Equity Bottom-Up

• l Old Country Store spent much of the past year learning how difficult it can be to modernize a brand whose appeal is deeply tied to nostalgia.
• What began as an effort under former CEO Julie Masino to refresh an aging restaurant chain turned into a national controversy after changes to its longtime logo and restaurant appearance triggered intense customer criticism and political attention.
• Cracker Barrel reversed course, restored familiar elements, refocused on loyal customers and brought back some of the food and imagery associated with its traditional identity.

• The proposed Hella Infra Market transaction is an backdoor listing of a ₹25,000 crore private unicorn using its ₹730 crore listed subsidiary, Shalimar Paints, as the public vehicle. The share-swap deal, valued at ₹10,439.9 crore at an issue price of ₹85 per security, bypasses the rigorous price discovery and disclosures of a traditional IPO.
• Section 19 of the Companies Act, 2013 creates a major voting power shift. While Hella’s existing 52.85% stake in Shalimar is legally protected under the pre-existing holding exception of Section 19(1)(c), the second proviso strips these shares of voting rights once Hella becomes a subsidiary. Active voting power shifts entirely to the 185 Hella investors receiving new equity and the public minority.
• The transaction faces significant execution and regulatory risks, chief among them being the SEBI related-party transaction (RPT) approval. Because Hella is the promoter, the deal requires “majority of minority” approval from public shareholders. Furthermore, the planned ₹1,000 crore QIP is highly ambitious given Shalimar’s historical cash burn and its widening Q1 FY27 net loss of ₹21.26 crore.

• Aurora Cannabis has moved into the center of cannabis M&A speculation after Curaleaf Holdings (TSX:CURA) disclosed an unsolicited proposal to acquire the Canadian producer for roughly $272 million, or $4 per share.
• The proposal consists of 0.3463 Curaleaf shares plus $0.75 in cash for each Aurora share and represented a premium of more than 45% to Aurora’s 30-day volume-weighted average price.
• Aurora has formed a special committee of independent directors to review the approach while disputing Curaleaf’s claim that it refused engagement.

• Builders FirstSource reported its second quarter 2026 financial results amid a challenging housing market characterized by persistent inflation, geopolitical uncertainty, elevated interest rates, and affordability pressures.
• Net sales declined approximately 9% to $3.9 billion due to lower core organic sales and commodity deflation, partially offset by acquisitions.
• Core organic sales decreased 8% in single-family, 10% in multifamily, and 2% in repair and remodel segments, aligning broadly with company expectations given weak demand conditions and consumer caution.

• Eastman Chemical Company reported second quarter 2026 financial results characterized by solid volume growth in Advanced Materials (AM) and operational improvements across its segments, though the company continues to navigate a challenging macroeconomic environment and volatile input costs.
• Advanced Materials posted approximately 5% volume growth year-over-year, driven primarily by innovation-led wins and increasing contributions from its circular (Renew) product portfolio.
• About half of the segment’s revenue growth in the first half derives from Renew and specialty businesses respectively.

• Equinix circumvents seven-year utility grid delays by deploying primary on-site fuel cells, securing crucial power capacity for hyperscale artificial intelligence deployments in constrained Tier-1 markets.
• The company boasts an unassailable moat of over 500,000 interconnections, granting immense pricing power and driving 2025 annualized gross bookings to a record 1.6 bn USD.
• Management guidance projects 2026 revenue of 10.2 bn USD with EBITDA margins expanding to 51%, presenting a highly compelling long position despite elevated capital expenditures.

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• Smith’s financial results for the second quarter of 2026 displayed a mixture of performance across its geographic markets and product segments amid varied industry conditions.

• Federal Signal Corporation reported a strong second quarter with year-over-year improvements across key financial metrics, driven by robust demand and effective execution of strategic initiatives.
• Consolidated net sales rose by 19% to $670 million, including 6% organic growth, while operating income increased by 21% to $118.2 million.
• Adjusted EBITDA grew 22% to $144.4 million, representing a margin expansion of 60 basis points to 21.5%.

• AI Infrastructure Cycle Inflection: The market is experiencing a rapid shift from training-heavy buildouts to inference-driven consumption, with global inference spending projected to reach $23.3 billion in 2026, surpassing training spending at $19.0 billion. However, this shift is severely compressed by a structural memory bottleneck and data center power grid delays.
• Obsolescence Compression: Physical data center lifecycles have decoupled from economic usefulness. Accelerator refresh cycles have been aggressively compressed from 5–7 years down to 18 to 36 months, creating a massive secondary market valuation cliff where delayed decommissioning forfeits up to 15% of recoverable asset value per quarter.
• SPAC 4.0 Structural Discipline: To combat average redemption rates exceeding 95% and difficult PIPE markets, modern SPAC structures like GX Acquisition Corp. III must forfeit traditional 20% sponsor promote mechanics, utilizing structured convertible PIPEs and earn-out structures to achieve closing certainty.

• Lionsgate Studios (LION) has suddenly found itself at the center of a much bigger Hollywood question: could one of the industry’s best-known collections of franchises ultimately be worth more inside a larger technology or streaming platform?
• Activist investor Anson Funds has reportedly renewed its push for Lionsgate to explore a sale or reposition itself for the AI era, arguing that recent transactions show major platforms are increasingly willing to own premium intellectual property rather than simply license it.
• Yet the takeover case is far from straightforward.

• Core revenue was $209.8 million, up 103% year over year. Core cloud and other services revenue was $127.7 million, +287% YoY. Core hardware revenue was $82.1 million, +17% YoY
• Year over year, core gross margins improved substantially. Q2 core gross margin was 40.6%, approximately 940 basis points higher than Q2 2025.
• Core operating margin was negative 16% compared to negative 42% a year ago, an improvement of approximately 2,600 basis points year over year.

• H1 FY26 EBITDA rose 27% to $2.84bn on a 36% higher realized copper price, with margin widening five points to 63.4%, among the sector’s highest.
• Group copper guidance cut to 625-655kt on the Los Pelambres weather event, but every asset-level line, gold, molybdenum, and capex guidance is unchanged.
• FY26e EV/EBITDA of 8.6x falling to 7.6x FY27e, P/E 25.7x to 22.5x, on FY27e copper sales of 762.5kt.

• Lenovo (HKSE: 992) reported first-quarter fiscal 2026/27 results with revenues reaching an all-time quarterly high of US$26.9 billion, up 43% YoY, and up 25% QoQ
• Adjusted net income, jumped 176% YoY to US$1.075 billion, crossing the US$1 billion milestone for the first time ever.
• Earlier, the company communicated that they want to achieve $100 billion yearly revenue in two years. With the strong momentum in Q1, they are now ahead of that schedule.

• Organic Growth vs. Inflation: True organic volume expansion is concentrated in the European and Australian markets, while North America and Greater China have historically experienced volume contraction. Revenue growth is highly exchange-rate-sensitive, particularly concerning the Euro and Australian Dollar appreciating against the Renminbi and Hong Kong Dollar.
• MicroDental Underperformance: The North American division, MicroDental, has consistently failed to meet initial synergy targets, with core operating profit dropping from HK$16.67 million in 2023 to HK$7.48 million in 2024. This prompted a hard pivot toward closing inefficient labs, relocating production offshore, and weeding out low-margin economy lines to defend group-level gross margins.
• Defending Against In-Sourcing & Chairside: Modern Dental Group is combatting the threat of in-office “chairside” milling and 3D printing by moving up the value chain into complex restorations (such as multi-unit bridges and implant abutments) that chairside systems cannot replicate. Simultaneously, the company is positioning itself as a key supplier of clinical design services, software, and materials (via partnerships like SprintRay) to capture revenue even when production moves in-house.

• Infovine has one of the largest percentages of treasury shares as percentage of outstanding shares in Korea. Currently, it has 7.51 million treasury shares, representing 50.6% of outstanding shares. 
• Due to the mandatory treasury shares cancellation under the amended Commercial Act, there is a high probability that Infovine will cancel a large percentage of remaining treasury shares in 2027. 
• The company has consistent record of generating positive free cash flow, net cash as percentage of market cap is 55%, and operating margins is 20%+. 

• Revenue decreased YoY due to the sale of GMO Creators Network shares; net income rose 169.5% YoY.
• Lolipop! saw a decline in low-priced contracts; ARPU increased 5.2% YoY after a price revision.
• Company revised FY12/26 forecast, recognizing deferred tax assets; plans a special dividend of JPY74 per share.

• Aperture size dictates the physics of direct-to-cell (D2C) performance. AST SpaceMobile’s large-aperture architecture (693 square feet for Block 1, scaling up to 2,400 square feet for Block 2) offers a superior link budget, allowing for standard, unmodified handset connectivity with true broadband speeds (LTE/5G data). In contrast, Starlink’s smaller D2C phased-array design is physically constrained to narrower bandwidths, limiting its initial commercial offering primarily to messaging and voice.
• Spectrum access and the FCC’s Supplemental Coverage from Space (SCS) framework form a highly defensible regulatory moat. By locking in exclusive partnerships with tier-1 Mobile Network Operators (MNOs) like AT&T and Verizon in the US, and Vodafone globally, ASTS utilizes existing terrestrial low-band spectrum (e.g., 700-850 MHz). This bypasses the need for new global spectrum allocations and prevents competitors from using those same bands within partner territories due to mutual interference rules.
• The transition to the custom ASIC chip is the single most critical commercial catalyst and execution risk. While Block 1’s FPGA-based architecture successfully validated the technology, it is commercially unfeasible for continuous global service due to power and processing bottlenecks. The custom TSMC-built ASIC is designed to deliver a tenfold increase in processing bandwidth (up to 10,000 MHz), but any manufacturing delay or tape-out defect would stall Block 2 deployments and threaten the company’s capital runway.

• In Q1 FY03/27, the company reported revenue of JPY192.6bn (+15.2% YoY) and operating profit of JPY29.2bn (+6.1% YoY).
• Revenue from external customers varied across segments, with notable growth in Financial Services (+42.3% YoY) and declines in Solution services (-9.2% YoY).
• The company increased its Q1 dividend per share to JPY200, with total payout of JPY8.8bn, effective September 11, 2026.

• Shell isn’t abandoning the energy transition. It is reallocating capital toward gas, LNG and upstream, betting that stronger returns can finally close its valuation gap with US peers.
• Under Wael Sawan, Shell has been focusing on tighter capital discipline, bigger buybacks and fewer low-return green assets, with growth centred on gas.
• Shell’s green retreat is less about abandoning renewables and more about following returns. The bigger question is whether this sharper strategy can finally unlock a U.S.-style valuation.

• TRIAL Holdings’ FY06/26 revenue was JPY1.35tn (+67.6% YoY), with operating profit at JPY30.4bn (+43.9% YoY).
• Retail AI business revenue was JPY918mn (-6.8% YoY), and operating profit was JPY657mn (+1094.5% YoY).
• Consolidated FY06/27 forecast projects revenue of JPY1.46tn (+8.2% YoY) and net income of JPY10.7bn (+203.8% YoY).

• Domestic games +17% YoY, not the feared decline. Spring Festival deferrals released as expected; deferred revenue grew RMB23bn — the 3Q revenue set-up is intact.
• Capex RMB52.8bn (+176% YoY) was the one real miss; FCF turned -RMB13.8bn. Excluding AI infrastructure prepayments, FCF was +RMB37.6bn — the cash engine holds.
• Maintain BULLISH view with unchanged TP of HK$670 — SOTP at 20x games&marketing earnings, 4.0–4.5x fintech and cloud revenue; net cash erosion offset by marketing and cloud estimate upgrades.

• I was bearish Hino Motors Ltd (7205 JP) / Archion (543A JP) against Isuzu Motors (7202 JP) last year at this time. That trade did well. I am bullish now. 
• Isuzu released Q1 results a bit more than a week ago. They were salutary. Archion released Q1 yesterday. Also salutary. Historical comparisons are a bit tough, but outlook is good.
• When looking at Q1 seasonality vs Hino history, and Q1 revenue results vs last year, either Q1 was a very special outlier or the guidance is quite conservative.

• Net income before tax and before any change in the value of the properties reached S$56.5m in the six months to 30 June 2026 against a Prospectus forecast of S$53.1m, 6.3% above it.
• Finance costs ran 18.8% below their own forecast, and that saving is 83.2% of the whole beat. Profit ran the other way, at S$35.0m against a forecast of S$51.2m, 31.6% below, on a S$19.1m writedown of the properties that the forecast set at zero.
• A lower interest bill rather than fuller buildings produced this result, and the one cost the manager sets for itself overran its own forecast by 31.5%.

• Server business grew more than 50% in Q126, grew more than 70% in Q226. Expect 80% growth in Q3 and Q4, and then at least 70% growth next year.
• AMD’s data center business, inclusive of AI, forecasted to grow “much more” than 100% next year
• AMD’s ambition is to get to >50% share of a server CPU TAM which they estimate will amount to $220 billion by 2030

• Q1 underlying OP rose 32% YoY to ¥29.0bn, annualising ahead of ¥110bn guidance; the ¥233bn bargain purchase gain we flagged at initiation landed almost to the number.
• We were right on the company, wrong on the entry: the July secondary cleared ¥260 — well below our ¥360 line — leaving the stock at ¥272, 0.80x book.
• Reaffirm BULISH stance, TP reset to ¥370 (was ¥450), +36% upside; basis is a tight blend of 14.5x ex-gain earnings, 1.08x book and ~5.2x EV/EBITDA at Isuzu-parity.

• Underlying NPAT +21% YoY (+27% cc); OpCo EBIT +10%, tracking ahead of FY27 guidance; associates PAT S$543M beat despite S$46M SGD headwind.
• Buyback 41% deployed with ~1.1% EPS accretion locked in; asset recycling 75% complete; Nxera on track to double EBITDA by FY28; all capital targets on schedule.
• Maintain BULLISH, TP S$4.91 (SOTP, 10% holdco discount); estimates unchanged; 90% of SOTP compounding.

• Q1 FY27 proforma revenue grew 33.6% to INR 2,714 Cr, EBITDA (pre-IndAS 116) rose 95.0% to INR 361 Cr and PAT reached INR 228 Cr.
• India SSSG of 18.3%, a consolidated product margin above 70%, and International post-rent margin of 10.6% show scale converting into stronger unit economics.
• The earnings quality is improving, but a ~₹1.02 lakh Cr market capitalisation still demands sustained 30%+ growth, margin expansion and disciplined capital deployment.

• Dominant Philippine gin franchise with intact pricing power: ASP per case rose 5.0% YoY in Q2 FY26, holding half-year revenue flat against a 5% volume decline.
• Gross margin of 28.3% is a series high, and EBITDA margin 17.5%; debt-free balance sheet holds PHP 18.6bn net cash and investments, funding a 6% higher H1 dividend.
• Trades at 7.5x FY26E earnings, 4.8x EV/EBITDA and a 7.4% yield on estimates; FY26E EPS PHP 32.80, DPS PHP 18, ROCE 35%.

• Q1FY27 delivered record earnings, while mining’s share of consolidated revenue fell to 44% as value-added products, MDO services and copper gained scale.
• Iron ore is increasingly becoming the cash engine funding downstream steel expansion and a much larger copper-cobalt platform across Surya Mines and Chemaf.
• Lloyds Metals should increasingly be evaluated as a diversified metals platform, though copper-cobalt remains an execution story until production scales and turns profitable.

• Nvidia is taking an unusually direct role in solving one of the biggest constraints facing the artificial intelligence boom: money.
• The chipmaker has reached agreements with Apollo Global Management, Blackstone, BlackRock, Brookfield Asset Management, Goldman Sachs and KKR to establish compute-financing platforms aimed at deploying more than $500 billion of outside capital for customers building AI infrastructure.
• The initiative could make it easier for cloud providers, enterprises, sovereign projects and AI-native companies to finance increasingly expensive data centers packed with Nvidia hardware.

• Game revenue returned to double digits due to the new game “Roco Kingdom: World”.
• AI accelerated the advertising revenue growth to two years high.
• But AI research and development raised general and admin expenses.

• Micron has far broader & deeper levels of engagement with key customers than ever before. This will continue to develop, especially with the advent of custom HBM4E 
• Strategic customer agreements (SCAs) ,of which there are now sixteen, come with $22 billion of cash and cash-like commitments, of which $18 billion was just cash alone
• Aggregate memory demand continues to increase. There’s no sign of any letup in the supply-demand mismatch for DRAM, the current situation will persist through calendar year 2027, at least

• 2Q26 profitability on track, with Carvykti sales up 50% YoY and operating margin of 15%. 1Q26 marks Legend’s first quarter of company-wide profitability on both IFRS and adjusted basis
• LEGN 2H26 catalysts: 1) continued QoQ Carvykti growth (growing portion from 2-4L patients); 2) adjusted net income profitability; 3) IND submission for LB2501 (4Q26); 4) presenting additional in vivo data
• See inside for 2Q26 results call takeaways, management financial outlook/guidance, and LEGN quarterly P&L analysis

• We established metrics focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation: essential elements for identifying potential multi-bagger opportunities in the Philippines.
• Our top picks are: Ginebra San Miguel (GSMI PM), The Keepers Holdings (KEEPR PM), ICTSI (ICT PM), and Philippine Stock Exchange (PSE PM) 
• Q2 earnings for ICTSI (ICT PM) are out so far, and the rest will report earnings over the next two weeks. 

• Revenue reached INR 2,254 crore and EBITDA INR 296 crore; PAT attributable to Polyplex shareholders turned to INR 91 crore from a INR 19 crore loss.
• The recovery is operational: EBIT swung by nearly INR 288 crore YoY even as other income declined, indicating a genuine improvement in core profitability.
• Turnaround is now visible, but 13% EBITDA margin should not yet be treated as normalized; spreads, utilization and cash conversion need another quarter of confirmation.

• Yum China Holdings, Inc. reported solid financial results for the second quarter of 2026, continuing a consistent trajectory of growth across key operational metrics.
• The company achieved a 13% year-over-year increase in revenue, with operating profit rising 14%, and diluted earnings per share expanding 21%, partially aided by favorable foreign exchange effects.
• Excluding these currency benefits, system sales grew by 6%, an acceleration from the 4% growth seen in the previous quarter.

• Sysmex Corp (6869 JP) has reported stellar performance for Q1FY27, with double-digit growth across key parameters. Revenue increased 24% YoY to ¥131B, mainly driven by hematology sales.
• Challenging market environment continues in China, with the region reporting 34% YoY decline in revenue on a local currency basis. However, this remains in-line with initial assumptions.
• In addition to strong business progress in the Americas, taking into account recent foreign exchange trends, Sysmex revised upward its earnings forecasts for H1 and FY27.

• The July 2024 merger with Cedar Fair has created a dominant North American regional theme park operator, with significant opportunities for revenue and cost synergies. The successful integration of the two companies is the single most critical factor for future value creation.
• Following a period of strategic realignment under former CEO Selim Bassoul, which focused on a ‘premiumization’ strategy of raising prices to improve guest experience, the merged company is now focused on leveraging its expanded scale, which includes 27 amusement parks and 15 water parks.
• The company faces considerable risks, including a significant debt load, vulnerability to economic downturns impacting discretionary spending, and the challenge of integrating two distinct corporate cultures and operational systems. Recent financial results show widening net losses despite stronger attendance, highlighting pressure from interest costs.

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• In Q1 FY03/27, revenue increased 5.1% YoY to JPY1.2bn, with DX Suite user licenses rising to 3,136.
• Operating profit rose 83.7% YoY to JPY183mn, driven by reduced labor costs and outsourcing expenses despite higher server costs.
• Q1 progress against full-year FY03/27 forecast: 22.8% revenue, 35.1% operating profit, 35.1% ordinary profit, 33.2% net income.

• Unlimitail’s retail media growth is structurally insulated from third-party cookie deprecation because its core value proposition relies on Carrefour’s closed-loop, deterministic first-party transaction data. However, scaling the joint venture across a fragmented European landscape remains operationally difficult due to tech-stack integration friction with partner retailers.
• The margin recovery in Brazil post-Grupo BIG integration is finally materializing in 2026, driven by the stabilization of converted Atacadão stores and the realization of the targeted BRL 2.0 billion in synergies. However, the structural shift toward the lower-margin Cash & Carry format caps the consolidated margin upside.
• Carrefour’s transition of underperforming hypermarkets to the “location-gérance” (lease management) model is the primary driver of French margin preservation. By transferring high personnel costs and operational risks to independent third parties, Carrefour protects its cash flow at the expense of direct top-line control.

• Amid the recent “bear market” in Korea in past two months, one of the noticeable trends has been the outperformance of many Korean preferred stocks relative to their common counterparts.
• More investors are seeking value-oriented stocks amid increased debate about how much longer the global semiconductor cycle could rally.
• The share prices of 15 major preferred stocks in Korea are down on average 6.5% in the past two months, outperforming their common shares counterparts (down on average 13.2%)

• Last week, Roderick van Zuylen mentioned the Japanese mid-market private equity firm Integral (5842 JP – US$631 million). So after the interview, I was keen to dig deeper.

• You can think of Integral as Japan’s version of KKR. It was founded as a spin-off from Unison Capital, led by former banker Nobuo Sayama.

• Throughout the years, its high-profile deals have included rescuing the fashion brand Yohji Yamamoto and the airline Skymark Airlines from bankruptcy.

• Monday.com reported Q2 2036 revenue of $364.6 million, up 22% year over year and about $9 million above the high end of the guided range issued back in May.
• Non-GAAP operating income was $61.1 million, representing a 17% margin, versus the 13 to 14% guide. This compares to 15% in the year ago quarter
• For the full year 2026, Monday projected total revenue of $1.47 billion, +20% YoY, but a far cry from the 50% CAGR of the previous five years. 

• Chiyoda Corporation is a Yokohama-based engineering, procurement, and construction (EPC) contractor and one of only a handful of companies on earth capable of building a full-scale LNG liquefaction plant, alongside Bechtel, Technip Energies, and Japanese peer JGC Holdings.
• Two of its own joint-venture partners on its largest US LNG projects, McDermott International and Zachry Holdings, went bankrupt attempting the same work, thinning an already tiny global competitive set just as a fresh ~$90B wave of global LNG projects arrives.
• Chiyoda itself nearly went the same way twice, with a ¥214.9B net loss in FY2019 and a second solvency scare in FY2024, both triggered by cost blowouts on the same Golden Pass LNG project in Texas, and was kept alive only because controlling shareholder Mitsubishi Corp injected preferred-stock capital both times.

• Alibaba’s strategic consolidation in late 2025 officially dismantled the complex “1+6+N” structure, integrating domestic e-commerce (Taobao/Tmall), Ele.me, and Fliggy into a unified China E-commerce Group to eliminate internal friction and counter PDD and Douyin more effectively.
• The domestic e-commerce monetization engine has established a structural floor, driven by the rollout of the 0.6% software service fee on Taobao and the rapid penetration of the AI-powered Quanzhantui marketing tool, offsetting the drag of lower-monetization Taobao merchant traffic.
• Cloud Intelligence margins are undergoing a structural inflection as triple-digit growth in high-end AI compute and proprietary model (Qwen) hosting offsets aggressive price cuts on commodity public cloud offerings. AI-related products now account for 30% of external cloud revenue, with AI ARR exceeding RMB 35.8 billion.
• International Commerce (AIDC) is nearing structural breakeven, with Q4 FY2026 adjusted EBITA losses narrowing to RMB 138 million. This was driven by sequential unit economics improvements in AliExpress “Choice” and deep integration with Cainiao following its IPO withdrawal.

• Delfi Limited is a Singapore-listed, family-controlled chocolate confectionery manufacturer and consumer-goods distributor whose roots in Indonesia date to ~1950.
• It manufactures proprietary brands at its centralised Bandung hub and distributes them, alongside a third-party Agency Brands portfolio (established 1987), across Indonesia, Malaysia, the Philippines and Singapore.
• Delfi has held >30% market share of the Indonesia chocolate-confectionery market for over a decade. 

• Since the last reshuffle (July 9), our Model Portfolio has appreciated 1.46%. MSCI Asia ex Japan index (MXASJ) has dropped 1.77%. AI infrastructure stocks primarily contributed to the portfolio drawdown.
• Focus on AI “picks and shovels” providers, industrials, defense, industrial metals and banks remain. We also like Indian automobiles. We replace Hyundai Engineering and Construction with HD Hyundai Heavy Industries.
• We are overweight on HK/China, Korea and India. We are underweight Taiwan but overweight Taiwan technology. We are Neutral ASEAN.

• Regulatory Scale Penalty: The Regulated Asset Base (RAB) framework acts as a double-edged sword; while it guarantees a stable 7.0% WACC, volume successes in residential and Non-Building Address Point (NBAP) connections trigger tariff reductions (e.g., residential falling to S$13.50 and NBAP to S$70.50), effectively capping revenue growth and penalizing scale efficiency.
• Structural Margin Erosion: Operating margins are facing severe structural pressure. The most recent Q1 FY2027 results reveal a 22.4% y-o-y decline in profit after tax to S$18.1 million, driven by rising fixed costs, a higher asset base (including the S$110 million Seletar Central Office), and lower labor cost capitalization.
• The Yield Illusion: While the 5.4% to 5.5% distribution yield remains attractive to yield-focused investors, paying out over 200% of accounting profits (due to high non-cash depreciation) leaves NetLink with limited operational flexibility, forcing a heavy reliance on debt refinancing (S$991 million gross debt) to sustain the distribution.

• The market is underestimating Lonking (3339 HK)‘s earnings, with consensus forecasts pointing to an 8.5% decline in 2H26. Instead, industry wheel loader sales grew 30.8% in Jul. 
• Its net cash surged 2.8x in the last ten years, and by end-FY26, it will reach Rmb8.2bn, or 73.9% of its current market capitalisation.
• FY26-28F average ROE will reach 12.4%, the highest in the last five years, justifying its 0.9x P/B. Ex-net cash, its FY25 ROE will instead be 23.5%.

• Strategic Divestment from Cambodia: In early 2026, Major Cineplex Group (MAJOR) executed a major regional realignment by completely divesting its 69.97% stake in Major Platinum Cineplex Cambodia to Sabay Cinema. This represents a sharp departure from the previous “CLMV expansion” consensus, signaling that the realistic growth ceiling in neighboring frontier markets is low due to localized competition and geopolitical friction.
• High-Margin Popcorn Retailization: Out-of-cinema concession strategy is shifting from a side-gig to a core growth engine. By pushing the “POPCORN MAJOR” brand into 7-Eleven and utilizing its 5% strategic stake in Taokaenoi (TKN), MAJOR is successfully capturing high-margin, modern trade retail revenues to insulate against box office volatility.
• Local Co-Productions as Margin Shields: To mitigate the 50/50 ticket revenue splits demanded by Hollywood studios, MAJOR is aggressively pivoting to co-productions of local Thai content (e.g., Death Whisperer 2 which grossed over 811 million Baht nationwide). By owning production and distribution rights through JVs, the company eliminates studio fees and retains maximum gross margin.

• On 10 August, it was reported that Miri Capital, a U.S. based investment firm has invested in 15 Korean companies, of which 13 of them are listed in KOSDAQ.
• Some of the KOSDAQ listed companies invested by Miri include Gabia (24.2%), KINX (17%), Genians (15.1%), Korea Alcohol (12.9%), Mico (11.1%), Gaesoft (10.2%), and Makus (9.9%). 
• Increased foreign investors such as Miri Capital that are interested in investing in high quality, overlooked small and mid cap stocks in KOSDAQ could positively impact the KOSDAQ exchange.

• After initial good absolute and relative performance, the stock has corrected with the oil and gas complex
• Q1 results show the company is exceeding its plan as higher prices impact the P&L positively
• The highest commodity weightings across the major trading houses mean this will be a winner as the next leg of the commodity bull market unfolds

• Dhoot Transmission opens its INR 3,066.89 crore IPO on August 10, 2026, priced at INR 829 to INR 871 a share, ahead of an August 17 listing.
• The offer tests investor appetite for a debt-heavy, Bain Capital-backed 2W/3W wiring harness leader riding India’s electrification wave.
• Strong OEM moat and EV tailwinds are real, but concentrated customers and a debt clean-up-heavy use of proceeds warrant a closer read before subscribing.

• Advanced Micro Devices delivered the strongest quarterly results in its history, yet investors focused on a single, highly visible rejection.
• The chipmaker reported $11.5 billion in revenue for the quarter ended June 27, narrowly exceeding analyst expectations of $11.3 billion, while net income reached $2.3 billion.
• Despite those figures, AMD shares fell more than 8% in after-hours trading after Elon Musk said SpaceX would build its future artificial-intelligence infrastructure exclusively around Nvidia chips and its Vera Rubin architecture.

• The full-year 2026 results for Coursera, Inc. reflect the first quarter of combined operations following its acquisition of Udemy, completed in May 2026.
• Total revenue for Q2 reached $299 million, marking a 60% year-over-year increase primarily due to the consolidation of Udemy’s results.
• On a normalized basis, which adjusts for the timing of the acquisition, revenue declined 1% year-over-year.

• Wardwizard is an early entrant in the high-growth Indian electric two-wheeler market, but faces intense competition from both legacy automakers and well-funded startups, leading to market share consolidation among top players.
• The company’s financial performance has deteriorated significantly, with a sharp decline in revenue, profitability, and a shift to negative operating and free cash flows in the most recent fiscal year, raising concerns about its operational efficiency and cash burn rate.
• Despite a challenging domestic environment, the company is pursuing an aggressive international expansion strategy, highlighted by a major USD 1.29 billion order from a Philippine corporation, which presents a significant growth opportunity but also carries substantial execution risk.

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• Rigaku’s valuation has re-rated upwards over the past year from a scientific- instrument multiple (low teens PER) to a semi-cap multiple (high 30s to low 40s PER) as investors increasingly recognize the Company’s Semiconductor Process Control Instruments business as the primary growth and earnings driver.
• We believe Rigaku’s growth upside remains underappreciated as the Company’s FY12/27 medium-term plan (MTP) targets were anchored on a less constructive semiconductor industry environment and outlook.
• Furthermore, the demand visibility for Rigaku’s X-ray metrology equipment has improved as the leading chipmakers and WFE reaffirmed their increasingly complex product roadmaps and announced record multi- year capex plans. 

• Capitol Health integration synergies are over-delivering, with annualized cost savings upgraded to over $14.0 million against an initial $10.0 million target. This has successfully dragged group labor costs down 140 basis points to 62.4% of revenue. However, these are corporate-level “easy wins” that mask persistent, structural clinical cost pressures.
• Radiologist scarcity is being structurally mitigated rather than cured. By deploying its proprietary teleradiology platform, IDXt, across the newly acquired metro-heavy Capitol network, management has successfully balanced workloads and reduced expensive regional locum doctor reliance. Despite this, clinical wage inflation remains highly sticky, with radiologists retaining significant bargaining power.
• Capital allocation is highly constrained by a leveraged balance sheet and high tech reinvestment requirements. While the board increased the 1H FY26 interim dividend to 3.3 cents per share, net debt of $317.9 million (pre-AASB 16 leverage of 2.5x) leaves the company with limited headroom for further material M&A, forcing a strict focus on organic margin recovery.

• Kurita Water Industries (6370 JP) is an indirect beneficiary of the growing AI CapEx spending, and as a result, it trades at a discount to its global peers.  
• The management is committed to doing a share buyback of around USD 220 million from now to mid-next year, which will provide some floor for the share price. 
• It is also less volatile and less correlated with the other large caps within the AI CapEx spending beneficiaries such as TSMC, and SK Hynix. 

• Amazon.com reported second quarter 2026 revenue of $200.6 billion, representing a 20% year-over-year increase, and operating income of $27.5 billion, a 43% rise year-over-year.
• Amazon Web Services (AWS) was a major driver with revenue growth of 36.7% year-over-year, marking its fastest rate in 18 quarters, and an annualized revenue run rate of $169 billion.
• AWS benefits from strong growth across both core and AI-related services with an extensive customer backlog of $496 billion, exhibiting triple-digit growth.

• TSMC is holding about US$1bn of finished Apple processors it cannot package for want of DRAM, and first-half smartphone processor shipments fell 15% year over year.
• Memory revenue rose 305% in the first half against 45% for logic; WSTS raised its 2026 industry forecast to US$1.655tn, growth of 108%.
• Winbond’s customers are pressing for supply contracts running into 2030, SanDisk has sold about two-thirds of its fiscal 2028 output, and Nan Ya PCB approved its largest ever plant.

• Q1 FY27 operating profit BEAT consensus convincingly, while maintaining guidance it has beaten by 41% in the last comparable year — yet the stock sits 46% below its peak.
• Digital software is 61.5% of sales, up from 30% three years ago; ¥1,707 of net cash per share — 21% of the price — goes unrewarded by the market.
• We initiate with BULLISH stance and 12-month FV of ¥9,500, based on 35x FY27E management guidance EPS of ¥268.90.

• S.F. Holding is the largest integrated logistics provider in Asia, distinguishing itself with a premium, time-definite service model supported by an extensive air and ground fleet.
• The company is strategically diversifying into high-growth areas such as supply chain management, cold chain, and international logistics, partly through acquisitions like Kerry Logistics, to build a second growth curve beyond the competitive domestic express market.
• While facing intense domestic competition and macroeconomic headwinds, S.F. Holding‘s focus on high-end services, technological investment, and network optimization provides a foundation for long-term, sustainable growth and margin improvement.

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• Dominant Market Position: UFO Moviez is a leading digital cinema distribution network and in-cinema advertising platform in India, with a significant screen network that provides a critical link between content creators and exhibitors.
• Dual Revenue Streams: The company’s business model is centered around two primary revenue sources: fees from producers/distributors for content delivery (VPF/CDC) and revenue from in-cinema advertising, which offers a captive audience to brands.
• Industry Headwinds and Structural Shifts: While the company is recovering post-pandemic, it faces significant long-term threats from the rise of Over-The-Top (OTT) streaming platforms, changing consumer viewing habits, and overall pressure on cinema footfalls.

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• Guotai Haitong Securities (2611 HK) proposed to privatise Guotai Junan International (1788 HK) at HK$3.0, a 44.2% premium to the pre-suspension price, which looks good enough. 
• The proposed price equals 11.9x PER for FY26F, higher than the average of 10.1x since 2024. This is better than the sector’s average PER of 10.3x.
• It also equates to 1.6x 12-month forward P/B, or 1.3SD above the 5-year average, well reflecting a projected ROE recovery in the next two years.

• Paramount Communications is capitalizing on strong tailwinds in the Indian infrastructure and power sectors, evidenced by a robust 3-year revenue CAGR of 34.48%.
• Despite impressive top-line growth, the company faces significant profitability challenges, with declining margins and negative operating and free cash flow in recent years, raising concerns about operational efficiency and working capital management.
• The company’s strategic focus is on expanding its high-margin export business, particularly in the U.S. market, and diversifying its product portfolio into specialized cables to improve profitability and drive future growth.

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• Leading Independent Producer in a Consolidating Market: AirPower Technologies is the largest independent industrial gas supplier in China, formed through the 2021 merger of Yingde Gases and Baosteel Gases. This scale provides a significant competitive advantage in a market dominated by a few global players, allowing it to serve blue-chip customers across key industrial corridors.
• Strategic Expansion into High-Growth Sectors and Geographies: The company is strategically targeting high-growth end-markets like electronics, healthcare, and clean energy, particularly the hydrogen sector. Furthermore, its expansion into Southeast Asia and affiliation with India-based NovaAir positions it to capitalize on broader regional industrialization.
• Resilient Business Model with Utility-Like Cash Flows: The industrial gases business is characterized by long-term contracts, high switching costs, and recurring demand from a diverse industrial base, which provides a foundation for stable, utility-like cash flow generation. The provided financials from 2018-2020 demonstrate strong growth in revenue, net income, and free cash flow.

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• We believe the revenue growth will rise significantly to 9% in 1Q27.
• In 1Q27, the disposal cases, Sun Art and Intime, would no longer impact “all others” revenue.
• We expect Alibaba has an upside of 59% for Dec. 2027 according to other e-commerce companies’ Price/Sales and EV/Sales.

• IAMGOLD is successfully transitioning into a significant mid-tier gold producer, driven by the ramp-up of its new, large-scale Côté Gold mine in Ontario, Canada, which is set to become a cornerstone asset.
• The company is experiencing a dramatic improvement in its financial position, with record cash flow generation fueled by strong production and historically high gold prices, enabling debt reduction and shareholder returns via buybacks.
• Significant geopolitical risk associated with its Essakane mine in Burkina Faso and operational execution risk at the ramping-up Côté project remain key concerns for investors, counterbalancing the positive production outlook.

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• A significant valuation disconnect exists between Tongda Group and its high-performing subsidiary, Tongda Smart Tech, with the market assigning a negative value to the parent company’s own operations.
• The parent company is burdened by debt, and management is prioritizing debt reduction over shareholder returns like dividends or share buybacks, which has pressured the stock performance.
• Despite the parent company’s challenges, its core business in consumer electronics components is positioned to benefit from a potential smartphone market recovery and growth in areas like WiFi 7 routers and smart appliances.

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• Dominant market leader in the Indian commercial vehicle (CV) braking and control systems industry, well-positioned to benefit from regulatory tailwinds mandating advanced safety and emission technologies.
• Strong technological and financial backing from its parent, ZF Friedrichshafen AG, enabling it to introduce a global portfolio of advanced products like ADAS, telematics, and EV solutions to the Indian market.
• Consistent financial performance with a strong growth track record in earnings and dividends, though susceptible to the inherent cyclicality of the commercial vehicle industry.

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• Market Leader with Strong OEM Relationships: Jamna Auto Industries is the largest manufacturer of tapered and parabolic leaf springs in India, holding a dominant market share of 62-65% in the OEM segment for commercial vehicles. The company serves as a critical supplier to nearly all major commercial vehicle manufacturers in India, including Tata Motors and Ashok Leyland.
• Strategic Focus on Diversification: Management is actively de-risking its business model through the ‘Lakshya 50XT’ strategy, which aims to increase the revenue share from new products and new markets (aftermarket and exports). This initiative is intended to mitigate the inherent cyclicality of the commercial vehicle industry and improve margin stability.
• Improving Financial Profile and Shareholder Returns: The company has demonstrated a robust financial track record, with a healthy balance sheet and consistent profitability. It maintains a strong dividend payout history and is focused on improving its Return on Capital Employed (ROCE), signaling a commitment to enhancing shareholder value.

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• Garware Technical Fibres is a dominant player in the specialized technical textiles sector, with a leading market position in high-growth niches like aquaculture and a strong, expanding presence in geosynthetics, driven by a focus on innovation and value-added products.
• The company exhibits a robust financial profile, characterized by consistent profitability, a debt-free balance sheet, and strong cash flow generation, which supports strategic international acquisitions and shareholder returns.
• Future growth is expected to be propelled by international expansion, particularly in the aquaculture segment, and increasing demand for geosynthetic products fueled by government infrastructure spending in India, though risks from raw material volatility and currency fluctuations persist.

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• Dominant Market Position with Diversification Strategy: Sundram Fasteners holds a leading position in the Indian fastener market and is strategically de-risking its business by diversifying into non-automotive sectors like wind energy and aerospace, and increasing its focus on high-growth electric vehicle (EV) components.
• Strong Financial Profile and Growth Outlook: The company demonstrates a robust financial track record with consistent revenue growth, healthy profitability, and low leverage. A significant order book in the EV segment (~₹4,000 crore) and planned capital expenditure of ₹400 crore are set to drive future growth.
• Key Risks in Cyclicality and Input Costs: The company’s performance is closely tied to the cyclical nature of the automotive industry. Volatility in raw material prices, particularly steel, remains a primary challenge that can impact profitability despite mitigation strategies.

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• As the Philippines’ largest property developer, Ayala Land is strategically shifting its focus towards its leasing portfolio (malls, offices, hotels) to generate more stable, recurring income, aiming for a 50/50 balance between leasing and property development earnings by 2027.
• The company is currently facing headwinds in its residential development segment due to a soft market, leading to a downward revision of sales and earnings forecasts for FY26.
• Despite near-term challenges in the residential sector, the company’s strong balance sheet, dominant market position, and a valuation that appears attractive relative to its fundamentals present a potential investment opportunity.

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• FormFactor reported strong financial performance in the second quarter of 2026, achieving record revenue, gross profit, and earnings per share.
• The company surpassed a $1 billion annual revenue run rate and exceeded 50% gross margin, marking key milestones in its recently introduced target model that aims to double revenue and more than double profitability by 2030.
• Revenue for the quarter was $258.2 million, exceeding expectations by about $18 million and representing a 14% increase over the prior quarter, with non-GAAP gross margin expanding to 53.3%.

• Gujarat Fluorochemicals (GFL) is a leading, vertically integrated producer of fluoropolymers and specialty chemicals, positioning it as a key global supplier outside of China.
• The company is strategically expanding into high-growth sectors, including battery chemicals for electric vehicles (EVs), solar, and green hydrogen, with significant capital expenditure planned to capture future demand.
• While near-term performance is influenced by global chemical price cycles and regulatory changes, GFL’s long-term outlook is supported by its diversified product portfolio, backward integration, and exposure to new-age industries.

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• Fiem Industries is a leading Tier-1 supplier of automotive lighting and mirrors, primarily for the Indian two-wheeler (2W) market, with entrenched relationships with major OEMs like Honda, TVS, and Yamaha.
• The company is well-positioned to benefit from the industry’s transition to higher-value LED lighting, driven by safety regulations and consumer preferences, and is aggressively expanding its footprint in the electric vehicle (EV) segment, supplying to nearly all major EV OEMs in India.
• While demonstrating a strong financial track record of revenue growth and margin expansion, the company faces risks from its high concentration on the cyclical 2W segment and dependence on a few key customers.

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• Automotive Axles is a market leader in the Indian commercial vehicle (CV) axle segment, poised to benefit from the cyclical recovery and long-term growth in the domestic CV market, driven by infrastructure spending and economic activity.
• The company’s strong parentage, a joint venture between the Kalyani Group and Cummins (through its acquisition of Meritor), provides a significant competitive advantage through technological support and established relationships with major Original Equipment Manufacturers (OEMs).
• While the company faces risks from the cyclical nature of the CV industry and high customer concentration, its operational efficiency, healthy balance sheet, and consistent dividend payouts present a compelling case for investors with a long-term outlook.

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• Fortis Healthcare is a leading integrated healthcare provider in India, demonstrating a strong growth trajectory driven by both its hospital and diagnostics segments. The company is in a significant expansion phase, aiming to add approximately 2,200 beds through brownfield projects and acquisitions to capitalize on the growing demand for healthcare in the country.
• Financially, the company has shown robust performance with consistent double-digit revenue growth, improving margins, and a strong return to profitability. For FY26, consolidated revenue grew 17.3% YoY, with the hospital business being the primary driver.
• While the company’s operational performance and expansion strategy are promising, it faces challenges including intense competition from other major hospital chains, regulatory risks inherent in the Indian healthcare market, and a premium valuation that implies high investor expectations.

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• Figma reported Q2 2026 revenues of $370.1 million, up 48% YoY and up 11.0% sequentially from $333.4 million in Q1 2026.
• Gross margin expanded 250 basis points sequentially to 85% non-GAAP, which management attributed directly to the first full quarter of AI credit revenue. 
• Despite the beat-and-raise report, Figma’s share price fell ~15% on the news. Investors still remain to be convinced that their AI monetization strategy can really succeed in the long term.

• Rio Tinto delivered a strong financial performance in the first half of 2026, underpinned by robust operational results, ongoing growth projects, and a continued focus on productivity improvements.
• The company reported a 28% increase in underlying EBITDA to $14.8 billion, driven primarily by higher commodity prices—especially copper and aluminum—and a 75% rise in free cash flow.
• These enhancements supported a 43% increase in the interim dividend to $3.4 billion, reflecting a commitment to shareholder returns amid rising earnings.

• A $236 million revenue jump in Client and Gaming yielded just $7 million in operating income, capturing less than 3% of the upside and trailing far behind Data Centre profitability.
• AMD reported $1.56 billion in FCF, but holding accounts payable flat would have plunged the quarter deeply into the red to negative $716 million.
• To deliver AI compute at hyperscale, AMD is taking on the massive inventory and infrastructure costs of a hardware vendor; a potential structural warning for the broader chip sector…

• Revenue increased 10.9% YoY to JPY2,019.6bn, while pre-tax profit decreased 14.6% YoY to JPY589.2bn.
• Investment gain rose to JPY1,859.4bn, with significant contributions from Intel and ByteDance investments.
• AI Computing segment reported JPY175.3bn revenue (+30.2% YoY) and JPY200.8bn segment loss, driven by higher R&D expenses.

• Bunge Global reported an improved financial performance in the second quarter of 2026 amid a complex and evolving global operating environment marked by geopolitical tensions, shifting trade flows, and weather-related disruptions impacting crop availability.
• The company highlighted its diversified global platform across crops and geographies as providing resilience and balance, particularly in soybean and softseed processing.
• For the quarter, reported earnings per share (EPS) increased to $3.47 from $2.61 a year prior, with an adjusted EPS of $2.00 compared to $1.31.

• ESR-REIT offers structural arbitrage, absorbing a massive pipeline of AI infrastructure and hyperscale data centers from its newly privatized sponsor without greenfield execution risk.
• The 510 MW Racks Central campus positions ESR-REIT to perfectly capitalize on the Johor-Singapore Special Economic Zone decentralization megatrend, driving unprecedented regional growth.
• We think ESR REIT offers upside potential with a compelling 8.2% yield, leveraging robust debt headroom to capture the New Economy pivot through stabilized, high-yielding specialized logistics hubs.

• JD.com‘s primary competitive advantage is its vast, self-operated logistics network, which ensures high-quality service and fast delivery, differentiating it from asset-light competitors.
• The company faces intense and escalating competition from rivals like Alibaba and PDD Holdings, leading to pressure on pricing, margins, and market share.
• Future growth is contingent on successfully navigating the complex regulatory environments in both China and internationally, while expanding into lower-tier Chinese cities and new business segments like healthcare and cloud services.

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• Intesa’s €30.6 billion bid is structurally flawed due to antitrust carve-outs: Intesa’s plan relies on selling 635 branches and the MPS brand to Unipol for €3.0 billion to €3.5 billion to merge with BPER. This separation of core head office and retail operations will destroy operational continuity and cannibalize the projected €1.5 billion in annual pre-tax cost synergies.
• The collapse of the Banco BPM merger has forced MPS into an aggressive, well-capitalized defense: With its 16.3% fully-loaded CET1 ratio, MPS is exploring a counter-takeover of Banco BPM or a monetization of its 13.3% Assicurazioni Generali stake (valued at €9 billion) to pay defensive cash distributions, direct alternatives that offer superior standalone value compared to Intesa’s 12.5% premium offer.
• Regulatory capital relief via DTAs is a core valuation driver: MPS’s tax consolidation with Mediobanca unlocked €1.3 billion in off-balance sheet Deferred Tax Assets, bringing the total portfolio to €2.9 billion. This generates a recurring €500 million annual capital benefit over the next six years, which is currently undervalued in Intesa’s unsolicited share-swap ratio of 1.6x.

• AEye is a pre-revenue LiDAR technology company positioning itself as a leader in high-performance, software-defined sensing solutions for Automotive (ADAS), smart infrastructure, and industrial applications.
• The company’s core competitive advantage lies in its unique iDAR™ (Intelligent Detection and Ranging) platform, which is software-configurable, enabling adaptability and a capital-light business model focused on licensing and partnerships with Tier 1 suppliers.
• While the company has secured key partnerships and is integrated with platforms like NVIDIA DRIVE, it faces significant risks related to its pre-revenue status, high cash burn, and intense competition within the crowded LiDAR market, making the path to profitability uncertain.

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• Pioneering Green Steel Transition: SSAB is at the forefront of the steel industry’s decarbonization with its HYBRIT technology, aiming to be the first to commercialize fossil-free steel by 2026. This strategy positions the company to capture a ‘green premium’ and meet growing demand for sustainable materials, but also entails significant capital expenditure and execution risk.
• Market Leader in High-Value Niches: The company holds a global leadership position in high-strength steels, particularly Quenched & Tempered (Q&T) steels, with strong brands like Hardox® and Strenx®. This focus on specialty products provides a degree of insulation from commodity steel price volatility and fosters strong customer relationships.
• Navigating Cyclical Headwinds: Like all steelmakers, SSAB is exposed to the inherent cyclicality of the global economy and steel demand. Recent financial performance reflects a normalization from peak earnings, and the company’s profitability remains sensitive to fluctuations in raw material costs, energy prices, and end-market demand.

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• My updated NAV analysis of SK Square suggests a target price of 1,378,127 won (42% upside). SK Square’s stake in SK Hynix is 172% of its market cap.
• Assuming SK Hynix provides 65.2 trillion won in 2026 shareholder returns split equally between dividends and buybacks, each portion would total 32.6 trillion won.
• SK Square’s shareholder return policy is a bit vague. The company needs to better communicate its shareholder return policy. 

• Q4 FY2026 revenue of $8.97bn (+51% QoQ, +372% YoY) and non-GAAP EPS of $39.25 beat guidance and consensus; Q1 FY2027 revenue guidance of $10.55bn came in below Street’s $10.62bn.
• New Business Model backlog rose to $93.9bn minimum contracted revenue across 8 customers, with RPO of $91.1bn pro forma including deals signed after quarter-end.
• We upgrade to BULLISH, TP US$1,860, set at 10x FY2027E EPS of $186 — a 10% discount to Micron’s 11x, reflecting SanDisk’s NAND-only exposure without HBM optionality. 

• Southbound Stock Connect buying begins this morning; the Zhipu precedent saw US$4.9bn of inflow in eight weeks — yet a 57m-share unlock lands just four weeks later, in early Sept.
• Vendor screens still show negative equity and 343% gearing from preferred shares that converted on listing day; MiniMax actually holds US$3.45bn of cash, ~25% of its market capitalisation.
• We initiate BULLISH with a HK$340 fair value — 18x our FY2028E sales of US$700m plus HK$20.4bn net cash — sitting 1.5% above July’s institutional convertible strike.

• AMD reported Q2 2026 revenues of $11.5 billion, up 50% YoY, up 13% QoQ and marginally ($36 million) beating the high end of the guided midpoint. 
• Looking ahead, AMD forecasted current quarter revenues of $13 billion at the midpoint, up 12.7% QoQ and up 41% YoY.
• Revenue growth now expected to “substantially exceed” the prior long-term target of more than 35%, and EPS expected to “significantly exceed” the prior $20 annual target within the strategic timeframe.

• Cash Mountain: Samsung and SK Hynix’s combined net cash US$263bn by year-end — exceeding the rest of the Magnificent Seven combined. The suppliers of AI are richer than its builders.
• The Anomaly: Net cash ~14% of market cap for both names — 5x Nvidia’s ratio — as stocks price in a demand collapse that long-term supply agreements directly contradict.
• The Catalyst: SK Hynix has formally committed to expanded returns; Samsung says “very soon.” At 70–80% FCF payout, the combined programme implies a double-digit effective yield on current market cap.

• One-Off tariff refunds boosted earnings, but the underlying quarter still comfortably exceeded expectations.
• First-Party software continues to drive Nintendo’s earnings power, even for the old Switch
• The market is focused on costs; longer-term investors should focus on the coming shift back toward higher-margin software.

• DBS posted a record S$3.08bn 2Q26 net profit, +9% YoY, beating consensus by ~7% as wealth fees, treasury sales and trading offset an 18bp NIM decline.
• Management raised FY26 guidance on every income line and crossed S$500bn wealth AUM, but CET1 slipped 30bp QoQ as capital return outpaced retained capital generation.
• We believe DBS is already near fair value of S$75.00 (3.0x BVPS) — GGM fair value of ~S$53 confirms the stock is priced for flawless execution, not further re-rating.

• FY26 revenue rose 7% to INR 857 crore; TTK Healthcare has also agreed to divest its EVA and Good Home brands to Wipro for INR 256 crore.
• Operating margin has slid toward 5%, with other income now funding 60% of quarterly pre-tax profit, a structural earnings-quality question.
• The future thesis increasingly depends on Medical Devices, Foods, Animal Welfare and recovery in Protective Devices not the old diversified consumer-pharma identity.

• Entrée Resources offers a unique, carried joint venture interest in the world-class Oyu Tolgoi copper-gold mine in Mongolia, providing direct exposure to a tier-1 asset without direct capital or development requirements.
• The company’s value is intrinsically linked to the successful ramp-up of the Oyu Tolgoi underground mine, managed by Rio Tinto, which is expected to be the world’s fourth-largest copper mine by 2030.
• As a pre-revenue company entirely dependent on a single asset in a high-risk jurisdiction, ETG represents a high-uncertainty investment, with its future cash flows contingent on operational execution by its partners, stable commodity prices, and a consistent Mongolian regulatory environment.

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• Equinox Gold is at a key inflection point, transitioning from a period of heavy investment to significant cash flow generation, driven by its new cornerstone Greenstone mine in Ontario, Canada.
• The company offers substantial production growth from a diversified portfolio of assets across the Americas, positioning it as a significant mid-tier gold producer.
• Key risks include exposure to geopolitical instability in Mexico and Brazil, operational execution at its various mines, and inherent volatility in the price of gold.

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