Industrials

• With the review period now complete, there could be 3 constituent changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
• Constituent changes along with capping changes will lead to a one-way turnover of 12.7% and in a round-trip trade of TWD 125bn (US$4bn).
• There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.

• Verisure Holding (VSURE SS) is forecasted to be added at a market cap of ~$19bn following its IPO on 8 October.
• Metlen Energy & Metals (MTLN LN) is expected to be added at a market cap of ~$6bn due to a change of incorporation and primary listing from Greece to UK.
• Vend Marketplaces ASA (VEND NO) is projected to be added at a market cap of ~$6bn because of the unification of its share class structure.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Delhi Int’l Airport
• UST yields fell yesterday, led by the long end, on the back of a solid 2-year note auction and surprisingly dovish comments from San Francisco Fed President Mary Daly. The yield on the 2Y UST declined 1 bp to 3.50%, while that on the 10Y UST was down 4 bps at 4.03%.
• Equities rose for a second day, as tech stocks recovered slightly from the prior week’s sell-off. The S&P 500 advanced 1.5% to 6,705, and the Nasdaq jumped 2.7% to 22,872.

• Hosokawa Micron is a global leader in the niche market of powder and particle processing equipment, commanding an estimated 30% global market share. Its technology is critical for a wide array of industries, including pharmaceuticals, electronics (notably battery materials), chemicals, and food products.
• The company is strategically focused on enhancing profitability through its ‘Unique & Dominant’ medium-term plan, aiming to develop distinctive products that solve customer problems and strengthen engineering capabilities to secure large-scale projects. This strategy is geared towards achieving long-term targets of JPY 150 billion in sales and an operating margin of 12%.
• Financial performance has shown resilience, with record operating profit in FY2024 despite a challenging global environment. While recent sales have seen a slight decline, the company has effectively managed costs and improved gross margins, maintaining a strong balance sheet with a high capital adequacy ratio.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Monadelphous is a leading Australian engineering group specializing in construction and maintenance services for the resources, energy, and infrastructure sectors. Its dual-division structure allows it to capture opportunities across the full asset lifecycle.
• The company is experiencing a period of strong growth, driven by significant contract wins in its core markets, particularly in iron ore and energy. A robust project pipeline and strategic acquisitions are expected to support continued revenue momentum.
• While exposed to the cyclical nature of the resources sector and persistent skilled labor shortages, Monadelphous‘ strong balance sheet, long-term client relationships with blue-chip companies, and diversification into renewable energy and critical minerals position it to navigate market uncertainties.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Margin progression, cash generation and dividend growth – as well as a material, post period end acquisition – were all notable features of H1 26.
• A sharpened and connected business portfolio with leading market positions, clear strategic growth drivers and demonstrable results are together delivering above sector performance against a generally subdued economic backdrop.
• The foundations are in place to continue to capture market share in a more favourable cyclical environment, though this is not currently factored in.

• Stanley Black & Decker’s third quarter 2025 results reflect a mixed performance with some positives and notable challenges.
• The company’s revenue for the quarter stood at $3.8 billion, marking a flat performance compared to the previous year, with an organic decline of 1%.
• This outcome was primarily driven by a 6% decline in volume, which offset a 5% increase in pricing.

• The strategic communications Company provided a trading update for the 18-month period ended 31 December 2025.
• For comparative purposes, unaudited figures for the 18-month period ended 31 December 2024 were used.
• Revenue is expected to be no less than £29m (18 months 2024: £27.5m), with underlying profit before tax (excluding one-off restructuring costs) of no less than £700k (18 months 2024: £318k).

• In a strategic move to strengthen its foothold in financial and municipal advisory services, Willdan Group announced the acquisition of Compass Municipal Advisors through its subsidiary, Willdan Financial Services.
• The transaction is expected to close by January 1, 2026, and comes amid a record-breaking Q3 performance where Willdan posted 26% net revenue growth and 20% organic growth, bolstered by booming demand in electrification and data center infrastructure.
• With margins expanding and EBITDA reaching a quarterly high of $23.1 million, the company has raised its fullyear 2025 financial targets.

• Curtiss-Wright Corporation reported its third-quarter 2025 financial results, revealing both strengths and challenges that investors should consider.
• The company demonstrated solid operational performance across its three segments, contributing to a favorable financial outlook and robust market positioning.
• In terms of financial highlights, Curtiss-Wright achieved a significant increase in revenue, which was $869 million, marking a 9% year-over-year growth, including 6% organic growth.

• With the review period now complete, there could be 3 constituent changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
• Constituent changes along with capping changes will lead to a one-way turnover of 12.7% and in a round-trip trade of TWD 125bn (US$4bn).
• There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.

• Verisure Holding (VSURE SS) is forecasted to be added at a market cap of ~$19bn following its IPO on 8 October.
• Metlen Energy & Metals (MTLN LN) is expected to be added at a market cap of ~$6bn due to a change of incorporation and primary listing from Greece to UK.
• Vend Marketplaces ASA (VEND NO) is projected to be added at a market cap of ~$6bn because of the unification of its share class structure.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Delhi Int’l Airport
• UST yields fell yesterday, led by the long end, on the back of a solid 2-year note auction and surprisingly dovish comments from San Francisco Fed President Mary Daly. The yield on the 2Y UST declined 1 bp to 3.50%, while that on the 10Y UST was down 4 bps at 4.03%.
• Equities rose for a second day, as tech stocks recovered slightly from the prior week’s sell-off. The S&P 500 advanced 1.5% to 6,705, and the Nasdaq jumped 2.7% to 22,872.

• Hosokawa Micron is a global leader in the niche market of powder and particle processing equipment, commanding an estimated 30% global market share. Its technology is critical for a wide array of industries, including pharmaceuticals, electronics (notably battery materials), chemicals, and food products.
• The company is strategically focused on enhancing profitability through its ‘Unique & Dominant’ medium-term plan, aiming to develop distinctive products that solve customer problems and strengthen engineering capabilities to secure large-scale projects. This strategy is geared towards achieving long-term targets of JPY 150 billion in sales and an operating margin of 12%.
• Financial performance has shown resilience, with record operating profit in FY2024 despite a challenging global environment. While recent sales have seen a slight decline, the company has effectively managed costs and improved gross margins, maintaining a strong balance sheet with a high capital adequacy ratio.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Monadelphous is a leading Australian engineering group specializing in construction and maintenance services for the resources, energy, and infrastructure sectors. Its dual-division structure allows it to capture opportunities across the full asset lifecycle.
• The company is experiencing a period of strong growth, driven by significant contract wins in its core markets, particularly in iron ore and energy. A robust project pipeline and strategic acquisitions are expected to support continued revenue momentum.
• While exposed to the cyclical nature of the resources sector and persistent skilled labor shortages, Monadelphous‘ strong balance sheet, long-term client relationships with blue-chip companies, and diversification into renewable energy and critical minerals position it to navigate market uncertainties.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Margin progression, cash generation and dividend growth – as well as a material, post period end acquisition – were all notable features of H1 26.
• A sharpened and connected business portfolio with leading market positions, clear strategic growth drivers and demonstrable results are together delivering above sector performance against a generally subdued economic backdrop.
• The foundations are in place to continue to capture market share in a more favourable cyclical environment, though this is not currently factored in.

• Stanley Black & Decker’s third quarter 2025 results reflect a mixed performance with some positives and notable challenges.
• The company’s revenue for the quarter stood at $3.8 billion, marking a flat performance compared to the previous year, with an organic decline of 1%.
• This outcome was primarily driven by a 6% decline in volume, which offset a 5% increase in pricing.

• The strategic communications Company provided a trading update for the 18-month period ended 31 December 2025.
• For comparative purposes, unaudited figures for the 18-month period ended 31 December 2024 were used.
• Revenue is expected to be no less than £29m (18 months 2024: £27.5m), with underlying profit before tax (excluding one-off restructuring costs) of no less than £700k (18 months 2024: £318k).

• In a strategic move to strengthen its foothold in financial and municipal advisory services, Willdan Group announced the acquisition of Compass Municipal Advisors through its subsidiary, Willdan Financial Services.
• The transaction is expected to close by January 1, 2026, and comes amid a record-breaking Q3 performance where Willdan posted 26% net revenue growth and 20% organic growth, bolstered by booming demand in electrification and data center infrastructure.
• With margins expanding and EBITDA reaching a quarterly high of $23.1 million, the company has raised its fullyear 2025 financial targets.

• Curtiss-Wright Corporation reported its third-quarter 2025 financial results, revealing both strengths and challenges that investors should consider.
• The company demonstrated solid operational performance across its three segments, contributing to a favorable financial outlook and robust market positioning.
• In terms of financial highlights, Curtiss-Wright achieved a significant increase in revenue, which was $869 million, marking a 9% year-over-year growth, including 6% organic growth.

• Qube Holdings (QUB AU) has received a non-binding proposal from Macquarie Asset Management (MAM) at A$5.20 per share, a 27.8% premium to the undisturbed price.
• The Board has granted exclusive due diligence until 1 February 2026 (or 15 February under certain circumstances). A scheme offer would be conditional on FIRB and ACCC approval. 
• While the offer represents an all-time high, the scarcity value of high-quality infrastructure assets could spur a competing bid from others, such as Brookfield, which holds pre-emptive rights at Patrick.

• On 24 November, the SNT Group formalized its hostile takeover of Smec. S&T Holdings  disclosed that it acquired an additional 5.46% stake in SMEC, raising its stake to 13.65%.
• S&T Holdings and SNT Group Chairman Choi combined own a 20.2% stake in SMEC. In comparison, the SMEC CEO Choi Young-seop owns a 9.75% stake in SMEC.
• In our view, this is likely to lead to a potential fight for the control of SMEC’s management rights, pushing up the share price of SMEC even further.

• GlobalData is a data analytics and consulting company with a strong, subscription-based recurring revenue model, which accounts for approximately 75-80% of its total revenue.
• The company has demonstrated a solid long-term growth track record through both organic development and strategic acquisitions, though recent performance shows signs of slowing revenue growth and margin pressure.
• Positioned in the growing business intelligence and analytics market, the company’s ‘One Platform’ model offers a scalable and integrated solution, but it faces significant competition from larger, established players.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Institutions were net sellers of Singapore stocks from Nov 14 to Nov 20, with a net outflow of S$131 million.
• United Overseas Bank led share buybacks, acquiring 997,700 shares at an average price of S$34.01, totaling S$58.2 million.
• Wing Tai Holdings’ Cheng Wai Keung increased his interest to 62.24%, while Banyan Tree Holdings’ Goodview Properties raised its stake to 6.06%.

• Capacite Infraprojects saw its highest-ever Q2 performance with 24% YoY income growth. It achieved nearly its full-year order inflow target of Rs. 3,500 crores in H1 FY26, signaling strong execution. 
• The Rs. 11,991 crores order book provides robust 4.5x revenue visibility, and a shift towards the upper end of the 16.5%-17.5% EBITDA margin guidance suggests improving operational efficiency and profitability.
• CIL is set for sustained, high-double-digit growth with major H2 FY26 project ramp-ups and a Rs. 4,000 crores FY28 revenue target, necessitating a focus on execution and working capital strategies.

• Exchange Income Corporation (EIC) operates a diversified business model focused on two key segments: Aerospace & Aviation and Manufacturing. This diversification provides resilience against economic cycles and market fluctuations.
• The company has a proven track record of disciplined, accretive acquisitions, integrating niche market leaders to drive growth and steady cash flow. This strategy is a core tenet of its long-term value creation.
• EIC is committed to providing shareholders with reliable and growing dividends, supported by the essential nature of the services and products offered by its portfolio of companies.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Freightos is a first-mover in the digitization of the global freight industry, operating a SaaS-enabled marketplace that connects carriers, forwarders, and shippers, driving transparency and efficiency in a traditionally opaque market.
• The company is demonstrating strong top-line growth, evidenced by a 28.86% 3-year revenue CAGR and 23 consecutive quarters of record transaction volumes. However, it remains significantly unprofitable, with substantial cash burn as it invests in scaling its platform.
• Future success hinges on achieving operating leverage and scaling its network to reach profitability. The company is targeting adjusted EBITDA breakeven by the fourth quarter of 2026, a key catalyst for the stock.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Recent quarters operating numbers for Samsung SDI (006400 KS) is quite poor and have caused the share price to decrease accordingly. 
• The share price has rallied on the back of the news on Tesla’s new business to order ESS from Samsung SDI. 
• At what level shall investors start to accumulate Samsung SDI. 

• Copart’s business model is beautifully simple. When an insured vehicle is deemed a total loss after an accident, insurers need to dispose of it quickly.
• Its online auction platform lets insurers, banks, and rental-car companies offload banged-up vehicles to a global buyer base across almost 200 countries.
• Copart’s valuation story is refreshingly simple. This is a business with a ten-year record of double-digit growth, industry-leading margins, and cash conversion that’s practically perfect. 

• In this edition: • AkzoNobel | a second Axalta shareholder opposes the proposed merger terms • ING | completes two risk sharing transactions • Fagron | strengthens position in EMEA and granted California license to FSS Boston • bpostgroup | unions call upon their members not to strike at bpost

• Qube Holdings (QUB AU) has received a non-binding proposal from Macquarie Asset Management (MAM) at A$5.20 per share, a 27.8% premium to the undisturbed price.
• The Board has granted exclusive due diligence until 1 February 2026 (or 15 February under certain circumstances). A scheme offer would be conditional on FIRB and ACCC approval. 
• While the offer represents an all-time high, the scarcity value of high-quality infrastructure assets could spur a competing bid from others, such as Brookfield, which holds pre-emptive rights at Patrick.

• On 24 November, the SNT Group formalized its hostile takeover of Smec. S&T Holdings  disclosed that it acquired an additional 5.46% stake in SMEC, raising its stake to 13.65%.
• S&T Holdings and SNT Group Chairman Choi combined own a 20.2% stake in SMEC. In comparison, the SMEC CEO Choi Young-seop owns a 9.75% stake in SMEC.
• In our view, this is likely to lead to a potential fight for the control of SMEC’s management rights, pushing up the share price of SMEC even further.

• GlobalData is a data analytics and consulting company with a strong, subscription-based recurring revenue model, which accounts for approximately 75-80% of its total revenue.
• The company has demonstrated a solid long-term growth track record through both organic development and strategic acquisitions, though recent performance shows signs of slowing revenue growth and margin pressure.
• Positioned in the growing business intelligence and analytics market, the company’s ‘One Platform’ model offers a scalable and integrated solution, but it faces significant competition from larger, established players.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Institutions were net sellers of Singapore stocks from Nov 14 to Nov 20, with a net outflow of S$131 million.
• United Overseas Bank led share buybacks, acquiring 997,700 shares at an average price of S$34.01, totaling S$58.2 million.
• Wing Tai Holdings’ Cheng Wai Keung increased his interest to 62.24%, while Banyan Tree Holdings’ Goodview Properties raised its stake to 6.06%.

• Capacite Infraprojects saw its highest-ever Q2 performance with 24% YoY income growth. It achieved nearly its full-year order inflow target of Rs. 3,500 crores in H1 FY26, signaling strong execution. 
• The Rs. 11,991 crores order book provides robust 4.5x revenue visibility, and a shift towards the upper end of the 16.5%-17.5% EBITDA margin guidance suggests improving operational efficiency and profitability.
• CIL is set for sustained, high-double-digit growth with major H2 FY26 project ramp-ups and a Rs. 4,000 crores FY28 revenue target, necessitating a focus on execution and working capital strategies.

• Exchange Income Corporation (EIC) operates a diversified business model focused on two key segments: Aerospace & Aviation and Manufacturing. This diversification provides resilience against economic cycles and market fluctuations.
• The company has a proven track record of disciplined, accretive acquisitions, integrating niche market leaders to drive growth and steady cash flow. This strategy is a core tenet of its long-term value creation.
• EIC is committed to providing shareholders with reliable and growing dividends, supported by the essential nature of the services and products offered by its portfolio of companies.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Freightos is a first-mover in the digitization of the global freight industry, operating a SaaS-enabled marketplace that connects carriers, forwarders, and shippers, driving transparency and efficiency in a traditionally opaque market.
• The company is demonstrating strong top-line growth, evidenced by a 28.86% 3-year revenue CAGR and 23 consecutive quarters of record transaction volumes. However, it remains significantly unprofitable, with substantial cash burn as it invests in scaling its platform.
• Future success hinges on achieving operating leverage and scaling its network to reach profitability. The company is targeting adjusted EBITDA breakeven by the fourth quarter of 2026, a key catalyst for the stock.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Recent quarters operating numbers for Samsung SDI (006400 KS) is quite poor and have caused the share price to decrease accordingly. 
• The share price has rallied on the back of the news on Tesla’s new business to order ESS from Samsung SDI. 
• At what level shall investors start to accumulate Samsung SDI. 

• Copart’s business model is beautifully simple. When an insured vehicle is deemed a total loss after an accident, insurers need to dispose of it quickly.
• Its online auction platform lets insurers, banks, and rental-car companies offload banged-up vehicles to a global buyer base across almost 200 countries.
• Copart’s valuation story is refreshingly simple. This is a business with a ten-year record of double-digit growth, industry-leading margins, and cash conversion that’s practically perfect. 

• In this edition: • AkzoNobel | a second Axalta shareholder opposes the proposed merger terms • ING | completes two risk sharing transactions • Fagron | strengthens position in EMEA and granted California license to FSS Boston • bpostgroup | unions call upon their members not to strike at bpost

• As forecast, InterGlobe Aviation Ltd (INDIGO IN) will replace Tata Motors (TTMT IN) in the S&P BSE SENSEX Index (SENSEX INDEX) after the close on 19 December.
• Passive trackers will need to trade between 3.6-7.7x ADV in the stocks and that increases significantly to 7.1-12x delivery volume.
• There are indications that positioning has built up in both stocks over the last few weeks. However, in both cases, positioning is expected to be smaller than the passive selling.

• Qube Holdings (QUB AU), a logistics and infrastructure play, has announced a A$5.20/share non-binding indicative Offer from Macquarie Asset Management, a unit of Macquarie Group (MQG AU).
• That is a 27.8% premium to last close. And ~14.4x FY25 EV/EBITDA. The proposal “follows an earlier unsolicited, non-=binding and indicative offer at lower value.” Dividends paid will be netted.
• Qube directors are supportive. The proposal is conditional on due diligence, board approvals, no MACs at Qube, plus regulatory clearance, including FIRB and ACCC signing off.

• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Smart Share Global (EM US), Dongfeng Motor (489 HK), AUB Group Limited (AUB AU), ENN Energy (2688 HK), Digital Holdings Inc (2389 JP), Jinke Smart Services (9666 HK). 
• Lowest spreads: Bright Smart Securities (1428 HK), Mandom Corp (4917 JP), Pacific Industrial (7250 JP), Toyota Industries (6201 JP), Seven West Media (SWM AU), Star Micronics (7718 JP). 

• As forecast, InterGlobe Aviation Ltd (INDIGO IN) will replace Tata Motors (TTMT IN) in the S&P BSE SENSEX Index (SENSEX INDEX) after the close on 19 December.
• Passive trackers will need to trade between 3.6-7.7x ADV in the stocks and that increases significantly to 7.1-12x delivery volume.
• There are indications that positioning has built up in both stocks over the last few weeks. However, in both cases, positioning is expected to be smaller than the passive selling.

• Qube Holdings (QUB AU), a logistics and infrastructure play, has announced a A$5.20/share non-binding indicative Offer from Macquarie Asset Management, a unit of Macquarie Group (MQG AU).
• That is a 27.8% premium to last close. And ~14.4x FY25 EV/EBITDA. The proposal “follows an earlier unsolicited, non-=binding and indicative offer at lower value.” Dividends paid will be netted.
• Qube directors are supportive. The proposal is conditional on due diligence, board approvals, no MACs at Qube, plus regulatory clearance, including FIRB and ACCC signing off.

• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Smart Share Global (EM US), Dongfeng Motor (489 HK), AUB Group Limited (AUB AU), ENN Energy (2688 HK), Digital Holdings Inc (2389 JP), Jinke Smart Services (9666 HK). 
• Lowest spreads: Bright Smart Securities (1428 HK), Mandom Corp (4917 JP), Pacific Industrial (7250 JP), Toyota Industries (6201 JP), Seven West Media (SWM AU), Star Micronics (7718 JP). 

• If the three non-IT names exit IT, passive flows hit hard: SK Square/LG Electronics ~0.4× DTV out, LG Corp ~0.8× DTV out, new IT entrants ~0.2–0.25× DTV in.
• If KRX surprises next Tuesday, kicking three names from IT, expect immediate tape reaction—market memory exists, but the scenario isn’t priced, unlike 2023 Kakaopay, so instant price impact is likely.
• If this happens, June 11 turns into a chunky basket-flow day: SK Square (~15% weight) out, next-tier caps see ~0.15–0.2× DTV inflow, except ultra-liquid names like Hanmi Semi.

• In this insight, we present the flows to buy and sell for each of the top 6 Hang Seng Index Family indices based on estimated tracking AUM.
• The indices: Hang Seng Index (HSI), HS Tech Index (HSTECH), HS China Enterprise Index (HSCEI), HS HK Biotech (HSHKBIO), HS Internet & Infotech (HSIII), and HS Healthcare Index (HSHCI).
• By Quiddity calculations based on the 21 November close, there is one-way flow across these six indices of HK$26.14bn (approximately), to trade on 5 December at the close.

• Our measure of container shipping price momentum remained weak in October
• Poor Q3 results and downbeat Q4/FY guidance from Maersk, Zim; and Suez re-opening?
• Conditions are poor and will likely remain that way for a while; AVOID the sector

• KULR Technology Group is transitioning from a service-oriented business to a product-driven company focused on thermal management and battery safety solutions, with a significant strategic pivot towards a Bitcoin-centric treasury model.
• The company has established strong relationships with high-profile clients like NASA and the Department of Defense, leveraging its proprietary carbon fiber thermal management technology for mission-critical applications.
• While revenue is growing, the company remains unprofitable with significant cash burn, and its recent foray into Bitcoin introduces a new layer of volatility and risk to its financial profile.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• If the three non-IT names exit IT, passive flows hit hard: SK Square/LG Electronics ~0.4× DTV out, LG Corp ~0.8× DTV out, new IT entrants ~0.2–0.25× DTV in.
• If KRX surprises next Tuesday, kicking three names from IT, expect immediate tape reaction—market memory exists, but the scenario isn’t priced, unlike 2023 Kakaopay, so instant price impact is likely.
• If this happens, June 11 turns into a chunky basket-flow day: SK Square (~15% weight) out, next-tier caps see ~0.15–0.2× DTV inflow, except ultra-liquid names like Hanmi Semi.

• In this insight, we present the flows to buy and sell for each of the top 6 Hang Seng Index Family indices based on estimated tracking AUM.
• The indices: Hang Seng Index (HSI), HS Tech Index (HSTECH), HS China Enterprise Index (HSCEI), HS HK Biotech (HSHKBIO), HS Internet & Infotech (HSIII), and HS Healthcare Index (HSHCI).
• By Quiddity calculations based on the 21 November close, there is one-way flow across these six indices of HK$26.14bn (approximately), to trade on 5 December at the close.

• Our measure of container shipping price momentum remained weak in October
• Poor Q3 results and downbeat Q4/FY guidance from Maersk, Zim; and Suez re-opening?
• Conditions are poor and will likely remain that way for a while; AVOID the sector

• KULR Technology Group is transitioning from a service-oriented business to a product-driven company focused on thermal management and battery safety solutions, with a significant strategic pivot towards a Bitcoin-centric treasury model.
• The company has established strong relationships with high-profile clients like NASA and the Department of Defense, leveraging its proprietary carbon fiber thermal management technology for mission-critical applications.
• While revenue is growing, the company remains unprofitable with significant cash burn, and its recent foray into Bitcoin introduces a new layer of volatility and risk to its financial profile.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Starting next week, the tax subcommittee is set to hash out the 25% proposal, and with the opposition unlikely to block it, the 25% top rate is basically locked in.
• The street’s treating 30% payout as base case, betting on more upside. The committee may pick it up next week, with headlines likely hitting the KRX tape fast.
• Locals are already chasing 30%+ payout, deep-value names, with gov’t aiming for a Taiwan-style re-rating. If dividend-tax headlines drop next week, these screened names could rip.

Key points (machine generated)

• Caster, listed on the Tokyo Stock Exchange Growth Market in October 2023, reported increased revenue but an operating loss for the fiscal year ending August 2025.
• The company focuses on alleviating labor shortages for SMEs by connecting them with remote workers, promoting remote work normalization.
• Caster has over 5,800 users, primarily from startups and SMEs, employs around 800 individuals, and operates entirely remotely.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• Equifax Inc.’s results for the third quarter of 2025 reflect a period of robust revenue growth intertwined with complex operational adjustments.
• The company reported a revenue of $1.54 billion, marking a growth of over 7% in both constant currency and reported dollars.
• This performance surpassed the guidance provided in July by $25 million, primarily courtesy of strong performance in U.S. mortgage, Employment & Income Verification (EWS), and U.S. Information Solutions (USIS) non-mortgage sectors.

• Integrated Engineering and Industrial Gas Provider with Strong Regional Presence: Kelington Group Berhad (KGB) is a Malaysia-based investment holding company that provides integrated engineering services, construction, and general trading. The company operates through two main segments: Engineering and Industrial Gases, serving a diverse range of industries including electronics, semiconductor, petrochemical, and food and beverage across Malaysia, Singapore, China, and Taiwan.
• Leveraging Growth in the Semiconductor Industry: A significant portion of KGB’s business is tied to the semiconductor sector through its Ultra-High Purity (UHP) division, which provides gas and chemical delivery solutions. The company is well-positioned to benefit from the long-term growth of the semiconductor industry, driven by advancements in AI, IoT, and electric vehicles. Recent expansion into Germany and Hong Kong is a strategic move to capture a larger share of the global semiconductor capital expenditure.
• Diversified Business Model Mitigates Cyclicality: While the UHP segment is a primary revenue contributor, KGB has diversified its operations to include Process Engineering, General Contracting, and an Industrial Gases division. This diversification helps to mitigate the risks associated with the cyclical nature of the semiconductor industry and provides multiple avenues for growth. The industrial gases business, particularly the supply of liquid carbon dioxide (LCO2), is a key pillar for future growth with strong demand from the food and beverage sector.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Uber Technologies, Inc. recently reported its third-quarter 2025 earnings, highlighting solid growth in its operations, both in Mobility and Delivery sectors.
• The company recorded a marked increase in trips by 22%, the fastest growth since 2023, driven predominantly by enhancements in innovation and execution strategies.
• As a result of strong audience engagement and operational efficiency, gross bookings grew by 21% while maintaining relatively stable pricing.

• Starting next week, the tax subcommittee is set to hash out the 25% proposal, and with the opposition unlikely to block it, the 25% top rate is basically locked in.
• The street’s treating 30% payout as base case, betting on more upside. The committee may pick it up next week, with headlines likely hitting the KRX tape fast.
• Locals are already chasing 30%+ payout, deep-value names, with gov’t aiming for a Taiwan-style re-rating. If dividend-tax headlines drop next week, these screened names could rip.

Key points (machine generated)

• Caster, listed on the Tokyo Stock Exchange Growth Market in October 2023, reported increased revenue but an operating loss for the fiscal year ending August 2025.
• The company focuses on alleviating labor shortages for SMEs by connecting them with remote workers, promoting remote work normalization.
• Caster has over 5,800 users, primarily from startups and SMEs, employs around 800 individuals, and operates entirely remotely.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• Equifax Inc.’s results for the third quarter of 2025 reflect a period of robust revenue growth intertwined with complex operational adjustments.
• The company reported a revenue of $1.54 billion, marking a growth of over 7% in both constant currency and reported dollars.
• This performance surpassed the guidance provided in July by $25 million, primarily courtesy of strong performance in U.S. mortgage, Employment & Income Verification (EWS), and U.S. Information Solutions (USIS) non-mortgage sectors.

• Integrated Engineering and Industrial Gas Provider with Strong Regional Presence: Kelington Group Berhad (KGB) is a Malaysia-based investment holding company that provides integrated engineering services, construction, and general trading. The company operates through two main segments: Engineering and Industrial Gases, serving a diverse range of industries including electronics, semiconductor, petrochemical, and food and beverage across Malaysia, Singapore, China, and Taiwan.
• Leveraging Growth in the Semiconductor Industry: A significant portion of KGB’s business is tied to the semiconductor sector through its Ultra-High Purity (UHP) division, which provides gas and chemical delivery solutions. The company is well-positioned to benefit from the long-term growth of the semiconductor industry, driven by advancements in AI, IoT, and electric vehicles. Recent expansion into Germany and Hong Kong is a strategic move to capture a larger share of the global semiconductor capital expenditure.
• Diversified Business Model Mitigates Cyclicality: While the UHP segment is a primary revenue contributor, KGB has diversified its operations to include Process Engineering, General Contracting, and an Industrial Gases division. This diversification helps to mitigate the risks associated with the cyclical nature of the semiconductor industry and provides multiple avenues for growth. The industrial gases business, particularly the supply of liquid carbon dioxide (LCO2), is a key pillar for future growth with strong demand from the food and beverage sector.

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• Uber Technologies, Inc. recently reported its third-quarter 2025 earnings, highlighting solid growth in its operations, both in Mobility and Delivery sectors.
• The company recorded a marked increase in trips by 22%, the fastest growth since 2023, driven predominantly by enhancements in innovation and execution strategies.
• As a result of strong audience engagement and operational efficiency, gross bookings grew by 21% while maintaining relatively stable pricing.