Category

Daily Briefs

Dec 06
0

Most Read: Quanta Computer, Aditya Birla Capital Ltd, Aspen Group, SK Inc, Dongfeng Motor, SBI Shinsei Bank, ANE Cayman Inc, Steadfast, Wonik Ips and more

By | Daily Briefs, Most Read

In today’s briefing:

  • TIP Customized Taiwan Select High Dividend Index Rebal Preview: 8 Changes; US$8bn Trade
  • NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade
  • Aspen Group (APZ AU): Global Sector Index Inclusion
  • 2026 High Conviction Idea: SK Inc
  • Dongfeng (489 HK): Revisiting VOYAH’s Spin-Off Valuation
  • [Japan IPO] The SBI Shinsei Bank (8303 JP) IPO; Cosmetically Pretty, Otherwise Meh
  • ANE (9956 HK): Tempting Fate Through an Unchanged Share Alternative Cap?
  • BoE Survey Says Stagflation Survives
  • Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint
  • Fresh Intel: Kosdaq Stimulus Drop Date & Key Targets

TIP Customized Taiwan Select High Dividend Index Rebal Preview: 8 Changes; US$8bn Trade

By Brian Freitas

  • The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 403bn (US$12.8bn).
  • We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn.
  • The forecast adds have outperformed the forecast deletes over the last couple of weeks and we expect the adds to continue outperforming the deletes over the next few days.

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

By Brian Freitas

  • There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
  • If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).
  • The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.

Aspen Group (APZ AU): Global Sector Index Inclusion

By Brian Freitas

  • Aspen Group (APZ AU) will be added to a global sector index at the close 19 December. The stock is also a potential inclusion to a global index in March.
  • Estimated passive buying in Aspen Group (APZ AU) is U$21m and positioning in the stock could continue to build in the next few days.
  • Positioning in the stock has been increasing over the last few months with a jump that started at the beginning of November.

2026 High Conviction Idea: SK Inc

By Douglas Kim

  • Three main reasons why SK Inc is our high conviction in 2026 include mandatory cancellation of treasury shares, deep discount to NAV, and the end of divorce for Chairman Chey. 
  • SK Inc has 17.98 million shares in treasury, representing 24.8% of outstanding shares. Among the stocks included in KOSPI200, this is one of the highest percentage of treasury shares.
  • Our NAV valuation analysis suggests NAV of 28 trillion won or NAV per share of 386,469 won. This represents a 46% upside to its current price.

Dongfeng (489 HK): Revisiting VOYAH’s Spin-Off Valuation

By David Blennerhassett

  • Back on the 22nd August 2025, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH. The two proposals are interconditional.
  • In its October application proof, VOYAH turned a profit in 7M25.  The market was implying a price-to-trailing-sales of 1.5x for VOYAH, versus the basket average of 2.1x. It’s now ~1.2x.
  • Key PRC reg approvals (Mofcom/NDRC/SAFE) remain outstanding. Meanwhile, a basket of peers are down 21% since the dual proposals were announced. And their average price-to-trailing-sales are down to 1.7x. 

[Japan IPO] The SBI Shinsei Bank (8303 JP) IPO; Cosmetically Pretty, Otherwise Meh

By Travis Lundy

  • The SBI Shinsei Bank (8303 JP) IPO is due to be priced on 8 December and start trading on 17 December 2025.
  • I have been reluctant to write because of my general lack of excitement regarding the IPO and its after-market prospects. It is, as a friend says, “neither here nor there.”
  • But as the bank was my High Conviction Long trade for 2021, 2022, and 2023 and I wrote about the events in the interim, I thought I should opine.

ANE (9956 HK): Tempting Fate Through an Unchanged Share Alternative Cap?

By Arun George

  • The consortium has decided NOT to exercise its right to increase the ANE Cayman Inc (9956 HK) share alternative cap from 5.00% to 7.50% of outstanding shares. 
  • The positive read-across is that it signals the consortium’s confidence that the vote will pass, as reflected in the quick decision not to lift the cap (deadline was 12 December). 
  • The negative readacross is that shareholders requesting the scrip option likely exceeded the 7.5% upper threshold, and the consortium is hoping that these shareholders will instead take the mix option.

BoE Survey Says Stagflation Survives

By Phil Rush

  • CFOs keep telling the BoE their prices will rise by 3.5% in 2026, with wage increases similarly substantial. There has been no significant break lower in over 18 months.
  • Employment plans have also deteriorated, lending some support to the dovish case as well. But this side is an unreliable signal, while inflation has proved brutally accurate.
  • Doves need the employment aspect to be true, but the transmission to prices not to be. This survey signals upside inflation risks that should discourage rate cuts in 2026.

Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint

By David Blennerhassett

  • First, EQT, then CVC joined, in a A$45/share NBIO for AUB (AUB AU), an insurance “matchmaker”: CVC Joins EQT In Pursuit Of AUB Group (AUB AU). Talks ceased this week. 
  • Reportedly, AUB’s larger insurance rival, Steadfast (SDF AU), is now attracting PE interest, such as Blackstone.
  • Steadfast is down ~25% from its recent high following a workplace complaint towards CEO/MD/founder Robert Kelly – now concluded on “a confidential basis”, with Kelly resuming his roles. 

Fresh Intel: Kosdaq Stimulus Drop Date & Key Targets

By Sanghyun Park

  • Fresh intel hit at lunch. Official rollout is penciled for the 11th or 12th, sourced straight from a key gov’t operator and pushed to Hankyung.
  • The package basically boils down to two levers: juiced tax perks for retail in Kosdaq venture funds and a structural bump-up in pension-fund allocation.
  • Street sees this as constructive: tax tweaks to pull retail, pension weight-ups to juice flows, and focus on 300bn+ Kosdaq names that beat Q3 consensus 10%+.

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Dec 06
0

Daily Brief TMT/Internet: Wonik Ips, AT&T, Renesola Ltd Adr, 1Spatial Plc, Netyear Group, Truecaller AB, Indoritel Makmur Internasional, Cri Middleware, i Cubed Systems and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Fresh Intel: Kosdaq Stimulus Drop Date & Key Targets
  • AT&T CEO: Connecting the Future, Embracing AI and Driving Cultural Change
  • Shah Capital’s $2.00/Share Buyout of Emeren Group Faces Market Skepticism Amid Operational Challenges and Competing Bid
  • 1Spatial — Extended agreement with NUAR
  • (05 Dec 2025) Netyear Group(3622 JP) — Fisco Company Research
  • Primer: Truecaller AB (TRUEB SS) – Dec 2025
  • Primer: Indoritel Makmur Internasional (DNET IJ) – Dec 2025
  • (05 Dec 2025) Cri Middleware(3698 JP) — Fisco Company Research
  • (05 Dec 2025) I Cubed Systems <4495> — Fisco Company Research

Fresh Intel: Kosdaq Stimulus Drop Date & Key Targets

By Sanghyun Park

  • Fresh intel hit at lunch. Official rollout is penciled for the 11th or 12th, sourced straight from a key gov’t operator and pushed to Hankyung.
  • The package basically boils down to two levers: juiced tax perks for retail in Kosdaq venture funds and a structural bump-up in pension-fund allocation.
  • Street sees this as constructive: tax tweaks to pull retail, pension weight-ups to juice flows, and focus on 300bn+ Kosdaq names that beat Q3 consensus 10%+.

AT&T CEO: Connecting the Future, Embracing AI and Driving Cultural Change

By In Good Company with Nicolai Tangen

  • Deregulation of communication technologies is leading to intermodal competition and a reordering of assets in the industry.
  • Telecom sector is lagging behind big tech stocks, but AI-driven growth in data usage presents a unique opportunity for growth.
  • AT&T’s decision to divest its content business was necessary to focus on its core business of connectivity and meet customer demands for a high-quality product.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Shah Capital’s $2.00/Share Buyout of Emeren Group Faces Market Skepticism Amid Operational Challenges and Competing Bid

By Special Situation Investments

  • Emeren Group’s largest shareholder, Shah Capital, plans to take the company private at $2.00/share, with a 13% spread.
  • Shah Capital owns 36% of SOL, requiring $65m for the buyout, with no financing concerns reported.
  • A competing bid from EEW Renewables was declined due to concerns about financing and track record credibility.

1Spatial — Extended agreement with NUAR

By Edison Investment Research

1Spatial has announced that it has won a new contract to deliver data transformation and integration (DT&I) solutions for the National Underground Asset Register (NUAR). The contract value of £4.2m over an initial two years with £1.5m licence revenue has improved economics versus the company’s previous engagement (signed in September 21) and 1Spatial is promoted to prime contractor for the DT&I element, whereas previously it was subcontractor to Atkins. We are not changing our estimates, but believe that this deal provides further evidence that 1Spatial now well embedded as a key supplier supporting the digitisation of the UK’s infrastructure.

(05 Dec 2025) Netyear Group(3622 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • Netyear Group has revised its fiscal year 2026 profit forecast upward, targeting a margin over 10%.
  • The company launched a ‘Generative AI Full Commitment Declaration’ to enhance digital marketing through generative AI technology.
  • For the interim period, Netyear reported a 10.3% increase in sales to 1,656 million yen and an operating profit of 80 million yen.

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

Primer: Truecaller AB (TRUEB SS) – Dec 2025

By αSK

  • Truecaller holds a dominant market position in caller ID and spam blocking, particularly in emerging markets, driven by a powerful network effect from its massive user base.
  • The company exhibits a robust financial profile with strong revenue growth, high EBITDA margins, and consistent free cash flow generation, supporting shareholder returns through dividends and buybacks.
  • Key risks include increasing competition from OS-level solutions by Google and Apple, and significant regulatory uncertainty, especially concerning data privacy laws like India’s Digital Personal Data Protection (DPDP) Act.

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

Primer: Indoritel Makmur Internasional (DNET IJ) – Dec 2025

By αSK

  • Indoritel Makmur Internasional (DNET) is a strategic investment holding company providing unique exposure to Indonesia’s burgeoning consumer and digital economy through its significant stakes in market-leading enterprises.
  • The company’s core holdings include PT Indomarco Prismatama (Indomaret), the nation’s largest convenience store network, and PT Mega Akses Persada (FiberStar), a key player in the fiber optic infrastructure sector.
  • While top-line growth is robust, driven by the expansion of its portfolio companies, profitability and free cash flow remain volatile due to intense competition in the retail sector and high capital expenditure requirements for fiber network expansion.

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

(05 Dec 2025) Cri Middleware(3698 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • CRI Middleware aims for a target operating profit of 2 billion yen by September 2030.
  • The company specializes in software licensing and development, focusing on gaming and enterprise sectors.
  • Expected revenue growth and profit increase in the coming years.

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

(05 Dec 2025) I Cubed Systems <4495> — Fisco Company Research

By FISCO

Key points (machine generated)

  • Mr. Takanori Sakata, Director and CFO of iCubed Systems Inc., presented at a briefing on December 5, 2025.
  • The session was moderated by Hiroe Takai from FISCO Ltd. and included participation from investor DAIBOUCHOU.
  • The document stresses the importance of reading disclaimers regarding the material’s use and the briefing’s formal nature.

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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Dec 06
0

Daily Brief Energy/Materials: Gold, Hang Seng Index, Impack Pratama Industri Tbk, Iron Ore, Rubber Future SGX TSR20, Capitan Silver , NAC Kazatomprom JSC and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Why The Mining Boom is Just Beginning (Hedley Widdup)
  • Hong Kong Single Stock Options Weekly (Dec 01 – 05): Narrow Range, Low Vols and Weaker Put Flow
  • Primer: Impack Pratama Industri Tbk (IMPC IJ) – Dec 2025
  • Iron Ore Rally Stretches Thin as Technicals Flash Pullback Risk
  • Weather Portends Both Hope and Concern in Southeast Asia in Dec
  • CAPT: Large Resource Update at Capitan Hill Gold Deposit
  • Kazatomprom: Major Rate Hike Hits Valuation of Uranium Market Leader

Why The Mining Boom is Just Beginning (Hedley Widdup)

By Money of Mine

  • Central banks have been buying gold since after the GFC to diversify from US Dollars, underpinning the market with tightness
  • Gold bull markets have been influenced by periods of conflict and economic stability, with central banks playing a significant role in influencing the price
  • The second gold bull market starting around 2000 saw the gold industry aggressively buying back their hedges, pushing the price up alongside central bank buying and market forces

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Hong Kong Single Stock Options Weekly (Dec 01 – 05): Narrow Range, Low Vols and Weaker Put Flow

By John Ley

  • Quiet trade across Hong Kong Single Stock this week with HSI’s weekly range near the lows of the year.
  • Implied vols were mixed and are still clinging to the lowest levels of the year.
  • Options activity lower week over week, led by declines in Put trading.

Primer: Impack Pratama Industri Tbk (IMPC IJ) – Dec 2025

By αSK

  • Dominant Market Leader with Strong Growth: Impack Pratama is a clear leader in the Indonesian plastic building materials sector, holding an estimated 90% market share in polycarbonate roofing and 70% in uPVC roofing. This dominance is translating into exceptional financial performance, with 3-year CAGRs for revenue and net income at 20.30% and 36.94%, respectively.
  • Favorable Industry Tailwinds: The Indonesian construction market is poised for steady growth, driven by government infrastructure spending, urbanization, and a rising middle class. Projections indicate a market expansion of 5.48% to 7.50% annually, creating a robust demand environment for IMPC’s products.
  • Premium Valuation Reflects Quality, But Poses Risk: The company’s strong performance and market position command a high valuation, with a P/E ratio of 37.2x. While justified by its growth trajectory, this premium makes the stock susceptible to shifts in market sentiment and earnings disappointments. The low dividend yield and inconsistent payout history may also deter income-focused investors.

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

Iron Ore Rally Stretches Thin as Technicals Flash Pullback Risk

By Umang Agrawal

  • Simandou’s arrival and softer mill output signal a clear shift toward weaker near-term demand, even as some investors position for policy surprises.
  • Technical signals point to stretched momentum, with the broader setup now tilting toward elevated odds of a near-term mean-reversion pullback.
  • The 65–62 spread climbed sharply this week, while the 62–58 spread moved lower, marking a notable divergence across grade differentials.

Weather Portends Both Hope and Concern in Southeast Asia in Dec

By Vinod Nedumudy

Highlights

  • ENSO Conditions to be Neutral to Negative, But Not Falling to La Nina

  • Session at COP30 Focuses on Smallholders in Climate Action

  •  Integrating Climate Resilience into Production Systems Not Optional

    Dr. S. Abhilash, Director, Advanced Centre for Atmospheric Radar Research, Cochin University of Science and Technology, Kochi, India, warns the Indonesia and Malaysia regions of above normal rainfall in December that can impact rubber supply as well.

CAPT: Large Resource Update at Capitan Hill Gold Deposit

By Atrium Research

  • What you need to know: • CAPT announced an updated MRE at its Capitan Hill Oxide Gold Deposit.
  • • The resource increased from 305Koz Au in 2020 to 525Koz today, and today’s resource is pit-constrained.
  • • Two-thirds of the 2025 15,000m drill program is complete, with only one-third of the assay results released.

Kazatomprom: Major Rate Hike Hits Valuation of Uranium Market Leader

By Graeme Cunningham

  • Operations remain strong with volume rising and revenue up on the continued rise in uranium prices in Q3/25, although the metal has cooled in Q4/25 
  • Domestic macro remains a drag on the valuation, with the NBK hiking its base rate 1.5% in October 2025 to combat rising inflation, boosting our discount rate significantly   
  • After over a 40% rise since June 2025 our valuation is now about -20% below the current price, although the P/B still looks low, especially versus Cameco’s surging multiple

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Dec 06
0

Daily Brief Industrials: Ferrovial, Milestone Gears Ltd, Southwest Airlines Co, Wintermar Offshore Marine, Sedemac Mechatronics Ltd, Css Holdings, VAT Group, Fuluhashi EPO and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Positioned for the Upgrade: Ferrovial’s Path Into the Nasdaq-100
  • Milestone Gears Ltd Pre-IPO Tearsheet
  • Business History: The Secret of Southwest’s Success
  • Primer: Wintermar Offshore Marine (WINS IJ) – Dec 2025
  • Sedemac Mechatronics Ltd Pre-IPO Tearsheet
  • (05 Dec 2025) Css Holdings(2304 JP) — Fisco Company Research
  • “Lockout Rally” Underway; Downgrading China to Market Weight; Weak U.S. Dollar Is Risk-On Signal
  • (04 Dec 2025) Furuhashi EPO <9221> — Fisco Company Research

Positioned for the Upgrade: Ferrovial’s Path Into the Nasdaq-100

By Jesus Rodriguez Aguilar

  • Ferrovial sits in a strong position for Nasdaq-100 second-round inclusion, with several incumbents likely to drop below rank 125.
  • Inclusion could trigger ~$315M passive inflows and broaden U.S. investor ownership.
  • Fundamentals already reflect a U.S.-centric infra operator, supported by JFK NTO and toll-road ramp-ups through 2027.

Milestone Gears Ltd Pre-IPO Tearsheet

By Akshat Shah

  • Milestone Gears Ltd (1049966D IN) (MGL) is looking to raise about US$124m in its upcoming India IPO. The deal will be run by Axis, JM Fin and Motilal Oswal.
  • MGL is a manufacturer of high-precision, complex engineered transmission components that have applications across multiple sectors, including tractors, construction equipment, electric vehicles, locomotives, windmills and other heavy industries.
  • According to 1Lattice, between April 1, 2022 and June 30, 2025, MGL had supplied products to over 50 customers, including all the top nine OEMs in the Indian tractor sector.

Business History: The Secret of Southwest’s Success

By Behind the Money

  • Southwest Airlines was founded in 1966 by Herb Kelleher and Rollin King in San Antonio, Texas based on the idea of creating a triangle route between Dallas, San Antonio, and Houston.
  • Southwest Airlines was able to avoid federal regulation by operating solely within the state of Texas and establishing a profitable business model with consistent profitability.
  • Southwest Airlines revolutionized the airline industry by offering affordable and convenient flights within Texas, challenging the traditional business model of major airlines and achieving long-term success.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Primer: Wintermar Offshore Marine (WINS IJ) – Dec 2025

By αSK

  • Wintermar is strategically positioned to capitalize on the offshore support vessel (OSV) industry upcycle, driven by rising charter rates and increased offshore exploration activity, particularly in Southeast Asia.
  • The company is actively modernizing its fleet, focusing on higher-tier vessels like Platform Supply Vessels (PSVs) and Heavy Load Barges (HLBs) to improve margins and meet growing demand for deepwater projects and offshore wind farm construction.
  • Strong financial performance is evident, with significant growth in revenue and net income, a strengthened balance sheet with a net cash position, and the reinstatement of dividends, signaling confidence in sustained profitability.

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

Sedemac Mechatronics Ltd Pre-IPO Tearsheet

By Akshat Shah

  • Sedemac Mechatronics Ltd (1560389D IN) (SML) is looking to raise about US$100m in its upcoming India IPO. The deal will be run by Axis, Avendus and ICICI.
  • SML is a designer and supplier of critical, control-intensive electronic control units to major vehicle and industrial equipment manufacturers in India, the United States, and Europe.
  • SML held an approximate 30% market share of the domestic ISG ECU market, in terms of volume and are amongst the top four players for FY25, as per CRISIL.

(05 Dec 2025) Css Holdings(2304 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • CSS Holdings achieved record-high performance for the fiscal year ending September 2025.
  • The company operates in three sectors: Steward, Food Service, and Space Production.
  • CSS Holdings aims to expand operations in line with its medium-term management strategy.

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

“Lockout Rally” Underway; Downgrading China to Market Weight; Weak U.S. Dollar Is Risk-On Signal

By Joe Jasper

  • We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&P 500 (SPX) from 4/22/25 to 11/18/25.
  • After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).
  • We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $135.70 on ACWI-US continue to hold. 

(04 Dec 2025) Furuhashi EPO <9221> — Fisco Company Research

By FISCO

Key points (machine generated)

  • Fullhashi EPO Co., Ltd. held a briefing on December 4, 2025, to discuss Q2 financial results for the fiscal year ending March 2026.
  • Key participants included President and CEO Naohiko Yamaguchi and Director Toru Ueno.
  • The presentation highlighted the company’s commitment to sustainability and included necessary disclaimers and disclosures.

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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  • ✓ Custom Watchlists
  • ✓ Company Data and News
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Dec 06
0

Daily Brief Industrials: Ferrovial, Milestone Gears Ltd, Southwest Airlines Co, Wintermar Offshore Marine, Sedemac Mechatronics Ltd, Css Holdings, VAT Group, Fuluhashi EPO and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Positioned for the Upgrade: Ferrovial’s Path Into the Nasdaq-100
  • Milestone Gears Ltd Pre-IPO Tearsheet
  • Business History: The Secret of Southwest’s Success
  • Primer: Wintermar Offshore Marine (WINS IJ) – Dec 2025
  • Sedemac Mechatronics Ltd Pre-IPO Tearsheet
  • (05 Dec 2025) Css Holdings(2304 JP) — Fisco Company Research
  • “Lockout Rally” Underway; Downgrading China to Market Weight; Weak U.S. Dollar Is Risk-On Signal
  • (04 Dec 2025) Furuhashi EPO <9221> — Fisco Company Research

Positioned for the Upgrade: Ferrovial’s Path Into the Nasdaq-100

By Jesus Rodriguez Aguilar

  • Ferrovial sits in a strong position for Nasdaq-100 second-round inclusion, with several incumbents likely to drop below rank 125.
  • Inclusion could trigger ~$315M passive inflows and broaden U.S. investor ownership.
  • Fundamentals already reflect a U.S.-centric infra operator, supported by JFK NTO and toll-road ramp-ups through 2027.

Milestone Gears Ltd Pre-IPO Tearsheet

By Akshat Shah

  • Milestone Gears Ltd (1049966D IN) (MGL) is looking to raise about US$124m in its upcoming India IPO. The deal will be run by Axis, JM Fin and Motilal Oswal.
  • MGL is a manufacturer of high-precision, complex engineered transmission components that have applications across multiple sectors, including tractors, construction equipment, electric vehicles, locomotives, windmills and other heavy industries.
  • According to 1Lattice, between April 1, 2022 and June 30, 2025, MGL had supplied products to over 50 customers, including all the top nine OEMs in the Indian tractor sector.

Business History: The Secret of Southwest’s Success

By Behind the Money

  • Southwest Airlines was founded in 1966 by Herb Kelleher and Rollin King in San Antonio, Texas based on the idea of creating a triangle route between Dallas, San Antonio, and Houston.
  • Southwest Airlines was able to avoid federal regulation by operating solely within the state of Texas and establishing a profitable business model with consistent profitability.
  • Southwest Airlines revolutionized the airline industry by offering affordable and convenient flights within Texas, challenging the traditional business model of major airlines and achieving long-term success.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Primer: Wintermar Offshore Marine (WINS IJ) – Dec 2025

By αSK

  • Wintermar is strategically positioned to capitalize on the offshore support vessel (OSV) industry upcycle, driven by rising charter rates and increased offshore exploration activity, particularly in Southeast Asia.
  • The company is actively modernizing its fleet, focusing on higher-tier vessels like Platform Supply Vessels (PSVs) and Heavy Load Barges (HLBs) to improve margins and meet growing demand for deepwater projects and offshore wind farm construction.
  • Strong financial performance is evident, with significant growth in revenue and net income, a strengthened balance sheet with a net cash position, and the reinstatement of dividends, signaling confidence in sustained profitability.

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

Sedemac Mechatronics Ltd Pre-IPO Tearsheet

By Akshat Shah

  • Sedemac Mechatronics Ltd (1560389D IN) (SML) is looking to raise about US$100m in its upcoming India IPO. The deal will be run by Axis, Avendus and ICICI.
  • SML is a designer and supplier of critical, control-intensive electronic control units to major vehicle and industrial equipment manufacturers in India, the United States, and Europe.
  • SML held an approximate 30% market share of the domestic ISG ECU market, in terms of volume and are amongst the top four players for FY25, as per CRISIL.

(05 Dec 2025) Css Holdings(2304 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • CSS Holdings achieved record-high performance for the fiscal year ending September 2025.
  • The company operates in three sectors: Steward, Food Service, and Space Production.
  • CSS Holdings aims to expand operations in line with its medium-term management strategy.

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

“Lockout Rally” Underway; Downgrading China to Market Weight; Weak U.S. Dollar Is Risk-On Signal

By Joe Jasper

  • We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&P 500 (SPX) from 4/22/25 to 11/18/25.
  • After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).
  • We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $135.70 on ACWI-US continue to hold. 

(04 Dec 2025) Furuhashi EPO <9221> — Fisco Company Research

By FISCO

Key points (machine generated)

  • Fullhashi EPO Co., Ltd. held a briefing on December 4, 2025, to discuss Q2 financial results for the fiscal year ending March 2026.
  • Key participants included President and CEO Naohiko Yamaguchi and Director Toru Ueno.
  • The presentation highlighted the company’s commitment to sustainability and included necessary disclaimers and disclosures.

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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Dec 06
0

Daily Brief Financials: Steadfast, Halyk Savings Bank of Kazakhstan, Greentown China, Grupo Catalana Occidente Sa, S&P/ASX 200 and more

By | Daily Briefs, Financials

In today’s briefing:

  • Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint
  • Halyk Bank — 7% NIM likely to be sustained into 2026
  • Halyk Bank — 7% NIM likely to be sustained into 2026
  • Lucror Analytics – Morning Views Asia
  • Inocsa Secures 98% of Catalana Occidente; Squeeze-Out Now in Play
  • Australia Single Stock Options (Dec 01 – 05): Narrow Range and Mixed Implieds

Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint

By David Blennerhassett

  • First, EQT, then CVC joined, in a A$45/share NBIO for AUB (AUB AU), an insurance “matchmaker”: CVC Joins EQT In Pursuit Of AUB Group (AUB AU). Talks ceased this week. 
  • Reportedly, AUB’s larger insurance rival, Steadfast (SDF AU), is now attracting PE interest, such as Blackstone.
  • Steadfast is down ~25% from its recent high following a workplace complaint towards CEO/MD/founder Robert Kelly – now concluded on “a confidential basis”, with Kelly resuming his roles. 

Halyk Bank — 7% NIM likely to be sustained into 2026

By Edison Investment Research

Halyk Bank reported a 13.8% y-o-y increase in net interest income in Q325 with a sustained high net interest margin (NIM) of 7.1% versus 7.3% in Q324 and robust loan book growth of 19.7% y-o-y (8.2% ytd). Combined with good cost discipline (the cost-to-income ratio (CIR) was 16.3% in Q325 vs 16.1% in Q324), this allowed the company to maintain an ROE above 30% (34.3% in Q325 on an annualised basis). Halyk preserved a strong capital base with a CET-1, Tier-1 and total capital ratio of 17.4% at end-September 2025 (with an indicative FY26e target of 17–19%) and local capital ratios of 18.3% versus the regulatory requirement for total capital (k2) of 12.0%. We believe this provides the bank with a solid balance sheet to continue delivering attractive dividends (its payout from FY24 earnings of KZT50.64 per share represents a c 16% yield based on the current share price). We note that Halyk’s majority shareholder (ALMEX Holding Group) recently sold a 7.6% stake at a price per common share and global depository receipt (GDR) of KZT298.66 and $23.0, respectively, to improve the liquidity of Halyk’s shares and broaden the shareholder register. It retained a majority stake and declared full commitment to the bank’s long-term success.

Halyk Bank — 7% NIM likely to be sustained into 2026

By Edison Investment Research

Halyk Bank reported a 13.8% y-o-y increase in net interest income in Q325 with a sustained high net interest margin (NIM) of 7.1% versus 7.3% in Q324 and robust loan book growth of 19.7% y-o-y (8.2% ytd). Combined with good cost discipline (the cost-to-income ratio (CIR) was 16.3% in Q325 vs 16.1% in Q324), this allowed the company to maintain an ROE above 30% (34.3% in Q325 on an annualised basis). Halyk preserved a strong capital base with a CET-1, Tier-1 and total capital ratio of 17.4% at end-September 2025 (with an indicative FY26e target of 17–19%) and local capital ratios of 18.3% versus the regulatory requirement for total capital (k2) of 12.0%. We believe this provides the bank with a solid balance sheet to continue delivering attractive dividends (its payout from FY24 earnings of KZT50.64 per share represents a c 16% yield based on the current share price). We note that Halyk’s majority shareholder (ALMEX Holding Group) recently sold a 7.6% stake at a price per common share and global depository receipt (GDR) of KZT298.66 and $23.0, respectively, to improve the liquidity of Halyk’s shares and broaden the shareholder register. It retained a majority stake and declared full commitment to the bank’s long-term success.

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: Greentown China
  • UST yields rose 2-4 bps yesterday, led by the front end, following the strong jobless claims data. The yield on the 2Y UST jumped 4 bps to 3.52%, while the yield on the 10Y UST climbed 3 bps to 4.10%. Fed-dated OIS were steady, and continued to price in a 92% probability of a rate cut next Wednesday.
  • Equities edged up slightly towards record high levels. The S&P 500 and Nasdaq rose 0.1% and 0.2% to 6,857 and 23,505, respectively.

Inocsa Secures 98% of Catalana Occidente; Squeeze-Out Now in Play

By Jesus Rodriguez Aguilar

  • Inocsa secures ~98% of Grupo Catalana Occidente Sa (GCO SM) after 94.27% acceptance, completing the take-private process and removing any remaining deal risk.
  • With Spain’s 90/90 thresholds exceeded, a squeeze-out at €49.75 is now available, leaving minimal optionality for remaining minorities.
  • GCO trades just below terms as liquidity evaporates; the spread has closed and the trade moves to passive cash settlement mid-December.

Australia Single Stock Options (Dec 01 – 05): Narrow Range and Mixed Implieds

By John Ley

  • Very quiet trading this week with a weekly closing range near the lows for the year.
  • Breadth deteriorated from last week’s elevated readings as the market tries to push higher. 
  • Quiet earnings calendar with only six companies issuing earnings reports in the coming week.

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Dec 06
0

Daily Brief Consumer: Musinsa, Wakefit Innovations, BBB Foods, TSE Tokyo Price Index TOPIX and more

By | Consumer, Daily Briefs

In today’s briefing:

  • 2026 (“Year of the Horse”) Major IPOs Pipeline in Korea
  • Wakefit Innovations IPO: Blending Digital DNA With Offline Ambition
  • Primer: Wakefit Innovations (1684049D IN) – Dec 2025
  • Actinver Research – TBBB: Big, Bold, and more than Branding (Coverage Initiation)
  • Raising the Standard of Discipline Among Companies Listed on the Standard Market Is Crucial

2026 (“Year of the Horse”) Major IPOs Pipeline in Korea

By Douglas Kim

  • This is our 11th “Annual Edition of the Major Korean IPOs Pipeline Preview” at Smartkarma.
  • This insight features 40 of the biggest potential IPOs in Korea in 2026.
  • Some of the largest potential IPOs in Korea in 2026 include CJ Olive Young, DN Solutions, Dunamu, Goodai Global, K Bank, Kurly, Musinsa, SK On, SK Ecoplant, and Sono International.

Wakefit Innovations IPO: Blending Digital DNA With Offline Ambition

By Nimish Maheshwari

  • Wakefit Innovations’ INR 1,288.89 crore IPO signaling the pivot of India’s largest D2C home brand toward institutional funding for accelerated omnichannel expansion.
  • The fund utilization is heavily skewed towards offline growth and brand building, confirming a strategic shift from pure-play digital to a capital-intensive, integrated retail model.
  • While the model mitigates supply chain risk through vertical integration, we must weigh the past profitability volatility and strategic roadmap for capturing India’s rapidly formalizing home and furnishings sector.

Primer: Wakefit Innovations (1684049D IN) – Dec 2025

By αSK

  • Wakefit Innovations is a leading direct-to-consumer (DTC) brand in India’s home and sleep solutions market, rapidly expanding its omnichannel presence. The company has demonstrated strong revenue growth, driven by diversification from its core mattress business into furniture and home furnishings.
  • Despite impressive top-line growth, the company has faced challenges in achieving consistent profitability, with losses widening in some fiscal years. The upcoming IPO is crucial for funding its ambitious offline expansion and marketing initiatives.
  • The company’s vertically integrated business model provides a competitive advantage in terms of cost and quality control. However, it faces significant competition from both established players and other online-first brands in a fragmented market.

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

Actinver Research – TBBB: Big, Bold, and more than Branding (Coverage Initiation)

By Actinver

  • In the midst of a challenging consumption environment in Mexico, companies have remained competitive by balancing pricing strategies and strict cost control.
  • As expected, consumers continue to trade down, supporting strong momentum for private-label products.
  • Within this context, the hard-discount format has accelerated, and Tiendas 3B stands out through strong store openings and solid SSS performance.

Raising the Standard of Discipline Among Companies Listed on the Standard Market Is Crucial

By Aki Matsumoto

  • Many companies failing to meet listing maintenance standards will transition to Standard Market. Given the inherent risk of moral hazard, strengthening the discipline of listed companies is a critical point.
  • Companies that have migrated to or remained in the Standard Market for various reasons harbor moral hazard stemming not from diversity, but rather from gathering in pursuit of lax standards.
  • If more companies view TSE’s increased disclosure requirements as a cost of listing and consider going private, that’s positive development. Hopefully, this will lead to progress in resolving “parent-subsidiary listings.”

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Dec 05
0

Daily Brief Australia: Aspen Group, Stockland, Cleanspace Holdings Ltd, AF Legal Group Ltd, Collins Foods and more

By | Australia, Daily Briefs

In today’s briefing:

  • Aspen Group (APZ AU): Global Sector Index Inclusion
  • Stockland (SGP AU) Vs. The GPT Group (GPT AU): Valuation Supports Long/Short Stat Arb Opportunity
  • Cleanspace Holdings Ltd – Several headwinds slow growth in H1
  • Primer: AF Legal Group Ltd (AFL AU) – Dec 2025
  • Collins Foods Disappoints With Cautious Upgrade

Aspen Group (APZ AU): Global Sector Index Inclusion

By Brian Freitas

  • Aspen Group (APZ AU) will be added to a global sector index at the close 19 December. The stock is also a potential inclusion to a global index in March.
  • Estimated passive buying in Aspen Group (APZ AU) is U$21m and positioning in the stock could continue to build in the next few days.
  • Positioning in the stock has been increasing over the last few months with a jump that started at the beginning of November.

Stockland (SGP AU) Vs. The GPT Group (GPT AU): Valuation Supports Long/Short Stat Arb Opportunity

By Gaudenz Schneider

  • Context: The GPT Group (GPT AU) vs. Stockland (SGP AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
  • Highlights: Going long Stockland (SGP AU) and short The GPT Group (GPT AU) targets a 4% return, with Stockland (SGP AU) supported by a lower P/E multiple.
  • 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.

Cleanspace Holdings Ltd – Several headwinds slow growth in H1

By RaaS Research Group (RaaS)

  • CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables for powered air purifying respirators (PAPRs).
  • CSX has provided a trading update at their AGM which guides to lower H1 FY26 revenue growth relative to previous halves and RaaS estimates (+27%), impacted by trade and tariff tensions not dis-similar to trends seen for several advanced Australian manufacturers including Veem (ASX:VEE) and Austin Engineering (ASX:ANG), and the dismantling of key US safety regulator NIOSH.
  • Gross margins remain in-line with estimates around the ‘mid-70s’ and costs are well controlled.

Primer: AF Legal Group Ltd (AFL AU) – Dec 2025

By αSK

  • AFL is executing a roll-up strategy in the highly fragmented Australian family law market, driving strong revenue growth through acquisitions.
  • Significant profitability challenges persist, evidenced by a statutory net loss in 2023 and razor-thin margins in 2025, raising concerns about the sustainability of its acquisition-led model.
  • The company’s valuation appears stretched, with a P/E ratio of 100, which seems disconnected from its volatile earnings and the inherent risks of integrating numerous small law practices.

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

Collins Foods Disappoints With Cautious Upgrade

By FNArena

  • Collins Foods produced record interim results in a difficult environment, prompting management to issue a ‘conservative’ upgrade to FY26 guidance.
  • Collins Foods delivers record interim revenue Margin ‘beats’ in Australia & Europe Market disappointed by management’s rather conservative FY26 profit upgrade UBS highlights outperformance of KFC Australia relative to peers

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Dec 05
0

Daily Brief Quantitative Analysis: ASX Short Interest Weekly (Nov 28th): Lynas Rare Earths and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • ASX Short Interest Weekly (Nov 28th): Lynas Rare Earths, James Hardie Industries, Transurban, CAR

ASX Short Interest Weekly (Nov 28th): Lynas Rare Earths, James Hardie Industries, Transurban, CAR

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of Nov 28th (reported today). The aggregated short interest was USD27.2bn.
  • 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 Lynas Rare Earths, James Hardie Industries, Transurban, CAR, Macquarie.

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Dec 05
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Markets Mixed and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Markets Mixed, Rate-Cut Bets Rise, Tech Outperforms
  • Japan Morning Connection: Memory Back on and Micron Steps Back from Consumer to Focus on Enterprise
  • Asia Real Estate Tracker (04-Dec-2025): Arch Capital exits $500M stake in Taiwan mall.
  • Tech Supply Chain Tracker (05-Dec-2025): Samsung unveils Exynos 2600, rivals Apple and
  • What’s News in Amsterdam

Ohayo Japan | Markets Mixed, Rate-Cut Bets Rise, Tech Outperforms

By Mark Chadwick

  • U.S. stocks were mixed as soft labor data and tech gains boosted hopes for Fed easing, despite corporate layoffs and policy uncertainty, with investors awaiting Friday’s key PCE inflation report.
  • Tech outperformed as Meta jumped on planned metaverse cutbacks, Nvidia gained over 2%, and Salesforce rose on a stronger outlook.
  • Japanese automakers rallied after Trump scrapped Biden’s fuel-efficiency rules, boosting prospects for conventional powertrains and benefiting Subaru’s U.S.-focused lineup. 

Japan Morning Connection: Memory Back on and Micron Steps Back from Consumer to Focus on Enterprise

By Andrew Jackson

  • Sandisk up as NAND prices continue to surge, expect Kioxia to run also with recent Bain sale cleared.
  • JP factory automation names surged yesterday, but there are likely more gains yet as the next leg for AI.
  • Quantum names all strong on good numbers, but will Socionext catch on this time?

Asia Real Estate Tracker (04-Dec-2025): Arch Capital exits $500M stake in Taiwan mall.

By Asia Real Estate Tracker

  • Arch Capital has sold its stake in a $500 million shopping mall located in Taiwan.
  • Singapore has initiated applications for the construction of new data centers totaling 200MW.
  • City Developments Limited (CDL) has purchased the Holiday Inn in Central London for $370 million.

Tech Supply Chain Tracker (05-Dec-2025): Samsung unveils Exynos 2600, rivals Apple and

By Tech Supply Chain Tracker

  • Samsung’s new Exynos 2600 chip aims to rival offerings from Apple and Qualcomm in the market.
  • Chroma has appointed I-Shih Tseng as CEO to enhance governance and operational efficiency.
  • Transcend expects memory supply constraints to persist for the next 3-5 months amid market instability.

What’s News in Amsterdam

By The IDEA!

  • Yesterday, Basic-Fit hosted a session to provide an update on the Clever Fit acquisition, that was announced at the end of October and completed two weeks later.
  • At its upcoming CMD, to be hosted on 20 April of next year, the company will provide a detailed update on the acquisition.
  • At yesterday’s update, Basic-Fit shared some light on the German market and the savings it expects

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