Equity Bottom-Up

• 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

• Intel announced Q325 revenues of $13.7 billion, above the high end of the guided range, up 6% QoQ and up 2.8% YoY
• Intel forecasted current quarter revenues of $13.3 billion at the midpoint, down $1 billion YoY and down $400 million QoQ
• 18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be “industry acceptable” by 2027 

• Intel Corp (INTC US) 3Q25 slightly exceeded consensus estimates in both revenue and EPS.  
• CEO Lip-Bu Tan emphasized the growing importance of AI, while CFO David Zinsner highlighted the accelerated funding from the U.S. government and strategic investments from NVIDIA and SoftBank
• Intel’s foundry business still relies primarily on internal orders and continues to seek external customers.

• Docusign continues to demonstrate resilience and innovation as evidenced in its Q2 Fiscal 2026 performance.
• Revenue reached $801 million, marking a 9% year-over-year growth, with billings up by 13% year-over-year to $818 million.
• The company’s strategic focus on platform innovation, particularly through its AI-native Docusign Intelligent Agreement Management (IAM) platform, has contributed positively to this growth.

• The third-quarter earnings release for EQT Corporation highlights both operational advancements and strategic decisions that continue to shape its financial performance.
• The company reported a robust $484 million in free cash flow, despite facing $21 million in one-time costs associated with the Olympus transaction.
• Over the past four quarters, EQT has generated over $2.3 billion in free cash flow at an average natural gas price of $3.25 per million Btu.

• Danaher Corporation’s third-quarter 2025 earnings showcased a balanced performance underpinned by solid demand in certain sectors, yet offset by ongoing challenges in others.
• The company reported total sales of $6.1 billion, achieving a core revenue growth of 3%.
• The quarter reflected Danaher’s resilience amid varied market conditions, leveraging its strong execution capabilities and strategic investments in innovation.

• Manyo is a fast-growing K-beauty brand specializing in natural and organic skincare, with a strong position in the domestic South Korean market and expanding global reach, particularly in Japan and the US.
• The company has demonstrated a robust growth trajectory, driven by the global demand for clean beauty and the popularity of K-beauty trends. Its successful IPO in 2023 and recent acquisition by a private equity firm are expected to fuel further product innovation and international expansion.
• Key risks include intense competition within the global cosmetics industry, reliance on the continued popularity of K-beauty trends, and the need to maintain brand differentiation and pricing power in a crowded market.

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• General Motors Company (GM) reported robust performance in the third quarter of 2025, marked by several noteworthy developments and shifts in strategy, even as it navigates a complex operating environment.
• Both positive and challenging aspects are highlighted in the results outlined during their latest earnings call.
• GM’s financial performance was strong, with a U.S. market share of 17%, the highest third-quarter market share since 2017.

• Halliburton’s strong Q3 earnings and strategic entry into the data-centre power market have fueled a sharp rally, underscoring investor confidence in its evolving growth strategy.
• Halliburton’s partnership with VoltaGrid marks a strategic shift away from reliance on oil and gas and positions the company to tap into the rapidly expanding data-centre segment. 
• Halliburton’s strong performance sets a positive tone for upcoming oil and gas earnings, signalling resilient drilling activity, steady investment discipline, and higher margins and price realisations.

• Netflix’s recent earnings revealed several key insights about its performance, strategic directions, and challenges.
• The company demonstrated robust engagement and viewership metrics, setting records in its core markets like the U.S. and the U.K. Netflix reported a notable increase in ad sales, with expectations to more than double ad revenue for the year, marking it as the best quarter for ad sales so far.
• This growth reflects a positive response to the expansion efforts in advertising, including increased upfront commitments and the development of the Netflix Ads Suite.

• Lockheed Martin’s third-quarter 2025 earnings presentation reflected a robust operational and financial performance across its various business sectors, showcasing both its ability to secure substantial contract wins and drive sales growth.
• The aerospace and defense contractor reported a record backlog of $179 billion, fueled by significant awards from marquee programs like PAC-3, JASSM/LRASM, and the CH-53K helicopter, promising production rate visibility well into the next decade.
• Furthermore, Lockheed Martin finalized a significant F-35 contract, which further enhances its position in the fighter aircraft market.

• 9M 2025 unaudited results (17 Oct): 1.03 Moz gold, US$905 m profit, 26% margin; operational ramp intact despite AISC at US$1,574/oz.
• Strong listing: IPO HK$71.6 → current HK$131.3 (+83%), backed by US$1.6 bn cornerstones (GIC, BlackRock etc.).
• Valuation & risk: Trades ~8.5× EV/EBITDA; fair value HK$115–145/sh; key risks — execution, Kazakhstan policy, Colombia security.

• China announced game approval for the October batch. The number of games approved remained at a higher level than 2023.
• The pace of China game approval appears to have accelerated to the same level as pre-tightening.
• Of the companies that we are monitoring, none got approval.

• LAM beats largely Sept-25 (15% above), Dec-25 guidance slightly above (4%), long-term drivers are concrete: $100bn in Data Center = 8bn in semi equipment, $40bn of NAND equipment to upgrade.
• LAM is gaining share (depo / etch growing faster than litho), is ahead in the new stuff (Moly ALD, dry resist EUV). YTD Net Income is up 44%. Very impressive.
• Among Semi Equipment stocks, LRCX is the best performer YTD: up 88%. LRCX is trading at +2.5 standard deviations: 30x forward EPS versus average 17x. Time to sell.

• Japan’s chemicals industry is finally undergoing a long-overdue consolidation that should lead to fewer companies, higher profitability, and less volatility.
• These changes may be driving significant mispricing. Like most segments, RoE drives most of the variance in PBR, but with more frequent and far larger outliers.
• KH Neochem, Daicel, and Mitsui Chemicals are the undervalued outliers, and all three are positioned for rapid growth in our view.

• Federal Bank delivered record net interest income (NII) and fee income in Q2 FY26, while net profit fell ~9½ % YoY. 
• Core earnings momentum is intact—CASA growth, margin uptick, asset quality improving—but elevated provisions and subdued credit growth raise questions on earnings durability.
• He bank is executing on key levers, but investors need clarity on the earnings runway and capital/deposit growth ahead—read on for the deeper dive.

• Pony AI is a leading autonomous vehicle (AV) technology company with a strategic dual focus on the US and Chinese markets, developing Level 4 autonomous driving systems for robotaxis and commercial trucking.
• The company is in a high-growth, pre-profitability phase, marked by surging revenues from its expanding robotaxi services and technology licensing, but also significant cash burn due to heavy R&D and operational investments.
• Key catalysts include the mass production of its cost-efficient 7th-generation hardware, strategic partnerships with major automotive OEMs like Toyota and Stellantis, and a planned secondary listing in Hong Kong to fund future expansion.

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• Nektar Therapeutics is back in Wall Street’s spotlight after reports and social media speculation suggested that pharmaceutical heavyweight Eli Lilly may be exploring a potential acquisition of the biotech company.
• Shares surged roughly 8% following the chatter, extending a 294% year-to-date rally that has lifted its market capitalization to over $1 billion.
• The speculation arrives at a pivotal time for Nektar, whose lead candidate, rezpegaldesleukin (REZPEG), has produced promising results in moderate to severe atopic dermatitis and is advancing toward Phase III readiness by early 2026.

• Synspective is a Japanese space-tech company specializing in the development and operation of a constellation of Synthetic Aperture Radar (SAR) satellites, known as StriX. The company provides SAR data and value-added analytical solutions to government and commercial clients for applications such as disaster monitoring, infrastructure management, and urban planning.
• The company is in a high-growth phase, aiming to expand its satellite constellation to 30 satellites by the latter half of the 2020s to enable near real-time global observation. This expansion is capital-intensive, reflected in the company’s current unprofitability and negative cash flows.
• The satellite-based Earth observation market is experiencing robust growth, driven by increasing demand for geospatial data and advancements in satellite technology. Synspective is well-positioned to capture a share of this expanding market, particularly in the Asia-Pacific region, but faces intense competition from established and emerging players.

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• Seiren is a global leader in high-performance textiles, with a dominant position in the automotive interior market, which constitutes the majority of its revenue. The company is poised to benefit from the growing demand for advanced, functional, and aesthetically pleasing materials in vehicles.
• The company’s proprietary ‘Viscotecs’ digital production system provides a significant competitive advantage, enabling mass customization, short delivery times, and inventory-free production. This technology is a key driver of efficiency and innovation, allowing expansion into non-textile applications.
• Financial performance has been robust, with a strong track record of revenue, net income, and dividend growth. High resilience and momentum scores, coupled with a solid balance sheet, position the company well for future investments and shareholder returns.

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• Coocon Corp is a key player in South Korea’s rapidly expanding fintech sector, providing essential data and payment API infrastructure to a wide range of clients including financial institutions and tech companies.
• The company is demonstrating robust financial performance, characterized by significant revenue and net income growth, driven by the acceleration of financial service digitalization and supportive government policies like Open Banking and MyData.
• While the outlook is positive due to secular growth trends, Coocon faces notable risks from an increasingly competitive landscape and potential changes in financial regulations that could impact future growth and profitability.

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• AI’s evolving every second of every day, and so are the boom’s best investing plays. Early this year, I called out SoftBank Group as a prime AI opportunity.
• A wide discount to NAV offered a cheap way to invest in Arm and tech, but that’s narrowed after Softbank’s 150% share price rally – and more limited NAV growth.
• So I’ve taken a fresh look at SoftBank, reviewed my original trade ideas, and found a new undervalued power play that could help you reap a tidy reward.

• Recently, I had the chance to discuss Hamee Corporation (TSE: 3134) with Evan Bleker of Event Driven Insights.

• Hamee Corporation will soon spin-off its high margin software business.
• The company is 2 weeks away from breaking up into two separate companies which both look attractive.

• MediaTek Joins Forces with NVIDIA on the GB10 Superchip — Locally-Run AI Models Are Coming to Your Desktop
• TSMC’s 2nm Price Hike Spurs Interest in Samsung, But Underscores Its Strength
• Latest for Smartphone Demand 3Q25: A Little Bit Better, Just a Little 

• The demand & inventory correction lasted for 9 quarters (4Q22-4Q24) but we’re already past peak recovery in 4Q25. 2-3Q25 revenue growth was ~15% YoY, declining to 10% in 4Q. 
• 4Q guidance: revenues ok, weak EPS 1) higher tax rate 2) lower production loading. While management says that inventories are at a good level, TXN is cutting down production levels.
• Consensus is ~10% too high for 2026 & 27, Valuations not attractive, above average.

• Pop Mart is a dominant force in the rapidly growing global art toy market, driven by a powerful IP-led business model that fosters a loyal collector base and high-margin revenue streams.
• Aggressive global expansion is the primary growth vector, with overseas revenue surging and plans to significantly increase its international store footprint, aiming for overseas markets to represent 50% of total sales.
• Exceptional financial performance, characterized by triple-digit revenue and net income growth, robust margins, and strong operating cash flow, underpins a premium valuation relative to peers.

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• We made a major mistake in our last newsletter, on CCCS. The big story in insider sales is the exit of private equity owner Advent International, not share sales by directors.
• Those sales exist, but in much smaller number than we reported.
• We remain concerned about the exit of directors, and we stand by our thesis that the stock is over-valued.

• Fluor Corporation shares have surged following reports that activist investor Starboard Value has taken a nearly 5% stake in the engineering and construction giant.
• The rally comes amid growing expectations that Starboard, led by Jeff Smith, will push Fluor to unlock value by exploring strategic alternatives for its 40% stake in NuScale Power, a small modular nuclear reactor (SMR) company that has seen its own stock skyrocket amid AI-driven power demand.
• With Fluor’s core business lagging and NuScale’s valuation surging, Starboard’s campaign centers on the market’s apparent mispricing of Fluor’s sum-of-the-parts.

• The market consensus is too conservative for Cosco Shipping Energy Transportation Co. (1138 HK). A better-than-expected 3Q25 result is likely to prompt an earnings upgrade.   
• Spot VLCC rate is 32.7% higher than 1H25 so far for 2H25, and average bunker price has declined 6.2% in 3Q25, both implying improved earnings prospects.
• With an average ROE for FY25-27 at over 12%, its 1.05x P/B is not stretched. During FY20-23, the average ROE of 1.6% has supported a P/B ratio of 0.56x. 

• Context: The Bank Of Queensland (BOQ AU) vs. Commonwealth Bank (CBA AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Long Bank Of Queensland (BOQ AU) vs. short CBA (CBA AU) targets a 4% 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.

• Cleveland-Cliffs saw its stock jump 21.5% in a single trading session following a Q3 2025 earnings report that significantly beat EBITDA expectations and unveiled a surprise strategic pivot toward rare earth minerals production.
• This dramatic move has reenergized investor enthusiasm, particularly as it aligns with broader U.S. policy goals of reducing critical mineral dependence on China.
• For the third quarter, the company reported adjusted EBITDA of $143 million versus Street estimates of $128 million, with revenue coming in at $4.7 billion.

• Federal Reserve expected to reduce interest rates amid labor market weakness and inflation concerns
• Fed officials divided on future rate cuts, with market anticipating continued easing cycle and potential changes in personnel influencing decisions

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• The growth rate of total revenue accelerated to 245% YoY in 3Q25.
• Within China revenue, the growth rates of both online and offline accelerated in 3Q25.
• The company highlighted that revenues surged significantly in America and Europe.

• TSMC: +22.1% Premium; Continue to View 24% or Higher as Level to Short From
• UMC: +0.4% Premium; Results Coming… Wait for More Extreme Spread Levels
• ASE: +0.4% Premium; Near Good Level to Go Long the ADR Spread

Key points (machine generated)

• Enterprise Products Partners (EPD) operates a comprehensive network for transporting and processing natural gas liquids, crude oil, and petrochemicals as a master limited partnership.
• EPD’s competitive edge comes from its vertically integrated system, enhancing market access and reliability for major industry customers, particularly in Texas and along the Houston Ship Channel.
• With a 7.0% yield and strong governance, EPD is well-positioned to benefit from U.S. petrochemical growth and maintains a stable distribution supported by robust cash flow.

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Key points (machine generated)

• Toast faces concerns over overestimated unit economics as it expands into new verticals, particularly with Enterprise customers like Applebee’s.
• Projections for fiscal year 2026 appear unrealistic given Toast’s high valuation of approximately 45x forward EBITDA, risking market re-evaluation.
• Despite challenges with some software modules, Toast has significantly increased its market share among U.S. restaurants from under 5% to over 15%.

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• We met with the management of Dream International (1126 HK) in Hong Kong. The company is riding a hectic phase with its Vietnam operations running at full capacity.
• Management is evaluating capacity expansion in Indonesia and Vietnam for plastic and plush toy production serving China, targeting an aggregate capacity increase of approximately 20–30% to meet demand.
• The stock has pulled back and trades at 8.9x PE, 5.1 EV-EBITDA, with a 6.2% dividend yield and 21% of the market capitalization in cash, and 10 Yr-Avg ROCE ~20%. 

• BeNext-Yumeshin Group is a major player in the Japanese human resource services industry, specializing in the dispatch of engineers and technical staff across several key sectors.
• The company has demonstrated a strong growth trajectory in revenue and net income, supported by a robust dividend payout history, making it an attractive proposition for income-oriented investors.
• Key challenges include navigating the highly competitive and fragmented domestic market, managing risks associated with economic cyclicality, and adapting to evolving labor regulations in Japan.

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• Doosan Enerbility is strategically pivoting towards eco-friendly energy solutions, including gas turbines, renewables (wind, hydrogen), and small modular reactors (SMRs), positioning itself to capitalize on the global energy transition.
• The company maintains a strong, albeit cyclical, position in the global power and water plant construction market, with core competencies in nuclear reactors, turbines, and desalination technologies.
• Financial performance is characterized by revenue growth but significant volatility in profitability and cash flow, alongside a high valuation (P/E > 100x) that presents a risk for investors.

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• Aniplus is increasingly becoming a leading player in the anime contents production and distribution in Korea. The company’s anime contents have potential to expand globally. 
• Valuations are attractive. It is trading at P/E of 9x in 2025 and 7.9x in 2026 based on consensus earnings estimates. 
• If we use P/E of 15x on 2026E net profit of 26.9 billion won, this would suggest a market cap of 404 billion won (95% higher than current market cap). 

• COSCO SHIPPING International (Singapore) reported a 10.6% revenue increase in 1H 2025, driven by logistics and marine engineering growth.
• The company is constructing Jurong Island Logistics Hub Phase 2, with completion expected in Q4 2026, enhancing logistics infrastructure.
• Key risks for 2025 include potential global trade slowdown, operational disruptions, and regulatory changes affecting logistics and marine services.

• Levi Strauss & Co. presented a solid performance for its fiscal third quarter of 2025, characterized by notable revenue growth and strategic business transformations.
• The company reported a fourth consecutive quarter of high single-digit organic revenue growth, underscoring its continued momentum.
• A key driver of this success is Levi Strauss & Co.’s shift towards a direct-to-consumer (DTC) approach, as the DTC channel posted a strong 9% increase in sales, powered by higher units per transaction, average unit retail, and full-price sales.

• GitLab shares surged sharply — up roughly 11 % in intra day trading — after market rumors surfaced that Datadog is exploring a potential acquisition offer above $60 per share.
• The news emerged from financial media reports, citing insiders that Datadog is working with bankers to evaluate a bid over $60.
• The spike reflects renewed investor speculation about a takeover possibility, following a prior wave of M&A interest in 2024 when GitLab was reported to have entertained sale discussions.

• Remain long into upcoming earnings release. We maintain our Structural Long rating ahead of VEON’s FY3Q25 results (expected to be released mid-November). Our $78 target price implies 50% upside.
• Kyivstar IPO related and Kyrgyztsan divestiture related one-offs. Reported 3Q25E profit likely includes ~US$250m in non-cash one-offs, comprising ~US$150m related to the Kyivstar listing and ~US$100m from VEON’s Kyrgyzstan divestiture.
• We expect digital growth to remain in the 50% YoY range. Digital revenue growth should continue at a high rate, led by JazzCash in Pakistan and Uklon in Ukraine.

• Domino’s Pizza, Inc. reported its financial results for the third quarter of 2025, marked by strategic growth and various initiatives under its “Hungry for MORE” strategy.
• The company experienced significant growth in its U.S. market across several key performance areas, including carryout, delivery, and order count, ultimately resulting in increased market share.
• The results were bolstered by several key promotions, particularly the “Best Deal Ever,” which was a cornerstone of Domino’s success during the quarter.

• BYD is still the largest sedan maker in China, but its deliveries began to decline.
• Geely is the second largest car maker, but its deliveries surged dramatically.
• We believe Geely is the most promising company when the sedan market gets concentrated.

• Delta Air Lines reported a strong performance for the September quarter of 2025, showcasing growth in several vital areas.
• The company achieved a revenue increase of 4% year-over-year to $15.2 billion, driven by significant gains in premium, corporate, and loyalty segments.
• This result aligns with its strategy to leverage Delta’s brand power, focusing on improving the customer experience and enhancing operational reliability.

• CSX Corporation’s third quarter results present a nuanced picture of the company’s current operations, underlying challenges, and future prospects.
• During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.
• The company’s operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.

• The artificial intelligence revolution is reshaping the U.S. energy landscape, and Quanta Services is emerging as one of its key beneficiaries.
• In Q2 2025, Quanta posted impressive results including double-digit revenue and earnings growth, a record $35.8 billion backlog, and raised its full-year guidance for revenue, adjusted EBITDA, and EPS.
• These gains were underpinned by rising electricity demand as data centers and AI infrastructure proliferate nationwide.

• CSX Corporation’s third quarter results present a nuanced picture of the company’s current operations, underlying challenges, and future prospects.
• During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.
• The company’s operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.

• Binhui, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Huatai, CMB, and BOCI are the joint sponsors.
• In this note, we look at the company’s core product, BS001, and key products BS006 and BR003.
• We also look at the company’s pre-IPO investors and management team.

• Earnings momentum accelerating driven by gold volume +20% and mine margin expansion to 60.6%, supported by disciplined cost control and strong operating cash flow.
• Copper–gold dual exposure provides structural upside with spot torque to Cu ~US$10,800/t and Au ~US$4,200/oz, reinforcing earnings visibility into FY26–27.
• Zijin Gold spin-off unlocks value via clean asset separation, improved capital efficiency, and SOTP rerating potential to HK$41–42/sh under spot scenario.

• Pending Acquisition by Cosette Pharma: Mayne Pharma‘s future is largely defined by a pending acquisition by Cosette Pharmaceuticals, which aims to create a leading entity in the U.S. Women’s Health and Dermatology sectors. However, the deal is subject to a legal dispute initiated by Cosette, creating significant uncertainty around its completion.
• Strategic Focus and Turnaround: Following a period of financial distress and a major asset sale in 2022, management has refocused the company on its core specialty areas of Women’s Health and Dermatology. This strategy has led to significant improvements in recent financial performance, with strong revenue growth and a return to positive operating cash flow.
• Highly Competitive Landscape: The company operates in the intensely competitive generic and specialty pharmaceutical markets. While it possesses a portfolio of branded products, it faces constant pricing pressure from larger competitors and other generic manufacturers, necessitating strong commercial execution.

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• Context: The ICICI Prudential Life (IPRU IN) vs. ICICI Lombard General Insurance (ICICIGI IN) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long ICICI Prudential Life (IPRU IN) and short ICICI Lombard General Insurance (ICICIGI IN) targets a 5% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.
• We have taken the opportunity to incorporate the recent $15m capital raise into our numbers and fine tune client migration timing, which has resulted in reductions to our FY26 estimates, but an increase to our FY27 revenue forecasts as AustralianSuper (set to migrate between February and June 2026) is larger than our previous user assumptions.
• We also take a more aggressive view on near-term cost growth relative to revenue.

• GoodRx operates a leading digital healthcare platform in the U.S., capitalizing on the opaque and high-cost prescription drug market by offering price transparency and discounts, primarily earning revenue from Pharmacy Benefit Managers (PBMs).
• The company faces a highly competitive and evolving landscape with threats from direct competitors, large new entrants like Amazon, and disruptive models such as Mark Cuban’s Cost Plus Drugs, alongside significant reliance on a concentrated number of PBM partners.
• Future growth hinges on diversifying revenue streams beyond prescription transactions into pharma manufacturer solutions, subscription services (GoodRx Gold), and telehealth (GoodRx Care), while navigating regulatory risks and strengthening direct relationships with pharmacies.

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• 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 elevenpair trade opportunities across three markets and seven 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.

• Istyle Inc (3660 JP) is a cosmetics retailer under the name @Cosme, but it is also an exemplar of how to build a true omnichannel business.
• Its effective use of the deep data available from the 10 million users on its core @Cosme platform is its key asset.
• It now targets ¥83 billion in sales this year, using data to expand into supplements and Femtech.

• Context: The Scentre Group (SCG AU) vs. Stockland (SGP AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Scentre Group (SCG AU) and short Stockland (SGP AU) 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.

• Price momentum and volume growth both remained weak in September 
• Mideast ceasefire raises possibility of Suez Canal re-opening in 2026
• Expect pricing to remain weak; Suez re-start would likely lead to losses

• Regulation steady, not softer; policy silence reaffirms the 24% cap as industry standard, with industry participants electing to comply with immediate effect.
• Asset stress rising; delinquencies peak as low-tier borrowers struggle, but QFIN’s disciplined underwriting and data scale set the stage for recovery in 2026e.
• Leadership and capital strength, market-leading balance sheet and strong commitment to shareholder returns underpin confidence through the transition phase.

• Shiseido’s share price dropped 70% over the past six years, compared to a 110% gain by Topix, but the stock just crossed its 200-day MAV. Time for another look?  
• In our view, the stock lacks most of the required criteria for a successful turnaround, and reeks of all the important criteria for failure. 
• Shiseido’s stock already prices in a 50% earnings recovery. To be compelling, the forecast needs to be 4 standard deviations above the mean, or the price needs to decline 30%.  

• OpenAI just signed a deal with Broadcom to deploy ten gigawatts of OpenAI designed AI accelerators targeted to start in H2 2026, and to complete by end of 2029.
• OpenAI’s AMD & Broadcom deals undermine the credibility of the NVIDIA deal. Where exactly is all the money going to come from?
• In partnering with AMD and Broadcom, OpenAI has given huge credibility to AMD as a GPU competitor and Broadcom as a custom accelerator competitor. Two big headaches for NVIDIA. Ouch!

• Despite having strong operational performances, we think ESR KS REIT is currently facing 2 headwinds, 1 structural issue and 1 cyclical issue
• Korea listed companies are generally suffering from under-valuation and excessive equity raise.  The equity raises, which are done at discount to NAV, is value destructive
• In the physical market, we think the logistics market is facing oversupply issue, slow absorption and protected recovery.

• Jardine Matheson Holdings (JM SP) has proposed to take Mandarin Oriental International (MAND SP) private
• While the deal has a high chance of success, given the 88% ownership of MAND by JM, it undervalues Mandarin Oriental significantly.
• Jardine is effectively paying for the fair value of One Causeway building and is getting global hotel operations for a bargain price.

• The Q3/25 production update was taken well by the market, with iron ore output near flat yoy, copper jumping 10%, and moderate growth for aluminum, alumina and bauxite
• Some reorganization has started under new CEO Simon Trott, with IOC reported with the core iron ore segment, and two divisions, Borates and Iron and Titanium, placed under review 
• We see risks from major iron ore market shifts and a potential cyclical downturn hitting copper and aluminum, and it could be fully valued on our below-consensus metal price estimates 

• The H&M Hennes & Mauritz AB Group’s earnings report for the third quarter of 2025 presents both promising advancements and ongoing challenges typical of the fashion retail industry in a dynamic global market.
• The company recorded a 2% sales growth in local currencies despite reducing its store count by 4% from the previous year.
• This growth was supported by improvements in their digital platform, indicating successful digital transformation efforts that are resonating well with customers worldwide.

• Merit Medical Systems has made headlines with its definitive agreement to acquire the C2 CryoBalloon technology from Pentax for $22 million—$19 million in upfront cash and up to $3 million in milestone-based contingent payments.
• This move, expected to close in Q4 2025, marks a strategic push by Merit into the gastrointestinal (GI) endoscopy space, targeting patients with Barrett’s esophagus and other GI disorders.
• This asset purchase follows a broader industry trend of tuck-in acquisitions aimed at boosting specialty portfolios while maintaining capital discipline.

• S&P Global is making strategic waves again with its recent agreement to acquire alternative assets data provider With Intelligence for $1.8 billion.
• The transaction, announced in October 2025, marks another major step by S&P to extend its footprint beyond public markets and deepen its capabilities across private markets.
• Expected to close either later in 2025 or early 2026, the deal is subject to regulatory approvals and customary closing conditions.

• Estée Lauder Companies is reportedly exploring a divestiture of its cosmetics brand Too Faced, according to a recent Axios Pro report.
• Acquired in 2016 for $1.45 billion, Too Faced was once seen as a critical pillar of Estée’s efforts to appeal to younger, trend-conscious consumers through multibrand retailers like Sephora and Ulta.
• However, performance in the color cosmetics category has lagged, especially following pandemic-related disruptions and intensifying competition from newer indie entrants.

• The “turning point” occurs as share price of innovative drug sector is pulling back. Many companies would see valuations halved – potentially more than once.The decline is far from over.
• The current main goal of biotech is to turn losses into profits ASAP. If it fails to make a profit, it may not be recognized by the market.
• Due to the concerns on Ping An Healthcare and Technology (1833 HK)’s business model, peak revenue scale could be just RMB8 billion. In other words, Ping An Healthcare is overvalued.

• Company started 16 years ago in Southeast Asia market
• Operates three businesses: Garena, Shopee, Money
• Transitioned from video game distributor to $100 billion market cap company through mobile Internet revolution and focus on local market sector

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• Portrait Research helps identify businesses that fit specific frameworks
• Customized research reports can be generated using Portrait
• Amphenol is an industrial giant in the business of making connectors, sensors, and interconnect systems for various electronic applications

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

• Nestle is a massive global food and beverage company facing a meltdown and turmoil, with recent scandals and leadership changes
• The consumer goods sector, including companies like Nestle, is struggling due to consumer behavior changes post-Covid and cost of living crisis
• Multinational conglomerates in the industry are facing investor pressure to reevaluate their diversified business models and focus on their core profitable brands

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

• Broadcom shares surged nearly 10% after the semiconductor and software giant announced a landmark deal with OpenAI to build and deploy 10 gigawatts of custom AI accelerators.
• Under this multibillion-dollar agreement, OpenAI will design the chips while Broadcom provides connectivity and Ethernet components—a strategic collaboration set to roll out from late 2026 through 2029.
• This announcement came just weeks after a broader AI spending spree by OpenAI, including contracts with Oracle, Nvidia, and AMD.

• Bloom Energy’s second quarter 2025 results highlighted both robust growth and certain areas of strategic focus.
• The call was led by CEO K.R. Sridhar, who shared that this was the most profitable second quarter in the company’s history.
• Bloom Energy is seeing increased demand driven by the shift towards AI and data center needs for reliable and rapidly deployable power solutions.

• Accenture is accelerating its push into generative AI and enterprise intelligence platforms with the acquisition of U.K.-based technology consultancy Decho, a strategic partner of Palantir Technologies.
• Announced in October 2025, this bolt-on deal brings Accenture over 40 specialist engineers proficient in Palantir’s Foundry and Artificial Intelligence Platform.
• While financial terms remain undisclosed, the acquisition underscores Accenture’s growing appetite for AI-driven capabilities and data-centric transformations across public and private sectors.

• TeraWulf has captured Wall Street’s attention with a high-stakes move to raise $3.2 billion via senior secured notes due in 2030—marking one of the largest bond deals relative to market capitalization in 2025.
• The capital will finance the rapid buildout of its Lake Mariner data center in upstate New York, which is now tied to a landmark hyperscale hosting deal with Fluidstack, underpinned by Alphabet’s Google.
• The bond offering, representing more than half of TeraWulf’s $5.7 billion market cap, comes on the heels of transformative transactions that position the company at the center of next-gen AI infrastructure.

• Navitas Semiconductor has become one of Wall Street’s most explosive semiconductor stories of 2025, surging over 60% in just four days after announcing deeper collaboration with Nvidia on next-generation AI power infrastructure.
• Following a 21% gain on Monday and another 17% on Tuesday to $11.63, the gallium nitride (GaN) and silicon carbide (SiC) chipmaker has cemented itself as a critical player in the AI hardware supply chain.
• The company’s new power devices will enable Nvidia’s planned 800-volt data center architecture—designed to support megawatt-scale AI computing platforms with superior efficiency and scalability.

• Wise plc, the company covered in this call, delivered a financial year marked with both growth and strategic moves, contributing to its mission of transparent, low-cost international money transfers.
• The company continues to gain momentum, driven by its unique infrastructure and a strong market presence, even as it aims to lower costs and improve service speed.
• During the fiscal year, Wise experienced a 21% increase in active customers, indicating a healthy customer acquisition rate primarily through word of mouth, which accounted for over 70% of new clients.

• For 4Q25, revenue guidance is US$32.2–33.4 billion, equivalent to NT$985.3–1,022.0 billion (based on an assumed FX rate of 30.6).
• N2 will begin mass production later this quarter with good yields, and volume will ramp in 2026 driven by both smartphone and HPC/AI applications
• Smartphone inventory has returned to seasonally healthy levels, with no signs of early pull-ins.

• The long-standing divorce case between SK Group Chairman Chey Tae-won and his estranged wife Roh So-young refuses to end.
• Rather, the Supreme Court of Korea overturned a lower court ruling that ordered Chey Tae-won to pay 1.38 trillion won ($973 million) to Ro So-young.
• Our NAV valuation of SK Inc suggests implied market cap of 25.8 trillion won or target price of 355,918 won per share, which is 63% higher than current levels.

• TSMC 3Q25: Margins Surge as Pricing Power Strengthens Ahead of 2nm Ramp
• AI Megatrend Continues to Reshape Demand – 40% CAGR Expected for AI Accelerators Through 2029
• Maintain Structural Long Rating — TSMC Remains Inexpensive vs. Tech Companies Highly Dependent on It

• Operating Margin 50.6%, Guidance 46.5%, Consensus 47.4%.  3Q net income 11% above Consensus. 4Q25 Guidance is ~8% above Consensus.
• TSMC increase 2025 revenue growth from ~30% to ~35% in US$, mentioning AI demand outlook. CFO mentions that N2 structural profitability is better than N3 (imo large wafer price increase).
• The stock looks expensive at +1 std dev but 1) Consensus looks too low for 2026-27 with 17%, 21% EPS growth YoY. Remember, 2025 Operating Profit increase over 40% YoY. 

• Growth: EBITDA mix improves as aluminium integration + captive coal lift margins, silver ramps, and zinc stays cash generative; deleveraging begins FY27 as cash flows strengthen.
• Commodity Play: Positive leverage to aluminium, zinc, and silver prices; cost base falling, not rising — rare margin tailwind in a metals cycle.
• Valuation + Yield: Trades cheap vs peers; rerating optionality + double-digit dividend yield provides downside protection with asymmetric upside.

• Keurig Dr Pepper (KDP) has jolted the global beverage industry with a bold two-step maneuver that may reshape its corporate DNA.
• In a surprise announcement, KDP revealed plans to acquire global coffee giant JDE Peet’s for an enterprise value of $23 billion, followed by a spin-off to create two stand-alone public companies—Global Coffee Co. and Beverage Co. The all-cash acquisition is priced at a 20% premium to JDE Peet’s market price and values the target at approximately 13x 2026 EV/EBITDA pre-synergies or 10.5x post-synergies.
• KDP aims to finalize the acquisition by the first half of 2026 and pursue a tax-free spin-off of the coffee business soon thereafter.

• Polaris Inc. has announced the sale of its iconic Indian Motorcycle business to private-equity firm Carolwood LP, a move expected to reshape the powersports manufacturer’s strategic focus.
• The divestiture, expected to close in Q1 2026, will result in a $1.00 uplift to Polaris’s annualized adjusted earnings per share (EPS), according to company statements.
• Indian contributed roughly $478 million, or 7% of revenues over the trailing 12 months ending June 30, 2025.

• Q325 revenues of €7.5 billion, slightly down on the prior quarter and towards the bottom end of the guided range
• Looking ahead, the company is forecasting fourth quarter revenues of €9.5 billion at the midpoint, a significant jump QoQ but again in line with prior expectations.
• Mood music improved, 2026 revenues “not be below 2025”, China sales soared to 42%, but will decline next year, 11% stake in Mistral gets ASML “closer to the AI world”

• Applied Digital jumped 28% on Friday after reporting stronger-than-expected earnings and announcing a landmark lease expansion with AI hyperscaler CoreWeave.
• The rally caps off a year-to-date stock surge of 391%, positioning Applied as one of the top-performing infrastructure stocks in 2025.
• For the quarter ended August 31, the company posted an adjusted net loss of $0.03 per share, dramatically narrower than the $0.16 loss expected by Wall Street.

• Positive Management tone, as always, but no material clarification on 2026 revenues: China down (back to “normal”), Low NA EUV increase, some High NA but that’s still  pre-production.
• ASML has many qualities: monopoly, litho intensity increasing. Downside risks: how low China revenue go, is Mngt still double counting TSMC + Intel capacity, expectations for High NA too high?
• ASML is a lot more expensive than AMD, NVDA, MU, SK, TSM for very low growth. I don’t like Broadcom for same reason: better Price / Growth in AMD, NVDA.