallum upgraded the stock, citing its growing relevance in AI data center infrastructure and the monetization of its patented power delivery technologies.

• TSMC: +23.4% Premium; Near Levels to Open Fresh ADR Spread Short
• ASE: +0.3% Premium; Good Level to Long the ADR Spread
• ChipMOS: -7.5% Discount; Local Shares Rally Makes ADR Deeply Discounted

• Windows 10’s End-of-Life Becomes Apple’s Windfall as Second Fastest Growing Computer Brand
• Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge
• China Tightens Rare Earth Grip: TSMC Says It’s Prepared with Inventory

• Pop Mart (9992 HK)’s share price is down 33% from its peak levels in late August 2025. Going forward, we expect further downside risk on Pop Mart.
• We highlight the growing concerns about the declining resale values of Labubu. After reaching their peak prices in this summer, the resale prices of Labubu dolls have continued to drop.
• Its share price declining below the critical HK$250 support on big volumes suggest negative technicals on this stock. 

• HDFCB’s balance sheet has been normalizing post the merger, allowing it to accelerate its growth trajectory. The demand and liquidity environment have also improved. 
• NIMs are likely to expand led by rate cut tailwind that will reflect fully over the next 18 months. Shift to CASA from term-deposits should further help. 
• Merger synergies are now being leveraged, especially for cross-selling and up-selling. At the current valuation, an investment in HDFCB offers 25%+ IRR over a holding period of two years.

• Horizon Aircraft (NASDAQ: HOVR) has made several positive announcements over the past month, further boosting our confidence in the company’s ability to achieve commercialization.
• Horizon Aircraft also released its first-quarter financial results, which were largely in line with our expectations, and the balance sheet has been strengthened by recent capital infusions, giving the company adequate capital to fund operations for at least the next twelve months.
• All publicly traded North American eVTOL companies are still pre-revenue, but several will likely have commercial products in the market next year.

• Godfrey Phillips India is demonstrating robust top-line growth, consistently outpacing its primary competitor and gaining market share, driven by its strong brand portfolio which includes the licensed production of Marlboro.
• Despite impressive revenue and net income growth, the company faces a significant challenge with deteriorating cash flow, as evidenced by negative 3-year compound annual growth rates for both operating and free cash flow.
• The company operates within a highly regulated and taxed industry, posing persistent risks to profitability and growth. However, its strong brand equity and expanding distribution provide a solid foundation to navigate these challenges.

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• Honeywell International Inc. reported its financial performance for the third quarter of 2025, presenting a mixed picture with several strategic changes and operational highlights.
• Organic sales growth stood out, delivering a 6% year-over-year increase, driven predominantly by the Aerospace and Building Automation segments.
• Aerospace showed a notable rebound with a 12% organic growth led by commercial aftermarket and defense sectors, aligning well with supply chain improvements and defense spending.

• Context: The Bank Of India (BOI IN) vs. Union Bank Of India (UNBK IN) price-ratio has deviated more two standard deviations from its one-year average, signaling a potential pair trade.
• Highlights: Going long Union Bank Of India and short Bank Of India targets a 5% return. Union Bank Of India is set to report on 30 October.
• 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.

• Qualcomm is a great, very profitable firm, with a critical vulnerability: 75% of revenues come from Mobile market. Auto has been growing nicely but that’s 10% of revenue.
• Qualcomm has been looking for a large market to diversify into and has been working for 10 years on Server CPU. Not successful so far. 
• Qualcomm has 2 AI chips which are in non-mainstream Clouds. Now 2 new chips announced for 2026-27: AI200 AI250. That’s good but what we have yesterday is a PR announcement.

• Q3 sales fell 4% YoY and operating profit dropped 57%, reflecting continued weakness in bicycles and margin compression, though results aligned with lowered guidance. 
• Elevated channel inventories in Europe and China highlight lingering post-Covid demand normalization, with 2026 guidance likely to remain conservative amid structural headwinds.
• ROIC has halved as invested capital outpaced sales growth; despite strong cash and shareholder returns, Shimano faces slow recovery and limited near-term catalysts.

• 3Q beat on margins, is it price hikes or inventory? Growth comes from PC, not Data Center. 18A high enough yields driving a margins recovery is for 2027.
• Unspecified ASIC and AI “new” strategy but the details in the conf call point strongly to x86 as the core.
• The stock is very expensive, ie the market bets on a swift and sharp recovery. Lots of room for disappointment.

Key points (machine generated)

• Tencent has 1.4 billion users on Weixin/WeChat, establishing it as a leading digital platform.
• The company is positioned to enhance monetization through AI integration across its services.
• Despite its strengths, Tencent’s core business is undervalued, trading at 14 times the consensus 2026 earnings per share.

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• Dassault Systèmes reported its financial performance for the third quarter of 2025, revealing nuanced outcomes with both positive and negative aspects.
• The overarching theme of the report was the company’s focus on driving top-line growth and margin expansion, enabled by the 3DEXPERIENCE platform.
• This platform is pivotal in the company’s transition towards subscription-based and recurring revenue models, which are currently experiencing a notable 16% growth in subscriptions this quarter.

• Playtech was revealed to be funding negative research against Evolution, impacting their credibility
• Evolution saw a 7% drop in stock after announcing continued revenue decline, particularly in Asia
• Investor expectations for Evolution have shifted from growth stock to deep value territory due to stock performance and revenue contraction

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• Westinghouse Air Brake Technologies Corporation (Wabtec) reported strong financial results for the third quarter of 2025, showcasing significant growth in various operational metrics and continued strategic progress.
• The company’s performance was characterized by an 8% increase in sales compared to the previous year, reaching $2.9 billion.
• Both the Freight and Transit segments contributed to this growth, bolstered by the acquisition of Inspection Technologies at the beginning of the quarter.

• Hermès International reported its financial performance for the first half of 2025, showcasing solid growth amidst a challenging global landscape.
• The company’s sales reached €8 billion, marking an 8% increase at constant exchange rates, highlighting the robust demand for Hermès products across all regions.
• Despite a fluctuating economic context, the strength and exclusivity of its artisanal model remain key drivers of its success.

• Insignia Financial is in the midst of a significant transformation, focusing on simplification, cost reduction, and integration following the acquisition of MLC Wealth. The successful separation from NAB’s systems is a major milestone, expected to unlock cost synergies and operational efficiencies.
• Financial performance has been volatile, with a return to profitability in the most recent year after a significant loss. However, long-term trends in net income and EPS are negative, and the dividend has been suspended, reflecting the ongoing challenges and restructuring costs.
• The company’s forward strategy hinges on leveraging its scale to become a leading, efficient wealth manager by 2030, targeting substantial cost savings and driving growth through its four key business lines: Advice, Wrap, Master Trust, and Asset Management. Execution on this complex strategy remains the key risk and opportunity.

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Key points (machine generated)

• ASML is the only company producing EUV lithography machines for advanced chip fabrication under 7 nanometers.
• The EUV technology involves a complex process using molten tin droplets and lasers to create plasma for radiation.
• ASML has a 100% market share in EUV systems and over 90% in leading-edge DUV tools, after 30 years of development.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Eternal Ltd’s Q2FY26 revenue surged 183% YoY to INR 135B, driven by Blinkit’s shift to an owned-inventory quick commerce model, a major operational transformation.
• The new model boosts revenue and gross margins but pressures profits amid higher marketing costs, dark store expansion, and increased working capital needs.
• Eternal is prioritizing scale over near-term profits, investing heavily to strengthen its long-term leadership in Q-commerce and digital retail.

During this episode of SSOI podcast, I spoke with Colin King of Circle City Capital. Colin runs Value Don’t Lie where he shares his highest conviction ideas. In this episode, Colin and I discuss NCR Atleos Corporation (NATL), Aumovio SE (AMVO), and Solstice (SOLS).

• Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,000+ insights shared on Smartkarma. After a brief one-issue break, we’re back with fresh perspectives.
• In this cut, we explore Japan’s renewed defense ambitions, Asia’s eyewear evolution, and US diagnostics’ next frontiers.
• Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

• Japan’s defense budget may be set to surge by about 50%, making NOF’s ammunition business a hot theme.
• Be careful though. NOF’s munitions segment faces production limits and slow capacity expansion, capping near-term profit growth even with new defense spending.
• We think NOF is overvalued, even as we acknowledge consensus forecasts are probably too low. But shorting now would probably just be fighting the tape. Save this idea for later.

• New Japanese Prime Minister Sanae Takaichi aims to raise defense spending to 2% of GDP this fiscal year, two years ahead of the original schedule.
• Takaichi also wants to accelerate investment in advanced defense technologies. IHI, which recently signed an agreement with ICEYE to build earth observations satellites, should be among the beneficiaries.
• IHI’s sales and profit comparisons should turn positive during FY Mar-26. A 7-for-1 stock split effective October 1, 2025, makes the shares more attractive to retail investors. 

• Whether it is big pharmaceutical company or Biopharma that currently generates revenue/profits mainly through one or two products, they may not be able to “defend” successfully in long term.
• The logic for innovative medical device is similar to innovative drugs – It takes 1-2 years from the turning point of policies to the turning point of fundamentals.
• The Innovent-Takeda deal is logical. However, stock price performance of Innovent was disappointing, which is due to the “turning point” of HK biotech sector.The current decline is far from over.

• Bell Financial Group Ltd (ASX:BFG) is a diversified provider of financial products and software solutions within, and increasingly outside, its traditional full-service stockbroking business.
• The latest ASX ECM data suggests raisings in the September quarter were 8% above the previous corresponding period (pcp) and 45% above the June 2025 quarter.
• In terms of market share, the latest Dealogic data suggests Bell Potter has held share relative to the pcp, while raising US$0.75b (A$1.2b) against US$0.63b (A$1.0b) year to date October 2025 (+20%).

• Pegasystems’ third-quarter financial results from 2025 highlight both strengths and challenges for the company.
• The reported results underline Pegasystems’ ability to execute its cloud strategy and leverage artificial intelligence innovations, which have been key growth drivers.
• The company’s focus on AI-driven process automation and orchestration platforms remains a cornerstone of its strategy, which is increasingly appealing to financial services and other regulated industries due to its approach of ensuring predictable workflows.

• Amazon’s long-term AI ambitions are being tested as its $8 billion bet on Anthropic faces a potential turning point.
• Recent reports reveal that Anthropic, the AI startup behind the Claude language model and currently enjoying a $5 billion annualized revenue run rate, is in talks with Alphabet’s Google for a cloud-computing deal potentially worth tens of billions of dollars.
• This shift, if finalized, could grant Anthropic access to Google’s advanced AI chips, a key competitive asset as workloads grow increasingly complex.

• Vertiv Corporation reported robust financial performance for the third quarter of 2025, indicating strong growth across several metrics.
• The company reported an adjusted diluted earnings per share (EPS) of $1.24, a 63% increase year-over-year, largely driven by enhanced operating profit margins, which stood at 22.3%, up from the previous year.
• Organic net sales grew 28%, with the Americas contributing a substantial 43%, and the AsiaPacific (APAC) region also showing a strong performance with a 21% increase.

• Moody’s Corporation reported a strong financial performance in its third-quarter results for 2025, achieving a record revenue of over $2 billion, marking an 11% increase from the previous year.
• The corporation has also raised full-year guidance across nearly all metrics, demonstrating considerable growth and operational leverage.
• The adjusted operating margin stood at 53%, a 500-basis point improvement from the previous year, and adjusted diluted EPS increased by 22% to $3.92, highlighting robust earnings power.

• A stock that should benefit from the resumption of Japan’s bull market
• Utility type stock poised to rerate  as a growth narrative starts
• The stock has recently broken out of its 18 month downtrend

• Emirates NBD to invest USD3 billion for a controlling stake of up to 74% in RBL Bank through a mix of preferential issue and open offer.
• The deal boosts RBL’s capital strength, global linkages, and business mix amid ongoing margin and asset-quality challenges.
• Short-Term earnings may stay uneven, but the investment sets up a long-term re-rating opportunity dependent on execution, regulation, and credit control.

• In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (24 October to 7 November 2025).
• Top 10 picks in this bi-weekly include Samsung Life Insurance, Samsung C&T, KT&G, LG CNS, Samchully, Hyundai Elevator, Korea Zinc, LG Chem (Pref), SK Inc, and LS Corp. 
• Rechargeable battery was the best performing sector in KOSPI in the past two weeks including L&F (+87.1%) Posco Future M (+65.4%) CosmoAM&T (+51.9%) and EcoPro Materials (+46.8%).

• Nameson Holdings currently has a very high dividend yield of 12.8% which is one of the highest dividend yields among listed stocks in Asia. 
• It has attractive valuations. It has valuation multiples of 5.6x (P/E), 0.8x (P/B), and 4.2x (EV/EBITDA) based on FY25 earnings. 
• Uniqlo is the largest customer of Nameson Holdings. Uniqlo accounted for 60% of Nameson’s total sales in FY25 and from FY22 to FY25. 

• Seagate is strategically positioned to capitalize on the exponential growth in data driven by AI and cloud computing, leveraging its leadership in high-capacity storage solutions.
• The company’s technological lead in Heat-Assisted Magnetic Recording (HAMR) provides a significant competitive advantage, enabling higher storage densities and lower total cost of ownership for hyperscale customers, with a roadmap extending to 50TB+ drives.
• After a cyclical downturn, Seagate has demonstrated a strong financial recovery with record gross margins and a significant increase in free cash flow, enabling renewed shareholder returns through dividends and share buybacks.

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• Intrusion is a cybersecurity firm with a long history, specializing in network security solutions for government and commercial clients. Its core offerings, including the flagship ‘Shield’ platform, leverage a proprietary threat intelligence database to provide real-time threat detection and prevention.
• The company is showing signs of a turnaround with five consecutive quarters of sequential revenue growth, driven by strategic partnerships and contracts, particularly with the U.S. Department of Defense. However, Intrusion remains unprofitable, and its ability to achieve sustained growth and profitability is a key concern.
• Future growth is significantly tied to the successful rollout and market adoption of its Shield platform on Microsoft’s Azure marketplace, expected in late Q4 2025. This, along with expansion into critical infrastructure sectors, presents significant opportunities but also execution risks in a highly competitive cybersecurity landscape.

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• Largest Publicly Traded Bitcoin Miner by Scale: Marathon is one of the largest and most prominent Bitcoin mining companies in North America, distinguished by its significant operational scale and substantial holdings of Bitcoin, making it the second-largest public corporate holder of the asset.
• Strategic Pivot to Diversify Revenue: The company is actively diversifying its revenue streams beyond Bitcoin mining by expanding into Artificial Intelligence (AI) and High-Performance Computing (HPC). This includes a significant investment in French technology company Exaion, with the goal of generating 50% of revenue from non-mining activities within the next two years.
• High-Risk, High-Reward Profile: While Marathon demonstrates strong growth potential through operational expansion and strategic diversification, it operates in a highly volatile market. The company’s financial performance is intrinsically linked to the price of Bitcoin, and it faces significant risks from regulatory uncertainty, shareholder dilution, and intense competition.

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• Riot Platforms is a leading, vertically integrated Bitcoin mining company in the United States, with large-scale operations primarily in Texas.
• The company’s financial performance is intrinsically linked to the highly volatile price of Bitcoin, resulting in significant fluctuations in revenue and profitability.
• A key strategic focus is on securing low-cost power and leveraging its infrastructure to potentially expand into high-performance computing (HPC) and AI data center hosting.

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• Focused Permian Operator Delivering Strong Growth: Riley Exploration Permian is an independent oil and gas company with a concentrated acreage position in the Permian Basin, primarily in Yoakum County, Texas, and Eddy County, New Mexico. The company has demonstrated a robust growth trajectory, with significant year-over-year increases in revenue, net income, and free cash flow, driven by its horizontal drilling programs in conventional formations.
• Commitment to Shareholder Returns: REPX has established a strong track record of returning capital to shareholders, evidenced by a consistent and growing dividend. The company’s dividend yield is a key feature of its investment thesis, supported by substantial free cash flow generation.
• Exposure to Commodity Cycles and Operational Risks: As a pure-play exploration and production (E&P) company, REPX’s financial performance is inherently tied to volatile oil and natural gas prices. While the company utilizes a disciplined hedging strategy to mitigate some downside risk, its profitability remains sensitive to market fluctuations.

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• PHX Minerals operates as a natural gas and oil mineral company, focusing on the acquisition and management of mineral and royalty interests, which generates revenue without the operational risks and costs of drilling.
• The company’s financial performance is intrinsically linked to volatile commodity prices, leading to significant fluctuations in revenue and net income, yet it has consistently generated strong operating and free cash flow.
• On June 23, 2025, PHX Minerals was acquired by WhiteHawk Income Corporation and became a wholly-owned subsidiary, resulting in its delisting from the New York Stock Exchange and a complete change in executive leadership.

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• Growth rates of outbound and domestic air travel slowed again in September
• Initial read on Golden Week demand: weak activity growth, weaker spending
• In our view, it’s increasingly difficult to retain an upbeat view of the sector