Equity Bottom-Up

• Transition to “Token Economy” is complete but risky: Z.AI has successfully pivoted its business model from high-margin customized on-premise installations to public API token delivery, with API revenue surging to 86.5% of the mix in H1 2026. However, this shifts the battleground entirely to compute economics and exposes the firm to intense margin pressure.
• The USD 2.4 billion ARR target is heavily concentrated: While Z.AI’s end-of-year target of $2.4 billion in ARR appears technically achievable on current run-rates, over 31% of this revenue is concentrated in just two major customers. This creates immense churn and structural pricing risk as those clients build out their own internal capabilities.
• The USD 5 billion capital raise is a compute-survival play: The dual tranche financing launched on September 11, 2026—comprising a $2 billion share placement and $3 billion in zero-coupon convertible bonds—is driven entirely by the urgent need to fund a massive domestic GPU infrastructure pivot, as U.S. export blacklists restrict access to leading-edge global silicon.

• ARR surged 6× in five months, with token volume up 40× and API ASP up 101% — evidence that Z.AI has achieved genuine production-scale demand.
• Domestic compute is becoming a potential structural advantage, but customer concentration and a 30% FY28E gross margin keep earnings power unproven.
• NEUTRAL, HK$1,000 FV, based on 15× FY28E EV/sales plus net cash; we need >28% 2H26 gross margin to turn bullish.

• Meta has added another piece to its rapidly expanding AI strategy with the acquisition of Swedish startup Stilla.ai, a young company founded in 2024 that raised $5 million in pre-seed funding earlier this year.
• According to the reported transaction, Stilla’s team and technology will join Meta and support the development of Meta Business Agent, which is designed to help businesses interact with customers and facilitate transactions across WhatsApp, Messenger and Instagram.
• The deal comes as Meta is broadening AI beyond advertising and content recommendations into personal agents, enterprise tools, model APIs and business automation.

• Nutanix Inc. reported its fourth quarter and full fiscal year 2026 financial results, demonstrating stronger-than-expected top-line growth amid ongoing supply chain constraints and macroeconomic uncertainty.
• The company posted Q4 revenue of $757 million, surpassing guidance, with a year-over-year annual recurring revenue (ARR) growth of 16% reaching $2.55 billion, and a net dollar retention rate (NRR) of 106%, stable from the prior quarter.
• Fiscal year 2026 revenue totaled $2.85 billion, growing 12% year-over-year, outpacing previous guidance.

• NVIDIA Corporation reported a strong second quarter performance for fiscal 2027, with total revenue reaching $96 billion, more than doubling compared to the prior year and marking four consecutive quarters of accelerated growth.
• This surge is primarily driven by the expanding demand for artificial intelligence (AI) infrastructure, which is propelling global buildouts across hyperscalers, AI labs, AI-native companies, enterprises, and sovereign customers.
• The company projects approximately 70% revenue growth in fiscal 2028 but notes this growth is constrained by supply limitations.

• PDD Holdings, Inc. reported steady revenue growth in the second quarter of 2026 amid ongoing investments in platform governance, supply chain enhancement, and broader ecosystem support.
• Group revenue rose 8% year-over-year to RMB 112.4 billion, driven primarily by an increase in transaction service revenues, which grew 13%.
• However, net income declined 12% year-over-year to RMB 27.2 billion, influenced by elevated investment levels in platform improvement and industry ecosystem development.

• Minebea Mitsumi (6479 JP) occupies an entrenched global leadership position in precision mechanical and electro-mechanical components, holding over 60% global market share in miniature and instrument ball bearings while leveraging an unmatched low-cost, vertically integrated production base across Thailand, Singapore, and Cambodia.
• Financial performance demonstrates robust secular momentum, with FY2026 revenue reaching JPY 1,664,387 million (+9.3% YoY) and net income advancing 66.6% YoY to JPY 99,034 million, driven by the expansion of its ‘Eight Spear’ product portfolio across automotive electrification, AI server thermal management, aerospace, and industrial automation.
• Trading at 12.4x P/E and 8.7x EV/EBITDA, the stock trades at an unwarranted 40-50% discount to peers such as Murata Manufacturing (51.7x P/E), Kyocera (28.3x P/E), and Nidec (26.2x P/E), offering institutional investors an asymmetrical risk/reward profile bolstered by disciplined capital return (DPS increased to JPY 55.0, 1.77% yield).

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• SPAC Market “Quiet Comeback” in 2026: Unlike the speculative 2021 bubble, the 2026 SPAC market is defined by smaller trust sizes, revenue-generating targets, and structured PIPE financing designed to absorb high redemption rates. Public redemptions of 80% to 95% are now structurally anticipated rather than treated as a fatal blow.
• Bluerock’s Sourcing Advantage: Bluerock Acquisition Corp. II leverages Chairman R. Ramin Kamfar’s $20 billion+ institutional asset management platform, offering a highly specialized sourcing network in proptech, real estate tech, and tech-enabled business services that generalist SPACs cannot replicate.
• Strict Capital Management of pre-IPO Deficits: The $(25,000) shareholders’ deficit reported as of June 30, 2026, is a standard pre-IPO accounting friction stemming from formation costs. Post-IPO, the sponsor’s primary structural challenge lies in managing the tight $850,000 working capital budget held outside the trust while navigating a high-redemption environment that places intense reliance on structured, convertible note PIPEs rather than massive cash trusts.

• Revvity is moving to deepen its position in human-relevant drug discovery with the planned acquisition of France-based Human Cell Design, a biotechnology company specializing in human cell models for diabetes, obesity, and other metabolic diseases.
• Announced on September 9, 2026, the transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary conditions, while financial terms remain undisclosed.
• The acquisition would add Human Cell Design’s pancreatic beta cell models to Revvity’s Life Sciences portfolio, extending its capabilities in GLP-1 and broader metabolic drug screening while creating potential applications in regenerative medicine and cell-based therapies.

• Ross Stores reported a robust second quarter of fiscal 2026, demonstrating solid top-line growth with total sales increasing 13% to $6.3 billion and comparable store sales advancing 10%, marking consecutive quarters of double-digit comp growth.
• The growth primarily stemmed from increased customer traffic, supported by successful customer acquisition efforts reaching a broad demographic spectrum, including younger shoppers and diverse income groups.
• Both Ross Dress for Less and its subsidiary dd’s DISCOUNTS experienced broad-based strength across merchandise categories and geographies, notably driven by home and cosmetics sectors, and particularly strong performance in the Midwest.

• Five-For-Five on initiation. We started BULLISH at HK$230.20 on 6 August, flagged HK$300 as trim, and identified September’s unlock as entry, not exit. The stock followed cleanly as expected.
• A secondary selloff, separate from the unlock, saw huge declines: July’s placing price, 21% below fair value, and 13.4x FY2028E EV/revenue. Margins cleared discipline; MSCI inclusion approaches. Thesis unchanged.
• Re-Enter. Buy at HK$267.80. Add aggressively below HK$260. Maximum position below HK$240. Do not chase above HK$300. Position for the November MSCI event by end-October.

• Zixin Group Holdings Limited is an integrated sweet potato value chain operator based in Liancheng County, Fujian.
• The company buys raw sweet potato from farmers and either sells it into the Chinese wholesale trade or processes it into snacks sold under its own brands and as a contract manufacturer for others.
• FY26 sales reached RMB607mn (+43% YoY), a 3rd consecutive year of strong growth with similar levels of profit growth. 

• We believe that, despite the macro-economic challenges of Indonesia, investor sentiment is no longer worsening and may even be improving as reflected in the banks’ PBV ratio trends
• We re-iterate our buy rating on Bank Mandiri for its improving return trends, solid credit quality, attractive valuations and its asset-sensitivity at a time of higher benchmark rates
• Mandiri also has relatively limited exposure to domestic government bonds, which should limit any hit to core capital at this time of high bond yields

• Mewah International Inc. (“Mewah”) is an agribusiness focused on edible oils & fats.
• It operates edible oil refineries and food manufacturing plants, as well as other facilities, in Malaysia, Indonesia, and Singapore.
• Mewah also markets and distributes cooking oil and margarine, as well as a range of Fast-Moving Consumer Goods products such as rice, cashew, dairy-related products, cocoa, food premixes, and soap.

• FY2026 Results: ISOTeam’s FY26 result shows a softer-than-expected performance. The revenue of FY26 fall by 11.3% YoY to S$105.7 million in FY26.
• This was 16.3% below our forecast, primarily due to the delays between contract award and project commencement in Repairs & Redecoration (–18.6% YoY), Addition&Alteration (-17.5% YoY) and Coating&Painting (-8.1%) segments.
• Following the implementation of cost-saving measures, gross margin improved 2.3 ppt YoY to 18.3% in FY26.

• Working capital expansion is a deliberate operational trade-off to secure the TASER 10 rollout and accommodate international/federal growth. The increase in Days Inventory Outstanding (DIO) reflects safety-stocking of critical custom components and automated production line ramps, while Days Sales Outstanding (DSO) is driven by a structural shift toward longer-cycle federal and international government contracts.
• M&A evaluation prioritizes ecosystem lock-in over near-term standalone ROIC. Recent acquisitions, such as Dedrone, are structured to drag on asset turnover initially, but the board expects them to transition to high-margin, recurring software layers within 24 to 36 months by integrating them into the Axon Community and Respond platforms.
• R&D governance employs a bifurcated stage-gate model. Hardware initiatives (e.g., TASER 10) operate on strict 3-to-5-year capital budgets with intensive physical testing milestones, whereas software and generative AI initiatives (e.g., Draft One) utilize rapid, agile feedback loops measured by immediate pilot conversion rates and incremental annual recurring revenue (ARR) per dollar of R&D spent.

• Ondas Inc. reported record second-quarter revenue of approximately $83.8 million, reflecting a growth of over 13 times compared to the same period in the previous year and a 67% sequential increase from the first quarter of 2026.
• This growth was driven by strong organic expansion—about 85% pro forma year-over-year growth assuming the full-year ownership of its current portfolio—and bolstered by recent acquisitions, particularly DZYNE and Cyberhawk.
• The company’s pro forma backlog stood at $757 million at the end of June 2026, marking a 66% sequential increase and supported by more than $100 million in new orders in the third quarter to date.

• Deep Value Valuation Anchored by Balance Sheet Discount: Seiwa Chuo Holdings Corporation (7531 JP) trades at an ultra-depressed valuation of 0.3x P/B and 3.4x EV/EBITDA at a share price of JPY 1,294, providing substantial downside asset protection despite operating in a low-margin, cyclical steel distribution sector.
• Gross Margin Expansion and Profitability Turnaround: Despite top-line contraction from JPY 62,577M in FY2023 to JPY 50,026M in FY2025 (3-year revenue CAGR of -4.56%), gross margin expanded significantly from 7.36% to 9.23% (surpassing 10.8% in recent quarters), returning consolidated net income to profitability at JPY 348M.
• Corporate Governance and TSE Listing Compliance Catalyst: The company faces an improvement period regarding Tokyo Stock Exchange Standard Market listing criteria, where its tradable share ratio (18.3% as of end-2025 vs. 25.0% requirement) creates an urgent catalyst for management to enhance shareholder returns, facilitate secondary share distribution, and improve trading liquidity.

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• Intuitive Machines reported a strong second quarter 2026 marked by substantial revenue growth, an expanded backlog, and strategic investments aimed at scaling its aerospace operations across civil, commercial, and national security markets.
• The company posted $206 million in revenue, exceeding four times the amount from the prior year, and ended the quarter with a record backlog of approximately $1.8 billion.
• This backlog reflects diversification with 37% civil space, 49% commercial space, and 14% national security space exposure.

• Analog Devices is moving deeper into edge artificial intelligence with its agreement to acquire Alif Semiconductor in an all-cash transaction valued at $1.35 billion, with up to another $200 million payable through contingent consideration.
• The transaction, expected to close before the end of calendar 2026, would add Alif’s power-efficient EdgeAI microcontrollers and fusion processors to ADI’s established portfolio spanning sensing, signal processing, power management, connectivity, and software.
• The timing is notable.

• Alibaba’s recent HK$80 billion (US$10.2 billion) equity placement was a direct response to offshore liquidity pressure. This funding strategy bypasses the 10% mainland withholding tax and State Administration of Foreign Exchange (SAFE) approval frictions required to transfer onshore e-commerce profits to the offshore Cayman holding company to support capital projects and existing buybacks.
• The cancellation of Cloud and Cainiao spin-offs reflects a strategic reality rather than just regulatory retreat. Cloud has been repurposed as a capital-intensive “full-stack AI factory” that requires immense, ongoing cash subsidies from core commerce, while Cainiao’s full integration is structurally necessary to compete with Temu and Shein in international logistics.
• Heavy AI investments have pushed quarterly Capex to RMB 67.7 billion, leading to a negative free cash flow of RMB 44.6 billion in the June 2026 quarter. This aggressive infrastructure spending carries highly ambitious 2-to-3-year payback targets that remain vulnerable to China’s ongoing domestic cloud price wars and a shifting margin pool where merchant take-rates are structurally squeezed.

• KLA’s annual revenue grew 12% in 2024, 17% in 2025, and is on track for low-20% growth in 2026. Operating profits have expanded by ~400 basis points over this timeframe.
• I think growth rates into 2027 are probably in a similar range, maybe higher.  Our backlog is very strong. We just disclosed our backlog of $12.6 billion in our 10-K
• KLA’s share of advanced packaging inspection/metrology market rose from ~2% in 2023 to roughly 7%–8% in 2026. This business is growing 70% YoY (~$1.1 billion), roughly 2x market growth rate.

• Kioxia is down 37.8% since initiation despite 100% of 2026 NAND capacity being pre-sold and BiCS Gen.10’s 20% cost-per-bit reduction remaining on track.
• The 1 October 3-for-1 split, Gen.10 margin data and Flash Ventures capacity confirmation provide three catalysts to close Kioxia’s valuation gap.
• We remain BULLISH with FV of ¥72,000 pre-split (¥24,000 post-split), based on 12× FY2027E EPS of ¥6,000, implying 25.6% upside.

• SK Hynix fell 31% from our initiation despite a record 76% Q2 operating margin. Six structural, Korea-specific forces drove the selloff; none touch the investment thesis.
• Every pillar confirmed: Q2 OPM 76% (fifth consecutive record), ~10 LTAs signed, Nvidia US$500bn LOI secured, and CEO Kwak commits US$64bn to new capacity — calling shortage “through 2030.”
• BULLISH maintained; TP revised to ₩2,700,000 on 10× FY2027E EPS ₩270,000. The multiple cut — from 13× — reflects AI sustainability fears and Korea’s volatility premium, not earnings deterioration.

• All is well with the business. We think it will likely beat consensus and its own guidance for 4QFY26, on strong demand and production efficiency gains. 
• Q4 guidance: US$50bn revenue, 86% gross margin, ~US$31 EPS — the highest quarterly revenue in Micron’s history; US$100bn SCA contracted floor forecloses the historical earnings left-tail scenario.
• BULLISH maintained with unchanged TP of US$1,400 (11× FY2027E EPS US$125). Upcoming 4QFY26 results will be out on September, making it the bellwether for the sector.

• Most impressive US play on semiconductor memory segment. Management have substantially de-risked business from cyclical vagaries, BS turning strong, and so is focus to reward shareholders.  
• Only NAND producer in history that committed to 80% gross margin through FY2030; five NBM agreements carry US$42bn contractual revenue floor, backed by US$11bn guarantees.
• BULLISH maintained; TP US$2,050 (11× FY2027E EPS US$186); currently trading at 9.5× spot, sector multiple compression creates entry into the highest-margin NAND franchise in history.

• A KeePer coating is a thin glass film that goes onto car paint.
• The cheapest one, Crystal KeePer, takes a couple of hours and costs ¥18,200, about $117, on a small car.
• The most expensive, W Diamond KeePer, takes most of a day and costs ¥108,000, about $690, on a large one.

• In our last semi-annual update of Samudera in March 2026, we said we will review the company pending clarity in Middle East geopolitics and US tariff outlook.
• US tariff has broadly cleared up, at least for now, after the Trump administration announced a 10% global tariff rate in July. However, on the geopolitical front, the US-Iran conflict has yet to be resolved, and the Strait of Hormuz remains closed.
• Amid the geopolitical crisis, the spikes in freight rates and higher oil prices do not bode well for Samudera. Both are due to the closure of the Strait, on the back of supply disruptions rather than growing underlying demand. Oil prices, a key cost for Samudera, continue to gyrate in an unpredictable manner and has recently rebounded with Brent at USD101 currently.

• Seiko has tripled YTD as Grand Seiko accelerates and the yen weakened, but USDJPY has fallen to 153.7 from 164 — reversing the currency tailwind.
• At 27.7x guidance EPS, Seiko faces multiple risk rather than earnings collapse; Citizen carries greater FX sensitivity but its ¥199/share net cash provides a floor.
• We rate Seiko SELL, FV ¥6,400 based on 20x FY3/27E stressed EPS of ¥319; Citizen is REDUCE at ¥1,940 on 17x stressed EPS.

• Demand-Supply Mismatch: Demand for high-capacity hard disk drives (HDDs) is outstripping supply. Rather than narrowing, the gap between supply and demand is widening.  
• Seagate is focusing on increasing exabytes through technology transitions rather than manufacturing higher unit volumes. They are targeting at least a 25% exabyte CAGR over the next 2–3 years.
• Seagate plans to begin qualifying its 3rd-generation HAMR 50TB drive in roughly four quarters (mid-2027), representing a subsequent 25% capacity jump.  

• Our 2020 thesis correctly identified Perfect Medical’s cash generation and management discipline, but underestimated how narrow and execution-dependent its moat was.
• The full financial history shows resilience rather than compounding: overseas expansion disappointed, margins compressed sharply, and competitive pressure remained persistent.
• At roughly 9x FY03/2026 earnings with an 11% trailing dividend yield, the stock is interesting again – but the thesis is now stabilization and cash return.

• On the CPU side, after a supply constraint, we have been increasing supply. We expect the second‑half CPU business to expand more than 80 % year‑over‑year, 
• CPU will continue expanding more than 70 % next year though it will still remain supply‑constrained
• We just updated our TAM opportunities to more than $220 billion from $25 billion in 2025. That is how significant the expansion has been. 

• Valuation gap has closed; move to Neutral despite intact underlying fundamentals. 
• International growth remains strong, but incremental margin leverage is less certain. 
• FY27 guidance is the key catalyst: Japan traffic and International margins are the swing factors.

• The structural stickiness of Tesco’s recent 28.7% market share is primarily defensive rather than organic expansion, heavily sustained by matching discounters on price (via 600+ Aldi Price Match lines) and using high-margin Tesco Finest (£3.0 billion in sales) to offset low-margin staple matches.
• Retail media represents a highly lucrative but mathematically capped revenue driver, with blended margins of 50-60% run via Tesco Media & Insight Group (Dunnhumby). The structural ceiling is estimated to be around 1.5% of gross sales (~£1.0 billion in revenue), meaning retail media is a margin-stabilizer against wage growth rather than an infinite expansion engine.
• Tesco’s Urban Fulfillment Center (UFC) rollout has experienced substantial diminishing returns, with escalating CapEx costs (£5.0 million to £5.5 million per site) and deployment delays limiting the active network to just around 7 operational units. Instead of full-automation, Tesco is relying on manual, route-optimized “dotcom” picking and rapid-delivery partnerships (e.g., Uber Eats / Whoosh) to preserve its medium-term ROIC targets.

• The “Split-Brain” Strategy and Crisis: Want Want China is experiencing an operational bottleneck, highlighted by Chairman Tsai Eng-meng’s August 2026 internal letter calling their 38% Q1 profit plunge a “major operating crisis”. Senior management is paralyzed: they are pushing the R&D team to innovate sugar-free and healthy products, while concurrently incentivizing the sales force to dump legacy, high-sugar, high-margin products like Want Want Milk to meet aggressive short-term volume targets.
• Channel Conflict and Cannibalization: Legacy traditional wholesale channels (which historically represented the core of Want Want’s business) are in a structural decline, down high single-digits. The rapid expansion into hard-discount specialty snack retail (now representing 15% of total revenue) is cannibalizing traditional distributors. Lower-tier distributor channel inventory has ballooned from a healthy 30-day baseline to a dangerous 90 to 100 days.
• Macro and Raw Material Pressures: Recent margin erosion is structural rather than cyclical. Spiking raw materials—with global sugar hitting a multi-month high above 18.36 cents per pound and palm oil hovering around RM 4,966 per tonne—are colliding with high internal M&A hurdle rates (WACC of 15%) that prevent the company from acquiring healthy snack brands defensively, leaving them trapped with declining legacy assets.

• Kanohar Electricals (KANOHAR IN) , a Meerut based transformer and EPC company, opens its INR 1,055.74 crore IPO on September 8, 2026, priced at INR 601–632 a share.
• The company has grown revenue 2.4x in two years on the back of a 500 MVA, 400kV order from Power Grid, but customer concentration and capacity utilisation remain watch points.
• IPO looks aggressively priced as compared to other listed company in similar space.

• VASRO GmbH has initiated coverage of Sirnaomics Ltd. (HKEX: 2257) with a BUY recommendation and a target price of HK$7.07 per share.
• Sirnaomics develops siRNA medicines, drugs that silence a disease-causing gene before it is turned into protein. The hard part is delivery, and beyond the liver very few groups can do it. The company owns two platforms: PNP, which it places among the world’s few extra-hepatic siRNA delivery systems with clinically proven safety, and GalAhead, which it describes as the only programmable RNAi platform for dosing intervals in global clinical development. Four programmes are in human trials, a fifth is IND-ready, and the company holds global rights across them.
• The five years since listing were costly. Accumulated losses reached US$536.8m, spending was cut from US$91.8m in 2022 to US$15.3m in 2025, and headcount fell from 225 to 37. The audit opinion is qualified and going concern is flagged.

• Info-Tech System’s (ITS) Services revenue rose from S$5.3m in FY2024 to S$15.0m in FY2025, a rise of S$9.7m against a group rise of S$12.8m, so services contributed 76% of what the group added that year.
• The five filed six-month periods put that rise in one of them: Services reached S$12.7m in the 2HFY2025 and came back to S$4.9m in 1HFY2026 a fall of 61%, while group revenue fell 20%.
• The FY2025 increase sits in one six-month period and in one revenue heading, and it has not happened again.

• Boeing is attempting one of the most expensive corporate U-turns in modern aerospace.
• Two decades after separating the manufacturing operations that became Spirit AeroSystems, Boeing completed an $8.4 billion acquisition of the struggling supplier in December 2025, bringing critical fuselage production back under its roof.
• The timing is striking.

• Context: The Tata Consultancy Services (TCS IN) vs. Infosys (INFO IN) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlight: Going long Infosys Ltd (INFO IN) and short Tata Consultancy Services (TCS IN)  targets a 3% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• CICC (3908 HK) has received CSRC approval for its merger with Cinda Securities (601059 CH) and Dongxing Securities (601198 CH), but its share price has fallen. 
• Concerns about EPS dilution are valid, as CDS’ and DXS’ 1H26 earnings are weaker than CICC’s. However, amid increased industry consolidation, the merger is strategically important.
• CICC now sits at 0.57x 12-month forward P/B, just the average since 2021. We expect the merger to enhance book value, and H-shareholders will benefit more. 

• Public-to-private valuation arbitrage in Australian self-storage is driven by a stark cap rate disconnect, with ASK trading at an implied cap rate in the low-to-mid 6% range, while direct private market transactions and sovereign wealth mandates for institutional-grade portfolios continue to clear in the mid-to-high 4% to low 5% range.
• Abacus Group (ASX: ABG) holds a dominant ~19.9% blocking stake in ASK, meaning any privatization attempt is fundamentally path-dependent on ABG’s strategic intent, capital gains tax liabilities from demerger roll-overs, and its own capital allocation requirements.
• A Scheme of Arrangement under Australian corporations law requires approval by a double majority (75% of votes cast and 50% of voting shareholders present), making register concentration a dual-edged sword where a few institutional block-holders can easily block or facilitate a buyout.

• This insight discusses about comparison between the financial and operational results of Midea Group (300 HK) , Haier Smart Home (6690 HK) and Gree Electric Appliances (000651 CH) 
• It compares the domestic & export performance, revenue mix and guidance for H2FY2026.
• Finally, we discuss about valuation comparison between the companies and our view.

• The company has opened its INR 428 crore IPO (Price Band: INR 172–INR 182, closing Sept 10, 2026), backed by INR 128 crore raised from marquee anchor investors.
• Proceeds from the INR 60 crore fresh issue will fully fund a new Glass Processing Unit (GPU) at the Vile Bhagad facility, bringing manufacturing processes in-house to reduce supply dependency.
• Order book stands at more than 2x FY26 revenue (INR 981.54 crore total across domestic façade, international supply, and luxury fenestration as of July 2026).

• Telkom Indonesia (TLKM IJ) share price is still down 23% YTD despite several positive catalysts.
• Monetization of the InfraNexia could result in margin expansion and special dividend declaration. 
• The management has done it before with Mitratel, monetized through USD 1.3 billion IPO. 

• Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.
• The company is India’s largest integrated maker of solar mounting structures, growing revenue at a 33% CAGR over FY24 to FY26, though supplier and customer concentration are both rising.
• At close to 32 times FY26 earnings at the top of the band, issue prices at premium to most listed peers, making capacity ramp-up and cost control the key monitorables.

• Gokaldas Exports has transformed from a domestic manufacturer into a multi-region exporter, almost doubling consolidated revenues from INR 2,222 crore (FY23) to INR 3,988 crore (FY26).
• Through key acquisitions (like Atraco in East Africa), the company now operates across both India and Africa, offering global buyers flexible trade regimes, distinct labor costs, and diversified sourcing options.
• Global buyers are moving beyond traditional-categories into high-volume segments like denim, bottoms, and shirts historically dominated by Bangladesh while exports to Europe are rising alongside zero-duty access under UK FTA.

• My NAV valuation analysis of Daou Technology suggests NAV per share of 60,059 won which is 56% higher than current share price. 
• The largest portion of Daou Technology’s value is its 42.5% stake in Kiwoom Securities which is worth 3 trillion won (180% of Daou Technology’s market cap). 
• I think Daou Technology could pay DPS of 2,961 won per share in 2026 (up 65% YoY), which would suggest a dividend yield of 7.7%. 

• Jubilant Ingrevia (JUBLINGR IN) ’s Business Mix is improving with Specialty Chemicals driving 75% of EBITDA; however, capital efficiency remains subdued as asset turnover and ROCE have yet to recover.
• Balance-Sheet health remains comfortable, but capital allocation warrants scrutiny given excess cash in current accounts, rising contingent liabilities and potential under-utilisation of newly commissioned Bharuch capacity. 
• Earnings quality has watchpoints, including rising receivables, sizeable non-core income, profit-linked promoter remuneration and nominal-priced ESOPs, though no strong aggregate manipulation signal emerges.

• Dhoot Transmission Limited (Ticker: DHOOTTRA IN) is a Tier-1 automotive electrical and electronics manufacturer, commanding an entrenched ~41% market share in India’s two-wheeler (2W) and three-wheeler (3W) wiring harness industry and an industry-leading ~70% share in electric 2W/3W wiring architectures.
• Top-line expansion has been robust, with revenues compounding at a 27.2% CAGR from INR 27,977.26M in FY2024 to INR 45,249.55M in FY2026, driven by vehicle electrification, premiumization, and expanding content per vehicle, though EBITDA margins contracted from 18.57% to 15.99% over the same period.
• Trading at a trailing P/E of 76.4x and P/B of 12.5x, the stock commands a substantial valuation premium relative to direct peers like Motherson Sumi Wiring India (38.6x P/E), leaving limited margin of safety amid persistent negative Free Cash Flow to Equity (INR -675.56M in FY2026) resulting from heavy growth capex.

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• My base case valuation of LG Corp is implied market cap of 26.9 trillion won or NAV per share of 177,595 won, which is 42% higher than current share price.
• LG Corp’s investments in five core publicly listed companies including LG Chem and LG Electronics are now worth 26.5 trillion won which is 99% of its current market cap.
• Legal feud between LG Group Chairman Koo and his mum/sisters have been going on for more than three years. Appellate court has scheduled the next hearing for 27 November.

• 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: In India’s financial sector, currently two pair trade opportunities 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.

• Delfi reported 1HFY2026 results, and the stock has fallen 12.92% since our initiating report of 8 June 2026.
• Net sales rose 2.7% while gross profit fell 4.1% and EBITDA fell 3.7% and profit attributable to shareholders rose 5.4% only because the tax charge fell 14.0%.
• Two senior posts have changed hands since April 2026, and the interim dividend held at 50% of reported profit. 

• The 7-Eleven convenience store chain was originally created in Dallas, Texas.

• When the chain faced bankruptcy in the early 1990s, Japan’s Ito-Yokado acquired it and later renamed the combined group Seven & i (3382 JP – US$28 billion).

• Today, there are over 85,000 “7-Eleven” stores worldwide. 

• In this insight we discuss about Midea Group (300 HK)’s resilient business model in midst of challenging industry situation. 
• We discuss how AI, Robotics & Smart Buildings Are Saving the Day for the company.
• Finally, we conclude with our view on H2 FY2026 performance.

• NFC (265740 KS) is a Korean cosmetics company which has rapidly increased its ODM business sales in the past two years. 
• NFC’s customers include Equalberry, Cellimax, Dr. Althea and Beauty of Joseon, brands whose products are increasingly visible outside Korea.
• Based on consensus net profit estimate of 18.5 billion won (2027E) and a 12x P/E, this would result in a market cap of 222 billion won (91% higher than now). 

• Applied Co is a small cap regional Japanese PC retailer and IT provider with surprisingly good execution that’s moving into higher margin local AI deployments (HPC) and IT services.

• Company-wide return on equity was 17.6% in FY26 despite carrying more than half its market cap in net cash.

• FY23 and FY24 were historically bad years with 12.3% RoE while FY2016-FY2022 bounced around 17-20%. This is incredible for such an over capitalized business.

• Q1 FY27 Revenue grew 16% YoY and backlog reached Rs. 2,289 crore, while the business was reorganised into four global divisions.
• Demand visibility is no longer the central concern; execution quality, mix and below-EBIT leakage now determine the earnings outcome.
• The operating setup is improving, but the current valuation prices in a recovery that has not yet appeared consistently in reported margins.

• Short sellers made bold moves the week of August 31.
• MOO saw the most dramatic buildup – short interest tripled in seven days.
• At the other end, MSFT shorts nearly disappeared entirely, and GME saw rapid covering ahead of its September 8 earnings.

• 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: In Australia, currently two pair trade opportunities persist across two sectors.
• 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.

• Meituan (3690 HK) returned to profit in 2Q26 after 3 quarters of losses.  The company had a net income of RMB 2.16B vs. a consensus loss of RMB 1.23B.
• Operating profit surged to RMB 2.69 bn, an 11-fold increase YOY, as easing competition allowed the company to reduce food delivery subsidies, improving unit economics across food and non-food categories.
• Meituan’s profit surge, combined with JD.com cutting promotional spending and Alibaba reducing sales and marketing expenses, adds to the evidence that China’s quick-commerce price war may be peaking. 

• Physical AI optionality: Yaskawa’s ¥250bn investment plan and humanoid strategy position its servo, drive and actuator businesses to benefit from the Physical AI growth cycle. 
• Earnings inflection: Management targets ¥650bn revenue and ¥90bn OP by FY2029, with margins improving toward 15% as AI robotics and data-center demand ramp.
• Attractive risk/reward: Shares are down 40% from their YTD high and trade below historical multiples, offering ~33% upside, though humanoid adoption and FA capex remain key risks.

• Total US border crossings in July 2026 were up just 0.6% Y/Y (and down 5% vs July 2024)
• July 2026 crossings by aircraft were down over 3% Y/Y, and down 2% Y/Y in US West
• The figures from peak Summer travel period seem to confirm sluggish US tourism activity

• Hua Hong Grace (1347.HK) reported Q2 2026 revenue of $717.5 million, up 26.8% YoY and 8.6% QoQ, a record high and easily beating the guided midpoint of $695 million
• Gross margin reached 16.5%, up 5.6 percentage points YoY and 3.5 points QoQ, clearing the top end of the 14-16% guide.
• Looking ahead, the company forecasted current quarter revenues of $775 million at the midpoint, a roughly 8% sequential increase. Gross margin is expected to be ~17%, marginally up QoQ.

• Shenzhen International (152 HK)‘s loss-making 1H26 is disappointing, but looking ahead, the potential profit recovery in 2H26 is more important.  
• It may potentially book a significant gain from the South China Logistics Park transformation in 2H26, possibly leading to an attractive dividend yield of 8.7%.
• Its 0.33x 12-month forward P/B, 2SD below average, has already discounted the market concerns. Stripping out Shenzhen Expressway (600548 CH) , its other assets are free. 

• The S086 (Xinchaotuo) Commercial Execution is the Real Growth Driver: Following its May 2025 NMPA approval for primary hypertension and its subsequent December 2025 inclusion in the National Reimbursement Drug List (NRDL), S086 has become Salubris’s primary growth engine. Along with Enarodustat (Enaro), innovative formulation revenues grew 26.84% year-on-year in the first half of 2026, offsetting the commoditized legacy generic portfolio.
• The JK07 Phase II Clinical Disappointment Redraws the Valuation Curve: In May 2026, the interim data release for the RENEU-HF Phase II trial of JK07 (an NRG-1 fusion protein) revealed that the primary endpoint of Left Ventricular Ejection Fraction (LVEF) improvement at 26 weeks did not achieve statistical significance over placebo. While Salubris highlighted positive subjective KCCQ score improvements, the lack of robust structural efficacy significantly increases the regulatory risk and delays both the domestic and U.S. clinical pathways.
• HKEX Listing Resubmission Points to Urgent Liquidity Needs: On September 3, 2026, Salubris resubmitted its listing application to the Main Board of the HKEX, sponsored by Goldman Sachs, Citigroup, and CITIC Securities, after its initial February 2026 filing lapsed in August. The push for Hong Kong capital is driven by a desire to fund expensive global clinical trials and provide a dedicated offshore capital runway, amidst close scrutiny from the CSRC regarding overseas capital allocations.

• OpenAI maintains clear market leadership in frontier artificial intelligence, underpinned by unmatched brand equity, expanding enterprise monetization across its API and ChatGPT Enterprise tiers, and accelerating developer mindshare as Codex B2B adoption surges ~550% YoY.
• The company’s commercial trajectory is driven by multi-tiered monetization spanning consumer subscriptions, developer compute tokens, and deep distribution partnerships, generating exponential revenue expansion while requiring massive compute infrastructure investments.
• While developer migration to next-generation models such as GPT-5.6 demonstrates immense platform pull (+300.9% MoM in GitHub mentions), high compute capex, rapid legacy model obsolescence, and aggressive rivalry from Anthropic and open-source models remain primary operational headwinds.

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• Skepticism Over Dual Privatization-Spin-Off Structure: The market’s massive discount of the share price (HK$4.10 as of September 4, 2026) against the theoretical offer value of HK$10.16 reflects deep skepticism over the concurrent execution of Skyworth Group’s delisting and the listing of Skyworth Photovoltaic by introduction.
• CSRC Filing and Listing Hurdles: The listing by introduction for Skyworth Photovoltaic requires overseas listing registration under the CSRC’s framework. This regulatory hurdle, coupled with the lack of new capital raising during the listing, makes the transaction highly complex and increases the risk of deal termination.
• Brand Contamination from Skyworth Auto: While Skyworth Auto is privately owned by founder Huang Hongsheng’s Kewo New Energy Vehicle Group, the brand licensing agreement exposes the listed entity to immense reputational risk as the marginal EV maker faces severe financial strain and dealership closures in 2026.

• Initiation of A Container Port Terminal Product introduced our rationale for covering companies that exhibit monopolistic/oligopolistic characteristics, as evidenced by their historical pricing/volume growth. We began with four companies.
• Asian Terminals (ATI PM) has since been privatized, leaving our coverage universe at International Container Terminal Services (ICT PM), Port of Tauranga (POT NZ), and Westports Holdings (WPRTS MK) 
• Results for the companies have demonstrated structural margin improvements despite a challenging environment, indicating strong pricing power. 

• Innovent Biologics Inc (1801 HK) 1H26 revenue grew over 45% YoY, as oncology segment witnessed ramp up of newly NRDL-listed products and general biomedicine portfolio expanded.
• The global innovation pipeline is progressing smoothly. Three high-potential assets have entered global Phase 3 clinical trials, with a combined potential addressable market exceeding US$ 60B.
• Ongoing product launches and robust pipeline will support the growth momentum of the company. Innovent aims to achieve RMB 20B product revenue in 2027 (~ RMB 35-40B by 2030).

• Context: The Nippon Steel (5401 JP) vs. JFE Holdings (5411 JP) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlight: Going long JFE Holdings (5411 JP) and short Nippon Steel (5401 JP) targets a 6% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• 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 eight pair trade opportunities persist across four markets and three sectors.
• 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.

• BIOSECURE Act tailwinds are directionally real but commercially lagged: While WuXi AppTec’s addition to the US Department of Defense’s 1260H list on June 8, 2026, has triggered a 35% to 45% increase in Requests for Proposals (RFPs) across Indian CRDMOs, legacy contracts are protected until 2032. Actual order-book translation is bottlenecked by 12 to 18-month tech transfer cycles and high clinical-stage switching costs.
• Aragen’s early-to-late stage cross-selling is structurally constrained: Despite marketing a “concept-to-clinic” pipeline, Aragen’s historical core is early-stage discovery chemistry (legacy GVK Bio). Transitioning discovery clients into late-stage CDMO manufacturing is limited by a 90%+ molecule attrition rate in Phase I/II and a lack of large-scale commercial API infrastructure compared to tier-1 Indian peers.
• The US Biologics footprint (Morgan Hill) operates at a structurally lower margin: The California-based Aragen Bioscience site is confined to non-GMP early-stage cell-line development. Bridging this to the new Bengaluru (Jigani) GMP facility is operationally difficult, as US biotechs show extreme reluctance to transfer clinical-scale cell lines and process parameters across geographies due to supply chain and oversight friction.

• 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: In Japan, currently two pair trade opportunities persist across two sectors.
• 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 proposed merger of KOGAS and Korea National Oil Corporation (KNOC) into a new entity, “Energy Resources Corporation,” announced on September 3, 2026, faces immense balance sheet and legal hurdles. KNOC is in complete capital impairment with liabilities exceeding assets by over 2.5 trillion won and total debt of around 21 trillion won. Meanwhile, KOGAS carries over 40 trillion won in debt of its own. Merging these entities risks balance sheet contagion unless the government successfully partitions KNOC’s toxic exploration assets into a separate liquidation subsidiary.
• The revised Article 382-3 of the Korean Commercial Act, which went into effect in July 2025, has fundamentally changed the legal landscape for state-driven mergers. For the first time, directors owe a statutory fiduciary duty of loyalty directly to shareholders, not just the abstract company entity. KOGAS’s minority shareholders, who own 45% of the company, now have clear legal grounds to file direct civil lawsuits and block the transaction if board members accept an exchange ratio or debt transfer that dilutes or damages minority equity.
• KOGAS’s uncollected receivables (misu-geum) remain stubbornly high at 14.178 trillion won as of the first half of 2026. While higher international LNG prices and currency depreciation have increased procurement costs, the raw material cost pass-through mechanism remains politically suppressed for residential city gas. To fully recover misu-geum and normalize the balance sheet, wholesale tariffs would need a steep adjustment of at least 20% to 30%. However, with a new politically appointed CEO, Hong Eui-rak, taking office in July 2026, the board is highly unlikely to challenge Ministry of Trade, Industry and Energy (MOTIE) directives to prioritize consumer inflation over minority shareholder returns.

• Commerce reported second-quarter 2026 revenue of $84.5 million, in line with guidance, while non-GAAP operating income of $8.1 million exceeded the $4 million to $5 million guidance range.
• Gross merchandise volume increased 14% year-over-year to $8.8 billion, including 17% B2B GMV growth.
• The company posted positive GAAP net income for a second consecutive quarter, while net revenue retention improved sequentially to 95.8% for a third straight quarter of improvement.

• CarGurus reported a 13% year-over-year revenue increase to $251 million in the second quarter of 2026, slightly surpassing the midpoint of its guidance.
• The international segment outperformed with 28% revenue growth, driven by listings and “Sell My Car” initiatives in Canada and advertising in the UK.
• Adjusted EBITDA rose 7% to $85 million with a 34% margin, reflecting disciplined investment and operating leverage despite a modest margin compression compared to the prior year.

• Fox Factory Holding Corp. reported second quarter fiscal 2026 results with consolidated revenue of $358.1 million, reaching the high end of management’s guidance but reflecting a 4.5% year-over-year decline and a 2.9% sequential decrease.
• The sequential revenue dip was anticipated, attributed primarily to portfolio optimization after the Phoenix operations divestiture, shipment timing effects, and a continued aluminum supply disruption impacting Ford F-150 volumes.
• Despite these headwinds, the company expressed confidence in a revenue growth trajectory returning in the back half of 2026 and into 2027, bolstered by continued investment in research and development and new product introductions.

• Tencent’s restructuring of its Bilibili holding—selling US$400 million in Class Z shares while subscribing to US$200 million of the new convertible senior notes—is a strategic hedging play rather than a retreat. It reduces Tencent’s direct equity exposure while maintaining an anchor position, helping Bilibili execute a US$300 million concurrent buyback to neutralize immediate float pressure and manage capital tax-efficiently offshore.
• Bilibili’s monetization engine has structurally pivoted to advertising, which grew 28% year-over-year in Q2 2026 to RMB 3.13 billion, overtaking Value-Added Services (VAS) as its largest revenue segment. This growth is driven by AI-powered search and multi-scenario ad distribution, though the platform faces a rigid ~10% ad-load ceiling to preserve its core user community.
• The gaming segment remains highly volatile and is shifting away from high-risk in-house R&D toward low-capex publishing. The 14% year-over-year decline in mobile game revenue to RMB 1.39 billion in Q2 2026—due to a tough comparison base from the breakout success of San Guo: Mou Ding Tian Xia—underscores the unpredictability of first-party pipelines and the structural stability of licensed, casual IPs.

• Fluor Corporation reported a second quarter 2026 revenue of $4.3 billion, representing a 9% year-over-year increase, supported by robust execution across its diverse project portfolio.
• Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to $149 million, up from $96 million the previous year, while adjusted earnings per share (EPS) improved to $0.91 from $0.43.
• The company’s backlog expanded to nearly $27 billion, reflecting $6.1 billion in new awards during the quarter and a book-to-bill ratio anticipated well above one for the full year.

• CNMC Goldmine Holdings Limited (“CNMC” or “The Group”) was the first Catalist-listed gold producer on the Singapore Exchange, having commenced trading on 28 October 2011.
• It began as a gold explorer and producer, before diversifying into base metals production, including lead and zinc concentrates, in 2022.
• It has since transferred to the SGX Main Board as of 28 August 2026.

• MCG Strategic Friction & Structural Buyout Barriers: A full buyout of the remaining 49.4% of Nippon Sanso Holdings (NSH) by parent Mitsubishi Chemical Group (MCG) is financially unviable due to MCG’s constrained balance sheet and low ROE of 2.6%, which would require an outlay of over ¥1.5 trillion including control premiums. Conversely, a complete market divestment of MCG’s 50.6% stake is structurally bottlenecked by regional antitrust limits, rendering strategic acquisition by global peers impossible and leaving a complex, discounted private equity carve-out as the only realistic exit scenario.
• Antitrust Consolidation Limits and ESG ASU Capex Drag: Global consolidation in the industrial gas market is effectively capped by the FTC, European Commission, and JFTC, which have historically mandated heavy divestitures. Locally, Air Separation Units (ASUs) are highly vulnerable to localized carbon taxes and Scope 2 penalties, necessitating a strategic pivot toward corporate PPAs and Feed-in Premium (FIP) schemes to protect long-term tonnage profitability.
• Decentralized Regional Autonomy vs. Parent Capital Extraction: Despite MCG’s presence, NSH operates with independent management policies protected by five independent directors who constitute a majority of the nine-member board. Capital allocation tension is high: MCG seeks to maximize cash extraction to fund its basic materials restructuring, while NSH lifers prioritize reinvesting capital in high-purity semiconductor electronic gases and regional M&A, such as the acquisition of Coregas in Australia which drove a 18.1% revenue increase in the Asia & Oceania segment.

• Old Chang Kee Ltd. (OCK) is a Singapore-based food manufacturer, distributor and retailer offering affordable ready-to-eat food products under the “Old Chang Kee” brand.
• Its signature curry puff Curry’O is sold alongside a wide range of seafood, chicken and dessert items.
• Its revenue is mainly derived from retail sales and non-retail channels such as delivery and catering. 

• Asset-Light Compounding Engine: Hilton Worldwide Holdings Inc. operates an industry-leading, capital-light franchise and management model (>90% fee-based rooms) that generates predictable, high-margin cash flows, minimal maintenance capital expenditure requirements, and exceptional free cash flow conversion exceeding 95%.
• Formidable Brand Architecture and Loyalty Moat: With a global portfolio spanning 24+ differentiated brands from luxury to premium economy and a rapidly growing Hilton Honors loyalty membership of over 180 million members, Hilton captures over 50% of room nights directly, driving superior RevPAR index premiums for hotel owners and reinforcing developer preference.
• Robust Unit Growth and Capital Returns: Net unit growth (NUG) remains disciplined at 5-6% annually, supported by an industry-leading pipeline and rapid-conversion brand rollouts (Spark, LivSmart Studios, Graduate Hotels). Robust balance sheet management enables significant capital return via share repurchases and regular dividend distributions, balanced against premium valuation multiples (EV/EBITDA of 26.5x).

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• The Lyft Company reported strong operational and financial performance in the second quarter of 2026, highlighted by record metrics and continued growth across multiple business segments.
• Active riders reached an all-time high of over 30 million, and the company completed 262 million rides during the quarter, positioning it to exceed 1 billion rides for the full year.
• The growth was driven by a diverse set of factors, including expansion in North America’s large and low-scale markets, significant progress in Canada, and ongoing organic growth in European markets following the integration of the Freenow platform.

• Strategic Portfolio Transformation Toward Regulated & High-Growth Markets: Jabil has systematically de-risked its operating model by divesting high-volatility, lower-margin consumer mobility manufacturing and redeploying capital into secular growth verticals, specifically AI/cloud data center infrastructure, healthcare/medtech, automotive electrification, and renewable energy.
• Structural Free Cash Flow Generation Supporting Capital Returns: The company exhibits strong cash flow conversion, underscored by a 3-year Free Cash Flow CAGR of 68.61% and annual operating cash flows consistently exceeding 9.3 billion (in reporting currency), enabling proactive share repurchases, balance sheet optimization, and a 13.47% 3-year dividend CAGR.
• Resilient Margin Profile Amid Cycle Re-acceleration: Despite top-line portfolio rationalization (-1.06% 3-year revenue CAGR), gross margins have expanded toward the 8.8%–9.3% range, underpinned by design-led manufacturing, advanced thermal and power management solutions for hyperscalers, and sticky, multi-year customer relationships.

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• Advanced packaging, high-power AI servers (like Nvidia’s GB200 platforms), and Co-Packaged Optics (CPO) are driving an inflection in testing-time expansion and complexity, transforming test and metrology equipment from a back-end cost center into a critical yield-enabling constraint.
• Chroma ATE holds a highly defensible moat in System Level Testing (SLT) as Nvidia’s trusted exclusive supplier for GPU testing, effectively bypassing the Advantest-Teradyne duopoly in final test by leveraging proprietary, in-house designed ASICs and high-power thermal control handlers.
• The board’s recent August 25, 2026 approval of a US$850 million GDR offering represents a strategic shift toward aggressive overseas expansion and inventory securing, balancing a generous capital return policy (exemplified by the TWD 19.50 per share dividend in May 2026) against the need to fund massive organic capacity additions like the Linkou Phase II factory.

• Nearly half of BHP’s FY27 capex is directed towards copper, with operating cash flows expected to fully fund its growth ambitions through the mid-2030s.
• BHP commits USD 500 million ahead of FID, moving early to secure equipment for Escondida’s expansion.
• Options lean towards upside, with call interest concentrated at 100, while subdued IV points to limited expectations for near-term volatility.

• Jamieson Wellness Inc. (TSX: JWEL) represents Canada’s preeminent consumer health platform, holding a commanding domestic market share (over 2x the nearest branded competitor) with an accelerating international footprint across the United States and China.
• Financial performance demonstrates robust operational execution, evidenced by a 3-year revenue CAGR of 14.52% and Free Cash Flow CAGR of 23.95%, supported by gross margin expansion from 34.54% in FY2023 to 41.16% in FY2025 as higher-margin branded products scale.
• At an EV/EBITDA of 16.2x and P/E of 24.1x, JWEL trades at a well-justified premium to micro-cap direct-selling peers, reflecting superior organic growth, premium brand equity, robust balance sheet resilience, and an attractive 2.03% dividend yield growing at double digits.

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• Operational Normalisation Post-FY25 Headwinds: Following a challenging FY25 marked by significant non-cash property revaluations and regulatory scrutiny surrounding exit fees, Lifestyle Communities has rebounded in FY26, reporting revenue of A$205.9M, a return to net profitability at A$46.9M, and robust positive free cash flow of A$92.1M.
• Compelling Valuation Discount to Sector Peers: Trading at 0.9x Price-to-Book and a forward P/E of 13.0x, LIC offers a substantial discount relative to pure-play peer Gemlife Communities Group (1.6x P/B and 31.2x P/E), providing institutional investors with a significant margin of safety backed by high-quality underlying real estate assets.
• Secular Demographic Tailwinds Tempered by Capital Allocation Discipline: Long-term demand remains supported by Australia’s aging demographic and downsizer affordability needs; however, near-term capital returns remain paused (FY26 DPS at A$0.00) as management prioritises balance sheet de-leveraging and self-funded project delivery.

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• The post-lock-up liquidity overhang on MiniMax was cleared through a coordinated dual-tranche HKD 16 billion fundraise on July 10, 2026, which provided arbitrageurs the necessary stock borrow to delta-hedge the concurrent HKD 6.5 billion convertible bond, followed by a massive short squeeze driven by the Southbound Stock Connect inclusion.
• MiniMax’s revenue mix has aggressively shifted to B-end enterprise and API services, which accounted for 63.4% of H1 2026 revenue. Despite an ARR reaching US$800 million by late August, gross margins remain constrained at 17.9% due to high GPU compute costs.
• CEO Yan Junjie’s total salary sacrifice and the transfer of 5% of his personal equity stake serve as a crucial governance mechanism to align employee KPIs away from unhedged ARR growth and toward architectural efficiency and path-to-profitability.

• Two viral blog posts by Satya Nadella over the summer suggest a tops-down change in Microsoft’s AI deployment strategy
• Microsoft is investing $2.5 billion & deploying 6,000 engineers into a new division, Microsoft Frontier Company, to help manage its AI deployments to enterprise clients globally
• There are going to be areas where we are very complementary and partner very, very closely with AI frontier labs. Then, there might be areas of overlap competitively.

• Over the past decade, the Japanese sportswear brand Mizuno (8022 JP – US$1.9 billion) has compounded at a 16.5% annual rate

• Of course, past performance does not indicate future performance.

• But it still begs the question: why? And what does the future look like? I’ve been working with recent graduate Meera Kapoor to understand the company from the inside out. 

• 38 companies featured insider acquisitions in August 2026. Aggregate transaction value was approximately INR 2 billion — a material step up from July 2026’s INR 270 million.
• We highlight large and small cap companies that experienced significant insider buying during August 2026, as reported on the stock exchanges.
• We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.

• Plover Bay compounded because a specialist technology capability, mission-critical customer problem and capital-light model reinforced one another far beyond the original 5G thesis.
• Its less visible advantage was organizational: long-tenured technical leadership, small independent teams and rapid customer feedback enabled adaptation across successive connectivity technologies.
• The next Plover Bay may emerge from any industry where a small, overlooked company combines niche leadership, superior learning speed, attractive economics and a long reinvestment runway.

• We have to admit that brand acquisitions are a sustainable path forward.
• Domestically, the ANTA brand is placing increasing emphasis on online retail.
• Internationally, Anta plans to open 1,000 stores in Southeast Asia.

• Akamai Technologies, Inc. reported second-quarter 2026 revenue of $1.1 billion, up 5% year over year both as reported and in constant currency.
• Cloud Infrastructure Services generated $99 million, rising 39% year over year in line with expectations.
• Security revenue increased 10% to $604 million, supported by demand for web application firewall, API security, and microsegmentation solutions.

• ValueMax is a secured lender that also retails gold.
• Three engines of business: Pawnbroking, property-backed moneylending, retail & trading of jewellery and gold.
• The receivables on its balance sheet are its loan book, not trade debtors, so money lent runs through operating cash flow, and a growing book reports a cash outflow by its design.

• Tat Seng grew revenue for the first time in four years, taking S$117.6m in the six months to 30 June 2026.
• Profit to owners fell 18.9% on higher tax and a larger non-controlling share.
• In June 2026 it paid out S$61.3m, moving from net cash of S$42.9m to net debt of S$3.8m. 

• The rumored “takeunder” scenario for Nikkon Holdings is structurally impossible. Activist investors Farallon Capital Management and Oasis Management collectively control 41.6% of the voting rights (representing 23.45% and 18.15% respectively). This block comfortably exceeds the 33.34% required to veto a squeeze-out resolution at an Extraordinary General Meeting (EGM), giving activists absolute pricing leverage over bidders Bain Capital and Lone Star Funds.
• Nikkon’s real estate portfolio contains immense hidden asset value (fukumi-eki). While the book value of property, plant, and equipment stands at roughly JPY 120 billion to JPY 130 billion, the actual replacement and market value of its specialized logistics yards and warehouses is closer to JPY 250 billion. This latent asset pool is the primary target for private equity monetization.
• Tokyo Stock Exchange (TSE) capital-efficiency mandates and the “2024 problem” labor regulations are forcing the board’s hand. To comply with TSE directives, Nikkon’s 14th Medium-Term Management Plan targets an increase in ROE to 10.0% by March 2029 (up from 7.3% in March 2026). Meanwhile, driver overtime caps are driving up subcontractor costs, making privatization the most logical path for management to restructure away from public market scrutiny.