Daily Briefs

In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in December 2025.
The seven potential additions are up on average 200% YTD. The eight potential deletion candidates are down on average 8.8% YTD. KOSPI is up 44.7% YTD.
The average market cap of the seven potential additions is 3.5 trillion won. The average market cap of the seven potential deletion candidates is 0.6 trillion won.

Paramount Bed Holdings (7817 JP): Another MBO Susceptible to Activism

Paramount Bed Holdings Co Lt (7817 JP) has recommended an MBO at JPY3,530, a 32.2% premium to the last close price. The offer represents a ten-year high.
The offer is below the midpoint of the special committee IFA’s DCF valuation range and its requested price. Hibiki has previously suggested an intrinsic value of JPY4,929.
The setup shares several traits with the Mandom MBO, and has the potential for a bump, particularly if an activist emerges as a substantial shareholder or agitates for better terms.

Tekscend Photomask (429A JP) IPO: The Bull Case

Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.
Tekscend, which was carved out of Toppan Printing (7911 JP) in 2022, is owned by Toppan (with a 50.1% stake) and Integral (5842 JP) (with a 49.9% stake).
The bull case rests on its leading market position, attractive market opportunity, stable underlying margins, net cash position, and attractive dividend policy.

Timing a Structural Pivot in Samsung’s Max Stretched Pref Discount: Potential Special Dividend

By Sanghyun Park

Pref spread looks stretched near 21–22%, likely a pullback soon. Structural re-rate needs a major Samsung narrative shift.
A surprise Samsung special dividend could pivot the pref discount; H2 FCF, Q3 prelims, and lighter capex are the key swing factors.
Expect a short-term pullback; but still stay cautious. Watch the memory upcycle and consider a discount-narrowing trade around late September.

Ecopro Co – Confirms Raising 800 Billion Won Through a PRS Using Stake in Ecopro BM

On 24 September, Ecopro Co confirmed that it will be raising 800 billion won through a PRS using its stake in Ecopro BM as the base asset.
Ecopro BM has a market cap of 11.3 trillion won. A PRS worth 800 billion won represents 7.1% of Ecopro BM’s market cap.
All in all, we believe this PRS deal worth 800 billion won is likely to negatively impact both Ecopro Co and Ecopro BM.

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Sep 25

Daily Brief Industrials: MNC Solution, Ecopro BM , Mitsui & Co Ltd, Solarspace Technology, MMC Port Holdings Berhad, CJ Corp, MARUKA FURUSATO and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Potential Additions and Deletions to KOSPI200 in December 2025
Ecopro Co – Confirms Raising 800 Billion Won Through a PRS Using Stake in Ecopro BM
Mitsui & Co. (8031.T): Copper-LNG Torque Driving a Rerating
Solarspace Technology Pre-IPO Tearsheet
MMC Port Holdings – IPO Overview and Investment Considerations
Primer: CJ Corp (001040 KS) – Sep 2025
(24 Sep 2025) MARUKA FURUSATO (7128 JP) — Fisco Company Research

Potential Additions and Deletions to KOSPI200 in December 2025

In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in December 2025.
The seven potential additions are up on average 200% YTD. The eight potential deletion candidates are down on average 8.8% YTD. KOSPI is up 44.7% YTD.
The average market cap of the seven potential additions is 3.5 trillion won. The average market cap of the seven potential deletion candidates is 0.6 trillion won.

Ecopro Co – Confirms Raising 800 Billion Won Through a PRS Using Stake in Ecopro BM

On 24 September, Ecopro Co confirmed that it will be raising 800 billion won through a PRS using its stake in Ecopro BM as the base asset.
Ecopro BM has a market cap of 11.3 trillion won. A PRS worth 800 billion won represents 7.1% of Ecopro BM’s market cap.
All in all, we believe this PRS deal worth 800 billion won is likely to negatively impact both Ecopro Co and Ecopro BM.

Mitsui & Co. (8031.T): Copper-LNG Torque Driving a Rerating

Copper earnings leverage: Equity-method stakes in Collahuasi and Anglo Sur mean every +10% copper move adds ~¥25–30 bn net income (~3% EPS), giving Mitsui underappreciated upside torque.
LNG stability & cash flows: Long-term contracts in Mozambique, Cameron, Qatar, and Sakhalin underpin resilient earnings and support ¥400 bn annual buybacks (~5% equity).
Valuation: P/B discount vs Itochu has closed (~1.1× each), but Berkshire’s ≥10% stake enforces capital discipline; TSR outlook is 6–9% CAGR through FY28, with copper strength providing double-digit upside.

Solarspace Technology Pre-IPO Tearsheet

By Hong Jie Seow

Solarspace Technology (2221225D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by China Securities International and CITIC Securities.
Solarspace Technology Co., Ltd. is a global specialized photovoltaic (PV) cell manufacturer with an integrated presence in PV modules. which are the core components that convert sunlight into electricity.
The company operates in the midstream of the solar value chain, focusing on the research, development, and large-scale production of both N-type and P-type PV cells, and PV modules.

MMC Port Holdings – IPO Overview and Investment Considerations

Largest Malaysian IPO in over a decade – MMC Port seeks to raise ~RM8.5bn (~US$2bn) at ~RM30bn valuation via an Offer-for-Sale; no new capital raised.
Strong catalysts but yield/mix risks – Tariff hikes (+30% by 2027) and Gemini alliance (Maersk–Hapag) boost near-term throughput, but high transshipment share (73%) pressures yields.
IPO Structure: Offer-for-Sale of up to 30%; no new proceeds for the company, making capital allocation and leverage management important post-listing

Primer: CJ Corp (001040 KS) – Sep 2025

By αSK

CJ Corp‘s valuation and growth are increasingly driven by its unlisted subsidiary, CJ Olive Young, which is capitalizing on the global K-beauty trend and showing strong topline growth and margin expansion.
The holding company’s overall financial performance is mixed, with the stellar results from CJ Olive Young being partially offset by disappointing performance at other major listed subsidiaries in the food, logistics, and media sectors.
Key forward-looking catalysts include the potential IPO of CJ Olive Young and the return of Chinese tourists to Korea, while significant risks loom from potential US tariffs on cosmetics and the persistent underperformance of its diversified portfolio.

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

(24 Sep 2025) MARUKA FURUSATO (7128 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

Furusato Maruka Holdings, formed in October 2021, has revised its earnings forecast downward for the fiscal year ending December 2025.
For the interim results of 2025, consolidated sales increased by 1.2% to 79,779 million yen, but operating profit fell by 11.7% and ordinary profit decreased by 14%.
The company will change its name to Unisol Holdings Co., Ltd. on January 1, 2026, aiming to become a unique solution provider beyond traditional trading.

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

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Sep 25

Daily Brief Japan: Paramount Bed Holdings Co Lt, Tekscend Photomask, Mandom Corp, Mitsui & Co Ltd, Shiga Bank, Kioxia Holdings , Nippon Steel Corporation, Toyota Motor and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

[Japan M&A] Paramount Bed (7817 JP) Founding Family Takeout – Too Cheap, Deserves Activist Response
Paramount Bed Holdings (7817 JP): Another MBO Susceptible to Activism
Tekscend Photomask (429A JP) IPO: The Bull Case
Mandom (4917 JP): Two Is a Company as Murakami Joins the Fray
Mitsui & Co. (8031.T): Copper-LNG Torque Driving a Rerating
Tekscend Photomask IPO – The Positives – Strong Market Position
Shiga Bank (8366 JP): High Capital, Low Valuation – Positioned to Ride Japan’s Banking Recovery
Kioxia (285A JP): Storage Name Still Cheap; Enterprise SSDs Anchor Recovery
Nippon Steel Placement – Relatively Small Deal with Recent Pick-Up in Momentum
Long Toyota (7203 JP) Vs. Short Suzuki (7269 JP): Statistical Arbitrage, 9% Mean-Reversion Upside

[Japan M&A] Paramount Bed (7817 JP) Founding Family Takeout – Too Cheap, Deserves Activist Response

By Travis Lundy

In a fairly common pattern, the founding family (38% ownership) of Paramount Bed Holdings Co Lt (7817 JP) have launched an MBO.
It is too cheap at 4.2x adjusted EV/EBITDA (one could argue it is 5.0x but they also have net receivables) for such a ubiquitous brand and growth.
Soft99 Corp (4464 JP) may have been a one-off. Maybe not. People may look at this situation through that lens. It deserves that look.

Paramount Bed Holdings (7817 JP): Another MBO Susceptible to Activism

Paramount Bed Holdings Co Lt (7817 JP) has recommended an MBO at JPY3,530, a 32.2% premium to the last close price. The offer represents a ten-year high.
The offer is below the midpoint of the special committee IFA’s DCF valuation range and its requested price. Hibiki has previously suggested an intrinsic value of JPY4,929.
The setup shares several traits with the Mandom MBO, and has the potential for a bump, particularly if an activist emerges as a substantial shareholder or agitates for better terms.

Tekscend Photomask (429A JP) IPO: The Bull Case

Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.
Tekscend, which was carved out of Toppan Printing (7911 JP) in 2022, is owned by Toppan (with a 50.1% stake) and Integral (5842 JP) (with a 49.9% stake).
The bull case rests on its leading market position, attractive market opportunity, stable underlying margins, net cash position, and attractive dividend policy.

Mandom (4917 JP): Two Is a Company as Murakami Joins the Fray

Murakami reported a 7.14% ownership ratio in Mandom Corp (4917 JP). The average buy-in price of JPY2,070.73 per share is 5.6% above the JPY1,960 CVC-sponsored MBO.
Murakami undoubtedly shares Hibiki’s concerns. On 15 September, Hibiki issued an open letter questioning the rationale behind the Board’s recommendation of a CVC-sponsored preconditional MBO.
With the emergence of Murakami, CVC and the founding family’s options narrow. The need for satisfaction of the precondition buys time, but a bump seems inevitable.

Mitsui & Co. (8031.T): Copper-LNG Torque Driving a Rerating

Copper earnings leverage: Equity-method stakes in Collahuasi and Anglo Sur mean every +10% copper move adds ~¥25–30 bn net income (~3% EPS), giving Mitsui underappreciated upside torque.
LNG stability & cash flows: Long-term contracts in Mozambique, Cameron, Qatar, and Sakhalin underpin resilient earnings and support ¥400 bn annual buybacks (~5% equity).
Valuation: P/B discount vs Itochu has closed (~1.1× each), but Berkshire’s ≥10% stake enforces capital discipline; TSR outlook is 6–9% CAGR through FY28, with copper strength providing double-digit upside.

Tekscend Photomask IPO – The Positives – Strong Market Position

By Venkata D Ravi Kumar Dasari, CFA

Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
In this note, we talk about the positive aspects of the deal.

Shiga Bank (8366 JP): High Capital, Low Valuation – Positioned to Ride Japan’s Banking Recovery

Shiga Bank is well-leveraged to Japan’s rate hike cycle and regional revitalization strategy, with higher market-rate loan exposure than peers, enabling stronger earnings sensitivity to rising rates.
Core profitability is improving, driven by double-digit NII growth and rising NIMs. A CET1 ratio of 14.0% supports capital returns, selective M&A, and ¥700bn in planned loan growth through 2029.
Despite a +63% YTD rally, shares remain undervalued at 0.7x P/B. Our target of ¥7,850/share implies ~+20% upside, supported by improving RoE, operational efficiencies, and capital deployment.

Kioxia (285A JP): Storage Name Still Cheap; Enterprise SSDs Anchor Recovery

Cycle turning: Q1 FY25 marked the trough; Q2 guidance implies +30% revenue and +46% OP rebound, with Q3 set to extend the recovery.
Enterprise SSDs anchor profits: ~70–75% of EBITDA tied to AI/cloud workloads, cushioning volatility in PCs and smartphones.
Even after a ~50% rally since September, Kioxia trades at ~5–6× EV/EBITDA vs. peers at 9–12×; sponsor selldowns and NAND ASP volatility could test the rally.

Nippon Steel Placement – Relatively Small Deal with Recent Pick-Up in Momentum

By Akshat Shah

POSCO Holdings (005490 KS) is looking to raise up to US$169m via selling some of its stake in Nippon Steel Corporation (5401 JP).
This deal represents 1.5 days of ADV representing around 0.7% of shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Long Toyota (7203 JP) Vs. Short Suzuki (7269 JP): Statistical Arbitrage, 9% Mean-Reversion Upside

By Gaudenz Schneider

Context: The Toyota Motor (7203 JP) vs. Suzuki Motor (7269 JP) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Going long Suzuki and short Toyota targets a 9% return.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

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Sep 25

Daily Brief Energy/Materials: Fermi, Nippon Steel Corporation, Tokai Carbon, Crude Oil, Santos Ltd, Wheaton Precious Metals, Omai Gold Mines, Pharos Energy, Rio2 and more

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

In today’s briefing:

Fermi Inc. (FRMI): Pre-Revenue Data Center REIT Sets Terms Seeking $13.2b Valuation
Nippon Steel Placement – Relatively Small Deal with Recent Pick-Up in Momentum
Tokai Carbon (5301 JP) — Margin Expansion Ahead, Valuation Yet to Reflect
Oil futures: Crude consolidates gains, Brent tests $68/b
Santos Setback: Back To Fundamentals
Wheaton Precious Metals — Attaining 1Moz AuE production pa by FY30
OMG: High Grade Drill Results Continue to Roll In
Pharos Energy Plc (LSE: PHAR): Largest Vietnam drilling programme since original development
RIO: Desalinated Water Update Setting Up Expansion Plans

Fermi Inc. (FRMI): Pre-Revenue Data Center REIT Sets Terms Seeking $13.2b Valuation

By IPO Boutique

Fermi set terms for its IPO on Wednesday afternoon and will offer 25 million shares at $18-$22 and to debut on Wednesday, 10/1.
One of Fermi’s founders is former energy sector director, Rick Perry.
The underwriters have reserved for sale at the initial public offering price up to 5% of the shares of common stock for sale through a directed share program.

Nippon Steel Placement – Relatively Small Deal with Recent Pick-Up in Momentum

By Akshat Shah

POSCO Holdings (005490 KS) is looking to raise up to US$169m via selling some of its stake in Nippon Steel Corporation (5401 JP).
This deal represents 1.5 days of ADV representing around 0.7% of shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Tokai Carbon (5301 JP) — Margin Expansion Ahead, Valuation Yet to Reflect

By Quantum Commodity Intelligence

Tokai has sold its lossmaking German electrode unit, cut global electrode capacity by 25%, and acquired Bridgestone’s 180ktpa Thai carbon black plant — actions that remove EBIT drag
These moves could lift FY27 EPS from ~¥92 (base case) to ¥125–130 (+35–40%), with margins rising toward 9–10% versus 5.5% in FY24. Q1 FY25 already (OPM 8.9%).
Shares remain flat at ~¥1,000 (0.8× P/B, 19.6× FY25E P/E falling to 8.8× FY28E), leaving room for re-rating if Tokai delivers sustained >8% margins over the next 2–3 quarters.

Oil futures: Crude consolidates gains, Brent tests $68/b

Crude oil futures steadied Wednesday, consolidating the previous session’s gains as investors eyed threats to oil supplies, including Russian diesel after the last spate of refinery attacks.
Front-month Nov25 ICE Brent futures were trading at $67.90/b (1030 BST) versus Tuesday’s settle of $67.63/b, while Nov25 NYMEX WTI was at  $63.55/b against a previous close of $63.41/b.
Benchmarks have largely been rangebound in September with markets torn between supply disruptions and concerns over a Q4 supply glut as OPEC+ continues its unwinding program.

Santos Setback: Back To Fundamentals

By FNArena

Following another unsuccessful bid for Santos, analysts review the company’s outlook with a focus on valuation and dividend support.
-Santos’ takeover bid scuppered for the third time -Share price premium eases, focus returns to company fundamentals -Analysts review valuation and dividend support -Macquarie sees “extraordinary value” for long-term investors

Wheaton Precious Metals — Attaining 1Moz AuE production pa by FY30

By Edison Investment Research

On 10 September, Wheaton (WPM) announced that it had committed to contribute to Carcetti Capital’s financing of its acquisition of the Hemlo mine from Barrick in the form of a US$400m gold stream (c 39% of Carcetti’s total funding requirement). At the current gold price of US$3,650/oz, we calculate a 9.2% pre-tax internal rate of return (IRR) to Wheaton from its investment in Hemlo. At Edison’s more conservative, longer-term gold prices, we forecast that Hemlo will contribute an average of 0.9c/share to Wheaton’s EPS per annum, over the official 14-year life of the mine, and that it will contribute an average of 7.2c to Wheaton’s operational cash flow per share. At the same time, we have increased our Q325 EPS estimate by 4.4% and our FY25 EPS estimate by 5.7% to reflect recent strength in precious metals prices. Note that, at these levels, our FY26 EPS estimate rises from the US$1.44/share shown below to US$3.15/share.

OMG: High Grade Drill Results Continue to Roll In

By Atrium Research

What you need to know: • Drill results continue to roll in following Omai’s recently reported large updated MRE on the 100% owned Omai Gold Project in Guyana.
• Today’s assay results came after the cutoff date for the MRE; however will be included in the upcoming PEA.
• OMG plans to report an updated PEA in Q4/25 on the new resource and include the Gilt Creek deposit (which was not included in the 2024 PEA).

Pharos Energy Plc (LSE: PHAR): Largest Vietnam drilling programme since original development

By Auctus Advisors

• 1H25 production of 5,642 boe/d and net cash of US$22.6 mm at the end of June had been reported previously.
• 1H25 operating cashflow was US$16.1 mm, exceeding our forecast of US$13.4 mm, driven by stable output at TGT—Pharos’ most profitable asset.
• The FY25 production guidance range has been narrowed from 5.0-6.2 mboe/d to 5.2-6.0 mboe/d.

RIO: Desalinated Water Update Setting Up Expansion Plans

By Atrium Research

What you need to know: • Rio2 announced two MOUs for the potential supply of desalinated water to the Fenix Gold Mine.
The two studies will evaluate the potential expansion of the two companies’ desalination facilities through operating plants and constructing a pipeline from their distribution facilities.
• This would allow Fenix to move forward with its expansion plan, where annual production scales from 82Koz per year to over 300Koz.

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Sep 25

Daily Brief TMT/Internet: Tekscend Photomask, Samsung Electronics Pref Shares, Baidu , Groww, Kioxia Holdings , AEM, Nebius Group, Seshaasai Technologies and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Tekscend Photomask (429A JP) IPO: The Bull Case
Timing a Structural Pivot in Samsung’s Max Stretched Pref Discount: Potential Special Dividend
Baidu (9888.HK): Overheated Trading and Skew Dynamics Highlight a Distinct Hedge Opportunity
Tekscend Photomask IPO – The Positives – Strong Market Position
Groww Pre-IPO Tearsheet
Kioxia (285A JP): Storage Name Still Cheap; Enterprise SSDs Anchor Recovery
Primer: AEM (AEM SP) – Sep 2025
Nebius ($NBIS) Is Riding High – And This Hidden Rival Is Copying Its AI Playbook
IPO Review: Niche Cash Cow Business with Global Ambitions
Primer: Tekscend Photomask (429A JP) – Sep 2025

Tekscend Photomask (429A JP) IPO: The Bull Case

Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.
Tekscend, which was carved out of Toppan Printing (7911 JP) in 2022, is owned by Toppan (with a 50.1% stake) and Integral (5842 JP) (with a 49.9% stake).
The bull case rests on its leading market position, attractive market opportunity, stable underlying margins, net cash position, and attractive dividend policy.

Timing a Structural Pivot in Samsung’s Max Stretched Pref Discount: Potential Special Dividend

By Sanghyun Park

Pref spread looks stretched near 21–22%, likely a pullback soon. Structural re-rate needs a major Samsung narrative shift.
A surprise Samsung special dividend could pivot the pref discount; H2 FCF, Q3 prelims, and lighter capex are the key swing factors.
Expect a short-term pullback; but still stay cautious. Watch the memory upcycle and consider a discount-narrowing trade around late September.

Baidu (9888.HK): Overheated Trading and Skew Dynamics Highlight a Distinct Hedge Opportunity

There are multiple signs of overheating in Baidu trading including accelerating stock and option volumes.
Skew has been driven higher by strong demand for up-strike Calls.
We recommend a hedge that tilts the odds in the holder’s favor while establishing the position at a credit.

Tekscend Photomask IPO – The Positives – Strong Market Position

Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
In this note, we talk about the positive aspects of the deal.

Groww Pre-IPO Tearsheet

By Akshat Shah

Groww (1573648D IN) is looking to raise up to US$803m in its upcoming India IPO. The deal will be run by JPM, Kotak, Axis, Citi and Motilal Oswal.
Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer (D2C) digital investment platform that provides multiple financial products and services.
According to the Redseer Report, Groww was India’s largest and fastest growing investment platform by active users on NSE as of June 30, 2025.

Kioxia (285A JP): Storage Name Still Cheap; Enterprise SSDs Anchor Recovery

Cycle turning: Q1 FY25 marked the trough; Q2 guidance implies +30% revenue and +46% OP rebound, with Q3 set to extend the recovery.
Enterprise SSDs anchor profits: ~70–75% of EBITDA tied to AI/cloud workloads, cushioning volatility in PCs and smartphones.
Even after a ~50% rally since September, Kioxia trades at ~5–6× EV/EBITDA vs. peers at 9–12×; sponsor selldowns and NAND ASP volatility could test the rally.

Primer: AEM (AEM SP) – Sep 2025

By αSK

AEM is a key solutions provider in the semiconductor back-end testing process, with a strong historical reliance on its main customer, Intel. The company is currently at a pivotal point, aiming to diversify its customer base and capitalize on the growing demand for advanced semiconductor testing, particularly in the AI and HPC sectors.
Recent financial performance has been mixed, with a significant revenue and net income decline from a 2022 peak, but showing signs of recovery in the first half of 2025. The company’s ability to successfully ramp up production for new customers and manage its reliance on Intel will be critical for future growth.
Leadership changes, including the recent appointment of a new CEO, introduce both opportunities for strategic shifts and risks related to management stability. Investor confidence will likely hinge on the new leadership’s ability to execute on the diversification strategy and deliver consistent financial results.

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

Nebius ($NBIS) Is Riding High – And This Hidden Rival Is Copying Its AI Playbook

By Finimize Research

Big Tech is throwing hundreds of billions of dollars at the AI boom and neocloud providers, who are building AI data centers, are central players.
I wrote a Research piece about Nebius two months ago. Since then, its stock has doubled, thanks in part to a $17.4 billion contract with Microsoft.
I took a close look at the deal, ran some scenarios, and came across IREN, a promising but lesser-known company that’s trying to follow the same playbook

IPO Review: Niche Cash Cow Business with Global Ambitions

By Himanshu Dugar

Seshaasai is the second-largest payments card manufacturer in India (32% market share in FY25) and the largest manufacturer of cheque leaves in India creating a niche cash cow business.
Growth tailwinds in the core business, driven by premium metal cards and export opportunities, and its RFID and IoT-led offerings position the company for 20-25% growth in the medium term.
We estimate the IPO has been priced fairly at 18-20 times FY27 earnings and could potentially trade at multiples of 25+.

Primer: Tekscend Photomask (429A JP) – Sep 2025

By αSK

Tekscend Photomask is a global leader in the semiconductor photomask market, a critical segment of the semiconductor manufacturing supply chain. The company is poised for growth, driven by the increasing complexity and miniaturization of semiconductors, particularly with the advent of AI, 5G, and IoT technologies.
The company has a strong market position, well-established relationships with major semiconductor manufacturers, and a clear growth strategy focused on advanced process nodes, including EUV lithography.
Tekscend is planning an Initial Public Offering (IPO) on the Tokyo Stock Exchange, aiming to raise approximately US$830 million to fund its global expansion and technological advancements.

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

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Sep 25

Daily Brief China: Alibaba, Chery Automobile, Baidu , Ping An Bank Co Ltd A, Solarspace Technology, Sainte Nutritional, Seazen Holdings and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Alibaba (9988 HK): It’s Raining AI at the Apsara Conference, Firing up the Stock.
Chery Automobile IPO (9973 HK) IPO: Trading Debut
Alibaba (9988.HK): Overheated Momentum and Shifting Sentiment – Constructing a Smarter Hedge
Chery Auto IPO (9973.HK): Modest Potential Upside, Geely Auto Screens As a Good Comparison
Baidu (9888.HK): Overheated Trading and Skew Dynamics Highlight a Distinct Hedge Opportunity
Chery Auto IPO Trading – Half Decent Demand
Big Cap China Banks – Two Positive Picks
Solarspace Technology Pre-IPO Tearsheet
Pre-IPO Sainte Nutritional – The Core Business Is Facing Risks
Lucror Analytics – Morning Views Asia

Alibaba (9988 HK): It’s Raining AI at the Apsara Conference, Firing up the Stock.

By Devi Subhakesan

Alibaba (9988 HK) launched Qwen3-Max, its largest LLM to date, along with a suite of Qwen3 models and technical upgrades at its annual flagship conference, reinforcing its full-stack AI ambitions.
The stock has surged nearly 50% month-to-date, fueled by investor optimism over AI-related upside, since the August 29 investor call.
Investors now await proof that execution and performance will deliver on Alibaba’s bold technical claims and high market expectations.

Chery Automobile IPO (9973 HK) IPO: Trading Debut

Chery Automobile (9973 . HK) priced its IPO at HK$30.75 per share to raise gross proceeds of approximately US$1.2 billion. The shares will begin trading on September 25.
The IPO was discussed in Chery Automobile IPO: The Bull Case, Chery Automobile IPO: The Bear Case and Chery Automobile IPO (9973 HK): Valuation Insights.
The market sentiment of the peers has declined since the IPO launch. Chery Auto is fairly valued at the IPO price.

Alibaba (9988.HK): Overheated Momentum and Shifting Sentiment – Constructing a Smarter Hedge

Baba’s recent surge mirrors past rallies, with recent sideways price action raising a caution flag.
Metrics from the options market suggest that sentiment that was overheated has begun to turn.
We explore an alternative hedge that will not cap a continued rally but is less expensive than directly buying Puts in Baba.

Chery Auto IPO (9973.HK): Modest Potential Upside, Geely Auto Screens As a Good Comparison

By Andrei Zakharov

Chery Auto, the second largest Chinese domestic brand passenger vehicle company, priced its IPO at the high end of the range at HK$30.75/share.
High demand for the stock was predictable. Cornerstone investors collectively agreed to acquire ~$588M worth of Chery Auto shares in this offering.
The Chery Auto stock is set to start trading on Thursday. I see modest potential upside vs. IPO offer price as growth is slowing down and margins compressed.

Baidu (9888.HK): Overheated Trading and Skew Dynamics Highlight a Distinct Hedge Opportunity

There are multiple signs of overheating in Baidu trading including accelerating stock and option volumes.
Skew has been driven higher by strong demand for up-strike Calls.
We recommend a hedge that tilts the odds in the holder’s favor while establishing the position at a credit.

Chery Auto IPO Trading – Half Decent Demand

Chery Automobile (9973 HK) raised around US$1.2bn in its Hong Kong IPO.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.

Big Cap China Banks – Two Positive Picks

By Victor Galliano

The macro-economic backdrop in China is challenging for banks, with soft economic growth driving worsening credit quality and dovish monetary policy pushing interest margins lower
Nonetheless, China banks balance sheets appear to be relatively robust, and we screen ten large cap banks for contrarian buy opportunities
We focus on two banks; Ping An Bank and CCB are our buy recommendations for their relatively strong returns and sound credit quality metrics

Solarspace Technology Pre-IPO Tearsheet

By Hong Jie Seow

Solarspace Technology (2221225D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by China Securities International and CITIC Securities.
Solarspace Technology Co., Ltd. is a global specialized photovoltaic (PV) cell manufacturer with an integrated presence in PV modules. which are the core components that convert sunlight into electricity.
The company operates in the midstream of the solar value chain, focusing on the research, development, and large-scale production of both N-type and P-type PV cells, and PV modules.

Pre-IPO Sainte Nutritional – The Core Business Is Facing Risks

By Xinyao (Criss) Wang

Allergy prevention and treatment products are core business. Although proportion of allergic children is increasing, it’s not enough to offset the decline in demand caused by the decrease in newborns.
Due to fierce market competition and inadequate adult FSMP education, the non-infant FSMP market is not easy to operate. The acceleration of registration for FSMP will lead to fierce competition.
Our 2025 forecast is revenue could be up 20% YoY, reaching RMB1 billion.Valuation of Sainte Nutritional should be higher than peers due to higher profit margin and performance growth rate.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Cikarang Listrindo, Nickel Industries, China Vanke
UST yields declined 2-5 bps across the curve yesterday, driven by solid demand for a 2Y notes auction even as Fed officials gave differing views over future rate cuts. The UST curve bull flattened, with the yield on the 2Y UST dropping 2 bps to 3.59% while that of the 10Y UST decreased 4 bps to 4.11%.
Equities retreated from record-high levels after Fed Chairman Jerome Powell gave no indications of a rate cut in October during his policy speech. The S&P 500 fell 0.6% to 6,657, while the Nasdaq slumped 0.9% to 22,573.

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Sep 25

Daily Brief Industrials: MNC Solution, Ecopro BM , Mitsui & Co Ltd, Solarspace Technology, MMC Port Holdings Berhad, CJ Corp, MARUKA FURUSATO and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Potential Additions and Deletions to KOSPI200 in December 2025
Ecopro Co – Confirms Raising 800 Billion Won Through a PRS Using Stake in Ecopro BM
Mitsui & Co. (8031.T): Copper-LNG Torque Driving a Rerating
Solarspace Technology Pre-IPO Tearsheet
MMC Port Holdings – IPO Overview and Investment Considerations
Primer: CJ Corp (001040 KS) – Sep 2025
(24 Sep 2025) MARUKA FURUSATO (7128 JP) — Fisco Company Research

Potential Additions and Deletions to KOSPI200 in December 2025

In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in December 2025.
The seven potential additions are up on average 200% YTD. The eight potential deletion candidates are down on average 8.8% YTD. KOSPI is up 44.7% YTD.
The average market cap of the seven potential additions is 3.5 trillion won. The average market cap of the seven potential deletion candidates is 0.6 trillion won.

Ecopro Co – Confirms Raising 800 Billion Won Through a PRS Using Stake in Ecopro BM

On 24 September, Ecopro Co confirmed that it will be raising 800 billion won through a PRS using its stake in Ecopro BM as the base asset.
Ecopro BM has a market cap of 11.3 trillion won. A PRS worth 800 billion won represents 7.1% of Ecopro BM’s market cap.
All in all, we believe this PRS deal worth 800 billion won is likely to negatively impact both Ecopro Co and Ecopro BM.

Mitsui & Co. (8031.T): Copper-LNG Torque Driving a Rerating

Copper earnings leverage: Equity-method stakes in Collahuasi and Anglo Sur mean every +10% copper move adds ~¥25–30 bn net income (~3% EPS), giving Mitsui underappreciated upside torque.
LNG stability & cash flows: Long-term contracts in Mozambique, Cameron, Qatar, and Sakhalin underpin resilient earnings and support ¥400 bn annual buybacks (~5% equity).
Valuation: P/B discount vs Itochu has closed (~1.1× each), but Berkshire’s ≥10% stake enforces capital discipline; TSR outlook is 6–9% CAGR through FY28, with copper strength providing double-digit upside.

Solarspace Technology Pre-IPO Tearsheet

By Hong Jie Seow

Solarspace Technology (2221225D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by China Securities International and CITIC Securities.
Solarspace Technology Co., Ltd. is a global specialized photovoltaic (PV) cell manufacturer with an integrated presence in PV modules. which are the core components that convert sunlight into electricity.
The company operates in the midstream of the solar value chain, focusing on the research, development, and large-scale production of both N-type and P-type PV cells, and PV modules.

MMC Port Holdings – IPO Overview and Investment Considerations

By Quantum Commodity Intelligence

Largest Malaysian IPO in over a decade – MMC Port seeks to raise ~RM8.5bn (~US$2bn) at ~RM30bn valuation via an Offer-for-Sale; no new capital raised.
Strong catalysts but yield/mix risks – Tariff hikes (+30% by 2027) and Gemini alliance (Maersk–Hapag) boost near-term throughput, but high transshipment share (73%) pressures yields.
IPO Structure: Offer-for-Sale of up to 30%; no new proceeds for the company, making capital allocation and leverage management important post-listing

Primer: CJ Corp (001040 KS) – Sep 2025

By αSK

CJ Corp‘s valuation and growth are increasingly driven by its unlisted subsidiary, CJ Olive Young, which is capitalizing on the global K-beauty trend and showing strong topline growth and margin expansion.
The holding company’s overall financial performance is mixed, with the stellar results from CJ Olive Young being partially offset by disappointing performance at other major listed subsidiaries in the food, logistics, and media sectors.
Key forward-looking catalysts include the potential IPO of CJ Olive Young and the return of Chinese tourists to Korea, while significant risks loom from potential US tariffs on cosmetics and the persistent underperformance of its diversified portfolio.

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

(24 Sep 2025) MARUKA FURUSATO (7128 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

Furusato Maruka Holdings, formed in October 2021, has revised its earnings forecast downward for the fiscal year ending December 2025.
For the interim results of 2025, consolidated sales increased by 1.2% to 79,779 million yen, but operating profit fell by 11.7% and ordinary profit decreased by 14%.
The company will change its name to Unisol Holdings Co., Ltd. on January 1, 2026, aiming to become a unique solution provider beyond traditional trading.

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

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Sep 25

Daily Brief Macro: US Tariff Policy: A.K.A. WHACK A MOLE! and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

US Tariff Policy: A.K.A. WHACK A MOLE!
Asian Equity: Relative Valuations Have Mostly Converged; Korea the Only Large Rerating Candidate
Will AI save the US Economy?
Oil futures: Crude consolidates gains, Brent tests $68/b
Suzano SLBs, High Miss Risk Into 2026
Exencial Economy Tidings 24/09/2025
CX Daily: Lean Times Ahead for Producers of Weight-Loss Drugs

US Tariff Policy: A.K.A. WHACK A MOLE!

By David Mudd

The U.S. continues to play “Whack-A-Mole” using tariffs to threaten and/or negotiate on many economic and geopolitical issues.
The Trump tariff policy, which may be declared illegal by the Supreme Court next month, has caused manufacturers to hold off on hiring and expansion plans.
Although tariff revenue for the U.S. government is at an all-time high, the U.S. will still record its highest trade deficit in history this year.

Asian Equity: Relative Valuations Have Mostly Converged; Korea the Only Large Rerating Candidate

By Manishi Raychaudhuri

Most large Asian markets’ forward PE multiples are significantly higher than their long-term averages. But their valuations relative to Asia-ex-Japan are mostly at the averages, only Korea’s is significantly lower.
HK/China’s relative PE is slightly lower than average, Taiwan’s is slightly higher. ASEAN markets’ relative PE are sharply lower than their averages, but we think most lack rerating catalysts.
We think Korea and Philippines deserve to get rerated. India’s relative PE, though at its long-term average, could decline slightly further, to reach its recent bottoms.

Will AI save the US Economy?

By Alastair Newton

European policymakers and investors see Donald Trump’s economic policies harming Republican prospects in the 2026 midterms and the 2028 general election.
The Trump Administration is placing a good deal of faith in AI as a panacea. But the US may not have the skilled labour or the power-generating capacity to fuel an AI boom.
Nor is it clear whether the current Administration is preparing for the related socio-economic disruption from which the MAGA faithful would be far from immune.

Oil futures: Crude consolidates gains, Brent tests $68/b

Crude oil futures steadied Wednesday, consolidating the previous session’s gains as investors eyed threats to oil supplies, including Russian diesel after the last spate of refinery attacks.
Front-month Nov25 ICE Brent futures were trading at $67.90/b (1030 BST) versus Tuesday’s settle of $67.63/b, while Nov25 NYMEX WTI was at  $63.55/b against a previous close of $63.41/b.
Benchmarks have largely been rangebound in September with markets torn between supply disruptions and concerns over a Q4 supply glut as OPEC+ continues its unwinding program.

Suzano SLBs, High Miss Risk Into 2026

By Evan Campbell, CFA

High miss probability: Suzano has $2.75B SLBs. The 2031 SPT needs 2025 intensity to fall 14% YoY, while the largest one-year reduction since 2019 is ≈2.9%. A miss is likely.
Catalyst within months: Observation windows end YE 2025 and 2026. Coupons reset from July and September 2026. Vendor updates often lag disclosure, creating a tradable timing gap.
How to position: Accumulate select SLBs into verification for carry when SPTs miss. Trade equity around KPI disclosures as a read on efficiency and capex cadence.

Exencial Economy Tidings 24/09/2025

By Viral Kishorchandra Shah

Kharif food grain production to surpass government’s target in 2025-26
Centre readies Rs.1 tln Urban Challenge Fund for city development
CBIC enforce s retrospective GST amendment from 1 Oct 2025

CX Daily: Lean Times Ahead for Producers of Weight-Loss Drugs

By Caixin Global

In Depth: Lean Times Ahead for Producers of Weight-Loss Drugs

Autos /Chinese EVs Race Ahead in Israel Despite War, Investor Jitters

Corruption /Senior Qinghai Official Prosecuted for Bribery in Poverty Alleviation Scandal

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Sep 25

Daily Brief Health Care: Paramount Bed Holdings Co Lt, Nanosonics Ltd, Laurus Labs, Sainte Nutritional, Celltrion Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

[Japan M&A] Paramount Bed (7817 JP) Founding Family Takeout – Too Cheap, Deserves Activist Response
Paramount Bed Holdings (7817 JP): Another MBO Susceptible to Activism
Primer: Nanosonics Ltd (NAN AU) – Sep 2025
Business Breakdown: Laurus Labs- Breaking ARV Dependence with High-Margin Businesses?
Pre-IPO Sainte Nutritional – The Core Business Is Facing Risks
Celltrion Inc (068270 KS): Acquiring US Manufacturing Plant To Alleviate Tariff Impact

[Japan M&A] Paramount Bed (7817 JP) Founding Family Takeout – Too Cheap, Deserves Activist Response

By Travis Lundy

In a fairly common pattern, the founding family (38% ownership) of Paramount Bed Holdings Co Lt (7817 JP) have launched an MBO.
It is too cheap at 4.2x adjusted EV/EBITDA (one could argue it is 5.0x but they also have net receivables) for such a ubiquitous brand and growth.
Soft99 Corp (4464 JP) may have been a one-off. Maybe not. People may look at this situation through that lens. It deserves that look.

Paramount Bed Holdings (7817 JP): Another MBO Susceptible to Activism

Paramount Bed Holdings Co Lt (7817 JP) has recommended an MBO at JPY3,530, a 32.2% premium to the last close price. The offer represents a ten-year high.
The offer is below the midpoint of the special committee IFA’s DCF valuation range and its requested price. Hibiki has previously suggested an intrinsic value of JPY4,929.
The setup shares several traits with the Mandom MBO, and has the potential for a bump, particularly if an activist emerges as a substantial shareholder or agitates for better terms.

Primer: Nanosonics Ltd (NAN AU) – Sep 2025

By αSK

Nanosonics is poised for significant growth with the upcoming US launch of its new Coris® endoscope cleaning system in Q1 FY26, targeting a substantial new market segment beyond its established Trophon® franchise.
The company operates a highly attractive ‘razor and blade’ business model, with a large installed base of its Trophon® ultrasound probe disinfection units driving recurring high-margin consumable sales.
While the growth outlook is strong, the stock trades at premium valuation multiples, and faces key risks including competition, execution on the Coris® launch, and potential reliance on partners for new product success.

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

Business Breakdown: Laurus Labs- Breaking ARV Dependence with High-Margin Businesses?

By Sudarshan Bhandari

Laurus Labs is shifting from ARV APIs to high-growth areas like CDMO and biotech, diversifying its revenue base for long-term stability.
Heavy investments in complex, high-margin businesses reduce dependence on volatile ARV markets, ensuring sustainable and more profitable future growth.
Though returns dipped initially, strong CDMO performance shows the strategy is working, making Laurus Labs a model of successful pharma transformation.

Pre-IPO Sainte Nutritional – The Core Business Is Facing Risks

By Xinyao (Criss) Wang

Allergy prevention and treatment products are core business. Although proportion of allergic children is increasing, it’s not enough to offset the decline in demand caused by the decrease in newborns.
Due to fierce market competition and inadequate adult FSMP education, the non-infant FSMP market is not easy to operate. The acceleration of registration for FSMP will lead to fierce competition.
Our 2025 forecast is revenue could be up 20% YoY, reaching RMB1 billion.Valuation of Sainte Nutritional should be higher than peers due to higher profit margin and performance growth rate.

Celltrion Inc (068270 KS): Acquiring US Manufacturing Plant To Alleviate Tariff Impact

By Tina Banerjee

Celltrion Inc (068270 KS) is acquiring Eli Lilly’s New Jersey biopharmaceutical production plant for KRW460B. It also plans to expand capacity of the plant, with an additional investment of KRW700B.
With this acquisition, Celltrion has completely eliminated U.S. tariff risks and secured a unified local supply chain encompassing production and sales of its flagship products.
Celltrion has signed a CMO agreement with Eli Lilly, which will secure additional revenue stream for the company and accelerate the return on investment.

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Sep 25

Daily Brief Consumer: Alibaba, Mandom Corp, Chery Automobile, Toyota Motor, M Dias Branco SA, Orion Breweries, NIFTY Index and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Alibaba (9988 HK): It’s Raining AI at the Apsara Conference, Firing up the Stock.
Mandom (4917 JP): Two Is a Company as Murakami Joins the Fray
Chery Automobile IPO (9973 HK) IPO: Trading Debut
Alibaba (9988.HK): Overheated Momentum and Shifting Sentiment – Constructing a Smarter Hedge
Chery Auto IPO (9973.HK): Modest Potential Upside, Geely Auto Screens As a Good Comparison
Long Toyota (7203 JP) Vs. Short Suzuki (7269 JP): Statistical Arbitrage, 9% Mean-Reversion Upside
Chery Auto IPO Trading – Half Decent Demand
Primer: M Dias Branco SA (MDIA3 BZ) – Sep 2025
Primer: Orion Breweries (409A JP) – Sep 2025
NIFTY 50 Tactical Outlook: Quantifying Downside Risk and Strategic Re-Entry Zones

Alibaba (9988 HK): It’s Raining AI at the Apsara Conference, Firing up the Stock.

By Devi Subhakesan

Alibaba (9988 HK) launched Qwen3-Max, its largest LLM to date, along with a suite of Qwen3 models and technical upgrades at its annual flagship conference, reinforcing its full-stack AI ambitions.
The stock has surged nearly 50% month-to-date, fueled by investor optimism over AI-related upside, since the August 29 investor call.
Investors now await proof that execution and performance will deliver on Alibaba’s bold technical claims and high market expectations.

Mandom (4917 JP): Two Is a Company as Murakami Joins the Fray

Murakami reported a 7.14% ownership ratio in Mandom Corp (4917 JP). The average buy-in price of JPY2,070.73 per share is 5.6% above the JPY1,960 CVC-sponsored MBO.
Murakami undoubtedly shares Hibiki’s concerns. On 15 September, Hibiki issued an open letter questioning the rationale behind the Board’s recommendation of a CVC-sponsored preconditional MBO.
With the emergence of Murakami, CVC and the founding family’s options narrow. The need for satisfaction of the precondition buys time, but a bump seems inevitable.

Chery Automobile IPO (9973 HK) IPO: Trading Debut

Chery Automobile (9973 . HK) priced its IPO at HK$30.75 per share to raise gross proceeds of approximately US$1.2 billion. The shares will begin trading on September 25.
The IPO was discussed in Chery Automobile IPO: The Bull Case, Chery Automobile IPO: The Bear Case and Chery Automobile IPO (9973 HK): Valuation Insights.
The market sentiment of the peers has declined since the IPO launch. Chery Auto is fairly valued at the IPO price.

Alibaba (9988.HK): Overheated Momentum and Shifting Sentiment – Constructing a Smarter Hedge

Baba’s recent surge mirrors past rallies, with recent sideways price action raising a caution flag.
Metrics from the options market suggest that sentiment that was overheated has begun to turn.
We explore an alternative hedge that will not cap a continued rally but is less expensive than directly buying Puts in Baba.

Chery Auto IPO (9973.HK): Modest Potential Upside, Geely Auto Screens As a Good Comparison

By Andrei Zakharov

Chery Auto, the second largest Chinese domestic brand passenger vehicle company, priced its IPO at the high end of the range at HK$30.75/share.
High demand for the stock was predictable. Cornerstone investors collectively agreed to acquire ~$588M worth of Chery Auto shares in this offering.
The Chery Auto stock is set to start trading on Thursday. I see modest potential upside vs. IPO offer price as growth is slowing down and margins compressed.

Long Toyota (7203 JP) Vs. Short Suzuki (7269 JP): Statistical Arbitrage, 9% Mean-Reversion Upside

By Gaudenz Schneider

Context: The Toyota Motor (7203 JP) vs. Suzuki Motor (7269 JP) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Going long Suzuki and short Toyota targets a 9% return.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Chery Auto IPO Trading – Half Decent Demand