Daily Briefs

FnGuide is one of the key beneficiaries of the increased index investing in Korea.
Total net assets of ETFs tracking FnGuide indices surged from about 14 trillion won at the end of 2024 to about 30 trillion won as of end of October 2025.
There has been a sharp increase in foreign ownership of FnGuide from 0.4% at the end of 2023 to 14.5% as of 3 November 2025.

Nintendo (7974) | Early Signals from the Switch 2 Cycle

By Mark Chadwick

Switch 2 production signals confidence: Supplier orders for up to 25 mn units imply upside to Nintendo’s conservative guidance and likely operating profit revisions over FY3/26.
Quarterly Earnings Sensitivity: Every 1 mn hardware units adds ¥11 bn to OP and 1 mn software units ¥3 bn, making Q2 results a key sentiment catalyst.
Sector positioning remains strong: With major global peers acquired, Nintendo stands as the premier pure-play gaming franchise; valuation premium sustained by scarcity and structural growth exposure.

Hyperscalers’ Cloud Revenue and Capex Update

By Nicolas Baratte

Hyperscalers (AMZN, GOOG, META, MSFT) revenues accelerating from 1Q25. Total revenues in 2025 ~$1.15tn, up 17% YoY.
Cloud (AWS, GOOG, MSFT) revenues accelerating. 2025 Cloud revenues in 2025 ~$375bn, up 25% YoY.
2025 Capex up 63% YoY to $376bn. 2026 Capex will increase by ~46% YoY to reach ~$550bn. I estimate ~30% increase in 2027 to reach $715bn.

Pop Mart (9992 HK) 25Q3 – The Decline in Stock Prices May Not Have Ended Yet

By Xinyao (Criss) Wang

Pop Mart’s 25Q3 results beat expectations, mainly driven by high growth of revenue attributed from operations overseas. The “online + offline + overseas” three-wheel drive strategy has achieved remarkable performance.
However, the market has expressed concerns over the IP life cycle and performance sustainability of Pop Mart through the decline in its stock price, which may not have ended yet.
There are no signs that new products can catch up with LABUBU. Once market sentiment reverses, it will affect Pop Mart’s valuation outlook. 30-35x P/E is a more comfortable range.

Hanwha Aerospace: Best Ever Results in 3Q 2025

In 3Q25, Hanwha Aerospace reported sales of 6.5 trillion won (up 146.5% YoY and 1.6% lower than consensus) and operating profit of 856.4 billion won (up 79.5% YoY).
The company’s results in 3Q 2025 were its best ever in its history. The strong results were driven by its land defense business and its shipbuilding unit Hanwha Ocean.
Given the company’s excellent growth in sales and profits in the past several years as well as its strong order backlog, its valuationsremain attractive.

Sheng Siong (SSG SP): Surpassing Expectations Handsomely, But Fairly Valued. Money Off The Table?

By Sameer Taneja

Sheng Siong (SSG SP) surpassed expectations in Q3 2025, delivering revenue/profit growth of 14%/12% YoY, with FY25e store expansions totaling 11 stores, bringing the total to 86 in Singapore.
The company is now pursuing a strategy of mall openings in tandem with its already successful HDB strategy, resulting in a higher growth rate than previously expected.
Despite the more rapidly expanding footprint in Singapore, we believe the company is now fairly valued at 24.4x FY25PE with risks from the Johor Bahru-Singapore RTS and the associated SEZ.

Korea Small Cap Gem #48: Daewon Sanup

Daewon Sanup’s net cash as percentage of market cap is 171%. This is one of the highest net cash/market cap ratios in the Korean stock market.
Daewon Sanup is one of the largest Korean automobile seat manufacturers. It is also one of the beneficiaries of the reduction in US auto tariffs to 15% (from 25% previously).
The company is trading at dirt cheap valuations. It is trading at P/E of 2.3x and P/B of 0.4x based on LTM financials.

Mediatek 3Q25: Good News (ASIC Revenue) But Weak Margins Getting Weaker. Stock Not Attractive.

By Nicolas Baratte

Weak 3Q reported, weak 4Q guidance (Operating Margin) due to wafer price, some TSMC tightness (5-3nm), Opex increase. This should continue into 2026. Consensus too high. That should be negative.
But Management provides a very upbeat ASIC guidance: $1bn revenue in ’26, several bn in ‘27 , OP margin accretive at some point. Short-term pain, long-term gain.
MTK posits itself as the next ASIC disruptor, has several codesigns with Nvidia. But that’s material in ’27. The stock is down -8% YTD. Underperformance continues at least in 1H26.

Confluent: Real-Time Data Processing with Stream Processing & Flink Are Driving Growth!

By VRS (Valuation & Research Specialists)

Confluent, a company specializing in data streaming solutions, reported solid quarterly results, surpassing all guided metrics.
The company’s subscription revenue saw a 19% increase year-over-year, reaching $286 million, while Confluent Cloud revenue increased by 24% to $161 million.
This highlights the firm’s strong growth trajectory in cloud services, which now represent 56% of its subscription revenue.

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Nov 04

Daily Brief Macro: HEM: Nov-25 Views & Challenges and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

HEM: Nov-25 Views & Challenges
Making Sense of the Gold Price Retreat
Prepare for the Year-End Rally!
Asian Equities: Foreign Flows Wobbled in October; Taiwan Sold, Korea Moderated; India Bounced Back
End of Quantitative Tightening Partly Eclipsed by Hawkish Pivot by Fed Chairman Powell
Luxembourg Economy – September 12, 2025
Third Quarter 2025 Letter to Investors

HEM: Nov-25 Views & Challenges

By Phil Rush

Pushback by Powell and peers trimmed some excessively dovish pricing, but the BoE converged down on poor data.
The BoE should also resist pressure as underlying issues are unbroken by relatively marginal recent payback.
We now see markets overpricing easing most in the UK. More weakness is needed to signal a threatening trend.

Making Sense of the Gold Price Retreat

By Cam Hui

We offer a plausible scenario that explains the recent surge and correction in gold.
The market misinterpreted the “Liberation Day” USD decline as a “Sell America” trade instead of a “Hedge America” trade and panicked out of USD and rushed into gold.
We expect a bottom in gold in Q4 or Q1 as the new Fed Chair pivots monetary policy in a more expansionary manner.

Prepare for the Year-End Rally!

By Cam Hui

A review of our Trend Asset Allocation Model reveals a broadly based momentum-driven global bull.
The S&P 500 is also entering a period of positive year-end seasonality.
In light of the bullish support provided by the intermediate trend, investors should be positioning for a rally into year-end.

Asian Equities: Foreign Flows Wobbled in October; Taiwan Sold, Korea Moderated; India Bounced Back

By Manishi Raychaudhuri

In October FIIs bought US$2.36bn of Asian equities, sharply lower than US$8.42bn in September. They sold Taiwan (-US$3.2bn), bought Korea (US$4.2bn) and India (US$1.66bn). ASEAN continued to be sold.
FIIs’ dampened sentiment was triggered by Asia’s toppish valuations and a decline in probability of a Fed rate cut in December, which in turn led to a stronger US Dollar.
Going forward we expect flows to recover in Taiwan and stay healthy in Korea, as sentiment on AI capex recovers, driven by strong growth and robust capex targets of hyperscalers.

End of Quantitative Tightening Partly Eclipsed by Hawkish Pivot by Fed Chairman Powell

By Said Desaque

Although the Fed reduced its policy rate by 25 basis points last week, as expected, Chairman Powell disappointed markets with a hawkish pivot about further declines in 2025.
The cessation of quantitative tightening , effective 1 December, was also announced due to the elimination of excess liquidity in the financial system and strains in repo funding markets.
The elevated demand for repo funding due to high Treasury debt issuance means the Fed has effectively lost control of its balance sheet due to profligate fiscal policy conduct.

Luxembourg Economy – September 12, 2025

Luxembourg’s Economy is projected to continue the positive growing trends in the next three years.
According to IMF, the economy is expected to present growth rates of 1.03%, 1.58% and 2.21% in the years 2024-2026, rebounding from the slight contraction of 0.69% in 2023.
Investments as percentage of GDP, are to stay between the 14-15% level, i.e. well below the 18% average of the last years.

Third Quarter 2025 Letter to Investors

By Massif Capital Research

During the third quarter of 2025, the Massif Capital Real Assets Strategy returned 36.1% net of fees, bringing our YTD returns to 41.5% net of fees.
Gross-of-fees gains from the long book were 35.9% and short book gains were 0.73%.
The Real Assets strategy has now been running for 27 quarters, and this was our best quarter to date, bringing our since-inception annualized net-of-fees returns to 14.6%.

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Nov 04

Daily Brief Singapore: Elite UK REIT, Sheng Siong, SUTL Enterprise, OKP Holdings, Valuetronics Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Elite UK REIT: October 2025 Update
Sheng Siong (SSG SP): Surpassing Expectations Handsomely, But Fairly Valued. Money Off The Table?
SUTL Enterprise Limited – Setting Sail for Regional Expansion
Fundamentals Driving Recent SMID Institutional Flows
2025 Buyback Consideration Surpasses 10-year High

Elite UK REIT: October 2025 Update

By Wealth Management Alliance

This report provides an update of Elite UK REIT (SGX: MXNU), after our initiation report dated 18 March 25.
Then, we had a price target of GBP0.30. We have increased the target price now to GBP0.39 in view of the REIT’s pivot and diversification and factoring in the market’s willingness to accept a smaller traded discount on the REIT’s share to its NAV.
Since our initiation report, several positive developments have emerged.

Sheng Siong (SSG SP): Surpassing Expectations Handsomely, But Fairly Valued. Money Off The Table?

By Sameer Taneja

Sheng Siong (SSG SP) surpassed expectations in Q3 2025, delivering revenue/profit growth of 14%/12% YoY, with FY25e store expansions totaling 11 stores, bringing the total to 86 in Singapore.
The company is now pursuing a strategy of mall openings in tandem with its already successful HDB strategy, resulting in a higher growth rate than previously expected.
Despite the more rapidly expanding footprint in Singapore, we believe the company is now fairly valued at 24.4x FY25PE with risks from the Johor Bahru-Singapore RTS and the associated SEZ.

SUTL Enterprise Limited – Setting Sail for Regional Expansion

By SAC Capital

SUTL Enterprise Limited (“SUTL”) is a Singapore based developer, operator, and consultant of integrated marinas and remain as the only marina focused business listed on the SGX.
Under its proprietary ONE°15 Marina brand, the Group operates its flagship club at Sentosa Cove, manages third-party marinas across Asia, and runs a luxury yacht charter fleet of over 50 vessels.
Its core revenue streams comprise marina club operations (berthing, hospitality, and F&B services), consultancy and management fees for marina developments, and luxury yacht charters.

Fundamentals Driving Recent SMID Institutional Flows

By Geoff Howie

SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25.
Technology sector led SMID inflows with S$308 million, driven by AI adoption and CSE Global’s 50% share price increase.
Construction sector growth boosted nine SMID stocks, with OKP Holdings securing a S$258 million contract, increasing its order book.

2025 Buyback Consideration Surpasses 10-year High

By Geoff Howie

In 2025, 78 primary-listed Singapore companies repurchased S$1.91 billion in shares, a 90% increase from 2024.
17Live Group repurchased S$6.2 million shares, 3.4% of its market capitalisation, reflecting disciplined capital deployment.
Jason Marine Group’s first buyback since 2015 followed a 40% revenue increase and strong project deliveries.

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Nov 04

Daily Brief China: Yum China Holdings , Beijing Originwater Technology Co,Ltd., CNOOC Ltd, Huadian New Energy Group, Pop Mart, CNGR Advanced Material , JD Industrial Technology , MGM China Holdings and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

HSCEI Index Rebalance Preview: 3 Changes as Adds Go Up, Up & Away
Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Final Expectations; US$1bn+ Combined One-Way Flows
A/H Premium Tracker (Week to 31 Oct 2025): Beautiful Skew Behaving Badly But RMB Counters Approach
Quiddity Leaderboard CSI 300/500 Dec25: Final Expectations; Huge Flows
Pop Mart (9992 HK) 25Q3 – The Decline in Stock Prices May Not Have Ended Yet
CNGR Advanced Material H Share Listing: The Investment Case
JD Industrials Pre-IPO – Re-Refiling Updates – More Hits than Misses
Lucror Analytics – Morning Views Asia

HSCEI Index Rebalance Preview: 3 Changes as Adds Go Up, Up & Away

By Brian Freitas

There could be 3 changes for the Hang Seng China Enterprises Index (HSCEI INDEX) in December. Announcement is on 21 November with implementation at the close on 5 December.
The forecast adds have moved higher over the last few months and handily outperformed the forecast deletes and the Hang Seng China Enterprises Index (HSCEI INDEX).
There has been aggressive short covering in the forecast adds and there could be more in stocks where short interest is still a high percentage of float.

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Final Expectations; US$1bn+ Combined One-Way Flows

The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming December 2025 index rebal event. 11 ADDs, 11 DELs, $2.3bn to trade.

A/H Premium Tracker (Week to 31 Oct 2025): Beautiful Skew Behaving Badly But RMB Counters Approach

By Travis Lundy

Big Beautiful Skew was again a no-show. But the SFC’s expectation of dual counter eligibility for Connect by year-end approaches its endgame.
The GAC (2238 HK) reco 2wks ago worked well. One extra week was bad. Last week’s reco on CNOOC Ltd (883 HK) was a disaster. H underperformed A by 8.4%.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there – free – for all SK readers.

Quiddity Leaderboard CSI 300/500 Dec25: Final Expectations; Huge Flows

CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
We expect 11 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index during this index review based on the latest available data. US$11bn total flows.

Pop Mart (9992 HK) 25Q3 – The Decline in Stock Prices May Not Have Ended Yet

By Xinyao (Criss) Wang

Pop Mart’s 25Q3 results beat expectations, mainly driven by high growth of revenue attributed from operations overseas. The “online + offline + overseas” three-wheel drive strategy has achieved remarkable performance.
However, the market has expressed concerns over the IP life cycle and performance sustainability of Pop Mart through the decline in its stock price, which may not have ended yet.
There are no signs that new products can catch up with LABUBU. Once market sentiment reverses, it will affect Pop Mart’s valuation outlook. 30-35x P/E is a more comfortable range.

CNGR Advanced Material H Share Listing: The Investment Case

By Arun George

CNGR Advanced Material (300919 CH), a new energy materials company, has filed its PHIP for an H Share listing to raise US$700 million.
CNGR ranked first globally in 2024 in terms of sales value for all cathode active material precursors (pCAM) products, with a market share of 21.8%.
The fundamentals are solid, with good growth, a relatively stable margin profile, declining cash burn, manageable leverage, and an undemanding valuation.

JD Industrials Pre-IPO – Re-Refiling Updates – More Hits than Misses

By Sumeet Singh

JD Industrial is now looking to raise about US$500m, down from earlier reported US$1bn, in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We have looked at the company background and provided our initial thoughts on valuations in our previous notes. In this note, we will talk about the refiling updates.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

Front-end UST yields declined on Friday, unwinding part of the jump in yields following the FOMC rate decision on Wednesday.
The yield on the 2Y UST fell 4 bps to 3.57%, while the yield on the 10Y UST was down 2 bps at 4.08%. Equities climbed, supported by optimism over corporate earnings.
The S&P 500 gained 0.3% to 6,840, while the Nasdaq rose 0.6% to 23,725.

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Nov 04

Daily Brief Event-Driven: A/H Premium Tracker (Week to 31 Oct 2025): Beautiful Skew Behaving Badly But RMB Counters Approach and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

A/H Premium Tracker (Week to 31 Oct 2025): Beautiful Skew Behaving Badly But RMB Counters Approach
Weekly Update (WDC, AAF, LBTYA, LEN)
Selected European HoldCos and DLC: October 2025 Report

A/H Premium Tracker (Week to 31 Oct 2025): Beautiful Skew Behaving Badly But RMB Counters Approach

By Travis Lundy

Big Beautiful Skew was again a no-show. But the SFC’s expectation of dual counter eligibility for Connect by year-end approaches its endgame.
The GAC (2238 HK) reco 2wks ago worked well. One extra week was bad. Last week’s reco on CNOOC Ltd (883 HK) was a disaster. H underperformed A by 8.4%.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there – free – for all SK readers.

Weekly Update (WDC, AAF, LBTYA, LEN)

By Richard Howe

This week we had a busy week of earnings (WDC, AAF, LBTYA), and it will continue next week.
Honeywell (HON) spun off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025.
Solstice was added to the S&P 500 and performed well on its first day of trading before selling off on Friday.

Selected European HoldCos and DLC: October 2025 Report

By Jesus Rodriguez Aguilar

GBL: discount 28.6% (Oct 31). Selling €1.7bn GBL Capital NAV for €1.5bn cash (+€0.4bn deferred); €0.6bn commitments transferred. Simpler, more liquid, greater buyback firepower—supports discount narrowing.
Sweden: Industrivärden discount 5.8% (near lows). Investor AB resilient; NAV SEK 1,024bn, TSR +5%. Quality ballast, limited discount alpha now.
Vivendi: 33.2% discount to €4.67 NAV; AMF-driven OPA path intact. Scenario-weighted value ~€4.17; prefer outright long or stub vs UMG/Banijay/MFE; trim if discount narrows to 10–15%.

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Nov 04

Daily Brief Japan: Nintendo, Northsand, Moriya Corp, Nikkei 225, Hikari Food Service, Nihon Dengi and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Nintendo (7974) | Early Signals from the Switch 2 Cycle
Northsand Pre-IPO: Strong Topline Momentum With Improving Margins
Primer: Moriya Corp (1798 JP) – Nov 2025
Cross-Market Outlook: US Vs Asia — Who’s Overbought, Who’s Oversold?(Nov 4, 2025)
(31 Oct 2025) Hikari Food Service(138A JP) — Fisco Company Research
Nihon Dengi (1723 JP): Coverage Initiation

Nintendo (7974) | Early Signals from the Switch 2 Cycle

By Mark Chadwick

Switch 2 production signals confidence: Supplier orders for up to 25 mn units imply upside to Nintendo’s conservative guidance and likely operating profit revisions over FY3/26.
Quarterly Earnings Sensitivity: Every 1 mn hardware units adds ¥11 bn to OP and 1 mn software units ¥3 bn, making Q2 results a key sentiment catalyst.
Sector positioning remains strong: With major global peers acquired, Nintendo stands as the premier pure-play gaming franchise; valuation premium sustained by scarcity and structural growth exposure.

Northsand Pre-IPO: Strong Topline Momentum With Improving Margins

By Hong Jie Seow

Northsand (446A JP) aims to raise around US$121m in its Japan IPO.
Northsand is a consulting firm that provides both IT and business consulting services. Established in 2015, it helps organizations improve efficiency, modernize operations, and achieve sustainable growth.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Primer: Moriya Corp (1798 JP) – Nov 2025

By αSK

Moriya Corp is a well-established general construction company based in Nagano, Japan, with operations primarily in civil engineering, building construction, and real estate. The company has demonstrated a strong growth trajectory, underscored by a robust increase in market capitalization and a solid financial performance in recent years.
The Japanese construction market provides a stable, albeit moderately growing, backdrop, supported by significant government investment in infrastructure, disaster resilience, and renewable energy projects. Moriya is well-positioned to capitalize on these trends, particularly in public works and infrastructure renewal.
Despite a strong performance and an attractive valuation with a low P/E ratio, the company faces industry-wide challenges, including a shrinking workforce, rising material costs, and intense competition. Volatility in operating cash flow presents a key area for investor monitoring.

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

Cross-Market Outlook: US Vs Asia — Who’s Overbought, Who’s Oversold?(Nov 4, 2025)

By Nico Rosti

A look at our probabilistic tactical models for US and Asian Equities: comparing which stocks are overbought and which ones are oversold.
Most of the U.S. and Asian stocks we track are overbought, with Asian markets showing the strongest overbought conditions.
Meta (META US) and the CSI 300 Index (SHSZ300) offer bargain-hunting opportunities for tactical investors.

(31 Oct 2025) Hikari Food Service(138A JP) — Fisco Company Research

By FISCO

Key points (machine generated)

The briefing on October 31, 2025, featured Mitsunori Otani, President of Hikari Food Service Co., Ltd.
The event included a Q&A session moderated by Hiroe Takai from FISCO Co., Ltd.
The focus was on Hikari Food Service’s presence on the Tokyo Stock Exchange Growth Market in the retail industry.

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

Nihon Dengi (1723 JP): Coverage Initiation

By Shared Research

In FY03/25, the company recorded revenue of JPY43.1bn (+10.7% YoY), gross profit of JPY18.7bn (+28.3% YoY), operating profit of JPY9.1bn (+46.0% YoY), recurring profit of JPY9.3bn (+47.2% YoY), and net income attributable to owners of the parent of JPY6.4bn (+37.3% YoY).
By segment, revenue totaled JPY39.4bn (+12.9% YoY) in the Air Conditioning Instrumentation-related business and JPY3.7bn (-8.3% YoY) in the Industrial Systems-related business.
Revenue increased as the company recognized revenue from large new installation projects (e.g., factory projects, redevelopment projects in the Tokyo metropolitan area) in the Air Conditioning Instrumentation-related business.

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Nov 04

Daily Brief Utilities: Nextera Energy, Shin Hsiung Gas and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

NextEra Energy Inside the Clean Tech Pipeline: What’s Next After 3GW in One Quarter?
Primer: Shin Hsiung Gas (8908 TT) – Nov 2025

NextEra Energy Inside the Clean Tech Pipeline: What’s Next After 3GW in One Quarter?

NextEra Energy, Inc. recently reported its third quarter financial results for 2025, focusing on strong operational accomplishments and future prospects across its business segments.
The company’s adjusted earnings per share increased by 9.7% year-over-year, with significant contributions from both Florida Power & Light Company (FPL) and NextEra Energy Resources.
FPL reported a robust quarter, with its earnings per share growing $0.08 year-over-year, primarily due to an 8% increase in regulatory capital employed.

Primer: Shin Hsiung Gas (8908 TT) – Nov 2025

By αSK

Dominant Regional Utility with Favorable Regulatory Tailwinds: Shin Hsiung Gas operates as a regulated natural gas utility in Kaohsiung, Taiwan, benefiting from a stable, concession-based business model. The company is poised to capitalize on Taiwan’s national energy policy, which aims to increase the share of natural gas in power generation to 50% by 2025, driving secular demand growth.
Diversifying Revenue Streams and Strong Growth Profile: While core gas sales provide a stable foundation, the company is expanding into solar electricity sales and equipment installation, demonstrating a forward-looking strategy. This is reflected in its strong growth metrics, with a 5-year net income CAGR of 7.37% and a remarkable 3-year dividend CAGR of 64.36%.
Moderate Valuation with Key Risks: The company trades at a P/E ratio of 24.6x. While its growth is robust, it faces risks tied to commodity price volatility, regulatory oversight on pricing, and high dependency on imported Liquefied Natural Gas (LNG) for its supply. Taiwan’s energy security is a key national concern, which could impact long-term supply stability.

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Nov 04

Daily Brief Industrials: Beijing Originwater Technology Co,Ltd., Hanwha Aerospace, Daewon San Up, HNI Corp, Honeywell International, Citra Marga Nusaphala Persada, Moriya Corp, OKP Holdings, Venus Pipes & Tubes, IRB InvIT Fund and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Final Expectations; US$1bn+ Combined One-Way Flows
Hanwha Aerospace: Best Ever Results in 3Q 2025
Korea Small Cap Gem #48: Daewon Sanup
HNI: 3Q25 EPS Upside; Workplace Leading Indicators Firming
Weekly Update (WDC, AAF, LBTYA, LEN)
Primer: Citra Marga Nusaphala Persada (CMNP IJ) – Nov 2025
Primer: Moriya Corp (1798 JP) – Nov 2025
Fundamentals Driving Recent SMID Institutional Flows
Primer: Venus Pipes & Tubes (VENUSPIP IN) – Nov 2025
Primer: IRB InvIT Fund (IRBINVIT IN) – Nov 2025

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Final Expectations; US$1bn+ Combined One-Way Flows

The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming December 2025 index rebal event. 11 ADDs, 11 DELs, $2.3bn to trade.

Hanwha Aerospace: Best Ever Results in 3Q 2025

In 3Q25, Hanwha Aerospace reported sales of 6.5 trillion won (up 146.5% YoY and 1.6% lower than consensus) and operating profit of 856.4 billion won (up 79.5% YoY).
The company’s results in 3Q 2025 were its best ever in its history. The strong results were driven by its land defense business and its shipbuilding unit Hanwha Ocean.
Given the company’s excellent growth in sales and profits in the past several years as well as its strong order backlog, its valuationsremain attractive.

Korea Small Cap Gem #48: Daewon Sanup

Daewon Sanup’s net cash as percentage of market cap is 171%. This is one of the highest net cash/market cap ratios in the Korean stock market.
Daewon Sanup is one of the largest Korean automobile seat manufacturers. It is also one of the beneficiaries of the reduction in US auto tariffs to 15% (from 25% previously).
The company is trading at dirt cheap valuations. It is trading at P/E of 2.3x and P/B of 0.4x based on LTM financials.

HNI: 3Q25 EPS Upside; Workplace Leading Indicators Firming

By Water Tower Research

HNI reported 3Q25 ongoing EPS of $1.10 versus $1.03 in 3Q24, up 6.8%, which was ahead of our $1.06 estimate, which was also consensus
Sales grew 1.7% in the quarter to $683.8MM, slightly below our forecast for 2.2% growth and consensus of 2.5% growth.
Excluding the HNI India divesture, organic sales growth was 2.6% in the quarter.

Weekly Update (WDC, AAF, LBTYA, LEN)

By Richard Howe

This week we had a busy week of earnings (WDC, AAF, LBTYA), and it will continue next week.
Honeywell (HON) spun off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025.
Solstice was added to the S&P 500 and performed well on its first day of trading before selling off on Friday.

Primer: Citra Marga Nusaphala Persada (CMNP IJ) – Nov 2025

By αSK

CMNP is an established toll road operator in Indonesia with a portfolio of concessions primarily located in strategic, high-traffic urban areas, positioning it to benefit from the country’s continued economic growth and urbanization.
The company is embarking on significant expansion projects, notably the Harbour Road II, which is expected to drive future revenue growth. However, these projects also entail considerable execution and financing risks.
Valuation appears attractive, with a low price-to-book ratio and a high Smartkarma value score. This is contrasted by a lack of dividend payments and potential corporate governance concerns related to concession extensions that are under investigation.

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Primer: Moriya Corp (1798 JP) – Nov 2025

By αSK

Moriya Corp is a well-established general construction company based in Nagano, Japan, with operations primarily in civil engineering, building construction, and real estate. The company has demonstrated a strong growth trajectory, underscored by a robust increase in market capitalization and a solid financial performance in recent years.
The Japanese construction market provides a stable, albeit moderately growing, backdrop, supported by significant government investment in infrastructure, disaster resilience, and renewable energy projects. Moriya is well-positioned to capitalize on these trends, particularly in public works and infrastructure renewal.
Despite a strong performance and an attractive valuation with a low P/E ratio, the company faces industry-wide challenges, including a shrinking workforce, rising material costs, and intense competition. Volatility in operating cash flow presents a key area for investor monitoring.

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Fundamentals Driving Recent SMID Institutional Flows

By Geoff Howie

SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25.
Technology sector led SMID inflows with S$308 million, driven by AI adoption and CSE Global’s 50% share price increase.
Construction sector growth boosted nine SMID stocks, with OKP Holdings securing a S$258 million contract, increasing its order book.

Primer: Venus Pipes & Tubes (VENUSPIP IN) – Nov 2025

By αSK

Venus Pipes & Tubes is a rapidly growing manufacturer and exporter of stainless steel (SS) seamless and welded pipes and tubes in India, capitalizing on the expanding domestic and international demand across various industries.
The company is in the midst of a significant capacity expansion and backward integration strategy, which is expected to drive revenue growth, improve margins, and strengthen its market position.
While the company has demonstrated strong financial performance and a robust growth trajectory, it faces risks associated with the cyclicality of the steel industry, raw material price volatility, and increasing competition from both domestic and international players.

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Primer: IRB InvIT Fund (IRBINVIT IN) – Nov 2025

By αSK

Established Portfolio with Stable, Long-Term Cash Flows: IRB InvIT Fund owns a portfolio of operational toll road assets with long concession periods granted by the National Highways Authority of India (NHAI), providing predictable, long-term revenue streams essential for stable distributions to unitholders.
Strong Growth Trajectory via Strategic Acquisitions: The Trust is actively expanding its asset base through strategic acquisitions from its sponsor, IRB Infrastructure Developers Ltd. A recent major acquisition of three high-revenue BOT assets is set to double the enterprise value to over ₹16,000 crore and extend the weighted average life of the portfolio to 17 years.
Attractive Dividend Yield and Valuation: As an Infrastructure Investment Trust (InvIT), it is mandated to distribute 90% of its net distributable cash flow, resulting in a consistently high dividend yield. The units trade at an attractive price-to-book ratio, suggesting a favorable valuation relative to its underlying asset value.

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Nov 04

Daily Brief Energy/Materials: CNOOC Ltd, Asian Paints, Huadian New Energy Group, CNGR Advanced Material , Riley Exploration Permian, Electra Battery Materials , Southern Copper, Spanish Mountain Gold, Noble Corp Plc, Ecolab Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

A/H Premium Tracker (Week to 31 Oct 2025): Beautiful Skew Behaving Badly But RMB Counters Approach
India: Potential Free Float Changes & Passive Flows in November
Quiddity Leaderboard CSI 300/500 Dec25: Final Expectations; Huge Flows
CNGR Advanced Material H Share Listing: The Investment Case
REPX: Free Cash Flow to Execute Strategy
Primer: Electra Battery Materials (ELBM CN) – Nov 2025
Southern Copper’s BIG Move: How Tia Maria Is Transforming Peru’s Mining Future!
SPA: First Assays from Fall Program Already Impress
Noble Corporation: What’s Cooking in Mozambique, West Africa, & Beyond?
Ecolab’s Latest Approach: How Integrated Hygiene & Water Solutions Unlock Growth!

A/H Premium Tracker (Week to 31 Oct 2025): Beautiful Skew Behaving Badly But RMB Counters Approach

By Travis Lundy

Big Beautiful Skew was again a no-show. But the SFC’s expectation of dual counter eligibility for Connect by year-end approaches its endgame.
The GAC (2238 HK) reco 2wks ago worked well. One extra week was bad. Last week’s reco on CNOOC Ltd (883 HK) was a disaster. H underperformed A by 8.4%.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there – free – for all SK readers.

India: Potential Free Float Changes & Passive Flows in November

By Brian Freitas

Companies in India have disclosed their shareholding pattern as of end-September in October. There are companies with significant float changes from end-June and/or end-March.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
Depending on the date that the shareholding was published, there could be 20 stocks with passive inflows from global trackers while 6 could have passive outflows in November.

Quiddity Leaderboard CSI 300/500 Dec25: Final Expectations; Huge Flows

CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
We expect 11 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index during this index review based on the latest available data. US$11bn total flows.

CNGR Advanced Material H Share Listing: The Investment Case

By Arun George

CNGR Advanced Material (300919 CH), a new energy materials company, has filed its PHIP for an H Share listing to raise US$700 million.
CNGR ranked first globally in 2024 in terms of sales value for all cathode active material precursors (pCAM) products, with a market share of 21.8%.
The fundamentals are solid, with good growth, a relatively stable margin profile, declining cash burn, manageable leverage, and an undemanding valuation.

REPX: Free Cash Flow to Execute Strategy

By Water Tower Research

Riley’s solid cash flow profile provides management with the flexibility to navigate the current commodity price environment.
Management’s latest (August 6, 2025) FY25 total capital spending plan totaled $113-146 million, which included $84-100 million of upstream capex and $29-46 million of midstream capex.
An additional $15-18 million investment is planned in the company’s power joint venture.

Primer: Electra Battery Materials (ELBM CN) – Nov 2025

By αSK

Electra Battery Materials is strategically positioned to become a key player in the North American electric vehicle (EV) supply chain by establishing the continent’s first cobalt sulfate refinery.
The company’s integrated battery materials park concept, which includes cobalt refining, battery recycling, and potential nickel sulfate production, offers a localized and environmentally sustainable solution, reducing reliance on foreign supply chains, particularly China’s dominance in the sector.
Strong government support from both Canada and the U.S., coupled with a key offtake agreement with LG Energy Solution, provides a solid foundation for the company’s growth, though execution risks and market volatility remain key considerations.

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Southern Copper’s BIG Move: How Tia Maria Is Transforming Peru’s Mining Future!

Southern Copper Corporation’s third quarter and nine-month results for 2025 present a nuanced picture of the company’s financial and operational status.
The company marked notable achievements with record net sales, adjusted EBITDA, and net income for the quarter, underscoring effective strategic execution and favorable market conditions.
The boosts in these financials were substantially driven by increased production of by-products like zinc, silver, and molybdenum, and elevated metal prices.

SPA: First Assays from Fall Program Already Impress

By Atrium Research

This morning, SPA announced assay results for its first two drill holes as part of its 9,000-10,000m fall drill program.
The results confirm strong grades over wide intervals within the proposed pit (in areas previously modeled as lower-grade and/or waste), including 0.77 g/t Au over 112m and 0.64 g/t over 102m.
Drilling supports advancement toward a 2027 construction decision, building on a PEA with $1.03B NPV5% and 18% IRR at US$2,450/oz.

Noble Corporation: What’s Cooking in Mozambique, West Africa, & Beyond?

Noble Corporation’s third-quarter 2025 earnings report presents a mixed picture for investors, with some positive developments and notable challenges on the horizon.
The company generated an adjusted EBITDA of $254 million and a free cash flow of $139 million, which was bolstered by net disposal proceeds of $87 million.
This financial performance underscores Noble’s operational efficiency, as highlighted by the company’s successful execution in technically demanding deepwater drilling operations.

Ecolab’s Latest Approach: How Integrated Hygiene & Water Solutions Unlock Growth!