Category

Daily Briefs

Oct 06
0

Daily Brief Thailand: CP ALL PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • CP ALL (CPALL TB) – Stimulus Beneficiary

CP ALL (CPALL TB) – Stimulus Beneficiary

By Angus Mackintosh

  • CP ALL is expected to benefit from the government’s copayment stimulus program, set to launch in October, directly through Makro, which supplies mom-and-pop stores and indirectly through 7-Eleven. 
  • The company remains optimistic about a pick-up in growth in 2H2025, driven by promotions in 3Q2025 and government stimulus, along with improving margins driven by an improved product mix. 
  • 7-Eleven remains on track to expand its store network by 700 new outlets in FY2025, is gravitating toward slightly larger stores, allowing an increased number of SKUs. Valuations remain attractive.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 06
0

Daily Brief Australia: Predictive Discovery, Macquarie Group and more

By | Australia, Daily Briefs

In today’s briefing:

  • Predictive/Robex’s Merger Of Equals
  • From Banks to Miners: Cheap Vs. Rich Volatility Across Australia

Predictive/Robex’s Merger Of Equals

By David Blennerhassett

  • The gold rush continues as Predictive (PDI AU) and Robex (TSX-V: RBX, ASX: RXR) announce a scrip merger to form a West African mid-tier gold play.
  • Via a “definitive plan of arrangement“, Robex shareholders will receive 8.667 PDI shares for every Robex share.  Upon completion, PDI will hold 51% of shares out, and Robex the remainder.
  • The Cohen Group and Eglington Mining (collectively holding 25.2% of Robex) are supportive. The key condition is Robex’s shareholder vote, sometime in December, with a two-thirds threshold.

From Banks to Miners: Cheap Vs. Rich Volatility Across Australia

By Gaudenz Schneider

  • Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for ten prominent Australian stocks and the benchmark.
  • Highlights: December implied volatility tends to be rich for the banks and cheap for the miners. S&P/ASX 200 (AS51 INDEX) implied volatility is cheap across the curve.
  • Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 06
0

Daily Brief South Korea: SK Square and more

By | Daily Briefs, South Korea

In today’s briefing:

  • A Clear Understanding of the Narrative Around Easing Bank–Industry Separation in Korea

A Clear Understanding of the Narrative Around Easing Bank–Industry Separation in Korea

By Sanghyun Park

  • The reason why the president’s office is considering temporarily easing bank–industry separation is to facilitate funding for the 150T won National Growth Fund.
  • Samsung and SK may form bank-backed JVs to fund AI semis, HBM, and data center projects, enabling flexible capital deployment across the AI semiconductor ecosystem.
  • Chaebol holdings with direct AI exposure could gain smoother access to big-ticket funding, potentially sparking continued aggressive short-term flows around Samsung and SK holdings post-Chuseok.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 06
0

Daily Brief United States: Intel Corp, Fermi, Corteva , Opus Genetics and more

By | Daily Briefs, United States

In today’s briefing:

  • Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely.
  • Primer: Fermi (FRMI US) – Oct 2025
  • Weekly Update (CTVA, SFGI/8729, UNTC, MEDXF, IDT)
  • Opus Genetics Inc (IRD) – Thursday, Jul 3, 2025

Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely.

By Patrick Liao

  • What is happening with Advanced Micro Devices (AMD US) and Intel Corp (INTC US)?
  • Intel’s stock price has risen about 50% from its April 8 low. However, we have yet to see any tangible progress in its manufacturing technology.  
  • Intel’s stock price has risen about 50% from its April 8 low. However, we have yet to see any tangible progress in its manufacturing technology.  

Primer: Fermi (FRMI US) – Oct 2025

By αSK

  • Fermi is a pre-revenue advanced energy and hyperscaler development company structured as a Real Estate Investment Trust (REIT), planning to build one of the world’s largest data center campuses, Project Matador, with its own dedicated power grid in Texas.
  • The company aims to capitalize on the exponential growth in demand for data centers driven by artificial intelligence, offering an integrated solution of up to 15 million square feet of AI computing space and up to 11 gigawatts of low-carbon, on-demand power.
  • Led by a management team with deep experience in the energy and government sectors, including former U.S. Energy Secretary Rick Perry, Fermi recently completed a successful IPO, raising approximately $683 million, despite having no revenue-generating operations to date.

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

Weekly Update (CTVA, SFGI/8729, UNTC, MEDXF, IDT)

By Richard Howe

  • On October 1, 2025, Corteva Biosciences (CTVA) announced that it plans to break up into two public companies.
  • The logic behind the spin-off announcement is that the SpinCo has higher margins and better growth potential.

  • For example, the SpinCo has grown EBITDA at a 16% CAGR since 2020 and has a 26% EBITDA margin.

Opus Genetics Inc (IRD) – Thursday, Jul 3, 2025

By Value Investors Club (VIC)

Key points (machine generated)

  • Opus Genetics is a clinical-stage gene therapy company founded in 2021, focusing on inherited retinal diseases.
  • The lead program, OPGx-LCA5, is in a Phase I/II study showing vision improvements, with preliminary pediatric data expected in Q3 2025.
  • Opus is also developing OPGx-BEST1 for retinal diseases, with a Phase I/II trial starting in late 2025, and has a speculative risk/reward profile.

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.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 06
0

Daily Brief Indonesia: eFishery and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Primer: eFishery (1313998D IJ) – Oct 2025

Primer: eFishery (1313998D IJ) – Oct 2025

By αSK

  • eFishery, once a celebrated Indonesian agritech unicorn valued at over USD 1.4 billion, has collapsed following the discovery of a massive financial fraud scandal in late 2024.
  • Investigations revealed that the company had grossly inflated its revenue and user metrics for years, leading to the suspension and arrest of its co-founders and the appointment of interim management to oversee the company’s remnants.
  • The company is now considered commercially unviable in its current form, with investors facing near-total loss and the firm’s future highly uncertain. The scandal serves as a stark cautionary tale regarding corporate governance and due diligence within the regional startup ecosystem.

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

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 06
0

Daily Brief Singapore: Shopback and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Primer: Shopback (1350406D SP) – Oct 2025

Primer: Shopback (1350406D SP) – Oct 2025

By αSK

  • Shopback is a leading cashback and rewards platform in the Asia-Pacific region, poised to benefit from the rapidly growing e-commerce and digital loyalty market. The company is currently undergoing a strategic realignment, focusing on its core cashback services and sustainable growth after a period of aggressive expansion.
  • Recent financial performance for the fiscal year ending March 2024 shows a 13% increase in revenue to S$133 million (US$102.4 million) and a 36.3% reduction in operating losses, indicating early positive results from its restructuring efforts. This follows a challenging prior year where revenue declined 20% and losses widened.
  • Key challenges include intense competition from regional super apps and other loyalty platforms, the need to regain and maintain consumer trust after significant layoffs and the discontinuation of its Buy Now, Pay Later (BNPL) service, and navigating the complexities of a diverse and fragmented APAC market.

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

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 06
0

Daily Brief Japan: Hitachi Ltd, Mitsubishi Logisnext Co., Ltd., Unerry and more

By | Daily Briefs, Japan

In today’s briefing:

  • Hitachi Ltd. (6501 JP): Tie-Up with OpenAI Opens the Flood Gates
  • Weekly Deals Digest (05 Oct) – Mitsubishi Logisnext, Soft99, Daiseki Eco, I Net, Tekscend, LG
  • (02 Oct 2025) unerry<5034> — Fisco Company Research

Hitachi Ltd. (6501 JP): Tie-Up with OpenAI Opens the Flood Gates

By Scott Foster

  • An agreement to supply OpenAI with energy-saving electric power equipment should be accretive to Hitachi’s sales and profits as long as the AI boom continues.
  • Hitachi is also building an “AI Factory” based on Nvidia technology. This should accelerate the growth of Hitachi’s Lumada digital services platform, also boosting sales and profits.
  • Hitachi’s share price jumped 10.3% on the OpenAI news. Data center news flow and AI sentiment now drive the share price. 

Weekly Deals Digest (05 Oct) – Mitsubishi Logisnext, Soft99, Daiseki Eco, I Net, Tekscend, LG

By Arun George

(02 Oct 2025) unerry<5034> — Fisco Company Research

By FISCO

Key points (machine generated)

  • Unerry reported a 31.4% increase in sales to 3,726 million yen and a 74.2% rise in operating profit to 311 million yen for the fiscal year ending June 2025.
  • The company’s ordinary profit surged by 133.4% to 315 million yen.
  • Unerry enhances user experience through its Beacon Bank® platform, focusing on data analysis, behavior change, and personalized marketing.

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

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 06
0

Daily Brief India: Tata Motors, ICICI Bank Ltd, LG Electronics India and more

By | Daily Briefs, India

In today’s briefing:

  • Tata Motors (TTMT IN) Demerger: Interesting Index Implications
  • Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (6 Oct)
  • LG Electronics India IPO: Attractive Upside
  • LG Electronics India IPO: Leading Player Priced at a Steep Discount ?

Tata Motors (TTMT IN) Demerger: Interesting Index Implications

By Brian Freitas

  • Tata Motors (TTMT IN) is demerging the company into two separate listed entities that will focus on the Passenger Vehicle business and the Commercial Vehicle businesses.
  • Based on the estimated valuation for the two entities, both stocks will continue to remain in the MGlobal Index and the FGlobal Index.
  • NIFTY and SENSEX trackers will need to sell their Commercial Vehicle business holdings soon after listing. There could be selling in the Passenger Vehicle business holdings at a later rebalance.

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (6 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 five 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.

LG Electronics India IPO: Attractive Upside

By Douglas Kim

  • After incorporating the company’s FY25 results, we have tweaked our income statement estimates and valuations of LG Electronics India IPO.
  • Our base case valuation is target price of 1,514 INR which is 33% higher than the high end of the IPO price range. 
  • It appears that the company wants the IPO to be successful and after much review the company has decided to price the IPO at more attractive levels to new investors. 

LG Electronics India IPO: Leading Player Priced at a Steep Discount ?

By Devi Subhakesan

  • LG Electronics (066570 KS) will divest a 15% stake in its 100% subsidiary LG Electronics India (123D IN) through an IPO, raising Rs116 billion (USD 1.3 billion).
  • The IPO pricing implies a valuation well below that of listed Indian peers and appears to overlook the sector’s underlying near term macro demand tailwinds.
  • LGEIL’s 1QFY26 financial performance came in weak, primarily due to a seasonal slowdown in cooling product sales, particularly air conditioners. This follows a strong FY2025.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 06
0

Daily Brief China: Dongfeng Motor, Zijin Gold, Kingsoft Cloud Holdings, Hangzhou Kangji Medical Instrument Co., Ltd., 360 Finance, Inc., Chow Tai Fook Jewellery, Saint Bella, Tencent, Hangzhou Tongshifu Cultural and Creative Group and more

By | China, Daily Briefs

In today’s briefing:

  • Dongfeng Motor (489 HK): VOYAH Listing Docs Underscore the Upside
  • HSCI Index Rebalance Preview: Potential Inclusions in December
  • BUY/SELL/HOLD: Hong Kong Market Update (October 5)
  • Merger Arb Mondays (06 Oct) – Kangji, Soft99, I-Net, Daiseki, Mandom, Changhong, Smart Share
  • Qfin Holdings Inc.(QFIN): Regulatory Risk Modest; Valuation Remains Attractive for Potential Upside.
  • ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact
  • Chow Tai Fook (1929 HK): A Lot Has Been Priced In
  • Saint Bella (2508 HK): Strong Branding, Secular Demand In Place, 1H25 Results Affirms Growth Story
  • Cheap Vs. Rich Volatility: Diverging Signals Across Alibaba (9988 HK), Tencent (700 HK) & The HSI
  • Pre-IPO Hangzhou Tongshifu Cultural and Creative Group – Potential for Future Growth Is Questionable

Dongfeng Motor (489 HK): VOYAH Listing Docs Underscore the Upside

By Arun George

  • On 22 August, Dongfeng Motor (489 HK) disclosed a pre-conditional privatisation by merger by absorption by Dongfeng Motor Corporation, along with a proposed distribution and listing of VOYAH shares.
  • The VOYAH application proof, filed on 2 October, points to strong fundamentals and suggests that the appraised value of VOYAH and the offer are conservative. 
  • Based on the data points from the application proof, I calculate that the implied offer is HK$12.11-12.25 per H Share, a 11.6%-12.9% premium to the appraised value of HK$10.85. 

HSCI Index Rebalance Preview: Potential Inclusions in December

By Brian Freitas

  • In a pick-up in primary market activity, there have been 25 new listings on the Main Board of the HKEX (388 HK) in Q3.
  • Zijin Gold (2259 HK) will be added to the HSCI after market close on 15 October and should be added to Southbound Stock Connect from the open on 27 October.
  • There could be 4 (maybe 5) additions to the HSCI Index in December and 3 of those stocks will be added to Southbound Stock Connect from the open 8 December.

BUY/SELL/HOLD: Hong Kong Market Update (October 5)

By David Mudd

  • Materials, Healthcare and Tech sectors continue to lead the Hong Kong Secular Bull Market higher. The tech sector has been re-rating since Alibaba (9988 HK) announced its AI chip.
  • Momentum, Growth, and Liquidity factors have led the Hong Kong market performance year-to-date.  Southbound flows into the Hong Kong market continue at historically high levels.
  • Kingsoft Cloud Holdings (3896 HK) was rated a BUY by Deutsche Bank with its initial target price of HK$11.  Shenwan Hongyuan initiates coverage of CaoCao (2643 HK) a BUY.

Merger Arb Mondays (06 Oct) – Kangji, Soft99, I-Net, Daiseki, Mandom, Changhong, Smart Share

By Arun George

Qfin Holdings Inc.(QFIN): Regulatory Risk Modest; Valuation Remains Attractive for Potential Upside.

By Venkata D Ravi Kumar Dasari, CFA

  • New Chinese regulations mandate risk sharing with banks, likely raising Qfin’s platform CoR. Management is responding conservatively with tighter controls and higher provisioning before Oct 2025.
  • Strong 2024, early 2025 profits were supported by low CoR. Based on peer analysis, a conservative 4% CoR is assumed for Qfin’s platform, which lacks underwriting or credit guarantees.
  • Regulatory impact lowers expected RoE by ~2pts. With an 18% CoE, fair value is ~$43/share, implying ~60% total return and supporting a positive investment outlook.

ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact

By Sumeet Singh

  • Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
  • On the IPO front, all of the listings this week ended up doing well.
  • On the placements front, given the holiday shortened week in Hong Kong and India, there were no major placements this week.

Chow Tai Fook (1929 HK): A Lot Has Been Priced In

By Osbert Tang, CFA

  • Chow Tai Fook Jewellery (1929 HK) is one of the best-performing Hang Seng Index (HSI INDEX) constituents YTD, but it is time to take some money off the table.
  • At 5%, its 12-month forward dividend yield is about the lowest in the last five years, implying limited share price upside. Valuations have run ahead of earnings momentum.
  • The recent recovery in Hong Kong jewellery retail sales is partly due to the low base effect. Additionally, a higher gold price will weigh on demand for gold products. 

Saint Bella (2508 HK): Strong Branding, Secular Demand In Place, 1H25 Results Affirms Growth Story

By Tina Banerjee

  • Saint Bella (2508 HK) achieved 1H25 revenue of RMB 449.5M (up 26% YoY) driven by higher sales from postpartum business (up 25% YoY) as number of postpartum centers increased.
  • The company opened 36 stores in 1H25 and average contract value of postpartum recovery sales at all service brands witnessed rise (Bella Isla saw highest increase, up 36% YoY).
  • With no major growth hurdles visible for Saint Bella, secular demand in place and with consistent capacity additions it is worth to buy the stock at this point of time.

Cheap Vs. Rich Volatility: Diverging Signals Across Alibaba (9988 HK), Tencent (700 HK) & The HSI

By Gaudenz Schneider

  • Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for 8 prominent Hong Kong stocks and the benchmark index.
  • Highlights: In contrast, Alibaba’s IV remains rich, while Hang Seng Index IV is cheap across the curve, offering attractive hedge entry points.
  • Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.

Pre-IPO Hangzhou Tongshifu Cultural and Creative Group – Potential for Future Growth Is Questionable

By Xinyao (Criss) Wang

  • Despite TONGSHIFU’s leading position through vertically integrated business model, the inherent limitations of the industry are obstacles for further expansion. Performance growth is clearly constrained by the overall market capacity.
  • The “double attack” market pattern makes it more difficult for TONGSHIFU to achieve breakthrough growth within the existing market. Outside of copper-based products, TONGSHIFU hasn’t found a second growth curve.
  • TONGSHIFU’s valuation should be lower than Pop Mart/Laopu Gold/Bloks due to the big gap in growth potential/profitability/cashability. However, valuation could be higher than industry average due to leading market position.  

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 06
0

Daily Brief Industrials: Mitsubishi Logisnext Co., Ltd., SK Square and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Weekly Deals Digest (05 Oct) – Mitsubishi Logisnext, Soft99, Daiseki Eco, I Net, Tekscend, LG
  • A Clear Understanding of the Narrative Around Easing Bank–Industry Separation in Korea

Weekly Deals Digest (05 Oct) – Mitsubishi Logisnext, Soft99, Daiseki Eco, I Net, Tekscend, LG

By Arun George

A Clear Understanding of the Narrative Around Easing Bank–Industry Separation in Korea

By Sanghyun Park

  • The reason why the president’s office is considering temporarily easing bank–industry separation is to facilitate funding for the 150T won National Growth Fund.
  • Samsung and SK may form bank-backed JVs to fund AI semis, HBM, and data center projects, enabling flexible capital deployment across the AI semiconductor ecosystem.
  • Chaebol holdings with direct AI exposure could gain smoother access to big-ticket funding, potentially sparking continued aggressive short-term flows around Samsung and SK holdings post-Chuseok.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free