Equity Bottom-Up

• More than $1 billion to be invested in electric power equipment and railway car production, plus a new automation center, to counter tariffs and support long-term expansion in the U.S.
• The rising share of sales accounted for by smart factory and other digital technologies should lead to higher profit margins and ROIC over the next several years. 
• The share price has dropped 13% from its recent high to 26x EPS guidance for FY Mar-26. Buy on weakness for long-term growth. The main risk is a slowing economy.

• TSMC: +24.4% Premium: Remains at Level to Short the ADR Spread
• ASE: 0.0% (Parity); Open Fresh Longs Here or at a Discount
• ChipMOS: -1.9% Discount; Near Level to Go Long the Spread

• 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 nine pair trade opportunities across four markets and four 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.

• Business: Japan’s largest integrated energy group, ENEOS runs ~45% of national refining capacity, upstream assets, power generation, and holds 42% of JX Advanced Metals.
• Earnings (3Y): OP peaked at ¥504 bn in FY2023 on high oil prices, fell to ¥107 bn in FY2024 on inventory losses, and is guided to ¥300 bn in FY2025.
• Valuation & Risks: Trades at ~8× EV/EBITDA (~¥900/share), above our SOTP fair value (~¥690); key risks include crude volatility, shrinking domestic fuel demand, high leverage, and transition execution.

• Why does Intel Corp (INTC US)’s current CFO state “Intel will use TSMC basically forever”? 
• From Taiwan Semiconductor (TSMC) – ADR (TSM US)’s perspective, they have always maintained a “no competition with customers” principle.  
• Another question remains: who will adopt Intel’s 14A technology in 2027-28?  

• The strong bullish sentiment towards gold has boosted Laopu’s share price, but we still have doubts about whether Laopu can truly benefit from the gold price rally in the future.
• In a crisis, gold stocks will face sell-off. We may see an “interesting phenomenon”- The price of gold commodities is soaring, while gold stocks are performing unsatisfactory or even plummeting.
• In fact, we already witnessed the inconsistency between the gold commodities prices and Laopu’s share price. This is the core logic we recommend investors take profits on Laopu in time.

• Last week at SEMICON, TSMC unveiled COUPE, moving silicon photonics from lab demos into industrial-scale advanced packaging.
• Himax, ASE, Zhen Ding, GlobalWafers, ACON, and Accton form Taiwan’s listed ecosystem for silicon photonics adoption.
• As NVIDIA Corp (NVDA US)-driven AI clusters proliferate, the power and cost of moving data between chips have become as constraining as compute itself.

• India’s spectacular underperformance over the past 12 months relative to Asia has been driven primarily by dismal earnings delivery by corporates, leading to persistent EPS estimate downgrades.
• We identify stocks with strong earnings delivery, i.e. EPS estimate upgrades over past 1, 3 and 6 months, forecast EPS growth >10%, net D/E < 1 and PEG < 1.4x.
• We screen 11 stocks from industrials, healthcare, materials and property. Most have appreciated significantly over 6- and 12-month timeframes, establishing that the market tends to reward superior earnings delivery.

• Strong industry sales of wheel loaders (+10.4% YoY) and excavators (+18.8%) in Jul-Aug suggested that the current consensus earnings forecasts are too conservative. 
• Lonking Holdings (3339 HK) will also benefit from the strength of the equities market, given it has an investment portfolio of Rmb2.4bn, or 18.6% of its market capitalisation.
• Given net cash equalling HK$2.02/share, or 66.1% of its share price, its 10.3x PER and 4.5% dividend yield for FY25F still appear undemanding. 

• Oracle is on a mission to rival the Big Three cloud providers and its cloud ambitions are part of a theme that will determine GDP growth in the US and globally as a whole.
• They are guiding for a 10x revenue increase in cloud computing in just four years which would transform Oracle Cloud from a nobody with 3% market share to a leading player with a business larger than AWS is today.
• Most importantly, this guidance is based on contracted revenue, i.e. revenue that their customers (most importantly OpenAI) basically only can get out by declaring bankruptcy.

• In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (12 to 26 September 2025).
• Our top 10 picks were up on average 7.4% from 29 August to 12 September, outperforming KOSPI which was up 6.6% in the same period.
• Top 10 picks in this bi-weekly include KCC Corp, Nongshim Holdings, KT&G, Paradise, Samsung Life Insurance, Hana Financial, SK Inc, CJ Corp, Lg Chem, and Lotte Tour Development.

• Business Performance – BRMS has delivered explosive revenue and earnings growth, with Citra Palu now producing ~100k oz gold annually at strong margins.
• Plans – The company is expanding with a third plant at Citra Palu in 2025 and developing the Gorontalo copper-gold project for 2027.
• Growth & Valuation – With ~8 Moz in reserves and NAV leverage, BRMS is positioned to double revenues post-2027, though current valuations already embed high expectations.

• Context: The CAR Group (CAR AU) vs. Seek (SEK AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long CAR Group and short Seek targets a 7% 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.

• A review of recent events/data impacting our investment themes and outlook
• Change of mindset needed for HK/China as the bull markets broadens out
• Signs of excess are rife in many global markets, but no top yet signalled.

• New Oriental Education & Technology Group Ltd reported a strong performance in the fourth quarter of its fiscal year 2025, highlighting both positive advancements and some challenges that may impact their future outlook.
• The company announced an 18.7% year-over-year revenue increase, excluding contributions from its East Buy segment, primarily driven by the expansion of new business ventures.
• These ventures include overseas test preparation, which grew by 15%, and adult and university student services, expanding by 17%.

• The Trump administration is considering putting “severe restrictions” on the drugs from China, which would negative for China biotech that mainly relies on licensing-out model. We share our views below.
• The key to assessing the future profitability of innovative drugs in China lies in their ability to control costs, not just in the growth of product sales.
• Sihuan achieved a turnaround and is undervalued. Just “medical aesthetics + cash” worth RMB15.3 billion valuation. The innovative drug business will provide decent upside potential, but with some concerns behind. 

• Context: The Kotak Mahindra Bank (KMB IN) vs. Bajaj Finserv (BJFIN IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Kotak Mahindra Bank and short Bajaj Finserv targets a 6% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Infosys Ltd (INFO IN) made headlines in the market after approving share buyback worth INR 180 bn at INR 1800 per share.
• The buyback is the largest in company’s history and represents 2.4% of the paid up capital. 
• However, from the shareholders lens, the buyback would be tax-inefficient, after the regulatory changes which came in effect from Oct 2024.

• K-Pop Demon Hunters (KDH) started streaming on Netflix on 20 June 2025. KDH has become the most watched film on Netflix history, achieving 291.5 million views as of 11 September. 
• Nongshim has a collaboration with Netflix, releasing ramyun and snacks featuring characters from K-Pop Demon Hunters. The sale of these products (especially overseas) are likely to result in higher sales.
• Nongshim has hit a big home run in this collaboration with Netflix and the K-Pop Demon Hunters film. Additional series related to KDH are highly likely. 

• Appointment of a digital-savvy CEO and professionalized board strengthens management, positioning Vadilal for sustained growth and corporate transformation.  
• Robust distribution, innovative production, and premium parlours drive competitive edge and market leadership. 
• Resolution of internal family disputes and promoter group merger streamlines operations, though potential dilution could affect minority shareholders.

• Recent News: CZSPT’s Sep 9 guidance points to imported zinc concentrate treatment charges of US$120-140/dmt for Q4, and Bloomberg confirms Chinese smelters are tightening terms.
• Impact: This rebound in TC/RC levels should lift Korea Zinc’s EBITDA by approximately US$100-135 million, representing a ~5-7% earnings upside over current troughs.
• Valuation: On normalized earnings, Korea Zinc could re-rate to 8–9× EV/EBITDA. At $120–150/dmt TCs, this points to ~20–50% upside, with further headroom if multiples expand alongside earnings recovery.

• Western Digital Corporation reported strong fourth-quarter fiscal 2025 financial results, showcasing increased demand driven chiefly by the data center market, predominantly through hyperscale customers.
• The company generated $2.6 billion in revenue, which constituted a 30% yearly increase, and achieved a non-GAAP gross margin of 41.3%.
• This result was driven by the mix shift toward higher capacity drives and effective cost management.

• Lam Research Corporation’s recent financial performance and strategic direction offer a balanced picture of its current and future potential.
• The company reported impressive results for its June 2025 quarter, with revenues and profitability reaching the upper end of guided ranges.
• Significantly, gross margins exceeded 50% for the first time since the merger with Novellus, and earnings per share hit a new company high.

• Tesla’s recent unveiling of its Megapack 3 and the all-new Megablock could mark a pivotal moment in its shift from being seen purely as a carmaker to a vertically integrated energy company.
• While Tesla’s robotaxi launch and AI developments have dominated headlines, the energy division—specifically industrial battery storage—is quietly becoming a major pillar.
• The Megablock is a fully integrated, utility-scale energy solution, reducing construction costs by 40% and installation times by 23%.

• Old Dominion Freight Line’s recent financial performance reveals both challenges and opportunities.
• Despite a declined revenue in the second quarter of 2025, totaling $1.41 billion, representing a 6.1% decrease from the previous year, the company has managed to sustain yield growth.
• This growth is embodied by a 3.4% increase in less-than-truckload (LTL) revenue per hundredweight, although LTL tons per day fell by 9.3%.

• TAL Education Group reported robust financial performance for the first quarter of fiscal year 2026, showcasing significant revenue growth while managing to improve operational efficiency.
• The company recorded net revenues of $575 million, marking a 38.8% increase year-over-year, with a notable rise in gross margin from 51.7% to 54.9%.
• Operating income improved significantly with TAL turning a previous operating loss into a profit of $14.3 million, demonstrating enhanced operational leverage and cost management.

• Daimler Truck focuses on heavy-duty vehicles but also offers brands for light and medium-duty segments
• The company profits from both truck sales and services, with a focus on improving service offerings
• Market trends for truck sales are closely tied to overall economic performance, with current slow sales attributed to uncertainty in the US and Europe.

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

• Dilution: The gold IPO trims attributable EBITDA by ~3% as minority interests rise.
• Parent Impact: Zijin parent emerges leaner, with net debt falling by US$4bn and copper now ~70% of EBITDA.
• Valuation: At ~7× EV/EBITDA, the stock offers 15–30% upside on our estimates, stretching to 25–45% at spot.

• Indian IT outperformed over 10 years, but recent underperformance and weak R&D spending raise questions on innovation versus high dividend and buyback payouts.
• AI disruption threatens coding demand and outsourcing models, risking productivity shocks, workforce layoffs, and urban consumption downturns if companies don’t adapt with innovation.
• Boards must prioritize bold investments and acquisitions over capital returns, positioning Indian IT as innovation leaders rather than risk-averse cash generators.

• United Microelectron Sp Adr (UMC US) – 2025 Full-Year and 4Q Outlook.   
• The impact of U.S. recent restrictions on United Microelectron Sp Adr (UMC US) appears negligible.
• Customer demand trends are diverging in 2H25, and overall demand is expected to soften in 4Q25.

• SentinelOne’s recent earnings call made headlines with a major milestone: the company’s Annual Recurring Revenue (ARR) surpassed $1 billion, growing 24% year-over-year, while its net new ARR hit record levels.
• This momentum is underpinned by strong customer traction across emerging solutions like Purple AI, Singularity Data, and its cloud-native security stack.
• Riding this wave of innovation and expansion, SentinelOne is now reportedly eyeing Observo AI as a potential acquisition target.

• India’s home services market, valued at INR 5,210 billion, is projected to reach INR 8,580 billion by FY2030 at a CAGR of 10–11% .
• Urban Company’s core Indian business has turned profitable, with its EBITDA for this segment improving from a 9.72% loss in FY23 to a 3.30% profit in FY25.
• The company’s annual consumers grew from 4.76 million in FY2023 to 6.5 million in FY2025, while average spend rose from INR 3,786 to INR 4,079 during the same period.

• TI is experiencing 50%+ YoY growth in data center, showing no signs of AI server demand slowdown.
• KLA calls 2nm a “compelling” node, projecting it could be the industry’s largest over first three years.
• Taiwan Tech positioned to benefit via TSMC N2 ramp, CoWoS packaging, and ABF substrate expansion.

• Since our initiation on 5 June 2024, China Medical Sytem’s share price is up 113% and the FPE has moved from less than 8 to close to 16 times.
• The gap valuation between US drug companies and CMS has largely closed with CMS trading at a premium to a number of US counterparts.
• The earnings outlook is largely flat since the initiation, implying the share price appreciation has been driven by a re-rating.

• We initiated on ITSL SP on Friday. The stock is up 2%.
• The initial feedback from clients was one of cautious optimism. There were concerns raised about concentration risk, competition and cybersecurity issues.
• We identified the mitigants and reiterate BUY.

• Dev X planning to double the operational capacity in next two years.
• Company is also planning to repay certain debt, while its tier-2 focus and backward integration provides them edge over its peers
• Operationally, they are better than peers, evident from longer period lease and high occupancy rates

• Context: The LIC Housing Finance (LICHF IN) vs. Bank Of India (BOI IN) price-ratio deviates more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long LIC Housing Finance (LICHF IN) and short Bank Of India (BOI IN) targets a 7% 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.

• Metaplanet raises JPY 205bn via discounted share issue, doubling Bitcoin holdings to ~32,000 BTC and reframing investor focus toward Bitcoin-per-share growth.
• Despite 50% dilution, BTC yield per share rises ~50% in Q3, positioning Metaplanet as a structural proxy for digital monetary assets.
• Enhanced balance sheet flexibility should enable a further JPY 125bn raise in Q4, reinforcing the company’s long-term accumulation strategy and premium valuation.

• Hong Kong’s Secular Bull Market continues with the index breaking  above its long term resistance levels.  Market breadth is expanding with 87% of stocks trading above their 200  (DMA).
• Hong Kong market valuations are well below all other Asian markets.  This year, the materials and healthcare sectors have been the best performers.
• Robosense Technology (2498 HK)  reported solid earnings in its LIDAR business with robotics posting surprising growth.  Deutsche Bank and China Renaissance both rate the company a BUY and raise targets.

• TSMC August Revenue +34% YoY: AI Demand Remains the Key Driver
• ARM Pushes Edge AI Forward with New “Lumex” Chip Designs — 2026 Could Be a Major Growth Year for Edge AI
• From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

• Automatic Data Processing, Inc. (ADP) reported strong financial results for the fourth quarter of fiscal 2025, characterized by a solid revenue increase and expansions in both margin and earnings per share (EPS).
• Revenue growth for the fourth quarter was reported at 8%, with an adjusted EBIT margin expansion of 40 basis points, while adjusted EPS increased by 8%.
• For the entire fiscal year, the company achieved 7% revenue growth, a 50 basis point rise in EBIT margin, and a 9% increase in adjusted EPS.

• Mattel, Inc. reported its second quarter 2025 financial results, showcasing a mixed performance characterized by specific strengths and challenges.
• Overall, net sales decreased by 6% as compared to the previous year, both in reported terms and constant currency.
• However, the company demonstrated operational efficiency by expanding its adjusted gross margin by 200 basis points to 51.2% and maintaining its adjusted earnings per share at $0.19, consistent with the last year.

• Trial HD’s acquisition of Seiyu massively expands its interests in and around Tokyo and the discounter has wasted no time rolling out its Trial GO stores in the capital. 
• These stores offer fresh food at about half the price of typical convenience stores, thanks to low costs and smart tech, and will rapidly intensify competition.
• If the format is successful, it would disrupt both the city centre supermarket and convenience store chains.

• Token costs no longer drop meaningfully with scale, and inference remains a fixed, expensive burden.
• Rather than delivering major performance gains, GPT-5 appears to be a cost-routing shell, underperforming in several benchmarks.
• With $115B in projected losses and hardly any visible scale-based leverage, OpenAI’s only path forward is monetisation.

Key points (machine generated)

• The analysis focuses on Sibanye-Stillwater (SBSW) and its potential in the platinum group metals (PGMs) market, while also considering competitors like Northam Platinum and Impala Platinum.
• The thesis suggests that decreasing production costs can lead to increased profits and stock prices as commodity prices rise.
• Sibanye-Stillwater operates in South Africa and the United States but faces geopolitical risks associated with its South African operations, a common challenge for PGM miners in the region.

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

• Anglo and Teck have decided to merge, creating a ~$53bn copper-focused mining major that ranks #4 globally with ~1.2 Mt of output in 2024.
• The deal targets ~$800m in annual savings by year four, though history suggests full delivery is unlikely.
• The combined group offers strong leverage to copper’s structural growth and top-3 scale in seaborne met coal as a cash engine.

• Exciting growth opportunities abound for New-Zealand based infrastructure play Infratil.
• Management has consistently generated value for shareholders over time.
• -Infratil’s FY25 earnings beat management’s guidance -Exposure to high-growth digital infrastructure -CDC Data Centres appears undervalued -Renewables exposure weighted heavily to solar and battery projects

• Zijin Mining is spinning off its seven overseas gold mines into Zijin Gold International, creating a dedicated, pure-play gold producer and positioning it for a Hong Kong IPO.
• The IPO proceeds will primarily fund mine upgrades and overseas M&A, with a portion earmarked to reinforce the balance sheet and corporate flexibility.
• With media reports suggesting a $3B+ IPO size and potential launch in September, coupled with gold rallying above $3,600/oz, investor appetite around the listing is notably heightened.

• Context: The Central Bank Of India (CBOI IN) vs. Indian Overseas Bank (IOB IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Central Bank Of India (CBOI IN) vs. short Indian Overseas Bank (IOB IN) targets a 5% return to the statistical mean reversion level.
• 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.

• Steady past performance, soft Q1: TEL doubled revenues and EPS since FY2021 with margins near 30%, but Q1 FY2026 showed a YoY dip as NAND/DRAM digestion hit.
• Expansion plans: ¥700 bn capex and ¥1.5 tn R&D by FY2029 will lift capacity ~+80%, aligned with AI logic and HBM-driven WFE growth.
• Valuation & growth: At ~18× forward P/E, TEL trades fair vs Lam/Applied but at a steep discount to ASML/KLA, offering upside if recovery unfolds.

• Context: The Isuzu (7202 JP) vs. Suzuki (7269 JP) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Isuzu (7202 JP) and short Suzuki (7269 JP) targets a 10% 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.

• China’s service sector is growing faster than manufacturing and construction, especially the business-to-business services, like IT Services, cloud services leasing and other business services.
• Among merchandize retail sectors, household and communication appliances, sports and recreational goods and gold and silver jewelry are growing the fastest. Some segments of food are enjoying healthy growth too.
• From a universe of 35 stocks in these sectors, we screen our favored 10, based on valuations more than justified by forecast earnings growth, high ROE and consensus Buy rating. 

• One of the biggest events in Korea in the past week has been the uncertainty regarding the US tariffs on South Korea which remains unchanged at 25%.
• On top of this, it was reported on 9 September that the US tariffs on Japanese goods including cars and auto parts will be lowered to 15% by 16 September.
• If Lee’s approval rating falls to about 45% to 50% range, then there could be a greater urgency by the Korean government to finalize a trade deal with the US. 

• Premier Inc, a healthcare group purchasing and technology company, has recently become the subject of acquisition interest from private equity firm Patient Square Capital.
• Founded by former KKR executive Jim Momtazee, Patient Square is exploring a potential deal to take Premier private, according to reports.
• Discussions are still at an early stage with no certainty that a transaction will occur, but financing efforts are underway.

• United Airlines Holdings’ second-quarter 2025 earnings showcased a mix of operational triumphs and challenges.
• The company reported earnings per share (EPS) of $3.87, aligning with guidance while slightly ahead of market expectations, despite operational disruptions at Newark Airport and a challenging macroeconomic environment.
• Positive developments included the successful management of operational issues at Newark, which had suffered from cancellations and delays due to FAA technology outages and staffing shortages.

• Business: Designs and integrates intralogistics, cleanroom, airport, and automotive automation systems.
• Expanding AI-driven logistics and semiconductor cleanroom solutions, with recurring service growth.
• Earnings projected to grow mid-teens CAGR to FY27E, with multiples compressing from ~25× P/E / 15× EV/EBITDA to ~20× / 12×, justifying a structural premium.

• The Taiwan Semiconductor Manufacturing Company, commonly referred to as TSMC, provided an earnings overview for the second quarter of 2025, demonstrating significant financial and operational insights.
• The revenue for the quarter showcased an 11.3% sequential increase in New Taiwan dollars, driven by strong demand for TSMC’s advanced 3-nanometer and 5-nanometer technologies.
• However, the positive revenue growth was somewhat countered by unfavorable exchange rate impacts.

• In this insight, we discuss Pop Mart (9992 HK)’s valuation using Peter Lynch’s PEGY ratio.
• If Pop Mart misses current consensus estimates in 2026 and 2027 by 5%, this would result in PEGY ratio of 1.4x in 2026 which would make current valuations unattractive.
• WE EXPECT A HIGHER PROBABILITY OF POP MART’S VALUATION DECLINING BY 50% TO ABOUT US$25 BILLION, RATHER THAN INCREASING BY $75 BILLION FROM CURRENT LEVELS OVER THE NEXT 1-2 YEARS.

• China TCM is still in the adjustment period due to CTCMG VBP and goodwill impairment loss. However, the new management is pushing for internal reforms, which is a good phenomenon.
• Rebound will come after China TCM fully digest the impact of VBP. Looking forward, annual profit of RMB1bn is still expected. Reasonable valuation is RMB10-15bn, which is just conservative estimate.
• As CNPGC still commits to resolving the horizontal competition issue, investors have reignited interest in betting on privatization of China TCM and potential merger with Taiji, which is a catalyst.

• Q1 FY25 revenue fell 20% YoY, but enterprise SSD strength kept EBITDA positive and margins above trough levels.
• Management guides for a strong sequential rebound in Q2–Q3 on AI-driven enterprise demand and normalized PC/smartphone inventories.
• Kioxia trades at ~3–4× EV/EBITDA vs peers on 9–12×, despite higher NAND margins, with the gap driven by cyclicality, tech lag, and shareholder overhang.

• Mahindra & Mahindra (MM IN) pre-announces GST benefits, signaling consumer-first patriotism but raising questions on intent.
• Dealer checks reveal heavy discounting despite festive demand hopes coupled with weak dispatches.
• Possible margin risks emerge as MM tries to flush out inventory ahead of GST 2.0 and festive season.

• Copper Output Cuts: JX Advanced Metals will reduce electrolytic copper production by ~30kt (~5–8% of capacity) in FY25, with further smelting downscaling by March 2026.
• Margins have collapsed as TC/RCs plunged into negative territory (~–$45/t vs $80/t in 2023), amid concentrate shortages and Chinese overcapacity.
• Smelting will be retained mainly for rare-metal recovery (tantalum, indium, rhenium), while JX doubles down on semiconductor materials and upstream mineral projects.

• Laopu Gold (6181 HK)  is down nearly 20% since June’s lock-up expiry, despite strong 1H2025 results and subsequent analyst earnings upgrades.
• The stock trades at 22x FY26E, the low end of its YTD P/E range, with a PEG below 0.8x.
• China’s retail gold demand in 2Q2025 has shifted toward investment products – a trend that could support Laopu’s mostly investment-driven sales.

• Performance Running momentum intact: ~10% global market share, outgrowing Nike, with scope for further share gains.
• Adjacent categories underpenetrated globally; restructuring complete, positioning for accelerated US/Asia expansion.
• Lifestyle brands (SportStyle, Onitsuka Tiger) compounding fast (+40%+ YoY), higher margins, could be the real long-term profit driver.

• Daniel Wu of BristolMoon Capital discusses Mercado Libre, a company that has evolved from being the “eBay of Latam” to a major e-commerce and fintech player in Latin America.
• Mercado Libre is described as an amalgamation of Amazon Retail and Alipay, with a dominant market share in e-commerce in countries like Brazil, Mexico, and Argentina.
• Founded in 1999 in Buenos Aires by Marcos Galperin and co-founders, Mercado Libre differentiated itself by focusing on sustainable growth strategies instead of chasing rapid user acquisition, allowing it to thrive through economic downturns and emerge as a major player in the region.

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

• Amber Group’s electronics arm, ILJIN Electronics, has raised Rs 1,200 crore in its first-ever institutional fundraise, led by private equity firm ChrysCapital and supported by InCred Growth Partners.
• This capital infusion accelerates ILJIN’s organic expansion & supports its strategic inorganic growth ambitions, positioning the company as key beneficiary of India’s push for self-reliance under PLI and ECMS schemes.
• The fundraise is a powerful validation of Amber’s strategic pivot towards high-growth EMS sector, paving the way for sustained, multi-year growth and a potential re-rating of the consolidated entity.

• Urban Company is India’s largest organized online home-services platform, with ~60% of revenues from Beauty & Wellness and dominant market share across categories.
• IPO proceeds (~₹4,720 mn fresh issue) will be used to strengthen technology, expand professional training, enhance branding, and fund working capital.
• The platform connects customers with vetted professionals for beauty, cleaning, repairs, and home improvement, differentiated by its supply-controlled model (training, kits, quality standards).

• 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 six pair trade opportunities across three markets and four 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.

• Marubeni is a top-five Japanese trading house, diversified across resources, food, leasing, power, and chemicals.
• Management is deploying ~¥1.2tn capex through FY30, tilted toward copper expansion in Chile and renewables growth.
• Shares trade at ~11x P/E and 7–8% FCF yield with ~5% cash return yield, offering value on dips below ¥3,000.

• California based Figma Inc. reported another strong quarter, but shares sold off over 20% given an early lockup release of some ~11.4M Class A shares.
• I estimate ~$630M worth of Figma shares became eligible for sale on the second trading day immediately following public release of earnings for the 2Q’FY25.
• I think selling pressure in Figma stock is expected to ease as valuation improved and VC shareholders agreed to extend their lockup with respect to ~54% of Class A shares.

• 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: Going long Bank Of Queensland (BOQ AU) and short Commonwealth Bank of Australia (CBA AU) targets a 4% return, with Bank Of Queensland (BOQ AU) supported by cheaper valuations.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• BLUEJET is a pure-play API/CDMO with strong positioning in contrast media intermediates. Further, it has demonstrated R&D and execution capabilities by commercialising 15+ molecules (oncology, CVS, CNS) under CDMO model.
• Its share price has corrected by ~35% since July end, after below expectation June quarter results exacerbated by weak export data amid tariff concerns. However, August numbers alleviated some concerns.
• Shares now trade at 30x FY26 PE, the lower end of 30-60x range where peers currently trade at. Company has high visibility for 20+% earnings growth for the medium term.

• We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
• We established metrics focusing on high ROCE, sustainable growth of 10-15% YoY, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
• Read our updates on Philippines Exchange (PSE PM): IPO Pipeline to Cross 200 Bn (>142% YoY) Pesos For 2025, The Keepers Holdings (KEEPR PM), and Ginebra San Miguel (GSMI PM) 

• Taiwan Semiconductor (TSMC) – ADR (TSM US) has raised wafer prices, with 2nm wafers expected to cost at least 50% more—exceeding USD 30,000 per wafer.   
• Rapidus plans to begin 2nm engineering production in 1Q26 and target mass production by 2027, likely one node behind TSMC.
• Taiwan Semiconductor (TSMC) – ADR (TSM US) is expected to be ready for iPhone 17 production.

• The certainty of 2025 performance is actually high. 25H2 performance is expected to be better than that in 25H1. Our forecast is net profit to reach RMB10 billion in 2025. 
• The concern is Pop Mart may face the sustainability problem of performance under the high base of 2025 starting from 2026. If consumers develop aesthetic fatigue towards LABUBU,  performance would decline.
• In a neutral situation, 30-35x P/E is a comfortable range.Valuation upside depends more on the sustainability of THE MONSTERS popularity and whether the popularity of other IPs can exceed expectations.

• Shanghai MicroPort MedBot Group (2252 HK) recorded 1H25 revenue of RMB 176M, up 77% YoY driven by rapid expansion of commercialization of multiple products. Overseas market sales grew 189% YoY.
• Toumai Laparoscopic Surgical Robot continued to be the main growth driver securing new orders of 30+ units and achieving commercial installation of 22 units.
• MedBot’s recent approvals of Toumai variants, technology advantages, diversified portfolio and commercialization strength place it at an inflection point, expected to be back in the black soon.

• Nidec dropped 22% on Thursday following management’s decision to establish an independent committee to investigate accounting irregularities. It bounced back nearly 5% on Friday, but finished the week down 20%.
• In June, the Company received approval to postpone submitting its FY Mar-25 securities report until September 26. In July, it released incomplete 1Q results while postponing full disclosure.
• Without correct numbers, we can only guess at the full impact of the accounting irregularities and their effect on management. 

• DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.
• Anagement is expanding capacity via the Gohara Plant (FY2028) and upgrading innovation at the Haneda R&D Center (FY2025–27) to secure its edge in hybrid bonding, PLP, and stealth dicing.
• Revenues are projected to grow ~11% CAGR to FY2028, with EPS potentially reaching ¥1,500, but the stock trades at a premium ~33x FY26E P/E.

• Intel Corp (INTC US) has not given up on Intel Foundry Service (IFS), even though it currently lacks any sizable clients.
• We are puzzled as to why Intel former CEO Pat Gelsinger insisted on entering the foundry market, which has so far weakened Intel’s financials without generating meaningful returns.
• Qualcomm Inc (QCOM US) CEO has publicly stated that Intel’s manufacturing technology is still not competitive.

• TSMC: 26.2% Premium; Historically Extreme Level to Open Fresh Short of the Spread
• UMC: +1.0% Premium: Wait for More Extreme Level Before Going Long or Short
• ASE: +2.7% Premium; Open Fresh Longs of ADR Spread Closer to Parity

• Mars Group Holdings has three main business units including Amusement related (including pachinko/pachislot peripherals), Smart Solutions, and Hotels/restaurants related. 
• It trades at P/E of 8.5x, P/B of 0.8x, and EV/EBITDA of 2.3x. Net cash is 48% of its market cap.
• Its sales, gross profit, and operating profit increased by 180%, 146%, and 680%, respectively from FY22 to FY25. However, it had a disappointing results in FY1Q26.

• With the exception of SF Holding, all listed express firms reported lower H1 OP%
• SF’s independence and unique product mix protected profits as volume surged
• We suggest going Long SF Hldg against Short positions in ZTO & J&T

• Newgen Software Technologies (NEWGEN IN) is the leading provider of a unified digital transformation platform with native process automation, content services, and communication management capabilities.
• The company continues to exhibit aggressive accounting practice in FY25, where growth driven by overseas subsidiaries was majorly tied up in credit period. Higher provision on debtors is further concerning. 
• High remuneration to promoters and independent directors, insider trading complaints, are few governance concerns

• Context: The Kotak Mahindra Bank (KMB IN) vs. Bajaj Finance (BAF IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Kotak Mahindra Bank (KMB IN) and short Bajaj Finance (BAF IN) targets a 9% return, with the long position supported by cheaper valuations.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Bath & Body Works presented its financial performance for the second quarter of 2025, reflecting a strategic focus on customer-centric growth initiatives.
• The company reported net sales of $1.5 billion, up 1.5% compared to the previous year, alongside adjusted earnings per diluted share of $0.37.
• The sales growth was led by robust store traffic and successful promotional activity during their semiannual sale, which was strategically shifted to align with market dynamics and consumer behavior.

• GMS Inc.’s latest earnings for the fourth quarter of fiscal year 2025 reflects a mixed performance amidst a challenging macroeconomic environment.
• On the positive side, the company reported net sales of $1.3 billion for the quarter, which aligns with the high end of their expectations provided earlier in the year.
• The sales were bolstered by recent acquisitions, including Kamco, Yvon Building Supply, R.S. Elliott, and Howard & Sons Building Materials, which contributed positively to their revenue.

• Axon reported strong Q2 earnings with 30% year-over-year growth and strong performance in both connected devices and software segments
• The company has been exceeding growth expectations, with 14 consecutive quarters of over 25% growth and 6 consecutive quarters of over 30% growth
• Axon has been focusing on leveraging AI technology to improve efficiency for police officers and drive growth in their software and services segment

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• Autodesk, a prominent player in the design and make software space, has demonstrated robust second-quarter performance for fiscal year 2026.
• The company exceeded expectations across several key financial metrics, including revenue, non-GAAP earnings per share, billings, non-GAAP operating margin, and free cash flow.
• Consequently, Autodesk has raised its guidance for the entire fiscal year, highlighting its optimistic outlook despite an uncertain geopolitical, macroeconomic, and policy environment.

• DICK’S Sporting Goods recently reported a strong performance in its second quarter of 2025, showcasing a 5% increase in comparable store sales, supported by growth in average ticket size and transactions.
• This builds upon the company’s past success, including a 4.5% comp increase in the previous year and a 2% increase in 2023.
• One of the notable highlights was the expansion of gross margins by over 30 basis points, underscoring effective inventory and pricing strategies.

• As geopolitical pressures and regulatory hurdles continue to stifle Nvidia’s ability to deliver its most powerful AI processors to Chinese buyers, Alibaba Group Holding Ltd. is rapidly stepping in to fill the void.
• The Chinese tech conglomerate has developed a new AI chip that is both more versatile and domestically manufactured—breaking its prior dependency on Taiwan Semiconductor Manufacturing.
• This new chip, tailored for a broad range of AI inference tasks, is currently in testing and could offer Chinese enterprises a viable alternative to Nvidia’s downgraded H20 processor, which was specifically built for the Chinese market under export restrictions.

• Xiaomi reported C2Q25 top line, non-IFRS operating profit and IFRS net income (2.3%), (0.5%) and 41% vs. our estimates, and in-line, (14%) and 31% vs. consensus. 
• Xiaomi’s growth strategy is to replicate its brand success from smartphones to appliances and EV’s and from China to the rest of the world. 
• We raise TP from HK$56 to 61 and place Xiaomi into TOP BUY list.

• Affirm Holdings, Inc. delivered a robust performance in its fourth quarter of fiscal 2025, marking significant progress in several key areas.
• The company reported a record in key metrics, despite it not being the traditional peak quarter, indicating strong business momentum.
• Affirm’s growth is attributed to its continued focus on underwriting precision and consumer engagement, alongside significant contributions from its 0% APR products that are effectively attracting new customers and encouraging repeat usage.

• Aon plc, a global leader in insurance brokerage and consulting services, is undergoing strategic realignment that has reignited acquisition speculation.
• On September 3, 2025, the company confirmed it would divest the majority of its NFP wealth businesses—namely Wealthspire Advisors, Fiducient Advisors, and Newport Private Wealth—to private equity firm Madison Dearborn Partners for approximately $2.7 billion.
• The transaction, expected to close in late Q4, will yield around $2.2 billion in after-tax proceeds and remove $127 million in trailing twelve-month EBITDA from Aon’s books.

• We initiate coverage on Info Tech Systems (Info Tech) with a Buy recommendation and a DCF-based target price of SGD 1.17 (33% potential upside).
• Info Tech should generate revenue CAGR of 6.2% in FY25-28 and is likely to generate SGD 18 mn in EBITDA in FY25.
• Info Tech runs a Singapore-based SaaS business targeted at SMEs.

• Alibaba (BABA) reported C2Q25 top line, non-GAAP op. profit and GAAP net income (4.3%), (10%) and 7.7% vs. our est. and (2.2%), 20% and 9.5% vs. cons.. 
• As stated in our previous reports, we believe O2O e-commerce will constitute ~20% of China’s e-commerce and BABA will capture ~50%. 
• We maintain BABA’s TOP BUY classification and raise TP to US$181

• Having lost out to Trial in acquiring Seiyu, PPI’s new president last month announced an aggressive new strategy. 
• PPI will hugely expand through a roll out of a completely new chain of up to 300 supermarkets and the addition of 250 more Don Quijote stores.
• Don Quijote continues to outperform thanks to strong support from both locals looking for cheaper essentials and inbound tourists, as well as improving performance abroad.