Daily Briefs

Toshiba Corp (6502 JP) has sold over 5% of shares outstanding in Kioxia Holdings (285A JP) over the last month as the stock has run up.
The increased market cap and higher float should result in index inclusion and passive buying for Kioxia Holdings (285A JP) in November. Then an upweight in another index in December.
Toshiba Corp (6502 JP)‘s selling could also lead to Kioxia Holdings (285A JP) meeting JPX’s tradable share ratio and removes an overhang for the stock.

Tsuruha (3391 JP)/Welcia (3141 JP): Index Promotion & Passive Flows Likely Priced In

Tsuruha Holdings (3391 JP) acquires Welcia Holdings (3141 JP) in just over 4 weeks. Aeon Co Ltd (8267 JP)‘s tender offer for Tsuruha Holdings (3391 JP) could commence in December/January.
The enlarged Tsuruha Holdings (3391 JP) could migrate upward in the MGlobal Index and that will bring in large passive flows. But there is one thing to watch out for.
Tsuruha Holdings (3391 JP) and Welcia Holdings (3141 JP) have outperformed peers over the last 6 months and now trade at a higher forward PE.

Solactive Global Lithium Index Rebalance: Two Adds and Capping Changes

Solactive has announced the review results for the Global Lithium Index. There are two additions for the index and there will also be capping changes for some stocks.
Estimated one-way turnover is 26.3% and will result in a round-trip trade of US$813m. There are some stocks with over 0.5x ADV to trade.
The index has broken out of the secular downtrend, but investors continue to redeem units from the ETFs tracking the index.

Soft99 Corp (4464 JP): Precedent Set but Still a Fluid Outcome

KeePer Technical Laboratory (6036 JP) has switched its allegiance from the Soft99 Corp (4464 JP) MBO by agreeing to accept the higher Effissimo offer.
KeePer’s change of heart sets a huge precedent and signals that irrevocables are unenforceable and fiduciary duty outweighs a promise to tender.
Nevertheless, the outcome is still not set in stone. Effissimo’s chances of success have increased, but the MBO still retains a long-shot chance of success.

[Quiddity Index] S&P500/600 Dec25 Rebal: 2 Regular ADDs/DELs + Multiple Intra-Review Changes Coming

By Travis Lundy

The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the December 2025 index rebal event.
We now expect two regular changes in December 2025. There are also multiple live M&A and special situation events likely to trigger intra-review index changes.

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (27 Oct)

By Gaudenz Schneider

Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
Highlights: Currently nine pair trade opportunities across four markets and four sectors persist.
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

Shorting NOF (4403) Just Now Is Probably a Very Bad Idea

By Michael Allen

Japan’s defense budget may be set to surge by about 50%, making NOF’s ammunition business a hot theme.
Be careful though. NOF’s munitions segment faces production limits and slow capacity expansion, capping near-term profit growth even with new defense spending.
We think NOF is overvalued, even as we acknowledge consensus forecasts are probably too low. But shorting now would probably just be fighting the tape. Save this idea for later.

Merger Arb Mondays (27 Oct) – Dongfeng, ENN, Joy City, Minmetals, Soft99, Ashimori, Pacific Ind

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), Mayne Pharma (MYX AU), ENN Energy (2688 HK), Dongfeng Motor (489 HK), Changhong Jiahua Holdings (3991 HK), Joy City Property (207 HK).
Lowest spreads: Bright Smart Securities (1428 HK), Mandom Corp (4917 JP), Humm Group (HUM AU), Larvotto Resources (LRV AU), Seven West Media (SWM AU), Jinke Smart Services (9666 HK).

Japan Activism Briefs: Yamaha Motor, Tamron, NPC

By Mark Chadwick

Yamaha Motor (7272) | Silchester raised stake to 8.8%; shares down 20% despite core motorcycles/marine generating 20-30% ROIC, undermined by ¥62bn losses in RVs/Robotics.
Tamron (7740) | Effissimo increased holding to 13%; company trades at 6x EBIT with 20%+ margins, expanding from camera lenses into automotive ADAS and industrial optics.
NPC (6255) | LIM acquired 6% stake in solar equipment maker down 20% year-to-date, betting on perovskite cycle recovery despite withdrawn guidance and customer weakness.

Seres (9927 HK): Index Inclusion Timeline for a Max Offering of US$2.2bn; Big Discount to A-Shares

Seres Group (601127 CH) could raise up to HK$17.4bn (US$2.24bn) in its H-share listing if the Offer Size Adjustment Option and the Overallotment Option are both exercised.
There is a big allocation to cornerstone investors that is locked up for 6 months. That eliminates the already small possibility of Fast Entry inclusion to global indexes.
Seres (9927 HK) should be added to Southbound Stock Connect from the open of trading on 1 December following the end of the Price Stabilisation period.

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Oct 27

Daily Brief Japan: Tsuruha Holdings, IHI Corp, NOF, Digital Holdings Inc, Japan Exchange Group, Robot Payment Inc, JVC KENWOOD, Chugai Pharmaceutical, TSE Tokyo Price Index TOPIX and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Tsuruha (3391 JP)/Welcia (3141 JP): Index Promotion & Passive Flows Likely Priced In
Curator’s Cut: Japan’s Defense Drive, Asia’s Vision Opportunities & US Diagnostics Picks
Shorting NOF (4403) Just Now Is Probably a Very Bad Idea
Weekly Deals Digest (26 Oct) – Digital Holdings, Soft99, Joy City, Minmetals, Sany, Seres, Pony AI
IHI (7013 JP): SAR Satellite Deal Adds to Takaichi Trade
From Utility to Growth: Re‑rating Potential at Japan Exchange Group (8697.T)
Primer: Robot Payment Inc (4374 JP) – Oct 2025
Primer: JVC KENWOOD (6632 JP) – Oct 2025
Chugai Pharma (4519 JP): Hemlibra Steady, Actemra Shine, Outlicensed Drug and New Launches Key
Companies that Wish to Distance from Facing Shareholders Are Unlikely to Achieve Management Reform

Tsuruha (3391 JP)/Welcia (3141 JP): Index Promotion & Passive Flows Likely Priced In

Tsuruha Holdings (3391 JP) acquires Welcia Holdings (3141 JP) in just over 4 weeks. Aeon Co Ltd (8267 JP)‘s tender offer for Tsuruha Holdings (3391 JP) could commence in December/January.
The enlarged Tsuruha Holdings (3391 JP) could migrate upward in the MGlobal Index and that will bring in large passive flows. But there is one thing to watch out for.
Tsuruha Holdings (3391 JP) and Welcia Holdings (3141 JP) have outperformed peers over the last 6 months and now trade at a higher forward PE.

Curator’s Cut: Japan’s Defense Drive, Asia’s Vision Opportunities & US Diagnostics Picks

By Pranav Rao

Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,000+ insights shared on Smartkarma. After a brief one-issue break, we’re back with fresh perspectives.
In this cut, we explore Japan’s renewed defense ambitions, Asia’s eyewear evolution, and US diagnostics’ next frontiers.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

Shorting NOF (4403) Just Now Is Probably a Very Bad Idea

By Michael Allen

Japan’s defense budget may be set to surge by about 50%, making NOF’s ammunition business a hot theme.
Be careful though. NOF’s munitions segment faces production limits and slow capacity expansion, capping near-term profit growth even with new defense spending.
We think NOF is overvalued, even as we acknowledge consensus forecasts are probably too low. But shorting now would probably just be fighting the tape. Save this idea for later.

Weekly Deals Digest (26 Oct) – Digital Holdings, Soft99, Joy City, Minmetals, Sany, Seres, Pony AI

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Sany Heavy Industry (600031 CH), Seres Group (601127 CH) and Pony AI (PONY US) H Share listings.
Event-Driven developments: Digital Holdings Inc (2389 JP), Pacific Industrial (7250 JP), Soft99 Corp (4464 JP), Joy City Property (207 HK), Minmetals Land (230 HK), Larvotto Resources (LRV AU).

IHI (7013 JP): SAR Satellite Deal Adds to Takaichi Trade

By Scott Foster

New Japanese Prime Minister Sanae Takaichi aims to raise defense spending to 2% of GDP this fiscal year, two years ahead of the original schedule.
Takaichi also wants to accelerate investment in advanced defense technologies. IHI, which recently signed an agreement with ICEYE to build earth observations satellites, should be among the beneficiaries.
IHI’s sales and profit comparisons should turn positive during FY Mar-26. A 7-for-1 stock split effective October 1, 2025, makes the shares more attractive to retail investors.

From Utility to Growth: Re‑rating Potential at Japan Exchange Group (8697.T)

By Rikki Malik

A stock that should benefit from the resumption of Japan’s bull market
Utility type stock poised to rerate as a growth narrative starts
The stock has recently broken out of its 18 month downtrend

Primer: Robot Payment Inc (4374 JP) – Oct 2025

By αSK

Robot Payment is a high-growth fintech company capitalizing on Japan’s digital transformation, specializing in B2B payment automation and subscription management.
The company exhibits a robust and stable business model, with approximately 98% of its revenue being recurring, driven by its suite of SaaS-based solutions.
Financial performance is strong, marked by consistent double-digit revenue growth, expanding margins, and a significant turn to positive profitability and operating cash flow in recent years.

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Primer: JVC KENWOOD (6632 JP) – Oct 2025

By αSK

JVC KENWOOD is successfully executing a strategic shift from consumer electronics to higher-margin B2B segments, primarily in automotive and professional communications systems, driving significant growth in profitability and cash flow.
The company is well-positioned to capitalize on key industry trends, including the growth of connected and electric vehicles, and the increasing demand for digital, mission-critical communication systems for public safety and enterprise clients.
Despite a strong growth trajectory and seemingly attractive valuation multiples, the company faces risks from intense competition in the electronics industry, cyclicality in its core markets, and ongoing supply chain vulnerabilities.

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Chugai Pharma (4519 JP): Hemlibra Steady, Actemra Shine, Outlicensed Drug and New Launches Key

By Tina Banerjee

Chugai Pharmaceutical (4519 JP) reported flat Hemlibra sales in 9M25 overcoming shipment issues. Higher volumes boosted Actemra revenue (up 27% YoY) amid declining in export unit price.
2025 guidance reiterated. Satisfactory progress after 9M25 with major line-items achieving 76-81% of full year guidance. Management expects to beat the export forecast in case of both Hemlibra and Actemra.
Strong progress of out-licensed products (nemluvio and orforglipron) with high sales potential will help drive growth in the short to medium term.

Companies that Wish to Distance from Facing Shareholders Are Unlikely to Achieve Management Reform

By Aki Matsumoto

The increase in stock splits reflects a shift toward meeting the needs of individual shareholders of listed companies, occurring as cross-shareholdings decline and the presence of overseas investors grows.
Companies unwilling to increase foreign ownership further use stock splits to boost individual shareholders. Companies with low stock prices use it to meet as a tool of TSE’s P/B request.
It has become clear that increasing the foreign ownership is a higher priority than the increased costs associated with the rise in the number of shareholders resulting from stock split.

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Oct 26

Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (October 26) – Innovent and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

APAC Healthcare Weekly (October 26) – Innovent, Akeso, Celltrion, Classys, Daiichi, Syngene, Cipla

By Tina Banerjee

Innovent Biologics announced strategic global collaboration with Takeda for total deal value of $11.4B. Akeso announced that phase 3 trial evaluating ivonescimab versus tislelizumab in sq-NSCLC met primary endpoint.
Celltrion received FDA approval for two additional pediatric indications for Humira biosimilar, Yuflyma. Classys plans to acquire 77.5% stake in JL Health, South American energy-based aesthetic medical device distribution group.
Syngene plans to add a bioconjugation suite at its commercial biologics facility. Cipla and Eli Lilly agreed to distribute and promote tirzepatide in India under a second brand name, Yurpeak.

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Oct 26

Daily Brief Event-Driven: Soft99 Corp (4464 JP): Precedent Set but Still a Fluid Outcome and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Soft99 Corp (4464 JP): Precedent Set but Still a Fluid Outcome
Last Week In Event SPACE: LG Chem, Pacific Industrial, Critical Minerals, First Pacific
Mostly) Asia-Pac M&A: Shibaura Elect., Larvotto, Minmetals Land, Lynch Group, Mandarin Oriental

Soft99 Corp (4464 JP): Precedent Set but Still a Fluid Outcome

KeePer Technical Laboratory (6036 JP) has switched its allegiance from the Soft99 Corp (4464 JP) MBO by agreeing to accept the higher Effissimo offer.
KeePer’s change of heart sets a huge precedent and signals that irrevocables are unenforceable and fiduciary duty outweighs a promise to tender.
Nevertheless, the outcome is still not set in stone. Effissimo’s chances of success have increased, but the MBO still retains a long-shot chance of success.

Last Week In Event SPACE: LG Chem, Pacific Industrial, Critical Minerals, First Pacific

Palliser discloxes stake in LG Chem Ltd (051910 KS), and subsequently seeks to spill the board and undertake buybacks.
The family increased their bid for Pacific Industrial (7250 JP) by 42.4%, from ¥2,050 to ¥2,919/share. This now becomes a short-term rate of return trade. It will trade relatively tight.
First Pacific Co (142 HK) appears to have squeezed the most out its unlisted subsidiary MPIC, for now, with the forthcoming Maynilad IPO.

Mostly) Asia-Pac M&A: Shibaura Elect., Larvotto, Minmetals Land, Lynch Group, Mandarin Oriental

I tally 42 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
Two new deal was discussed on Smartkarma this week: Larvotto Resources (LRV AU) and Minmetals Land (230 HK).
Key updates/news took place on: Apiam Animal Health (AHX AU), Lynch Group Holdings (LGL AU), Joy City Property (207 HK), Shibaura Electronics (6957 JP), and Mandarin Oriental International (MAND SP).

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Oct 26

Daily Brief Equity Bottom-Up: Emirates NBD’s Entry Redefines RBL Bank’s Growth Trajectory and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Emirates NBD’s Entry Redefines RBL Bank’s Growth Trajectory
Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (24 October to 7 November 2025)
Asian Dividend Gems: Nameson Holdings
Primer: Seagate Technology Holdings PL (STX US) – Oct 2025
Primer: Intrusion (INTZ US) – Oct 2025
Primer: Marathon Digital Holdings (MARA US) – Oct 2025
Primer: Riot Blockchain (RIOT US) – Oct 2025
Primer: Riley Exploration Permian (REPX US) – Oct 2025
Primer: PHX Minerals (PHX US) – Oct 2025
Monthly Chinese Tourism Tracker | Pace of Growth Slowed, Again | Golden Week? | October 2025

Emirates NBD’s Entry Redefines RBL Bank’s Growth Trajectory

By Sudarshan Bhandari

Emirates NBD to invest USD3 billion for a controlling stake of up to 74% in RBL Bank through a mix of preferential issue and open offer.
The deal boosts RBL’s capital strength, global linkages, and business mix amid ongoing margin and asset-quality challenges.
Short-Term earnings may stay uneven, but the investment sets up a long-term re-rating opportunity dependent on execution, regulation, and credit control.

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (24 October to 7 November 2025)

By Douglas Kim

In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (24 October to 7 November 2025).
Top 10 picks in this bi-weekly include Samsung Life Insurance, Samsung C&T, KT&G, LG CNS, Samchully, Hyundai Elevator, Korea Zinc, LG Chem (Pref), SK Inc, and LS Corp.
Rechargeable battery was the best performing sector in KOSPI in the past two weeks including L&F (+87.1%) Posco Future M (+65.4%) CosmoAM&T (+51.9%) and EcoPro Materials (+46.8%).

Asian Dividend Gems: Nameson Holdings

By Douglas Kim

Nameson Holdings currently has a very high dividend yield of 12.8% which is one of the highest dividend yields among listed stocks in Asia.
It has attractive valuations. It has valuation multiples of 5.6x (P/E), 0.8x (P/B), and 4.2x (EV/EBITDA) based on FY25 earnings.
Uniqlo is the largest customer of Nameson Holdings. Uniqlo accounted for 60% of Nameson’s total sales in FY25 and from FY22 to FY25.

Primer: Seagate Technology Holdings PL (STX US) – Oct 2025

By αSK

Seagate is strategically positioned to capitalize on the exponential growth in data driven by AI and cloud computing, leveraging its leadership in high-capacity storage solutions.
The company’s technological lead in Heat-Assisted Magnetic Recording (HAMR) provides a significant competitive advantage, enabling higher storage densities and lower total cost of ownership for hyperscale customers, with a roadmap extending to 50TB+ drives.
After a cyclical downturn, Seagate has demonstrated a strong financial recovery with record gross margins and a significant increase in free cash flow, enabling renewed shareholder returns through dividends and share buybacks.

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Primer: Intrusion (INTZ US) – Oct 2025

By αSK

Intrusion is a cybersecurity firm with a long history, specializing in network security solutions for government and commercial clients. Its core offerings, including the flagship ‘Shield’ platform, leverage a proprietary threat intelligence database to provide real-time threat detection and prevention.
The company is showing signs of a turnaround with five consecutive quarters of sequential revenue growth, driven by strategic partnerships and contracts, particularly with the U.S. Department of Defense. However, Intrusion remains unprofitable, and its ability to achieve sustained growth and profitability is a key concern.
Future growth is significantly tied to the successful rollout and market adoption of its Shield platform on Microsoft’s Azure marketplace, expected in late Q4 2025. This, along with expansion into critical infrastructure sectors, presents significant opportunities but also execution risks in a highly competitive cybersecurity landscape.

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Primer: Marathon Digital Holdings (MARA US) – Oct 2025

By αSK

Largest Publicly Traded Bitcoin Miner by Scale: Marathon is one of the largest and most prominent Bitcoin mining companies in North America, distinguished by its significant operational scale and substantial holdings of Bitcoin, making it the second-largest public corporate holder of the asset.
Strategic Pivot to Diversify Revenue: The company is actively diversifying its revenue streams beyond Bitcoin mining by expanding into Artificial Intelligence (AI) and High-Performance Computing (HPC). This includes a significant investment in French technology company Exaion, with the goal of generating 50% of revenue from non-mining activities within the next two years.
High-Risk, High-Reward Profile: While Marathon demonstrates strong growth potential through operational expansion and strategic diversification, it operates in a highly volatile market. The company’s financial performance is intrinsically linked to the price of Bitcoin, and it faces significant risks from regulatory uncertainty, shareholder dilution, and intense competition.

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Primer: Riot Blockchain (RIOT US) – Oct 2025

By αSK

Riot Platforms is a leading, vertically integrated Bitcoin mining company in the United States, with large-scale operations primarily in Texas.
The company’s financial performance is intrinsically linked to the highly volatile price of Bitcoin, resulting in significant fluctuations in revenue and profitability.
A key strategic focus is on securing low-cost power and leveraging its infrastructure to potentially expand into high-performance computing (HPC) and AI data center hosting.

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Primer: Riley Exploration Permian (REPX US) – Oct 2025

By αSK

Focused Permian Operator Delivering Strong Growth: Riley Exploration Permian is an independent oil and gas company with a concentrated acreage position in the Permian Basin, primarily in Yoakum County, Texas, and Eddy County, New Mexico. The company has demonstrated a robust growth trajectory, with significant year-over-year increases in revenue, net income, and free cash flow, driven by its horizontal drilling programs in conventional formations.
Commitment to Shareholder Returns: REPX has established a strong track record of returning capital to shareholders, evidenced by a consistent and growing dividend. The company’s dividend yield is a key feature of its investment thesis, supported by substantial free cash flow generation.
Exposure to Commodity Cycles and Operational Risks: As a pure-play exploration and production (E&P) company, REPX’s financial performance is inherently tied to volatile oil and natural gas prices. While the company utilizes a disciplined hedging strategy to mitigate some downside risk, its profitability remains sensitive to market fluctuations.

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Primer: PHX Minerals (PHX US) – Oct 2025

By αSK

PHX Minerals operates as a natural gas and oil mineral company, focusing on the acquisition and management of mineral and royalty interests, which generates revenue without the operational risks and costs of drilling.
The company’s financial performance is intrinsically linked to volatile commodity prices, leading to significant fluctuations in revenue and net income, yet it has consistently generated strong operating and free cash flow.
On June 23, 2025, PHX Minerals was acquired by WhiteHawk Income Corporation and became a wholly-owned subsidiary, resulting in its delisting from the New York Stock Exchange and a complete change in executive leadership.

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Monthly Chinese Tourism Tracker | Pace of Growth Slowed, Again | Golden Week? | October 2025

By Daniel Hellberg

Growth rates of outbound and domestic air travel slowed again in September
Initial read on Golden Week demand: weak activity growth, weaker spending
In our view, it’s increasingly difficult to retain an upbeat view of the sector

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Oct 26

Daily Brief Macro: The Art of the Trade War: THE END OF THE BEGINNING and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

The Art of the Trade War: THE END OF THE BEGINNING

The Art of the Trade War: THE END OF THE BEGINNING

By David Mudd

The meeting next week between Presidents Trump and Xi will mark the beginning of a resolution to trade and other issues between the two countries.
The most difficult tech and rare earth elements issues will probably not be resolved. Increased tariff rates will be delayed again.
TikTok and Taiwan are key issues and will set the tone for the U.S.-China relationship during President Trump’s remaining term.

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Oct 26

Daily Brief Industrials: Chip Eng Seng Corp, Wai Kee Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Primer: Chip Eng Seng Corp (CHIP SP) – Oct 2025
Primer: Wai Kee Holdings (610 HK) – Oct 2025

Primer: Chip Eng Seng Corp (CHIP SP) – Oct 2025

By αSK

Privatized and Delisted: Chip Eng Seng was voluntarily delisted from the Singapore Exchange (SGX) in February 2023 following a successful privatization offer by Tang Dynasty Treasure, an investment vehicle of Celine and Gordon Tang. This move was intended to provide the company with greater flexibility to manage its businesses and optimize the use of its resources away from the pressures of the public market.
Diversified Conglomerate Structure: The company operates across multiple segments including construction, property development, property investment, hospitality, and education. Its origins trace back to the 1960s as a construction subcontractor, with a long history in Singapore’s public housing sector before diversifying.
Challenging Financial Performance Pre-Delisting: Prior to its privatization, the company faced a period of declining profitability, recording net losses in both 2020 and 2021. This performance, coupled with a share price trading at a significant discount to its net asset value, was a key factor leading to the privatization offer.

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Primer: Wai Kee Holdings (610 HK) – Oct 2025

By αSK

Wai Kee Holdings is a Hong Kong-based construction and infrastructure company facing significant profitability challenges, primarily driven by substantial losses from its strategic investment in associate company, Road King Infrastructure Limited.
Despite consistent year-over-year revenue growth from its core construction, quarrying, and materials segments, the company’s bottom line has been severely impacted by impairments and shared losses from Road King’s exposure to the challenging property market in Mainland China.
The company’s valuation appears deeply discounted on a price-to-book basis, reflecting high uncertainty and poor sentiment, but its core operations are positioned to benefit from long-term public infrastructure spending in Hong Kong.

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Oct 26

Daily Brief TMT/Internet: Intrusion , Seagate Technology Holdings PL, Marathon Digital Holdings, Riot Blockchain, Shibaura Electronics, GA Technologies, Amesite and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Primer: Intrusion (INTZ US) – Oct 2025
Primer: Seagate Technology Holdings PL (STX US) – Oct 2025
Primer: Marathon Digital Holdings (MARA US) – Oct 2025
Primer: Riot Blockchain (RIOT US) – Oct 2025
Mostly) Asia-Pac M&A: Shibaura Elect., Larvotto, Minmetals Land, Lynch Group, Mandarin Oriental
Primer: GA Technologies (3491 JP) – Oct 2025
Primer: Amesite (AMST US) – Oct 2025

Primer: Intrusion (INTZ US) – Oct 2025

By αSK

Intrusion is a cybersecurity firm with a long history, specializing in network security solutions for government and commercial clients. Its core offerings, including the flagship ‘Shield’ platform, leverage a proprietary threat intelligence database to provide real-time threat detection and prevention.
The company is showing signs of a turnaround with five consecutive quarters of sequential revenue growth, driven by strategic partnerships and contracts, particularly with the U.S. Department of Defense. However, Intrusion remains unprofitable, and its ability to achieve sustained growth and profitability is a key concern.
Future growth is significantly tied to the successful rollout and market adoption of its Shield platform on Microsoft’s Azure marketplace, expected in late Q4 2025. This, along with expansion into critical infrastructure sectors, presents significant opportunities but also execution risks in a highly competitive cybersecurity landscape.

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Primer: Seagate Technology Holdings PL (STX US) – Oct 2025

By αSK

Seagate is strategically positioned to capitalize on the exponential growth in data driven by AI and cloud computing, leveraging its leadership in high-capacity storage solutions.
The company’s technological lead in Heat-Assisted Magnetic Recording (HAMR) provides a significant competitive advantage, enabling higher storage densities and lower total cost of ownership for hyperscale customers, with a roadmap extending to 50TB+ drives.
After a cyclical downturn, Seagate has demonstrated a strong financial recovery with record gross margins and a significant increase in free cash flow, enabling renewed shareholder returns through dividends and share buybacks.

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Primer: Marathon Digital Holdings (MARA US) – Oct 2025

By αSK

Largest Publicly Traded Bitcoin Miner by Scale: Marathon is one of the largest and most prominent Bitcoin mining companies in North America, distinguished by its significant operational scale and substantial holdings of Bitcoin, making it the second-largest public corporate holder of the asset.
Strategic Pivot to Diversify Revenue: The company is actively diversifying its revenue streams beyond Bitcoin mining by expanding into Artificial Intelligence (AI) and High-Performance Computing (HPC). This includes a significant investment in French technology company Exaion, with the goal of generating 50% of revenue from non-mining activities within the next two years.
High-Risk, High-Reward Profile: While Marathon demonstrates strong growth potential through operational expansion and strategic diversification, it operates in a highly volatile market. The company’s financial performance is intrinsically linked to the price of Bitcoin, and it faces significant risks from regulatory uncertainty, shareholder dilution, and intense competition.

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Primer: Riot Blockchain (RIOT US) – Oct 2025

By αSK

Riot Platforms is a leading, vertically integrated Bitcoin mining company in the United States, with large-scale operations primarily in Texas.
The company’s financial performance is intrinsically linked to the highly volatile price of Bitcoin, resulting in significant fluctuations in revenue and profitability.
A key strategic focus is on securing low-cost power and leveraging its infrastructure to potentially expand into high-performance computing (HPC) and AI data center hosting.

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Mostly) Asia-Pac M&A: Shibaura Elect., Larvotto, Minmetals Land, Lynch Group, Mandarin Oriental

I tally 42 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
Two new deal was discussed on Smartkarma this week: Larvotto Resources (LRV AU) and Minmetals Land (230 HK).
Key updates/news took place on: Apiam Animal Health (AHX AU), Lynch Group Holdings (LGL AU), Joy City Property (207 HK), Shibaura Electronics (6957 JP), and Mandarin Oriental International (MAND SP).

Primer: GA Technologies (3491 JP) – Oct 2025

By αSK

GA Technologies is a high-growth PropTech leader in Japan, driving the digital transformation of the traditionally analog real estate industry through its comprehensive online platform, RENOSY.
The company has demonstrated an exceptional revenue growth trajectory, underpinned by its core RENOSY marketplace and the expansion of its B2B SaaS offerings through its subsidiary, ITANDI. Recent M&A activity signals a strategic push into data-driven services and international markets, including the US.
While profitability is improving, margins remain thin, and the business is exposed to the cyclical nature of the real estate market and rising competition. Future success hinges on scaling its platform, achieving operating leverage, and successfully integrating acquisitions.

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Primer: Amesite (AMST US) – Oct 2025

By αSK

Amesite has strategically pivoted from a broad e-learning platform to a specialized AI-driven solutions provider for the healthcare sector, with its flagship product, NurseMagic™, at the forefront. This application is designed to significantly reduce the time healthcare professionals spend on documentation.
The company is in its early growth stage, characterized by recent revenue increases driven by the adoption of NurseMagic™. However, Amesite is not yet profitable and has a history of operating losses, relying on capital raises to fund its operations.
The successful scaling of NurseMagic™ and the ability to achieve profitability are the key determinants of Amesite‘s future success. The company’s performance is closely tied to its ability to penetrate the healthcare market and compete with both established and emerging players in the AI-powered healthcare solutions space.

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Oct 26

Daily Brief Energy/Materials: LG Chem , Riley Exploration Permian, LG Chem Ltd, Vitesse Energy , PHX Minerals , United States Antimony , International Seaways, Profire Energy , NOV and more

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

In today’s briefing:

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (24 October to 7 November 2025)
Primer: Riley Exploration Permian (REPX US) – Oct 2025
Last Week In Event SPACE: LG Chem, Pacific Industrial, Critical Minerals, First Pacific
Primer: Vitesse Energy (VTS US) – Oct 2025
Primer: PHX Minerals (PHX US) – Oct 2025
Primer: United States Antimony (UAMY US) – Oct 2025
Primer: International Seaways (INSW US) – Oct 2025
Primer: Profire Energy (PFIE US) – Oct 2025
Primer: NOV ( NOV US) – Oct 2025

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (24 October to 7 November 2025)

By Douglas Kim

In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (24 October to 7 November 2025).
Top 10 picks in this bi-weekly include Samsung Life Insurance, Samsung C&T, KT&G, LG CNS, Samchully, Hyundai Elevator, Korea Zinc, LG Chem (Pref), SK Inc, and LS Corp.
Rechargeable battery was the best performing sector in KOSPI in the past two weeks including L&F (+87.1%) Posco Future M (+65.4%) CosmoAM&T (+51.9%) and EcoPro Materials (+46.8%).

Primer: Riley Exploration Permian (REPX US) – Oct 2025

By αSK

Focused Permian Operator Delivering Strong Growth: Riley Exploration Permian is an independent oil and gas company with a concentrated acreage position in the Permian Basin, primarily in Yoakum County, Texas, and Eddy County, New Mexico. The company has demonstrated a robust growth trajectory, with significant year-over-year increases in revenue, net income, and free cash flow, driven by its horizontal drilling programs in conventional formations.
Commitment to Shareholder Returns: REPX has established a strong track record of returning capital to shareholders, evidenced by a consistent and growing dividend. The company’s dividend yield is a key feature of its investment thesis, supported by substantial free cash flow generation.
Exposure to Commodity Cycles and Operational Risks: As a pure-play exploration and production (E&P) company, REPX’s financial performance is inherently tied to volatile oil and natural gas prices. While the company utilizes a disciplined hedging strategy to mitigate some downside risk, its profitability remains sensitive to market fluctuations.

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Last Week In Event SPACE: LG Chem, Pacific Industrial, Critical Minerals, First Pacific