Daily Briefs

• Retail flow drove the ratio: selling pushed it higher, buying dragged it lower. Pre‑Sept they dip‑bought and flipped; since late Sept they’ve chased longs, fueling Hynix’s rally.
• Instos joined retail chasing Hynix, juicing momentum; KRX’s investment‑alert acts as a speed bump, likely cooling hot‑money flows and tilting the ratio in Square’s favor.
• But retail still drives Hynix; until they cool off, Square NAV squeeze is early. A sector‑wide AI pivot cooling retail frenzy is the real catalyst, bigger than KRX’s alert.

• Xylem Inc., a leading global water technology company, reported solid results in the third quarter of 2025.
• The company demonstrated strong financial performance with notable growth across its segments and has adjusted its full-year outlook upwards due to ongoing robust demand and efficient execution of its strategic initiatives.
• Positively, Xylem registered an increase in revenue across all its segments, with a marked double-digit growth in both Measurement and Control Solutions (MCS) and Water Solutions and Services (WSS).

• Veralto Corporation delivered a robust yet nuanced performance in the third quarter of 2025, reflecting significant progress across its key business segments amidst a continually evolving macroeconomic landscape.
• The company reported a 5.1% increase in core sales and an 11% growth in adjusted earnings per share, propelled by strong execution within its Water Quality and Product Quality & Integrity (PQI) sectors.
• Despite navigating challenges such as global trade policy shifts, Veralto raised its full-year adjusted earnings per share guidance, showcasing resilience and adaptability.

• Ningbo Joyson Electronic (600699 CH) is looking to raise up to US$471m in its upcoming Hong Kong IPO.
• NBJ, is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Global LiDAR Market Leader Poised for Growth: Hesai Group is a global leader in the LiDAR (Light Detection and Ranging) solutions market, holding the top position in terms of revenue for three consecutive years. The company has a dominant market share in both the automotive and robotaxi segments, with a 37% global market share by revenue in 2023. Positioned to capitalize on the rapidly expanding LiDAR market, which is projected to grow at a CAGR of over 12-20% annually, Hesai is well-situated to benefit from the increasing adoption of Advanced Driver Assistance Systems (ADAS) and autonomous vehicles.
• Strong Revenue Growth and Path to Profitability: The company has demonstrated impressive top-line growth, with revenues increasing significantly year-over-year. Recent quarterly results show a marked improvement in financial performance, with a substantial narrowing of net losses and the achievement of non-GAAP profitability ahead of schedule. This is driven by a massive increase in LiDAR shipments, particularly for ADAS applications, reflecting strong market demand and successful scaling of its in-house manufacturing capabilities.
• Geopolitical Risks and Competitive Pressures Remain Key Overhangs: Despite its market leadership and growth trajectory, Hesai faces significant risks. The company was added to the U.S. Department of Defense’s list of “Chinese Military Companies,”which it vehemently disputes as baseless and commercially motivated. This designation, coupled with intense competition in the LiDAR space leading to pricing pressure, creates uncertainty and could impact its global expansion plans and margin stability.

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

• Diversified End-Market Exposure Mitigates Cyclicality: Impro serves a wide range of industries, including automotive, high-horsepower engines, aerospace, medical, and construction. This diversification helps to cushion the impact of downturns in any single sector. Recent strength in the aerospace and high-horsepower engine (driven by AI data center demand) segments has offset weakness in others.
• Strong Financial Performance and Shareholder Returns: The company has demonstrated a solid growth track record, particularly over the last three years, with an 18.95% CAGR in net income and a 40.46% CAGR in free cash flow. This financial strength supports a consistent and attractive dividend yield, which stood at 8.2% in the most recent fiscal year.
• Strategic Global Footprint and ‘One-Stop Shop’ Capabilities: With manufacturing facilities in China, Mexico, Turkey, and Europe, Impro is well-positioned to serve its global customer base and mitigate geopolitical risks. Its comprehensive service offering, from design and casting to precision machining and surface treatment, provides a key competitive advantage and deepens customer relationships.

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

• Grab Holdings (GRAB US)  delivered solid Q3 2025 results with healthy revenue and margin expansion across segments, but lagged consensus forecasts.
• Growth in Q32025 was driven by rising MTU, strong Mart and Advertising momentum among other factors.
• Management believes that the growth seen in recent quarters are sustainable, without sacrificing profitability. Raised full year guidance marginally.

• In FY03/25, the company reported record-high results, with revenue of JPY330.5bn (+16.4% YoY), operating profit of JPY20.6bn (+19.7% YoY), recurring profit of JPY20.1bn (+20.7% YoY), and net income attributable to owners of the parent of JPY14.9bn (+41.8% YoY).
• Orders (parent) totaled JPY353.8bn (+0.3% YoY), also a record high. Revenue exceeded the initial forecast by 10.2%, reflecting steady progress on large projects in the Domestic Civil Engineering, Domestic Building Construction, and Overseas businesses.
• Orders (parent) surpassed the initial forecast by 68.5%, boosted by early booking of overseas projects originally scheduled for FY03/26.

• Revenue increased by 7.6% YoY to JPY13.4bn, while operating profit decreased by 27.9% YoY to JPY2.1bn.
• Consulting business revenue was JPY9.6bn, with a 41.3% YoY decline in operating profit, driven by higher SG&A expenses.
• Investment business revenue rose 64.2% YoY to JPY3.7bn, with operating profit exceeding the full-year target at 113.2%.

• Privatization and Delisting: Car Inc. was privatized by private equity firm MBK Partners and delisted from the Hong Kong Stock Exchange on July 8, 2021, following a period of significant financial distress and corporate governance concerns. This report analyzes the company’s performance and position leading up to this event.
• Market Leadership Under Pressure: Historically one of China’s largest car rental companies, Car Inc.’s market position was eroded by intense competition, the negative impact of the COVID-19 pandemic, and its association with the Luckin Coffee accounting scandal through its founder, Charles Lu Zhengyao.
• Challenging Financial Trajectory: The company exhibited a significant deterioration in financial performance, with declining revenue, negative margins, and substantial net losses in the period leading up to its privatization. This was a stark reversal from its previously profitable operations.

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

• Retail flow drove the ratio: selling pushed it higher, buying dragged it lower. Pre‑Sept they dip‑bought and flipped; since late Sept they’ve chased longs, fueling Hynix’s rally.
• Instos joined retail chasing Hynix, juicing momentum; KRX’s investment‑alert acts as a speed bump, likely cooling hot‑money flows and tilting the ratio in Square’s favor.
• But retail still drives Hynix; until they cool off, Square NAV squeeze is early. A sector‑wide AI pivot cooling retail frenzy is the real catalyst, bigger than KRX’s alert.

• Xylem Inc., a leading global water technology company, reported solid results in the third quarter of 2025.
• The company demonstrated strong financial performance with notable growth across its segments and has adjusted its full-year outlook upwards due to ongoing robust demand and efficient execution of its strategic initiatives.
• Positively, Xylem registered an increase in revenue across all its segments, with a marked double-digit growth in both Measurement and Control Solutions (MCS) and Water Solutions and Services (WSS).

• Veralto Corporation delivered a robust yet nuanced performance in the third quarter of 2025, reflecting significant progress across its key business segments amidst a continually evolving macroeconomic landscape.
• The company reported a 5.1% increase in core sales and an 11% growth in adjusted earnings per share, propelled by strong execution within its Water Quality and Product Quality & Integrity (PQI) sectors.
• Despite navigating challenges such as global trade policy shifts, Veralto raised its full-year adjusted earnings per share guidance, showcasing resilience and adaptability.

• Ningbo Joyson Electronic (600699 CH) is looking to raise up to US$471m in its upcoming Hong Kong IPO.
• NBJ, is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Global LiDAR Market Leader Poised for Growth: Hesai Group is a global leader in the LiDAR (Light Detection and Ranging) solutions market, holding the top position in terms of revenue for three consecutive years. The company has a dominant market share in both the automotive and robotaxi segments, with a 37% global market share by revenue in 2023. Positioned to capitalize on the rapidly expanding LiDAR market, which is projected to grow at a CAGR of over 12-20% annually, Hesai is well-situated to benefit from the increasing adoption of Advanced Driver Assistance Systems (ADAS) and autonomous vehicles.
• Strong Revenue Growth and Path to Profitability: The company has demonstrated impressive top-line growth, with revenues increasing significantly year-over-year. Recent quarterly results show a marked improvement in financial performance, with a substantial narrowing of net losses and the achievement of non-GAAP profitability ahead of schedule. This is driven by a massive increase in LiDAR shipments, particularly for ADAS applications, reflecting strong market demand and successful scaling of its in-house manufacturing capabilities.
• Geopolitical Risks and Competitive Pressures Remain Key Overhangs: Despite its market leadership and growth trajectory, Hesai faces significant risks. The company was added to the U.S. Department of Defense’s list of “Chinese Military Companies,”which it vehemently disputes as baseless and commercially motivated. This designation, coupled with intense competition in the LiDAR space leading to pricing pressure, creates uncertainty and could impact its global expansion plans and margin stability.

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

• Diversified End-Market Exposure Mitigates Cyclicality: Impro serves a wide range of industries, including automotive, high-horsepower engines, aerospace, medical, and construction. This diversification helps to cushion the impact of downturns in any single sector. Recent strength in the aerospace and high-horsepower engine (driven by AI data center demand) segments has offset weakness in others.
• Strong Financial Performance and Shareholder Returns: The company has demonstrated a solid growth track record, particularly over the last three years, with an 18.95% CAGR in net income and a 40.46% CAGR in free cash flow. This financial strength supports a consistent and attractive dividend yield, which stood at 8.2% in the most recent fiscal year.
• Strategic Global Footprint and ‘One-Stop Shop’ Capabilities: With manufacturing facilities in China, Mexico, Turkey, and Europe, Impro is well-positioned to serve its global customer base and mitigate geopolitical risks. Its comprehensive service offering, from design and casting to precision machining and surface treatment, provides a key competitive advantage and deepens customer relationships.

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

• Grab Holdings (GRAB US)  delivered solid Q3 2025 results with healthy revenue and margin expansion across segments, but lagged consensus forecasts.
• Growth in Q32025 was driven by rising MTU, strong Mart and Advertising momentum among other factors.
• Management believes that the growth seen in recent quarters are sustainable, without sacrificing profitability. Raised full year guidance marginally.

• In FY03/25, the company reported record-high results, with revenue of JPY330.5bn (+16.4% YoY), operating profit of JPY20.6bn (+19.7% YoY), recurring profit of JPY20.1bn (+20.7% YoY), and net income attributable to owners of the parent of JPY14.9bn (+41.8% YoY).
• Orders (parent) totaled JPY353.8bn (+0.3% YoY), also a record high. Revenue exceeded the initial forecast by 10.2%, reflecting steady progress on large projects in the Domestic Civil Engineering, Domestic Building Construction, and Overseas businesses.
• Orders (parent) surpassed the initial forecast by 68.5%, boosted by early booking of overseas projects originally scheduled for FY03/26.

• Revenue increased by 7.6% YoY to JPY13.4bn, while operating profit decreased by 27.9% YoY to JPY2.1bn.
• Consulting business revenue was JPY9.6bn, with a 41.3% YoY decline in operating profit, driven by higher SG&A expenses.
• Investment business revenue rose 64.2% YoY to JPY3.7bn, with operating profit exceeding the full-year target at 113.2%.

• Privatization and Delisting: Car Inc. was privatized by private equity firm MBK Partners and delisted from the Hong Kong Stock Exchange on July 8, 2021, following a period of significant financial distress and corporate governance concerns. This report analyzes the company’s performance and position leading up to this event.
• Market Leadership Under Pressure: Historically one of China’s largest car rental companies, Car Inc.’s market position was eroded by intense competition, the negative impact of the COVID-19 pandemic, and its association with the Luckin Coffee accounting scandal through its founder, Charles Lu Zhengyao.
• Challenging Financial Trajectory: The company exhibited a significant deterioration in financial performance, with declining revenue, negative margins, and substantial net losses in the period leading up to its privatization. This was a stark reversal from its previously profitable operations.

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