Daily Briefs

Last evening, Hang Seng announced a methodology change for the Hang Seng Internet & Information Technology Index (HSIII Index) with implementation in two phases.
The capping methodology will be updated at the September rebalance and the turnover and sector requirements will be updated at the December rebalance.
The updated capping scheme increases turnover and flow in September, while there could be one constituent change for the index at the December rebalance.

Gold Miners ETF (GDX US): Capping Pushes Trade to Over US$10bn

The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 22.9% resulting in a round-trip trade of US$10.2bn.
The forecast adds have underperformed the forecast deletes since the last Insight that highlighted the big valuation gap that had opened up since the announcement of the benchmark switch.

HSCI Index Rebalance: 24 Adds, 22 Deletes, Changes to Southbound Stock Connect & BIG Outperformance

There are 24 adds and 22 deletes for the Hang Seng Composite Index (HSCI) at the September rebalance to take the number of index constituents up to 504.
We expect 20 of the 24 HSCI inclusions to be Stock Connect adds from the open on 8 September. 19 of the 22 deletions could be removed from Stock Connect.
On average, stocks that are expected to be added to Southbound Stock Connect have outperformed stocks that are expected to be removed from Southbound Stock Connect.

Fast Retailing (9983 JP) Tactical Outlook: Turning OVERSOLD, Potential BUY Ahead of Sep-25 Rebalance

By Nico Rosti

In his recent insight, Brian Freitas stated that Fast Retailing (9983 JP)‘s CPAF will stay the same at the September 25 Nikkei 225 Index rebalance.
The stock is turning oversold—not yet extreme, but notable. Historically, this short-term downtrend pattern often reversed after two weeks of declines; we are now in the second consecutive week lower.
Monitor the 47150 support level: the stock is trading at 47810 at the moment of writing, if it goes at or below 47150 it will start to be clearly oversold.

Hang Seng Index (HSI) Rebalance: Pop Mart, China Telecom, JD Logistics Added to Get to 88 Members

China Telecom (H) (728 HK), JD Logistics (2618 HK) and Pop Mart (9992 HK) will be added to the Hang Seng Index (HSI INDEX) at the close on 5 September.
Estimated one-way turnover is 2.5% and the estimated round-trip trade is HK$11.25bn (US$1.44bn). The official capping will be done based on closing prices from 2 September.
At 88 constituents, we near the 100-index member target. The target is likely to be reached by early-2027 – maybe 2026 given mainland companies listing of H-shares on the HKEX.

DigiCo Infrastructure REIT (DGT AU) And HealthCo REIT (HCW AU): Passive Flows

DigiCo Infrastructure REIT (DGT AU) will be added to a global sector index at the close on 19 September while HealthCo REIT (HCW AU) will be deleted.
Estimated passive buying in DigiCo Infrastructure REIT (DGT AU) is US$32m while the passive selling in HealthCo REIT (HCW AU) is estimated to be US$7m.
Shorts have increased in both stocks. There could be short covering in DigiCo Infrastructure REIT followed by new shorts, while shorts could look to cover HealthCo REIT as passives sell.

[Japan CorpGov] TSE “Mgmt Conscious” Reports (Sep25), TSE Presents Interesting Feedback

By Travis Lundy

TSE-Listed companies are asked to file “Management Conscious of Capital Cost/Stock Price” awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
216 new CGRs filed in Aug-2025 (after 783 in July, 1,389 in June). Our tools show every report, links to every document, and a diff-file tool. Input name, see changes.
The JPX Council of Experts met on 2 Sep (and 9 July before that). The parent-sub changes are slow to come. 2 Sep docs may be worth reading in parts.

POSCO: Reviewing a Potential M&A of HMM

By Douglas Kim

The biggest potential M&A event right now in Korea is the potential acquisition of HMM Co., Ltd. (011200 KS) by POSCO Holdings (005490 KS).
Overall, we believe there is a higher probability of POSCO backing out of this potential acquisition of HMM, rather than POSCO completing this M&A deal.
Although POSCO claims that it spends about 3 trillion won annually on logistics, the actual synergies among these three businesses (steel, rechargeable battery, and logistics) remain murky.

KRX September Sector Index Review Finalized: Passive Impact Read

By Sanghyun Park

KRX dropped its September sector rejig post-close: only Semis (₩0.96T), Autos (₩0.51T), and Healthcare (₩0.31T) matter. Lineup below.
AUM-Wise, Semis was key. September TMI reshuffle saw light additions, heavy deletions; otherwise, results largely matched earlier forecasts.
TMI reshuffle flew under the radar with little pre-positioning; ETF rebalances next Thursday could trigger notable price moves — consider long/short baskets on high-impact names.

DISCO Corporation (TSE: 6146) – From Abrasive Wheels to AI Packaging Champion

By Rahul Jain

DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.
Anagement is expanding capacity via the Gohara Plant (FY2028) and upgrading innovation at the Haneda R&D Center (FY2025–27) to secure its edge in hybrid bonding, PLP, and stealth dicing.
Revenues are projected to grow ~11% CAGR to FY2028, with EPS potentially reaching ¥1,500, but the stock trades at a premium ~33x FY26E P/E.

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Sep 07

Daily Brief United States: Intel Corp, Bath & Body Works , Boston Scientific, Cadence Design Sys, Freeport Mcmoran, Gap Inc/The, GMS Inc, Ollie’S Bargain Outlet Holdings, Plexus Corp, Robert Half Intl and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Intel (INTC.US): Qualcomm CEO Has Publicly Stated that Intel’s Technology Is Still Not Competitive.
Bath & Body Works in College Bookstores: Can This Bold Move Capture Gen Z?
Boston Scientific in MedSurg: Will Double-Digit Growth Silence Competitors?
Cadence Strikes Big: What The €2.7 Billion Hexagon Acquisition Means For The Future Of System Design!
Freeport-McMoRan Taps Advanced Leaching Tech—Could This Be Its Secret Weapon?
Gap Enters Beauty Battle: Will Makeup Save The Brand?
GMS: Strategic Expansion in Complementary Product Offerings to Drive Incremental Revenue Growth Over The Coming Years!
Ollie’s Bargain Outlet Revealed: What Competitor Bankruptcies Mean for Its Expansion Plans!
Plexus’ Global Strategy: Will Diversification Across Industries Guarantee Long-Term Growth?
Robert Half International: An Insight Into Its Protiviti Growth

Intel (INTC.US): Qualcomm CEO Has Publicly Stated that Intel’s Technology Is Still Not Competitive.

By Patrick Liao

Intel Corp (INTC US) has not given up on Intel Foundry Service (IFS), even though it currently lacks any sizable clients.
We are puzzled as to why Intel former CEO Pat Gelsinger insisted on entering the foundry market, which has so far weakened Intel’s financials without generating meaningful returns.
Qualcomm Inc (QCOM US) CEO has publicly stated that Intel’s manufacturing technology is still not competitive.

Bath & Body Works in College Bookstores: Can This Bold Move Capture Gen Z?

Bath & Body Works presented its financial performance for the second quarter of 2025, reflecting a strategic focus on customer-centric growth initiatives.
The company reported net sales of $1.5 billion, up 1.5% compared to the previous year, alongside adjusted earnings per diluted share of $0.37.
The sales growth was led by robust store traffic and successful promotional activity during their semiannual sale, which was strategically shifted to align with market dynamics and consumer behavior.

Boston Scientific in MedSurg: Will Double-Digit Growth Silence Competitors?

Boston Scientific Corporation delivered robust financial results in the second quarter of 2025, exceeding both market expectations and its own guidance.
The company reported operational sales growth of 22% and organic sales growth of 17%, surpassing its forecasted range of 13% to 15%.
Adjusted earnings per share (EPS) increased by 23% to $0.75, also exceeding expectations.

Cadence Strikes Big: What The €2.7 Billion Hexagon Acquisition Means For The Future Of System Design!

Cadence Design Systems has turned heads with a definitive agreement to acquire Hexagon AB’s Design & Engineering unit—including the storied MSC Software—for €2.7 billion, paid 70% in cash and 30% in CDNS stock, with closing targeted for Q1’26.
The incoming business generated ~$280 million of 2024 revenue, brings ~1,100 employees, and serves blue-chip aerospace and auto names such as Volkswagen Group, BMW, Toyota, Lockheed Martin, BAE, and Boeing.
Strategically, the deal extends Cadence’s “Intelligent System Design” vision beyond chips and boards into the full palette of multiphysics—structures, motion, fluids, and electromagnetics—precisely where AI-era systems are converging.

Freeport-McMoRan Taps Advanced Leaching Tech—Could This Be Its Secret Weapon?

Freeport-McMoRan reported robust results for its second quarter of 2025, marked by significant sales volumes of both copper and gold which exceeded initial forecasts.
The company benefited from higher copper prices, registering an average realization of over $4.50 per pound, and delivering quarterly EBITDA of $3.2 billion.
Operating cash flows were also strong at $2.2 billion.

Gap Enters Beauty Battle: Will Makeup Save The Brand?

Gap Inc. is moving beyond basics into blushes and body mists.
Starting this fall, Old Navy will roll out an expanded beauty and personal-care assortment in roughly 150 stores, with most items priced under $25 and a curated mix that includes Old Navy–branded skincare and body care alongside names like e.l.f., Mario Badescu, and Korean beauty staples TonyMoly and Mixik.
About 45 of those doors will feature dedicated beauty shops staffed with advisers, while the remaining locations will merchandise assortments through enhanced checkout lanes.

GMS: Strategic Expansion in Complementary Product Offerings to Drive Incremental Revenue Growth Over The Coming Years!

GMS Inc.’s latest earnings for the fourth quarter of fiscal year 2025 reflects a mixed performance amidst a challenging macroeconomic environment.
On the positive side, the company reported net sales of $1.3 billion for the quarter, which aligns with the high end of their expectations provided earlier in the year.
The sales were bolstered by recent acquisitions, including Kamco, Yvon Building Supply, R.S. Elliott, and Howard & Sons Building Materials, which contributed positively to their revenue.

Ollie’s Bargain Outlet Revealed: What Competitor Bankruptcies Mean for Its Expansion Plans!

The latest financial results of Ollie’s Bargain Outlet Holdings Inc. reflect both accomplishments and challenges for the company in the second quarter of fiscal 2025.
The company reported an 18% increase in net sales, reaching $680 million, driven by new and expanded store operations and a rise in comparable store sales by 5%.
This growth highlights the success of the company’s strategic focus on expansion and customer acquisition, particularly through its Ollie’s Army loyalty program, which saw membership increase by over 10% to 16.1 million.

Plexus’ Global Strategy: Will Diversification Across Industries Guarantee Long-Term Growth?

Plexus Corp. presented its latest quarterly results, showing a mixed performance across various metrics while maintaining a strategic focus on long-term growth and operational efficiency.
The company reported revenue of $1.018 billion, aligning with its guidance, and demonstrated consistent performance with a non-GAAP operating margin of 6%, meeting its stated goal.
Key sectoral drivers included improved order activity from industrial and European defense customers, although the pace of program ramp-ups and tariff-related uncertainties posed challenges.

Robert Half International: An Insight Into Its Protiviti Growth

Robert Half’s latest earnings for Q2 2025 presents a mixed picture with some notable challenges and opportunities for its business units.
The company’s global revenues were reported at $1.37 billion, reflecting a 7% year-over-year decline.
This decline was in line with the midpoint of the company’s previous guidance.

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Sep 07

Daily Brief India: Kotak Mahindra Bank, Newgen Software Technologies and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Long Kotak Mahindra (KMB IN) Vs. Short Bajaj Finance (BAF IN): Statistical Arbitrage in Indian Banks
Newgen Software Technologies- Forensic Update

Long Kotak Mahindra (KMB IN) Vs. Short Bajaj Finance (BAF IN): Statistical Arbitrage in Indian Banks

By Gaudenz Schneider

Context: The Kotak Mahindra Bank (KMB IN) vs. Bajaj Finance (BAF IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Going long Kotak Mahindra Bank (KMB IN) and short Bajaj Finance (BAF IN) targets a 9% return, with the long position supported by cheaper valuations.
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.

Newgen Software Technologies- Forensic Update

By Nitin Mangal

Newgen Software Technologies (NEWGEN IN) is the leading provider of a unified digital transformation platform with native process automation, content services, and communication management capabilities.
The company continues to exhibit aggressive accounting practice in FY25, where growth driven by overseas subsidiaries was majorly tied up in credit period. Higher provision on debtors is further concerning.
High remuneration to promoters and independent directors, insider trading complaints, are few governance concerns

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Sep 07

Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (September 7) – Eisai and more

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

In today’s briefing:

APAC Healthcare Weekly (September 7) – Eisai, Hansoh, Hengrui, Celltrion, SK Bioscience, Lupin

APAC Healthcare Weekly (September 7) – Eisai, Hansoh, Hengrui, Celltrion, SK Bioscience, Lupin

By Tina Banerjee

Eisai Initiated rolling submission of sBLA to the FDA for Leqembi subcutaneous autoinjector as a weekly starting dose. Hansoh Pharmaceutical’s innovative drug Xinyue got additional indication approval in China.
Jiangsu Hengrui received marketing approval of its self-developed Class 1 innovative drug, Zeprumetostat in China. Celltrion got approval in Europe to start Phase 3 trial of its Darzalex biosimilar.
SK Bioscience applied for Phase 3 clinical trial of SKYVaricella in South Korea to add the 2-dose indication. Lupin received FDA approval for risperidone extended-release injectable suspension.

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Sep 07

Daily Brief China: Chery Automobile, Hangzhou Kangji Medical Instrument Co., Ltd., Mixue Group, S.F. Holding and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Chery Automobile IPO: The Bull Case
Last Week In Event SPACE: ZEEKR/Geely, Kangji Medical, HKBN, Lynas, Huaxin Cement, Nidec
China Healthcare Weekly (Sep.7)- Device Inflection Point, WuXi XDC Placement, MIXUE’s Lock-Up Expiry
Chinese Express Firms All Saw H1 OPM% Fall — Except SF Hldg | Pair Trade: LONG SF Vs SHORT ZTO, J&T

Chery Automobile IPO: The Bull Case

By Arun George

Chery Automobile (CH3456 CH), a Chinese automobile manufacturer, has secured HKEx listing approval for a US$1.5-2.0 billion IPO.
Chery is the second largest Chinese domestic brand passenger vehicle company, and the 11th largest passenger vehicle company globally.
The bull case rests on market share gains, encouraging NEV segmental performance, good margin profile and cash generation.

Last Week In Event SPACE: ZEEKR/Geely, Kangji Medical, HKBN, Lynas, Huaxin Cement, Nidec

ZEEKR (ZK US) traded wide to the scrip terms ahead of Geely Auto (175 HK)‘s EGM Vote. That was a buying opportunity.
A positive surprise as SAMR expediently signs off on the Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK) transaction. This could be wrapped up before Xmas.
China Mobile (941 HK) comfortably clears the 50% conditional threshold into HKBN Ltd (1310 HK); however compulsory acquisition appears out of reach

China Healthcare Weekly (Sep.7)- Device Inflection Point, WuXi XDC Placement, MIXUE’s Lock-Up Expiry

By Xinyao (Criss) Wang

The inflection point of the policy on medical device is expected to appear this year. High-end imaging, medical robots, AI, and biomaterials are the four fields worth investors’ attention.
WuXi XDC announced Placement to raise HK$1.3 billion net proceeds at HK$58.85/share.XDC will have >30% YoY growth in 2025-2027 but Li Ge/WuXi AppTec’s reduction of holdings is a discordant voice.
MIXUE’s lock-up of shares allotted to cornerstone investors expired. Current valuation is acceptable based on 2025 forecast, but investors need more ‘safety margins’ on valuation due to concerns on outlook

Chinese Express Firms All Saw H1 OPM% Fall — Except SF Hldg | Pair Trade: LONG SF Vs SHORT ZTO, J&T

By Daniel Hellberg

With the exception of SF Holding, all listed express firms reported lower H1 OP%
SF’s independence and unique product mix protected profits as volume surged
We suggest going Long SF Hldg against Short positions in ZTO & J&T

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Sep 07

Daily Brief Japan: DISCO Corp, Nidec Corp, Mars Group Holdings, Shibaura Electronics and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

DISCO Corporation (TSE: 6146) – From Abrasive Wheels to AI Packaging Champion
Nidec (6594 JP): Wait for Hard Numbers
Asian Dividend Gems: Mars Group Holdings
(Mostly) Asia-Pac M&A: Peak Rare Earths, Yutaka Giken, Shibaura, Johns Lyng, Ainsworth, Ashimori

DISCO Corporation (TSE: 6146) – From Abrasive Wheels to AI Packaging Champion

By Rahul Jain

DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.
Anagement is expanding capacity via the Gohara Plant (FY2028) and upgrading innovation at the Haneda R&D Center (FY2025–27) to secure its edge in hybrid bonding, PLP, and stealth dicing.
Revenues are projected to grow ~11% CAGR to FY2028, with EPS potentially reaching ¥1,500, but the stock trades at a premium ~33x FY26E P/E.

Nidec (6594 JP): Wait for Hard Numbers

By Scott Foster

Nidec dropped 22% on Thursday following management’s decision to establish an independent committee to investigate accounting irregularities. It bounced back nearly 5% on Friday, but finished the week down 20%.
In June, the Company received approval to postpone submitting its FY Mar-25 securities report until September 26. In July, it released incomplete 1Q results while postponing full disclosure.
Without correct numbers, we can only guess at the full impact of the accounting irregularities and their effect on management.

Asian Dividend Gems: Mars Group Holdings

By Douglas Kim

Mars Group Holdings has three main business units including Amusement related (including pachinko/pachislot peripherals), Smart Solutions, and Hotels/restaurants related.
It trades at P/E of 8.5x, P/B of 0.8x, and EV/EBITDA of 2.3x. Net cash is 48% of its market cap.
Its sales, gross profit, and operating profit increased by 180%, 146%, and 680%, respectively from FY22 to FY25. However, it had a disappointing results in FY1Q26.

(Mostly) Asia-Pac M&A: Peak Rare Earths, Yutaka Giken, Shibaura, Johns Lyng, Ainsworth, Ashimori

I tally 45 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
Two new deals were discussed on Smartkarma this week: Peak Rare Earths (PEK AU) and Yutaka Giken (7229 JP).
Key updates/news took place on Johns Lyng (JLG AU), Ainsworth Game Technology (AGI AU), Shibaura Electronics (6957 JP), Ashimori Industry (3526 JP), and Pacific Industrial (7250 JP).

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Sep 07

Daily Brief ECM: Chery Automobile IPO: The Bull Case and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Chery Automobile IPO: The Bull Case
China Healthcare Weekly (Sep.7)- Device Inflection Point, WuXi XDC Placement, MIXUE’s Lock-Up Expiry

Chery Automobile IPO: The Bull Case

By Arun George

Chery Automobile (CH3456 CH), a Chinese automobile manufacturer, has secured HKEx listing approval for a US$1.5-2.0 billion IPO.
Chery is the second largest Chinese domestic brand passenger vehicle company, and the 11th largest passenger vehicle company globally.
The bull case rests on market share gains, encouraging NEV segmental performance, good margin profile and cash generation.

China Healthcare Weekly (Sep.7)- Device Inflection Point, WuXi XDC Placement, MIXUE’s Lock-Up Expiry

By Xinyao (Criss) Wang

The inflection point of the policy on medical device is expected to appear this year. High-end imaging, medical robots, AI, and biomaterials are the four fields worth investors’ attention.
WuXi XDC announced Placement to raise HK$1.3 billion net proceeds at HK$58.85/share.XDC will have >30% YoY growth in 2025-2027 but Li Ge/WuXi AppTec’s reduction of holdings is a discordant voice.
MIXUE’s lock-up of shares allotted to cornerstone investors expired. Current valuation is acceptable based on 2025 forecast, but investors need more ‘safety margins’ on valuation due to concerns on outlook

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

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Sep 07

Daily Brief Event-Driven: Last Week In Event SPACE: ZEEKR/Geely and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Last Week In Event SPACE: ZEEKR/Geely, Kangji Medical, HKBN, Lynas, Huaxin Cement, Nidec
(Mostly) Asia-Pac M&A: Peak Rare Earths, Yutaka Giken, Shibaura, Johns Lyng, Ainsworth, Ashimori

Last Week In Event SPACE: ZEEKR/Geely, Kangji Medical, HKBN, Lynas, Huaxin Cement, Nidec

ZEEKR (ZK US) traded wide to the scrip terms ahead of Geely Auto (175 HK)‘s EGM Vote. That was a buying opportunity.
A positive surprise as SAMR expediently signs off on the Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK) transaction. This could be wrapped up before Xmas.
China Mobile (941 HK) comfortably clears the 50% conditional threshold into HKBN Ltd (1310 HK); however compulsory acquisition appears out of reach

(Mostly) Asia-Pac M&A: Peak Rare Earths, Yutaka Giken, Shibaura, Johns Lyng, Ainsworth, Ashimori

I tally 45 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
Two new deals were discussed on Smartkarma this week: Peak Rare Earths (PEK AU) and Yutaka Giken (7229 JP).
Key updates/news took place on Johns Lyng (JLG AU), Ainsworth Game Technology (AGI AU), Shibaura Electronics (6957 JP), Ashimori Industry (3526 JP), and Pacific Industrial (7250 JP).

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

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

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✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 07

Daily Brief Equity Bottom-Up: Nidec (6594 JP): Wait for Hard Numbers and more

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

In today’s briefing:

Nidec (6594 JP): Wait for Hard Numbers
DISCO Corporation (TSE: 6146) – From Abrasive Wheels to AI Packaging Champion
Intel (INTC.US): Qualcomm CEO Has Publicly Stated that Intel’s Technology Is Still Not Competitive.
Taiwan Dual-Listings Monitor: TSMC Premium at Historically Extreme Level; ASE Bounces Off Parity
Asian Dividend Gems: Mars Group Holdings
Chinese Express Firms All Saw H1 OPM% Fall — Except SF Hldg | Pair Trade: LONG SF Vs SHORT ZTO, J&T
Newgen Software Technologies- Forensic Update
Long Kotak Mahindra (KMB IN) Vs. Short Bajaj Finance (BAF IN): Statistical Arbitrage in Indian Banks
Bath & Body Works in College Bookstores: Can This Bold Move Capture Gen Z?
GMS: Strategic Expansion in Complementary Product Offerings to Drive Incremental Revenue Growth Over The Coming Years!

Nidec (6594 JP): Wait for Hard Numbers

By Scott Foster

Nidec dropped 22% on Thursday following management’s decision to establish an independent committee to investigate accounting irregularities. It bounced back nearly 5% on Friday, but finished the week down 20%.
In June, the Company received approval to postpone submitting its FY Mar-25 securities report until September 26. In July, it released incomplete 1Q results while postponing full disclosure.
Without correct numbers, we can only guess at the full impact of the accounting irregularities and their effect on management.

DISCO Corporation (TSE: 6146) – From Abrasive Wheels to AI Packaging Champion

By Rahul Jain

DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.
Anagement is expanding capacity via the Gohara Plant (FY2028) and upgrading innovation at the Haneda R&D Center (FY2025–27) to secure its edge in hybrid bonding, PLP, and stealth dicing.
Revenues are projected to grow ~11% CAGR to FY2028, with EPS potentially reaching ¥1,500, but the stock trades at a premium ~33x FY26E P/E.

Intel (INTC.US): Qualcomm CEO Has Publicly Stated that Intel’s Technology Is Still Not Competitive.

By Patrick Liao

Intel Corp (INTC US) has not given up on Intel Foundry Service (IFS), even though it currently lacks any sizable clients.
We are puzzled as to why Intel former CEO Pat Gelsinger insisted on entering the foundry market, which has so far weakened Intel’s financials without generating meaningful returns.
Qualcomm Inc (QCOM US) CEO has publicly stated that Intel’s manufacturing technology is still not competitive.

Taiwan Dual-Listings Monitor: TSMC Premium at Historically Extreme Level; ASE Bounces Off Parity

By Vincent Fernando, CFA

TSMC: 26.2% Premium; Historically Extreme Level to Open Fresh Short of the Spread
UMC: +1.0% Premium: Wait for More Extreme Level Before Going Long or Short
ASE: +2.7% Premium; Open Fresh Longs of ADR Spread Closer to Parity

Asian Dividend Gems: Mars Group Holdings

By Douglas Kim

Mars Group Holdings has three main business units including Amusement related (including pachinko/pachislot peripherals), Smart Solutions, and Hotels/restaurants related.
It trades at P/E of 8.5x, P/B of 0.8x, and EV/EBITDA of 2.3x. Net cash is 48% of its market cap.
Its sales, gross profit, and operating profit increased by 180%, 146%, and 680%, respectively from FY22 to FY25. However, it had a disappointing results in FY1Q26.

Chinese Express Firms All Saw H1 OPM% Fall — Except SF Hldg | Pair Trade: LONG SF Vs SHORT ZTO, J&T

By Daniel Hellberg

With the exception of SF Holding, all listed express firms reported lower H1 OP%
SF’s independence and unique product mix protected profits as volume surged
We suggest going Long SF Hldg against Short positions in ZTO & J&T

Newgen Software Technologies- Forensic Update

By Nitin Mangal

Newgen Software Technologies (NEWGEN IN) is the leading provider of a unified digital transformation platform with native process automation, content services, and communication management capabilities.
The company continues to exhibit aggressive accounting practice in FY25, where growth driven by overseas subsidiaries was majorly tied up in credit period. Higher provision on debtors is further concerning.
High remuneration to promoters and independent directors, insider trading complaints, are few governance concerns

Long Kotak Mahindra (KMB IN) Vs. Short Bajaj Finance (BAF IN): Statistical Arbitrage in Indian Banks

By Gaudenz Schneider

Context: The Kotak Mahindra Bank (KMB IN) vs. Bajaj Finance (BAF IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Going long Kotak Mahindra Bank (KMB IN) and short Bajaj Finance (BAF IN) targets a 9% return, with the long position supported by cheaper valuations.
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.

Bath & Body Works in College Bookstores: Can This Bold Move Capture Gen Z?

Bath & Body Works presented its financial performance for the second quarter of 2025, reflecting a strategic focus on customer-centric growth initiatives.
The company reported net sales of $1.5 billion, up 1.5% compared to the previous year, alongside adjusted earnings per diluted share of $0.37.
The sales growth was led by robust store traffic and successful promotional activity during their semiannual sale, which was strategically shifted to align with market dynamics and consumer behavior.

GMS: Strategic Expansion in Complementary Product Offerings to Drive Incremental Revenue Growth Over The Coming Years!