Daily Briefs

Palliser Capital started to go activist on LG Chem. According to Palliser Capital, LG Chem’s share price is trading at a 74% discount to its NAV.
Palliser Capital proposed improving the composition of the board of directors, restructuring the executive compensation system to align with shareholder interests, and higher share buybacks.
Our updated NAV analysis of LG Chem suggests implied price of 613,438 won per share, which represents a 57% higher levels than current levels.

Korea’s Next Policy Play: NAV Discount Squeeze on Low‑Float Large Caps

By Sanghyun Park

Market sniffing policy push; low-float names flagged as junk risk with skewed control. Desks circling, Palliser hit early—LG Chem trade popped, timing spot on.
Trade setup: screen >₩1tn caps with low float, parent stakes 60–80%. Policy push likely forces stake cuts, driving float higher and squeezing NAV discounts—LG Chem shows the play.
Screening >₩1tn caps flags 11 names: parents hold 60–80%. All potential stake-sale plays to boost float, squeeze NAV discount.

LivsMed IPO Preview

LivsMed is getting ready to complete its IPO on the KOSDAQ exchange in December 2025. LivsMed is a medical device manufacturer that specialises in minimally invasive surgery products.
This is expected to be one of the largest IPOs in KOSDAQ in 2025. The IPO price range is from 44,000 won to 55,000 won per share.
LivesMed has commercialized the world’s first multi-joint, multi-degree-of-freedom (DOF) technology capable of 90° rotation in all directions.

Nota IPO Bookbuilding Analysis

By Quantum Commodity Intelligence

Nota’s IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.
Our base case valuation of Nota suggests target price of 11,948 won per share, which is 31% higher than the IPO price (9,100 won).
Nota Provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.

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Oct 23

Daily Brief United States: Texas Instruments, Crude Oil, CCC Intelligent Solutions Hold, Fluor Corp, Evommune, Johnson & Johnson, Cleveland-Cliffs Inc , Forward Air, Anebulo Pharmaceuticals , Quest Diagnostics and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

TXN 3Q25: Peak Revenue Growth (Recovery) Is Behind Us, Consensus Too High, Stock a Bit Expensive.
Oil futures: Crude sees late-day rebound amid trade headwinds, supply glut
Correction: CCC Intelligent Solutions (CCCS)
Fluor Gets A Jolt As Activist Starboard Pushes For NuScale Breakup!
Evommune Inc. (EVMN): Chronic Inflammatory Biotech Sets Terms Seeking up to $511m Valuation
Weekly Update (JNJ, LEN/MLR, SOLS)
Cleveland-Cliffs Drops A Bombshell: Rare Earths, Auto Demand & Tariffs Drive MASSIVE Jump!
Forward Air Corp (FWRD) – Wednesday, Jul 23, 2025
Anebulo Pharma Inc (ANEB) – Wednesday, Jul 23, 2025
Quest Diagnostics Inc (DGX) – Wednesday, Jul 23, 2025

TXN 3Q25: Peak Revenue Growth (Recovery) Is Behind Us, Consensus Too High, Stock a Bit Expensive.

By Nicolas Baratte

The demand & inventory correction lasted for 9 quarters (4Q22-4Q24) but we’re already past peak recovery in 4Q25. 2-3Q25 revenue growth was ~15% YoY, declining to 10% in 4Q.
4Q guidance: revenues ok, weak EPS 1) higher tax rate 2) lower production loading. While management says that inventories are at a good level, TXN is cutting down production levels.
Consensus is ~10% too high for 2026 & 27, Valuations not attractive, above average.

Oil futures: Crude sees late-day rebound amid trade headwinds, supply glut

Crude oil futures initially struggled Tuesday as global trade tensions and supply glut fears continued to drag on prices before a late-day rebound lifted benchmarks into positive territory on the day.
Front-month Dec25 ICE Brent futures were trading at $61.37/b (2010 BST) versus Monday’s settle of $61.01/b, while Dec25 NYMEX WTI was at $57.32/b against a previous close of $57.02/b.
Oil markets continued to face growing headwinds, including the latest round of anti-trade measures between Washington and Beijing, putting global economic growth at risk.

Correction: CCC Intelligent Solutions (CCCS)

By J Capital Research

We made a major mistake in our last newsletter, on CCCS. The big story in insider sales is the exit of private equity owner Advent International, not share sales by directors.
Those sales exist, but in much smaller number than we reported.
We remain concerned about the exit of directors, and we stand by our thesis that the stock is over-valued.

Fluor Gets A Jolt As Activist Starboard Pushes For NuScale Breakup!

By Baptista Research

Fluor Corporation shares have surged following reports that activist investor Starboard Value has taken a nearly 5% stake in the engineering and construction giant.
The rally comes amid growing expectations that Starboard, led by Jeff Smith, will push Fluor to unlock value by exploring strategic alternatives for its 40% stake in NuScale Power, a small modular nuclear reactor (SMR) company that has seen its own stock skyrocket amid AI-driven power demand.
With Fluor’s core business lagging and NuScale’s valuation surging, Starboard’s campaign centers on the market’s apparent mispricing of Fluor’s sum-of-the-parts.

Evommune Inc. (EVMN): Chronic Inflammatory Biotech Sets Terms Seeking up to $511m Valuation

By IPO Boutique

Evommune (EVMN US) is set to offer 9.375 million shares at $15-$17 and is slated for a debut of November 6th on the NYSE.
According to the prospectus, the underwriters have reserved up to 5% of the shares at the initial public offering price in a directed share program.
The company has a handful of license agreements which could boost the profile of this biotech.

Weekly Update (JNJ, LEN/MLR, SOLS)

By Richard Howe

There is a good amount of froth in the market.
The “Fear & Greed Index” has slipped into “Extreme Fear” which is usually a good contra-indicator.
For what it’s worth, I’m still finding plenty of ideas that look attractive from a “bottom up” perspective.

Cleveland-Cliffs Drops A Bombshell: Rare Earths, Auto Demand & Tariffs Drive MASSIVE Jump!

By Baptista Research

Cleveland-Cliffs saw its stock jump 21.5% in a single trading session following a Q3 2025 earnings report that significantly beat EBITDA expectations and unveiled a surprise strategic pivot toward rare earth minerals production.
This dramatic move has reenergized investor enthusiasm, particularly as it aligns with broader U.S. policy goals of reducing critical mineral dependence on China.
For the third quarter, the company reported adjusted EBITDA of $143 million versus Street estimates of $128 million, with revenue coming in at $4.7 billion.

Forward Air Corp (FWRD) – Wednesday, Jul 23, 2025

Key points (machine generated)

Forward Air Corporation is expected to be sold to a financial buyer within two months for around $40, offering a potential return of 30%.
The market may be overly pessimistic about the sale’s likelihood and timing, underestimating the deal premium due to the strategic value of Forward Air’s assets.
Despite challenges in executing a sale, analysts believe a sale is imminent, with the stock trading around $30.50, below pre-announcement levels.

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

Anebulo Pharma Inc (ANEB) – Wednesday, Jul 23, 2025

Key points (machine generated)

Anebulo Pharmaceuticals plans a significant reverse stock split to cash out small shareholders at $3.50 per share.
The reverse split aims to reduce record holders below 300, avoiding SEC reporting and saving $1.3 million annually.
The author, currently shorting the stock, warns of the $1.8 million costs of the transaction and advises independent research.

Quest Diagnostics Inc (DGX) – Wednesday, Jul 23, 2025

Key points (machine generated)

Quest Diagnostics is a leading diagnostic health information provider in the U.S. with projected revenues of $9.9 billion in 2024, increasing to $11.2 billion by 2026.
The company operates in a duopoly with LabCorp, granting it significant pricing power despite challenges like high fixed costs and complex reimbursement processes.
Quest’s focus on dividends and share repurchases indicates strong investment appeal and potential for sustained profitability.

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Oct 23

Daily Brief Singapore: SGX Rubber Future TSR20, CNMC Goldmine Holdings, Nippecraft Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Vietnam Rubber Market Recalibrates On Firming Prices, China Demand
High Trading Activity Stocks Outside the Big-Caps
Primer: Nippecraft Ltd (NIP SP) – Oct 2025

Vietnam Rubber Market Recalibrates On Firming Prices, China Demand

By Vinod Nedumudy

Vietnam exports 1.12 million tons of rubber in Jan–Aug
Exports to China up 5.9% in volume; value surges 22%
Typhoon Kajiki causes brief disruptions, but exports stay firm

High Trading Activity Stocks Outside the Big-Caps

By Geoff Howie

Among Singapore’s 100 most traded stocks, 22 have a combined ADT of S$42.9 million and market cap of S$8.15 billion.
Industrials, Technology, and Energy sectors make up nearly 80% of these stocks, reflecting global trends in infrastructure, AI, and renewables.
The 22 stocks recorded a net institutional inflow of S$132.35 million in 2025, led by CSE Global.

Primer: Nippecraft Ltd (NIP SP) – Oct 2025

By αSK

Nippecraft is navigating a challenging environment characterized by secular declines in its core stationery business, evidenced by a consistent fall in revenue over the past three years. The company’s strategy to counteract this involves diversification into pulp trading and a focus on lifestyle branding.
Despite falling sales, the company has demonstrated an ability to grow net income and EPS over medium-to-long term horizons, suggesting successful cost control and restructuring efforts. However, recent profitability is thin and cash flow generation remains a significant concern, with negative operating and free cash flow in the latest fiscal year.
Valuation appears attractive on a price-to-book basis, trading at a significant discount to its book value. This may appeal to value-oriented investors, but the low valuation reflects substantial risks, including the structural decline of the paper products industry and intense competitive pressure.

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

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Oct 23

Daily Brief China: WeRide, Cig Shanghai, Pony AI, BYD, First Pacific Co, Crude Oil, Pop Mart, Cosco Shipping Energy Transportation Co. Ltd. (H), Horizon Robotics and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

WeRide Secondary HK Offering – Is Relatively Cheaper but Lacks Momentum
CIG Shanghai A/H Listing: Smaller A/H Premium than Larger Peers, Expensive
Pony AI HK Dual Primary Listing: The Investment Case
BYD (1211 HK) And JD.com (9618 HK) Lead Expected Swings as 27% of HSI Reports Before Month-End
First Pacific (142 HK): Maynilad’s IPO Price Firmed
Pony AI HK Listing: Turning Driverless Technology into a Commercial Reality
China’s Expanding Crude Inventories Keep Oil Prices in Check
Primer: Pop Mart (9992 HK) – Oct 2025
COSCO Shipping Energy (1138 HK): Preparing for Upside Surprise
Horizon Robotics IPO Lockup – Last of the Lockups, Large Pre-IPO Investors Still Holding On

WeRide Secondary HK Offering – Is Relatively Cheaper but Lacks Momentum

WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong.
The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.

CIG Shanghai A/H Listing: Smaller A/H Premium than Larger Peers, Expensive

By Nicholas Tan

Cig Shanghai (603083 CH), telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO.
It is a provider of critical infrastructure components for the development of AI.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Pony AI HK Dual Primary Listing: The Investment Case

By Arun George

Pony AI (PONY US) is a Chinese robotaxi operator and self-driving technology company. It is seeking to raise US$1 billion through a dual primary HKEx listing.
It was listed on the Nasdaq on 27 November 2024, raising US$260 million at US$13.00 per ADS. Since listing, the shares are up 48%.
The investment case centres around Pony’s accelerating revenue growth and progress towards positive unit economics. However, the path to profitability is long-dated and the valuation is full.

BYD (1211 HK) And JD.com (9618 HK) Lead Expected Swings as 27% of HSI Reports Before Month-End

By Gaudenz Schneider

Context: Several of Hong Kong’s largest companies will report in the coming days, representing 27% of the Hang Seng Index (HSI).
Highlight: This Insight identifies which stocks have option-implied swings deviating from historical averages.
Why Read: Prepare for earnings season by understanding where single-stock and broader market volatility may be elevated.

First Pacific (142 HK): Maynilad’s IPO Price Firmed

By David Blennerhassett

First Pacific Co (142 HK)‘s 49.9%-held MPIC is spinning off Maynilad, a distributor of potable water and provider of sewage services, on the Philippine exchange.
The IPO has been priced at PHP 15/share, down 25% from earlier expectations. Proceeds may reach PHP 34bn (~US$580mn), in the largest Filipino IPO since 2021.
First Pac’s NAV discount has drifted off a recent multi-year narrowing, but remains elevated for a multiple cross-border, difficult to short holdco.

Pony AI HK Listing: Turning Driverless Technology into a Commercial Reality

By Devi Subhakesan

Pony AI , a leading autonomous mbility technology player based in China, proposes to issue no more than 102 million ordinary shares for a secondary listing on the HKEX.
From a commercialization standpoint, Pony is transitioning from pilot programs to scaled operations – 2025 could be a pivotal year of mass production for its 7th generation (Gen-7) Robotaxis.
Pony is also accelerating its global expansion – it recently announced a partnership with Stellantis, to develop Level 4 autonomous vehicles for the European market.

China’s Expanding Crude Inventories Keep Oil Prices in Check

By Suhas Reddy

China’s aggressive crude stockpiling through 2025 has quietly reduced global supply, cushioning oil prices against a surplus-driven downturn amid OPEC+ supply hikes.
By absorbing excess barrels when prices fall and easing purchases when they rise, China’s flexible buying strategy has emerged as a stabilising force in global oil markets.
With inventories estimated between 1.4 and 2 billion barrels, China’s future buying pace will hinge on price trends, geopolitical pressures, and internal reserve targets.

Primer: Pop Mart (9992 HK) – Oct 2025

By αSK

Pop Mart is a dominant force in the rapidly growing global art toy market, driven by a powerful IP-led business model that fosters a loyal collector base and high-margin revenue streams.
Aggressive global expansion is the primary growth vector, with overseas revenue surging and plans to significantly increase its international store footprint, aiming for overseas markets to represent 50% of total sales.
Exceptional financial performance, characterized by triple-digit revenue and net income growth, robust margins, and strong operating cash flow, underpins a premium valuation relative to peers.

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

COSCO Shipping Energy (1138 HK): Preparing for Upside Surprise

By Osbert Tang, CFA

The market consensus is too conservative for Cosco Shipping Energy Transportation Co. (1138 HK). A better-than-expected 3Q25 result is likely to prompt an earnings upgrade.
Spot VLCC rate is 32.7% higher than 1H25 so far for 2H25, and average bunker price has declined 6.2% in 3Q25, both implying improved earnings prospects.
With an average ROE for FY25-27 at over 12%, its 1.05x P/B is not stretched. During FY20-23, the average ROE of 1.6% has supported a P/B ratio of 0.56x.

Horizon Robotics IPO Lockup – Last of the Lockups, Large Pre-IPO Investors Still Holding On

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one is due soon.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note, we will talk about the lockup dynamics and possible placement.

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Oct 23

Most Read: Northern Star Resources, Mandarin Oriental International, LG Chem Ltd, HD Korea Shipbuilding & Offshore Engineering, UBTech Robotics, Sany Heavy Industry, WeRide, Cig Shanghai and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Gold Miners ETF (GDX US) Dec Rebalance: Zijin Gold Is a Miss; One Add Likely; US$4.1bn Trade
Mandarin Oriental (MAND SP): Matheson’s Full Offer
UK CPI Trips Into The Fall
Palliser Capital Goes Activist on LG Chem
Korea’s Next Policy Play: NAV Discount Squeeze on Low‑Float Large Caps
SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights
UBTech Robotics (9880 HK): Global Index Inclusion Likely in November
Sany Heavy Industry IPO Valuation Analysis
WeRide Secondary HK Offering – Is Relatively Cheaper but Lacks Momentum
CIG Shanghai A/H Listing: Smaller A/H Premium than Larger Peers, Expensive

Gold Miners ETF (GDX US) Dec Rebalance: Zijin Gold Is a Miss; One Add Likely; US$4.1bn Trade

The VanEck Gold Miners ETF/USA (GDX US) transitioned from the tracking the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index in September.
With float below 10%, Zijin Gold (2259 HK) should miss inclusion in the index in December, while Dundee Precious Metals (DPM CN) is a potential inclusion.
There are big capping changes with estimated one-way turnover of 6.4% and a round-trip trade of US$4.1bn.

Mandarin Oriental (MAND SP): Matheson’s Full Offer

By David Blennerhassett

A sale – partial or otherwise – of Mandarin Oriental International (MAND SP)‘s One Causeway Bay (OCB) was always on the cards. But I didn’t see an Offer coming.
Concurrent with the sale of 13 floors of OCB to Alibaba (9988 HK), Jardine Matheson (JM SP) is seeking to take out MAND’s minorities at US$3.35/share by way of a Scheme.
That’s a 52.3% premium to undisturbed, and a 53.7% premium to NAV. Unlike the 2021 Jardine Strategic (JS SP) Offer, Matheson is required to abstain from voting on this takeover.

UK CPI Trips Into The Fall

By Phil Rush

UK inflation’s march higher ended early as expectations tripped over a drop in airfares to slow slightly in September, ahead of slightly falling back through the Fall seasonal.
Weakness elsewhere cut the annualised median rate below 2% for the first time since March. That is likely to be a small soft spot relative to the worrying cumulative upside.
Our forecasts remain close to or below the consensus until June, after other forecasts rose in last month’s survey. We still see wages stoking an excessive underlying trend.

Palliser Capital Goes Activist on LG Chem

Palliser Capital started to go activist on LG Chem. According to Palliser Capital, LG Chem’s share price is trading at a 74% discount to its NAV.
Palliser Capital proposed improving the composition of the board of directors, restructuring the executive compensation system to align with shareholder interests, and higher share buybacks.
Our updated NAV analysis of LG Chem suggests implied price of 613,438 won per share, which represents a 57% higher levels than current levels.

Korea’s Next Policy Play: NAV Discount Squeeze on Low‑Float Large Caps

By Sanghyun Park

Market sniffing policy push; low-float names flagged as junk risk with skewed control. Desks circling, Palliser hit early—LG Chem trade popped, timing spot on.
Trade setup: screen >₩1tn caps with low float, parent stakes 60–80%. Policy push likely forces stake cuts, driving float higher and squeezing NAV discounts—LG Chem shows the play.
Screening >₩1tn caps flags 11 names: parents hold 60–80%. All potential stake-sale plays to boost float, squeeze NAV discount.

SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights

By Arun George

Sany Heavy Industry (600031 CH), the world’s third-largest construction machinery company, has launched an H Share listing to raise US$1.6 billion.
I discussed the H Share listing in SANY Heavy Industry H Share Listing: The Investment Case.
The proposed AH discount of 17.2% to 13.1% (based on the 17 October A Share price) is attractive, and I would participate in the H Share listing.

UBTech Robotics (9880 HK): Global Index Inclusion Likely in November

The increase in the stock price over the last 3 months could result in UBTech Robotics (9880 HK) being added to a global index in November.
There is a fair amount to buy in the stock and cumulative excess volume has picked up since July. Short interest has dropped over the same period.
The recent drop in the stock price provides a better entry point for a short-term trade as positioning builds up ahead of the potential passive buying.

Sany Heavy Industry IPO Valuation Analysis

Our base case valuation of Sany Heavy Industry is target price of CNY21.1 per share. This represents 7.6% lower than current price of CNY22.83 per share.
IPO price of Sany Heavy is expected to be set between HKD20.30 and HKD21.30. Our valuation analysis suggests lack of a meaningful upside for Sany Heavy Industry listing in HK.
There are still lack of a major turnaround of the property market in China and this could continue to negatively impact the overall construction equipment market in China.

WeRide Secondary HK Offering – Is Relatively Cheaper but Lacks Momentum

WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong.
The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.

CIG Shanghai A/H Listing: Smaller A/H Premium than Larger Peers, Expensive

By Nicholas Tan

Cig Shanghai (603083 CH), telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO.
It is a provider of critical infrastructure components for the development of AI.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

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Oct 23

Daily Brief India: Lenskart Solutions, HDFC Bank and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Lenskart Solutions Pre-IPO – The Positives – Worth Keeping an Eye On
HDFC Bank (HDFCB IN) Tactical Outlook: Time to Lock In Gains

Lenskart Solutions Pre-IPO – The Positives – Worth Keeping an Eye On

Lenskart Solutions is looking to raise about US$1bn in its upcoming India IPO.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
In this note, we talk about the positive aspects of the deal.

HDFC Bank (HDFCB IN) Tactical Outlook: Time to Lock In Gains

By Nico Rosti

Despite good earnings results, HDFC Bank (HDFCB IN) does not seem to be going anywhere. The stock did rally for the past 3 weeks but after the earnings stayed flat.
Our quantitative probabilistic model indicates HDFC Bank usually does not rally for more than 4 weeks when this pattern is encountered (we are in the 4th week, this week).
From a price perspective, our model shows a mildly overbought stock, confirming the slow pace. The pullback should be short-lived (1-2 weeks), but it’s imminent.

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Oct 23

Daily Brief Japan: Yakult Honsha, Softbank Group, Hamee Corp, Toyota Motor, Honeys Holdings Co., Ltd., Nagaileben, Rakus Co Ltd, TSE Tokyo Price Index TOPIX and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Yakult Honsha (2267 JP): Underperformance & Global Index Deletion in Nov
SoftBank Soared. And This Hidden AI Power Play Could Be Next
Podcast: An Under-the-Radar Japanese Spin-off
Toyota (7203 JP) Up 3.2% Today: Tactical Bearish Option Strategies as Pullback Looms
Honeys’ Faster, High Profit Fashion
(22 Oct 2025) Nagaileben(7447 JP) — Fisco Company Research
Primer: Rakus Co Ltd (3923 JP) – Oct 2025
Despite BoJ’s Post of ETF Sales, the Path to Normalization in Corporate Governance Remains Distant

Yakult Honsha (2267 JP): Underperformance & Global Index Deletion in Nov

Yakult Honsha (2267 JP)‘s stock price has continued to slide, and the stock is now trading 53% lower than its highs from 18 months ago.
The lower market cap should result in the stock being deleted from a global index in November. The stock has underperformed peers but still trades at higher valuations.
There has been increased positioning over the last few weeks. Short interest is higher since end-August but there has been covering in the last couple of weeks.

SoftBank Soared. And This Hidden AI Power Play Could Be Next

By Finimize Research

AI’s evolving every second of every day, and so are the boom’s best investing plays. Early this year, I called out SoftBank Group as a prime AI opportunity.
A wide discount to NAV offered a cheap way to invest in Arm and tech, but that’s narrowed after Softbank’s 150% share price rally – and more limited NAV growth.
So I’ve taken a fresh look at SoftBank, reviewed my original trade ideas, and found a new undervalued power play that could help you reap a tidy reward.

Podcast: An Under-the-Radar Japanese Spin-off

By Richard Howe

Recently, I had the chance to discuss Hamee Corporation (TSE: 3134) with Evan Bleker of Event Driven Insights.

Hamee Corporation will soon spin-off its high margin software business.
The company is 2 weeks away from breaking up into two separate companies which both look attractive.

Toyota (7203 JP) Up 3.2% Today: Tactical Bearish Option Strategies as Pullback Looms

By Gaudenz Schneider

Context: Toyota Motor (7203 JP) rallied 3.2% in Wednesday’s morning session. Quantitative models highlight potential for a short-term pull-back.
Trade Idea: Three actionable option strategies with a bearish tilt are presented, taking advantage of current implied volatility levels and skew.
Why Read: This Insight combines directional analysis with volatility signals, highlighting a tactical options strategy where high implied volatility and bearish probabilities align, offering investors defined risk/reward.

Honeys’ Faster, High Profit Fashion

By Michael Causton

Honeys Holdings is leveraging its SPA model to drive growth using a data-driven rapid decision-making process to capture demand in the tough womenswear market.
It has managed to grow sales for five straight years while also rebuilding supply chains, with some of the highest gross margins in the industry.
While margins have been hit by higher import costs due to the weak Yen, and higher labour costs, Honeys is squeezing costs further to make up for this.

(22 Oct 2025) Nagaileben(7447 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

Nagai Reiben reported consolidated sales of 16,983 million yen for the fiscal year ending August 2025, a 3.5% increase from the previous year.
The company faced declines in operating profit (down 10.5%), ordinary profit (down 9.0%), and net profit (down 8.8%) due to project delays in the fourth quarter.
Despite challenges, Nagai Reiben maintained a total return ratio of 204.3% for shareholders.

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

Primer: Rakus Co Ltd (3923 JP) – Oct 2025

By αSK

Rakus is a high-growth, Japan-focused SaaS provider capitalizing on the digital transformation of the nation’s large and underserved Small and Medium-sized Enterprise (SME) sector. Its strong brand recognition and flagship ‘Raku Raku’ suite of business process automation tools are driving rapid customer acquisition.
The company has demonstrated an exceptional financial track record, with revenue and net income CAGRs over the past three years of 33.3% and 95.1%, respectively. This growth is coupled with consistently expanding margins, reflecting operational leverage and the scalability of its subscription-based model.
While the growth outlook is robust, fueled by structural tailwinds such as labor shortages and a government push for digitalization, the company’s valuation is demanding. The premium multiples reflect high expectations, making the stock susceptible to shifts in market sentiment and competitive pressures.

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

Despite BoJ’s Post of ETF Sales, the Path to Normalization in Corporate Governance Remains Distant

By Aki Matsumoto

BoJ’s policy of small-scale ETF sales appears to have made inflation curb more difficult due to the yen’s depreciation, although it did not trigger a sharp stock market decline.
The ETFs held by BoJ reduce trading liquidity, thereby increasing stock price volatility and limiting the number of Japanese stocks available for investment by major institutional investors.
Given that the Bank of Japan’s holdings of ETFs exceed 20% of the issued shares in some companies, the existence of “silent shareholders” is not healthy for corporate governance.

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Oct 22

Daily Brief Quantitative Analysis: JPX Margin Trading Weekly (Oct 17th): IHI and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

JPX Margin Trading Weekly (Oct 17th): IHI, Kobe Bussan, Advantest, Disco
KRX Short Interest Weekly (Oct 17th): KorZinc, Samsung Electronics, ECOPRO, SK Hynix, ECOPROBM

JPX Margin Trading Weekly (Oct 17th): IHI, Kobe Bussan, Advantest, Disco

By Ke Yan, CFA, FRM

We analyzed the changes in margin trading positions of JPX stocks as of Oct 17th. The aggregated net margin trading position is USD18,404m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in IHI, Kobe Bussan, Advantest, Disco, Mitsubishi Heavy Industries, SoftBank, Fujikura, Mitsubishi UFJ Financial, Recruit, Furukawa Electric, Ihi, Kobe Bussan, Advantest, Disco.

KRX Short Interest Weekly (Oct 17th): KorZinc, Samsung Electronics, ECOPRO, SK Hynix, ECOPROBM

By Ke Yan, CFA, FRM

We analyzed the changes in short interest of KRX stocks as of Oct 17th. The aggregated short interest was USD11.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in KorZinc, Samsung Electronics, ECOPRO, SK Hynix, ECOPROBM.

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Oct 22

Daily Brief Industrials: Sany Heavy Industry, UBTech Robotics, BeNext-Yumeshin Group, Doosan Enerbility, Kanematsu Corp, Orient Overseas International, COSCO SHIPPING International (Singapore), The Keepers Holdings, iWOW Technology Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights
UBTech Robotics (9880 HK): Global Index Inclusion Likely in November
Sany Heavy Industry IPO Valuation Analysis
Primer: BeNext-Yumeshin Group (2154 JP) – Oct 2025
Primer: Doosan Enerbility (034020 KS) – Oct 2025
Primer: Kanematsu Corp (8020 JP) – Oct 2025
Primer: Orient Overseas International (316 HK) – Oct 2025
10 in 10 with COSCO SHIPPING International (Singapore) – Building Value in Logistics
Primer: The Keepers Holdings (KEEPR PM) – Oct 2025
Capital Raising Focus: Reclaims Global, iWOW, Vividthree

SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights

By Arun George

Sany Heavy Industry (600031 CH), the world’s third-largest construction machinery company, has launched an H Share listing to raise US$1.6 billion.
I discussed the H Share listing in SANY Heavy Industry H Share Listing: The Investment Case.
The proposed AH discount of 17.2% to 13.1% (based on the 17 October A Share price) is attractive, and I would participate in the H Share listing.

UBTech Robotics (9880 HK): Global Index Inclusion Likely in November

The increase in the stock price over the last 3 months could result in UBTech Robotics (9880 HK) being added to a global index in November.
There is a fair amount to buy in the stock and cumulative excess volume has picked up since July. Short interest has dropped over the same period.
The recent drop in the stock price provides a better entry point for a short-term trade as positioning builds up ahead of the potential passive buying.

Sany Heavy Industry IPO Valuation Analysis

By Quantum Commodity Intelligence

Our base case valuation of Sany Heavy Industry is target price of CNY21.1 per share. This represents 7.6% lower than current price of CNY22.83 per share.
IPO price of Sany Heavy is expected to be set between HKD20.30 and HKD21.30. Our valuation analysis suggests lack of a meaningful upside for Sany Heavy Industry listing in HK.
There are still lack of a major turnaround of the property market in China and this could continue to negatively impact the overall construction equipment market in China.

Primer: BeNext-Yumeshin Group (2154 JP) – Oct 2025

By αSK

BeNext-Yumeshin Group is a major player in the Japanese human resource services industry, specializing in the dispatch of engineers and technical staff across several key sectors.
The company has demonstrated a strong growth trajectory in revenue and net income, supported by a robust dividend payout history, making it an attractive proposition for income-oriented investors.
Key challenges include navigating the highly competitive and fragmented domestic market, managing risks associated with economic cyclicality, and adapting to evolving labor regulations in Japan.

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

Primer: Doosan Enerbility (034020 KS) – Oct 2025

By αSK

Doosan Enerbility is strategically pivoting towards eco-friendly energy solutions, including gas turbines, renewables (wind, hydrogen), and small modular reactors (SMRs), positioning itself to capitalize on the global energy transition.
The company maintains a strong, albeit cyclical, position in the global power and water plant construction market, with core competencies in nuclear reactors, turbines, and desalination technologies.
Financial performance is characterized by revenue growth but significant volatility in profitability and cash flow, alongside a high valuation (P/E > 100x) that presents a risk for investors.

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

Primer: Kanematsu Corp (8020 JP) – Oct 2025

By αSK

Kanematsu is a diversified general trading company distinguishing itself with a strong focus on high-growth areas like ICT Solutions and Electronics & Devices, which now constitute the majority of its operating profit.
The company exhibits a shareholder-friendly capital return policy, evidenced by a strong dividend yield and a consistent track record of increasing dividend payouts, supported by robust cash flow generation.
Recent performance highlights a tale of two businesses: significant profit growth in technology-related segments is being partially offset by pronounced weakness in the more traditional Motor Vehicles & Aerospace and Foods, Meat & Grain segments.

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

Primer: Orient Overseas International (316 HK) – Oct 2025

By αSK

OOIL is a core subsidiary of the state-owned COSCO SHIPPING, operating as a key entity within the world’s fourth-largest container shipping group, which provides significant operational and financial backing.
The container shipping industry is facing a challenging outlook with significant new vessel capacity entering the market, which is expected to outpace demand growth through 2026, potentially pressuring freight rates and profitability.
Despite the cyclical downturn from the post-pandemic peak, the company maintains a strong balance sheet with a high net cash position, supporting a robust dividend payout and providing resilience against market volatility.

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

10 in 10 with COSCO SHIPPING International (Singapore) – Building Value in Logistics

By Geoff Howie

COSCO SHIPPING International (Singapore) reported a 10.6% revenue increase in 1H 2025, driven by logistics and marine engineering growth.
The company is constructing Jurong Island Logistics Hub Phase 2, with completion expected in Q4 2026, enhancing logistics infrastructure.
Key risks for 2025 include potential global trade slowdown, operational disruptions, and regulatory changes affecting logistics and marine services.

Primer: The Keepers Holdings (KEEPR PM) – Oct 2025

By αSK

The Keepers Holdings (KEEPR) is the dominant distributor of imported spirits in the Philippines, boasting a market share of 74% by volume. This commanding position is anchored by its exclusive distribution rights for high-demand products like Alfonso Brandy.
The company is pursuing growth through strategic acquisitions, such as the planned purchase of Booze Online Inc. to enter the beer market and a 50% stake in Bodegas William & Humbert to secure its supply of Alfonso Brandy.
While demonstrating robust double-digit revenue and profit growth, KEEPR faces headwinds from margin compression due to foreign exchange volatility and an unfavorable product mix. However, its strong balance sheet, net cash position, and attractive valuation present a compelling investment case.

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

Capital Raising Focus: Reclaims Global, iWOW, Vividthree

By Geoff Howie

Institutions were net sellers of Singapore stocks from Oct 10 to 16, with a net outflow of S$167 million.
United Overseas Bank led share buybacks with 500,000 shares at S$34.91, totaling S$39.3 million across 19 companies.
Reclaims Global proposed a placement of 15,384,700 shares at S$0.39 each, raising approximately S$5.75 million.

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Oct 22

Daily Brief Energy/Materials: Alamos Gold Inc, Pan American Silver, Lynas Corp Ltd, Gold, Crude Oil, CleanMax Enviro Energy Solutions Ltd, Enterprise Products Partners, Pharos Energy, Serica Energy and more

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

In today’s briefing:

[Quiddity Index] MV Global Gold Miners Dec25: 2 ADDs Expected; US$1.8bn One-Way Flows
[Quiddity Index] MV Junior Gold Miners Index Dec25 Rebal: Capping Flow Expectations Limited
Quiddity Leaderboard ASX Dec25: LNW Float Revision; Gold Names Rally; More Surprises Possible
The U.S./Aussie Bilateral Framework On Critical Minerals
Gold: Reviewing Five Decades of Bull Markets Against an Overextended Backdrop
Oil futures: Crude struggles at 5-mth lows as Trump-Putin talks flagged
CleanMax Enviro Energy Solutions Pre-IPO – The Negatives – Elevated Debt Amid Inconsistent Growth
Enterprise Prodct Partnrs Lp (EPD) – Tuesday, Jul 22, 2025
Pharos Energy Plc (LSE: PHAR): Kicking off high impact drilling programme
Serica Energy Plc (AIM: SQZ): 25 Mboe/D Net Production at Triton

[Quiddity Index] MV Global Gold Miners Dec25: 2 ADDs Expected; US$1.8bn One-Way Flows

By Travis Lundy

The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed globally. Last month the index inorganically gained significant tracking AUM.
This index is reviewed and rebalanced quarterly during which names can be added or deleted from the index. Our expectations for the December 2025 index rebal event are presented here.
We expect 2 high-conviction ADDs for December 2025, with one-way flow of US$1.85bn. Healthy start for this new-ish index.

[Quiddity Index] MV Junior Gold Miners Index Dec25 Rebal: Capping Flow Expectations Limited

By Travis Lundy

The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. We like it because of impact.
This index is reviewed semiannually in March/September. During these reviews, names can be added or deleted from the index.
There will be no index changes for the December 2025 rebal event. However, we currently expect a one-way flow of US$186mm for December 2025 due to capping/re-capping.

Quiddity Leaderboard ASX Dec25: LNW Float Revision; Gold Names Rally; More Surprises Possible

By Janaghan Jeyakumar, CFA

In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the December 2025 index rebal event.
We expect two changes for ASX 50, two changes for ASX 100, and five changes for ASX 200.
The official index changes will be announced after the close on Friday 5th December 2025.

The U.S./Aussie Bilateral Framework On Critical Minerals

By David Blennerhassett

In Friendshoring Aussie Rare Earths, I expected some critical mineral deals would be struck when Aussie PM Albanese and Trump met. And that is what unfolded.
The US and Australia will each “provide at least US$1bn in investments towards an US$$8.5bn pipeline of critical minerals projects in Australia and the U.S. over the next six months“
Separately, Albanese announced two priority projects in Australia, including Arafura Resources (ARU AU).

Gold: Reviewing Five Decades of Bull Markets Against an Overextended Backdrop

By John Ley

Gold’s rally shows signs of overextension but the volatility footprint differs from prior rallies.
We exam major bull markets over the past 50 years to assess how the current move stacks up.
Fund flows and the sources of buying pressure are analyzed to gauge the rally’s sustainability.

Oil futures: Crude struggles at 5-mth lows as Trump-Putin talks flagged

Crude oil futures were again under pressure Friday after the latest selloff in the previous sessions sent prices tumbling to fresh five-month lows, coming amid proposed ceasefire talks in the Russia/Ukraine conflict.
Front-month Dec25 ICE Brent futures were trading at $61.32/b (2055 BST) versus Thursday’s settle of $61.06/b, while Nov25 NYMEX WTI was at $57.22/b against a previous close of $57.46/b.
Prices had found some support in the previous session after US President Donald Trump said he had received a pledge from Indian Prime Minister Narendra Modi to halt imports of Russian crude oil.

CleanMax Enviro Energy Solutions Pre-IPO – The Negatives – Elevated Debt Amid Inconsistent Growth

By Akshat Shah

CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$586m in its upcoming India IPO.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In this note, we talk about the not-so-positive aspects of the deal.

Enterprise Prodct Partnrs Lp (EPD) – Tuesday, Jul 22, 2025