Category

Daily Briefs

Nov 29
0

Daily Brief United States: NVIDIA Corp, Symbotic, Unity Software , Bio Techne Corp, Bentley Systems , Albemarle Corp, EURO/US DOLLAR, Dollar General, Qualcomm Inc, Cf Industries Holdings and more

By | Daily Briefs, United States

In today’s briefing:

  • NVIDIA. Burry’s Claims Miss The Forest For The Trees. The Real Issues Are Structural, Not Legal
  • Symbotic Just Landed Walmart As A New Client — Stock Explodes!
  • Unity Software: Its Fast-Growing Ad Empire Is Grabbing Eyeballs But THESE Are The 4 Major Challenges Ahead!
  • Bio-Techne Braces for a Biotech Funding Revival—Is a Major Upswing Ahead?
  • Bentley Systems Is Riding a New Wave of AI-Driven Engineering Power—How Long Will It Last?
  • Albemarle: A Game-Changing Lithium Supply Strategy the World Didn’t See Coming!
  • Comment on Exchange Rate EUR/USD October 24, 2025
  • DG US – DoorDash’s Massive Retail Bet—Can Pet Supplies and Electronics Deliver a Profit Surge?
  • Qualcomm’s IoT Empire Is Booming — Can Arduino Supercharge Its $14B Vision?
  • CF Industries Pushes Into a Tight Ammonia Market—Could Prices Explode?

NVIDIA. Burry’s Claims Miss The Forest For The Trees. The Real Issues Are Structural, Not Legal

By William Keating

  • After taking short positions against Palantir & NVIDIA, Michael Burry has closed his hedge fund and taken to substack to continue his assault on the AI bubble
  • While he makes some valid points, these are mainly things everybody already knows and in the end he’s missing the forest for the trees
  • There are key structural issues surrounding the AI Infrastructure build out (grid, foundry, memory capacity to mention a few). These will drive course corrections, all by themselves.

Symbotic Just Landed Walmart As A New Client — Stock Explodes!

By Baptista Research

  • Symbotic Corporation recently reported its third-quarter financial results for fiscal year 2025.
  • The company demonstrated a robust performance with a 26% year-over-year increase in revenue, reaching $592 million.
  • This growth was attributed largely to the expansion and continued deployment of its 46 existing systems, alongside progress in Advanced Systems and Robotics (ASR) development.

Unity Software: Its Fast-Growing Ad Empire Is Grabbing Eyeballs But THESE Are The 4 Major Challenges Ahead!

By Baptista Research

  • Unity Technologies reported strong results for the third quarter of 2025, surpassing both its own guidance and market expectations.
  • The company demonstrated robust growth in its key segments, particularly in Grow, driven by the high performance of its Vector AI, and its Create segment also saw significant year-over-year growth.
  • Positively, Unity’s Grow segment, which includes its Vector AI, experienced an 11% quarter-over-quarter increase.

Bio-Techne Braces for a Biotech Funding Revival—Is a Major Upswing Ahead?

By Baptista Research

  • Bio-Techne delivered its first-quarter fiscal year 2026 results amidst a challenging market environment.
  • Despite the company’s strategic and disciplined efforts, organic revenue declined by 1%, primarily due to timing issues in their Cell Therapy business from large customers and the ongoing softness in biotech funding.
  • These timing issues were particularly impacted by FDA Fast Track Designations received by key customers that, while accelerating therapy approval timelines, reduced the near-term demand for reagents.

Bentley Systems Is Riding a New Wave of AI-Driven Engineering Power—How Long Will It Last?

By Baptista Research

  • Bentley Systems’ third-quarter results for 2025 reflect a company aligning its strategic initiatives with the growing demand for digital infrastructure solutions, yet facing certain challenges in its operating environment.
  • The company demonstrated steady progress across multiple fronts, showing resilience and adaptability amid evolving market conditions.
  • On the positive side, Bentley Systems reported solid performance metrics with a 10.5% year-over-year ARR growth, or 11% excluding China, indicating robust demand for its digital solutions.

Albemarle: A Game-Changing Lithium Supply Strategy the World Didn’t See Coming!

By Baptista Research

  • Albemarle Corporation’s Q3 2025 performance showcases several key dynamics that are influencing the company’s strategic and operational directions.
  • The company reported a 7% year-over-year increase in adjusted EBITDA to $226 million, despite facing challenges like lower lithium pricing.
  • The net sales for the quarter were $1.3 billion, reflecting a decrease primarily due to the weakened lithium market, although partially offset by increased volumes in their Energy Storage and Ketjen segments.

Comment on Exchange Rate EUR/USD October 24, 2025

By VRS (Valuation & Research Specialists)

  • During the period under consideration, i.e. September 25th, 2025 to October 24th, 2025, the EUR/USD pair exhibited a bearish trend.
  • In the beginning, it showed overall a downward slope, until October 14th where the pair indicated an upward trend.
  • After that, it fluctuated sideways between MA-10 and MA-20. By the end of the period the price it was slightly lower than the level of September 25th.

DG US – DoorDash’s Massive Retail Bet—Can Pet Supplies and Electronics Deliver a Profit Surge?

By Baptista Research

  • DoorDash recently held an earnings call discussing its third-quarter 2025 financial results and strategic initiatives.
  • CEO Tony Xu and CFO Ravi Inukonda outlined the company’s current performance and future plans.
  • One of the central topics was DoorDash’s investment plans for 2026, which include several hundred million dollars allocated to technology and product development.

Qualcomm’s IoT Empire Is Booming — Can Arduino Supercharge Its $14B Vision?

By Baptista Research

  • Qualcomm Incorporated’s results for the fourth quarter of fiscal 2025 illustrate both the strategic advancements and challenges within its diverse business portfolio.
  • The company reported revenues of $11.3 billion and a non-GAAP earnings per share (EPS) of $3, surpassing their guidance expectations.
  • A sequential increase in QCT revenues, amounting to $9.8 billion, was primarily driven by strong customer demand for Snapdragon-powered Android handsets, substantial growth in automotive solutions, and robust performance in IoT sectors like industrial applications, Wi-Fi 7, and 5G.

CF Industries Pushes Into a Tight Ammonia Market—Could Prices Explode?

By Baptista Research

  • CF Industries presented its third-quarter results for 2025, revealing key financial and operational developments.
  • The company provided an adjusted EBITDA of $2.1 billion for the first nine months, indicating solid performance and strong execution across the business.
  • These results point towards a robust operational environment, with a high utilization rate of 97% for ammonia production despite a quarter marked by significant maintenance activities.

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Nov 29
0

Daily Brief Thematic (Sector/Industry): Singapore Market Roundup (28-Nov-2025): SAC Capital rates Reclaims Global ‘buy’ at 49.7 cents. and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Singapore Market Roundup (28-Nov-2025): SAC Capital rates Reclaims Global ‘buy’ at 49.7 cents.
  • Exencial Industry Tidings 28/11/2025
  • AUCTUS ON FRIDAY – 28/11/2025

Singapore Market Roundup (28-Nov-2025): SAC Capital rates Reclaims Global ‘buy’ at 49.7 cents.

By Singapore Market Roundup

  • SAC Capital gives Reclaims Global a ‘buy’ rating with a target of 49.7 cents.
  • JP Morgan raises DBS TP to $70; upgrades OCBC, SGX to ‘overweight’, UOB to ‘neutral’.
  • UOB Kay Hian rates Soon Hock Enterprise as ‘buy’ with a target price of 68 cents.

Exencial Industry Tidings 28/11/2025

By Viral Kishorchandra Shah

  • 113 mills in Uttar Pradesh crush 103.5 million quintals of sugarcane
  • Textile processing industry’s sales grow by 6.1% in September 2025 quarter
  • Plastic tubes, pipes, fittings & sheets industry’s sales grow by 6.4% in September 2025 quarter

AUCTUS ON FRIDAY – 28/11/2025

By Auctus Advisors

  • Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Another positive result at Mateguafa Attic – The M-6 vertical well has encountered 30 ft of net oil pay in the Carbonera C9 formation (previously named Guadalupe).
  • This compares favourably with the results of the M-5 well that encountered ~ 26 feet of net oil pay in the same formation.
  • This result provides a strong foundation for the first horizontal well at Mateguafa (M-HZ7), already spudded and expected to come onstream in December.

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Nov 29
0

Daily Brief Event-Driven: Korea Dividend Tax Cut: Eligibility Criteria & Market Impact on Large Caps and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Korea Dividend Tax Cut: Eligibility Criteria & Market Impact on Large Caps, Including Samsung Prefs
  • Canon Electronics (7739 JP): Canon (7751 JP)’s Tender Offer at JPY3,650

Korea Dividend Tax Cut: Eligibility Criteria & Market Impact on Large Caps, Including Samsung Prefs

By Sanghyun Park

  • Market eyed 25% top rate, but 30% is still punchy; <100 people hit it, lower than before, giving big shareholders incentive to rotate back into dividends.
  • The new regime hits only companies with 25% payout last year and +10% YoY dividend: lower than the original draft, and the 10% bump is a solid positive.
  • Companies >5tn KRW with ≥25% payout last year must boost dividends +10% YoY to get the tax cut; Samsung could add ~1tn KRW, potentially easing its pref discount.

Canon Electronics (7739 JP): Canon (7751 JP)’s Tender Offer at JPY3,650

By Arun George

  • Canon Electronics (7739 JP) has recommended a tender offer from Canon Inc (7751 JP) at JPY3,650, a 32.4% premium to the last close price.
  • The offer is attractive as it is above book value (P/B of 1.21x), above the midpoint of the IFA DCF valuation range and represents an all-time high. 
  • An attractive offer facilitates meeting the required tendering rate. The offer closes on 19 January 2026 and is a done deal. 

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Nov 29
0

Daily Brief Equity Bottom-Up: NVIDIA. Burry’s Claims Miss The Forest For The Trees. The Real Issues Are Structural and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • NVIDIA. Burry’s Claims Miss The Forest For The Trees. The Real Issues Are Structural, Not Legal
  • Shortlist Of High Conviction Ideas Across China, Japan, India – November 2025
  • Asian Dividend Gems: Daicel Corp
  • Unity Software: Its Fast-Growing Ad Empire Is Grabbing Eyeballs But THESE Are The 4 Major Challenges Ahead!
  • Tencent/Netease: Zero Approval in November Despite Game Approvals at New High
  • GEM Banks – 2026 High Conviction Ideas
  • Symbotic Just Landed Walmart As A New Client — Stock Explodes!
  • Reclaims Global Limited: Grounded for Growth
  • Bio-Techne Braces for a Biotech Funding Revival—Is a Major Upswing Ahead?
  • Primer: InxMed (IXM HK) – Nov 2025

NVIDIA. Burry’s Claims Miss The Forest For The Trees. The Real Issues Are Structural, Not Legal

By William Keating

  • After taking short positions against Palantir & NVIDIA, Michael Burry has closed his hedge fund and taken to substack to continue his assault on the AI bubble
  • While he makes some valid points, these are mainly things everybody already knows and in the end he’s missing the forest for the trees
  • There are key structural issues surrounding the AI Infrastructure build out (grid, foundry, memory capacity to mention a few). These will drive course corrections, all by themselves.

Shortlist Of High Conviction Ideas Across China, Japan, India – November 2025

By Sreemant Dudhoria,CFA

Asian Dividend Gems: Daicel Corp

By Douglas Kim

  • Daicel is notable for being Japan’s only manufacturer of acetic acid and for holding world-leading market positions in some cellulose-acetate products and in acetate tow for cigarette filters.
  • At current prices, the dividend yield of the company is at a healthy 4.6%. Its dividend yield averaged 4.4% from FY2021 to FY2025.
  • The company has enjoyed a solid sales growth of 10.5% CAGR from FY2021 to FY2025. Operating income nearly doubled from FY2021 to FY2025.

Unity Software: Its Fast-Growing Ad Empire Is Grabbing Eyeballs But THESE Are The 4 Major Challenges Ahead!

By Baptista Research

  • Unity Technologies reported strong results for the third quarter of 2025, surpassing both its own guidance and market expectations.
  • The company demonstrated robust growth in its key segments, particularly in Grow, driven by the high performance of its Vector AI, and its Create segment also saw significant year-over-year growth.
  • Positively, Unity’s Grow segment, which includes its Vector AI, experienced an 11% quarter-over-quarter increase.

Tencent/Netease: Zero Approval in November Despite Game Approvals at New High

By Ke Yan, CFA, FRM

  • China announced game approval for the November batch. The number of games approved remained at a higher level than 2023.
  • The pace of China game approval appears to have accelerated to above the pre-tightening level.
  • Of the companies that we are monitoring, while market leader Tencent and Netease didn’t obtained approval, Kingsoft and Bilibili obtained approval for one game each.

GEM Banks – 2026 High Conviction Ideas

By Victor Galliano

  • Our GEM bank top picks for 1H 2026 are Banrisul, Bradesco and Ping An Bank for very attractive fundamental valuations with healthy dividends and earnings growth potential
  • We also have buy recommendations on China Construction Bank (CCB) and Hana Financial, both of which are deep value plays relative to their returns, combined with sound balance sheets
  • Kotak Mahindra bank is our only sell recommendation for its premium valuation, even among Indian banks, relative to its underwhelming ROE prospects

Symbotic Just Landed Walmart As A New Client — Stock Explodes!

By Baptista Research

  • Symbotic Corporation recently reported its third-quarter financial results for fiscal year 2025.
  • The company demonstrated a robust performance with a 26% year-over-year increase in revenue, reaching $592 million.
  • This growth was attributed largely to the expansion and continued deployment of its 46 existing systems, alongside progress in Advanced Systems and Robotics (ASR) development.

Reclaims Global Limited: Grounded for Growth

By SAC Capital

  • Reclaims Global Limited (“Reclaims”) is an integrated construction services provider specialising in excavation, construction and demolition (“C&D”) waste recycling, and logistics/equipment leasing.
  • Since 2009, the Group has built an established operating track record supported by a sizeable in- house fleet and an end-to-end model covering demolition, deep excavation, material recovery, and transport.
  • FY2025 marked a strong recovery, revenue almost doubled to S$44.4 million, with net profit almost tripling to S$5.6 million on higher excavation volumes and improved fleet utilisation.

Bio-Techne Braces for a Biotech Funding Revival—Is a Major Upswing Ahead?

By Baptista Research

  • Bio-Techne delivered its first-quarter fiscal year 2026 results amidst a challenging market environment.
  • Despite the company’s strategic and disciplined efforts, organic revenue declined by 1%, primarily due to timing issues in their Cell Therapy business from large customers and the ongoing softness in biotech funding.
  • These timing issues were particularly impacted by FDA Fast Track Designations received by key customers that, while accelerating therapy approval timelines, reduced the near-term demand for reagents.

Primer: InxMed (IXM HK) – Nov 2025

By αSK

  • InxMed is a clinical-stage biotechnology company with a strategic focus on overcoming cancer drug resistance and metastasis, primarily targeting the Chinese market.
  • The company’s lead asset, Ifebemtinib (a FAK inhibitor), is being developed as a cornerstone of combination therapies across a range of solid tumors, a strategy that could unlock significant value where monotherapies have previously failed.
  • While the pipeline holds promise, InxMed faces substantial risks typical of a clinical-stage biotech, including the inherent uncertainty of clinical trial outcomes, a competitive landscape for its targeted pathways (FAK and FAP), and the financial risks associated with drug development.

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

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Nov 29
0

Daily Brief China: Guangdong Tianyu Semiconductor, Kingsoft Corp, Shanghai Shenzhen CSI 300 Index, Ping An Bank Co Ltd A, InxMed, China Yuhua Education, DiDi Global, Health And Happiness (H&H) and more

By | China, Daily Briefs

In today’s briefing:

  • Guangdong Tianyu Pre-IPO: Expensive and Poor Track Record
  • Tencent/Netease: Zero Approval in November Despite Game Approvals at New High
  • CSI 300 (SHSZ300) Tactical Outlook After Nov. 28 Rebalance Announcement
  • GEM Banks – 2026 High Conviction Ideas
  • Primer: InxMed (IXM HK) – Nov 2025
  • Primer: China Yuhua Education (6169 HK) – Nov 2025
  • Didi Global Q325 Results | China Solid, But International Goes From Bad to Worse | How to Fix?
  • Lucror Analytics – Morning Views Asia

Guangdong Tianyu Pre-IPO: Expensive and Poor Track Record

By Nicholas Tan

  • Guangdong Tianyu Semiconductor (2223725D CH) is looking to raise up to US$224m in its upcoming Hong Kong IPO.
  • It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024
  • In this note, we provide updates on the firm’s past performance and valuation.

Tencent/Netease: Zero Approval in November Despite Game Approvals at New High

By Ke Yan, CFA, FRM

  • China announced game approval for the November batch. The number of games approved remained at a higher level than 2023.
  • The pace of China game approval appears to have accelerated to above the pre-tightening level.
  • Of the companies that we are monitoring, while market leader Tencent and Netease didn’t obtained approval, Kingsoft and Bilibili obtained approval for one game each.

CSI 300 (SHSZ300) Tactical Outlook After Nov. 28 Rebalance Announcement

By Nico Rosti

  • On November 28th China Securities Index Co (CSI) announced the changes to the CSI 300 Index (SHSZ300 INDEX): 11 companies added and 11 deleted.
  • The complete list of additions and deletions is available here (or see the attachment at the end of this insight for your convenience).
  • We analyze our probabilistic models to forecast short-term market directions for the CSI 300 Index, as passive flows between here and December 12 may affect the index volatility and trend.

GEM Banks – 2026 High Conviction Ideas

By Victor Galliano

  • Our GEM bank top picks for 1H 2026 are Banrisul, Bradesco and Ping An Bank for very attractive fundamental valuations with healthy dividends and earnings growth potential
  • We also have buy recommendations on China Construction Bank (CCB) and Hana Financial, both of which are deep value plays relative to their returns, combined with sound balance sheets
  • Kotak Mahindra bank is our only sell recommendation for its premium valuation, even among Indian banks, relative to its underwhelming ROE prospects

Primer: InxMed (IXM HK) – Nov 2025

By αSK

  • InxMed is a clinical-stage biotechnology company with a strategic focus on overcoming cancer drug resistance and metastasis, primarily targeting the Chinese market.
  • The company’s lead asset, Ifebemtinib (a FAK inhibitor), is being developed as a cornerstone of combination therapies across a range of solid tumors, a strategy that could unlock significant value where monotherapies have previously failed.
  • While the pipeline holds promise, InxMed faces substantial risks typical of a clinical-stage biotech, including the inherent uncertainty of clinical trial outcomes, a competitive landscape for its targeted pathways (FAK and FAP), and the financial risks associated with drug development.

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

Primer: China Yuhua Education (6169 HK) – Nov 2025

By αSK

  • China Yuhua Education is a prominent private education provider in China, focusing on higher education and secondary education. The company has faced significant headwinds due to regulatory changes in the Chinese education sector but has shown resilience by adapting its business model.
  • The company’s financial performance has been impacted by the deconsolidation of its K-9 assets in 2021, a direct consequence of the new regulations. However, recent results indicate a recovery, with revenue and adjusted net profit showing growth.
  • The future outlook for China Yuhua Education is cautiously optimistic. While regulatory risks remain a significant concern, the company’s focus on higher and vocational education, which are more supported by government policies, could provide a pathway for sustainable growth.

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

Didi Global Q325 Results | China Solid, But International Goes From Bad to Worse | How to Fix?

By Daniel Hellberg

  • Didi’s China business showed solid Y/Y growth, but International worsened dramatically
  • Spending on Sales & Marketing (including incentives) was up CNY 1.7 bn Y/Y, or +55%
  • Should it seek an IPO soon, Didi will have to show a path to profits for International segment

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: Health and Happiness (H&H)
  • China’s industrial profits fell 5.5% y-o-y in October, reversing from the sharp double-digit growth in September and August. Industrial profits grew 1.9% in 10M/25, decelerating from 3.2% in 9M.
  • Profits from the high-tech sector remained robust at 8.0% in 10M, with profits from smart unmanned aircraft and smart in-vehicle equipment registering triple-digit growth.

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Nov 29
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

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: Health and Happiness (H&H)
  • China’s industrial profits fell 5.5% y-o-y in October, reversing from the sharp double-digit growth in September and August. Industrial profits grew 1.9% in 10M/25, decelerating from 3.2% in 9M.
  • Profits from the high-tech sector remained robust at 8.0% in 10M, with profits from smart unmanned aircraft and smart in-vehicle equipment registering triple-digit growth.

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Nov 29
0

Daily Brief ECM: Guangdong Tianyu Pre-IPO: Expensive and Poor Track Record and more

By | Daily Briefs, ECM

In today’s briefing:

  • Guangdong Tianyu Pre-IPO: Expensive and Poor Track Record
  • Superbank Pre-IPO: Strong Partnerships With Inflection Into Profitability
  • Didi Global Q325 Results | China Solid, But International Goes From Bad to Worse | How to Fix?

Guangdong Tianyu Pre-IPO: Expensive and Poor Track Record

By Nicholas Tan

  • Guangdong Tianyu Semiconductor (2223725D CH) is looking to raise up to US$224m in its upcoming Hong Kong IPO.
  • It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024
  • In this note, we provide updates on the firm’s past performance and valuation.

Superbank Pre-IPO: Strong Partnerships With Inflection Into Profitability

By Hong Jie Seow

  • Superbank (SUPA IJ) aims to raise around US$184m in its Indonesia IPO.
  • Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application. 
  • In this note, we look at its past performance and other deal dynamics that might impact the listing.

Didi Global Q325 Results | China Solid, But International Goes From Bad to Worse | How to Fix?

By Daniel Hellberg

  • Didi’s China business showed solid Y/Y growth, but International worsened dramatically
  • Spending on Sales & Marketing (including incentives) was up CNY 1.7 bn Y/Y, or +55%
  • Should it seek an IPO soon, Didi will have to show a path to profits for International segment

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Nov 29
0

Daily Brief India: LG Electronics India and more

By | Daily Briefs, India

In today’s briefing:

  • LG Electronics (LGEINDIA IN): Global Index Inclusion Post-IPO

LG Electronics (LGEINDIA IN): Global Index Inclusion Post-IPO

By Dimitris Ioannidis

  • LG Electronics (LGEINDIA IN) went public on 14 October 2025 on NSE and has a current market cap of over $12bn.
  • Inclusion in Global All-World is expected in June 2026 as it passes eligibility and thresholds.
  • Earliest possible inclusion in Global Standard is February 2026; however, it is currently estimated to fail the float cap threshold.

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Nov 29
0

Daily Brief Japan: ROHM Co Ltd, Canon Electronics, Daicel Corp, TOPIX Banks Index, Nippo Ltd, Nextgen Inc, Okumura Engineering, Papanets, Soft99 Corp, Toyokoh and more

By | Daily Briefs, Japan

In today’s briefing:

  • Shortlist Of High Conviction Ideas Across China, Japan, India – November 2025
  • Canon Electronics (7739 JP): Canon (7751 JP)’s Tender Offer at JPY3,650
  • Asian Dividend Gems: Daicel Corp
  • Japanese Banks: TPNBNK Structural Sector Buy-Case, Preparing for Shinsei (8303) January Passive Flow
  • NIPPO LTD. (9913 JP): RESEARCH UPDATE
  • (28 Nov 2025) Nextgen Inc(3842 JP) — Fisco Company Research
  • (25 Nov 2025) Okumura Engineering(6229 JP) — Fisco Company Research
  • (25 Nov 2025) Papanets(9388 JP) — Fisco Company Research
  • (28 Nov 2025) Soft99 Corp(4464 JP) — Fisco Company Research
  • (28 Nov 2025) Toyokoh(341A JP) — Fisco Company Research

Shortlist Of High Conviction Ideas Across China, Japan, India – November 2025

By Sreemant Dudhoria,CFA

Canon Electronics (7739 JP): Canon (7751 JP)’s Tender Offer at JPY3,650

By Arun George

  • Canon Electronics (7739 JP) has recommended a tender offer from Canon Inc (7751 JP) at JPY3,650, a 32.4% premium to the last close price.
  • The offer is attractive as it is above book value (P/B of 1.21x), above the midpoint of the IFA DCF valuation range and represents an all-time high. 
  • An attractive offer facilitates meeting the required tendering rate. The offer closes on 19 January 2026 and is a done deal. 

Asian Dividend Gems: Daicel Corp

By Douglas Kim

  • Daicel is notable for being Japan’s only manufacturer of acetic acid and for holding world-leading market positions in some cellulose-acetate products and in acetate tow for cigarette filters.
  • At current prices, the dividend yield of the company is at a healthy 4.6%. Its dividend yield averaged 4.4% from FY2021 to FY2025.
  • The company has enjoyed a solid sales growth of 10.5% CAGR from FY2021 to FY2025. Operating income nearly doubled from FY2021 to FY2025.

Japanese Banks: TPNBNK Structural Sector Buy-Case, Preparing for Shinsei (8303) January Passive Flow

By Jay Cameron

  • Japanese banks are entering a new, structurally sound phase driven by the BoJ’s policy pivot, which is fundamentally elevating Net Interest Income and profitability.
  • Capital efficiency and mandatory corporate governance reforms are set to significantly close the P/B gap against global peers.
  • TOPIX Bank Index could be poised for continued outperformance over the broader market, making it an essential, high-conviction portfolio exposure as 8303 Shinsei returns to the index.

NIPPO LTD. (9913 JP): RESEARCH UPDATE

By Nippon Investment Bespoke Research UK

  • Nippo produced record earnings in FY25 1H, with OP of ¥946mil (+12.8% YoY) on sales of ¥22,186mil (+0.3% YoY).
  • While 1H sales remained flat YoY due to a decline in sales of the Electronics segment (-3.3% YoY), OP hit a semi-annual record, thanks to (1) solid growth of in-house products such as semiconductor wafer grinding carriers and (2) cost reductions in overseas factories.
  • FY25 is the final year of Nippo’s medium-term plan [MTP].

(28 Nov 2025) Nextgen Inc(3842 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • NextGen Inc. specializes in voice communication technology solutions for various sectors and pioneered Japan’s first nationwide IP telephone service.
  • The company has developed a business model that reduces product development risks and promotes growth through standardized products and cloud services.
  • In Q2 of the fiscal year ending March 2026, NextGen reported an 18.4% revenue increase to 1,894 million yen and a 78.3% rise in operating profit to 190 million yen.

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

(25 Nov 2025) Okumura Engineering(6229 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • OKM Co., Ltd. holds a 90% market share in Japan and 40% globally in the valve industry.
  • The company has revised its fiscal year 2026 performance forecast upwards due to strong sales in marine and LNG valves.
  • OKM’s medium-term plan aims for 13.2 billion yen in sales, 1.3 billion yen in operating profit, and an ROE of 8-10% by March 2028.

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

(25 Nov 2025) Papanets(9388 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • Papanets (9388) is a service company listed on the Fukuoka Stock Exchange Q-Board in March 2025.
  • The company supports real estate management firms and related businesses with services like patrol, cleaning, and reporting through its system ‘Jun-kun.’
  • Papanets also offers comprehensive interior support, including furniture manufacturing, sales, delivery, and installation.

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

(28 Nov 2025) Soft99 Corp(4464 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • Soft99 Corporation reported a 3.0% increase in real estate-related sales to 648 million yen and a 12.8% rise in operating profit to 156 million yen.
  • The real estate rental sector declined due to tenant vacancies, while the bathing business and preventive care support business experienced growth.
  • The company revised its fiscal year 2026 forecast, projecting consolidated sales of 30,800 million yen (up 3.6%) and operating profit of 4,100 million yen (up 1.6%).

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

(28 Nov 2025) Toyokoh(341A JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • FISCO Ltd.’s report highlights TOYOKOH Inc.’s growth potential in the CoolLaser business, transitioning from R&D to revenue generation.
  • With a domestic market of ¥80 billion and plans for international expansion, TOYOKOH is expected to see significant profit increases by FY3/26.
  • The report notes the rising stock price since TOYOKOH’s IPO, driven by profit growth, but includes disclaimers about the information’s accuracy and investment solicitation.

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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Nov 29
0

Most Read: Teco Electric & Machinery, Toyoda Gosei, LG Corp, Daehan Shipbuilding, Bengo4.Com Inc, Samsung Electronics Pref Shares, Suzhou Novosense Microelectron, Tata Capital Limited and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 3 Changes; US$4bn Trade
  • [Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF
  • Korea’s 25% Dividend Tax Basically Locked In, Market Now Trading the 30% Payout Angle
  • KOSPI Size Indices: Lots of Change as Averaging Starts
  • UK Backloads A Tax Trap
  • [Quiddity Index] Bengo4.com (6027 JP) To TSE Prime and TOPIX Inclusion
  • Korea Dividend Tax Cut: Eligibility Criteria & Market Impact on Large Caps, Including Samsung Prefs
  • Suzhou Novosense A/H Listing – Growth Has Been Strong but Margins Weak
  • HEW: Slow Shovels
  • Tata Capital (TATACAP IN): Partial Global Index Inclusion Post-IPO

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 3 Changes; US$4bn Trade

By Brian Freitas

  • With the review period now complete, there could be 3 constituent changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
  • Constituent changes along with capping changes will lead to a one-way turnover of 12.7% and in a round-trip trade of TWD 125bn (US$4bn).
  • There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.

[Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF

By Travis Lundy

  • Last week, before the long weekend, Toyota Motor (7203 JP) and Sumitomo Mitsui Financial Group (8316 JP) announced a very big secondary selldown of shares in Toyoda Gosei (7282 JP). 
  • The selldown is 85x 3mo ADV, 27% of shares out. 125% of Max Real World Float. It’s a lot of stock at $750mm. One wonders where demand is.
  • They also announced a big buyback, which is some of it, and there are index impacts, BUT this offering needs to find LOTS of new fundamental owners quickly.

Korea’s 25% Dividend Tax Basically Locked In, Market Now Trading the 30% Payout Angle

By Sanghyun Park

  • Starting next week, the tax subcommittee is set to hash out the 25% proposal, and with the opposition unlikely to block it, the 25% top rate is basically locked in.
  • The street’s treating 30% payout as base case, betting on more upside. The committee may pick it up next week, with headlines likely hitting the KRX tape fast.
  • Locals are already chasing 30%+ payout, deep-value names, with gov’t aiming for a Taiwan-style re-rating. If dividend-tax headlines drop next week, these screened names could rip.

KOSPI Size Indices: Lots of Change as Averaging Starts

By Brian Freitas

  • The review period for the March rebalance of the KOSPI Size Indices will commence on 1 December and will end on 28 February.
  • Nearing the start of the averaging period, we forecast 34 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 2 to MidCap and 2 to SmallCap.
  • The upward migrations have outperformed the downward migrations by a lot over the last 3 months. The gap in returns versus the KOSPI2 INDEX is a lot smaller.

UK Backloads A Tax Trap

By Phil Rush

  • The UK’s fiscal hole was even smaller than we thought (£6bn), allowing the government to backload a fiscal tightening that is unsurprisingly focused on tax increases.
  • Delaying prudence to an election year is implausible. There will be a substantial deficit in 2029-30, not the current budget surplus in the OBR forecasts based on existing policy.
  • Labour is setting up a tax trap for Reform and the Conservatives to say how they’d avoid tax increases, similar to the backloaded spending cuts they myopically ignored in 2024.

[Quiddity Index] Bengo4.com (6027 JP) To TSE Prime and TOPIX Inclusion

By Travis Lundy

  • Back in mid-August, Bengo4.Com Inc (6027 JP) (“Bengoshi.com”) announced that it had applied to transfer to TSE Prime. 3+mos later, today it announced it will move on 4 Dec 2025.
  • That sets up a TOPIX inclusion for end-January 2026 and then a likely upweight at end-April 2026.
  • There is no accompanying offering, and the float is likely small. But the inclusion displaces the current active base. And there’s at least one large holder selling recently.

Korea Dividend Tax Cut: Eligibility Criteria & Market Impact on Large Caps, Including Samsung Prefs

By Sanghyun Park

  • Market eyed 25% top rate, but 30% is still punchy; <100 people hit it, lower than before, giving big shareholders incentive to rotate back into dividends.
  • The new regime hits only companies with 25% payout last year and +10% YoY dividend: lower than the original draft, and the 10% bump is a solid positive.
  • Companies >5tn KRW with ≥25% payout last year must boost dividends +10% YoY to get the tax cut; Samsung could add ~1tn KRW, potentially easing its pref discount.

Suzhou Novosense A/H Listing – Growth Has Been Strong but Margins Weak

By Sumeet Singh

  • Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise around US$500m in its H-share listing.
  • According to Frost & Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.
  • In this note, we look at its past performance and other deal dynamics that might impact the listing.

HEW: Slow Shovels

By Phil Rush

  • UK fiscal policy had an even smaller hole to fill than we expected, with the work to fill it in delayed until the election. There is no dovish pressure on the BoE from this.
  • European data releases were relatively resilient again, with household lending and business sentiment broadly increasing. National inflation surprises were offsetting.
  • Next week’s Euro area flash HICP is still tracking 2.1% in our forecast. Final PMI releases and the BoE’s decision maker panel survey results are our other release highlights.

Tata Capital (TATACAP IN): Partial Global Index Inclusion Post-IPO

By Dimitris Ioannidis

  • Tata Capital Limited (TATACAP IN) went public on 13 October 2025 on NSE and has a current market cap of over $15bn.
  • Partial inclusion in Global indices is expected in June 2026, as the security fails the float cap threshold in one Global index.
  • Free float is projected to increase incrementally following lock-up expiries of anchor investors and pre-offer shareholders.

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