Daily Briefs

Bain Capital is looking to place 36m shares of Kioxia Holdings (285A JP) to overseas investors at a 7-9% discount to the last close of the stock.
The stock has run up a lot since its IPO with the last leg driven by inclusion in a global index that took place at the close on Friday.
Toshiba (6502 JP) had already been selling stock, and the Bain selling could take the stock lower, especially with limited passive buying in the short-term to support the big runup.

Iress (IRE AU): Suitors Engaged, But (Still) Nothing Firm

The board of Iress Ltd (IRE AU), a trading and wealth management software provider, has denied reports in an Australian article concerning a possible takeover from Blackstone.
The article said that Blackstone was reportedly back in talks for a bid “that could be worth between $11 and $12 per share“. Iress’ share price promptly popped 8% yesterday.
Iress is still very much in play as it “continues to engage with multiple parties“.

National Storage REIT (NSR AU) In Trading Halt Ahead Of Possible Brookfield/GIC Tilt

Reportedly, Brookfield and Singapore’s GIC will make an Offer for National Storage REIT (NSR AU), Australia and New Zealand’s largest landlord of self-storage sites .
The AFR is reporting that Brookfield/GIC are on the cusp of launching a bid around NTA. NSR entered into a trading halt this morning.
Earlier this year, key peer Abacus Storage King (ASK AU) fielded an NBIO from Ki Corporation/Public Storage (PSA US) at a ~3% premium to NTA; however, Ki/PSA ultimately walked.

SMEC (099440 KS) Pops As SNT Shifts Its Intent

SNT Holdings (036530 KS) has lifted its stake in SMEC (099440 KS), South Korea’s second-largest machine tool manufacturer, to 13.65% from 8.19%. SNT’s chairman also holds 6.55%, or 20.2% all-in.
Concurrent with the stake increase, SNT formally declared its equity holding in SMEC to “management participation” from “simple investment“.
The move could simply be one of SNT aligning its interests with SMEC’s management. But more likely, it’s a precursor to a potential hostile takeover. SMEC is now up ~40%.

Priority Technology Faces Management Buyout Proposal Amid Activist Opposition

Priority Technology received a non-binding privatization offer from founder Thomas Priore at $6-$6.15/share, with Priore owning 58%.
Activists Buckley Capital and Steamboat Capital oppose the bid, claiming it undervalues PRTH, suggesting a fair value of $10-$17/share.
The company’s segments include Merchant Solutions, Payables, and Treasury Solutions, with 64% of adjusted gross profit from recurring revenues.

POSCO Holdings: Selling Remaining Stake in Nippon Steel in a Block Deal Sale

After the market close on 25 November, it was reported that POSCO Holdings is selling its remaining stake in Nippon Steel Corporation in a block deal sale.
The block deal sale involves selling the remaining 39.2 million shares of Nippon Steel. The deal is valued at 24.2 billion yen (approximately 227 billion won).
Given the overall negative sentiment on POSCO’s potential acquisition of HMM, until this uncertainty is resolved, POSCO Holdings’ share price could continue to face stiff headwinds.

Management Buyouts and Litigation Updates: PRTH, KNOP, LEN, ABCP, and NANO Developments in Focus

By Quantum Commodity Intelligence

Priority Technology (PRTH) received a non-binding privatization offer from its founder at $6-$6.15/share, with activist opposition.
KNOT Offshore Partners (KNOP) received a non-binding privatization offer at $10/unit, with expectations of a bumped offer.
Lennar Corporation (LEN) completed a tender offer, with a final exchange ratio of 4.1367x and oversubscription.

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Nov 26

Daily Brief Macro: Japan: CAN TAKAICHI SURVIVE THE COMING TSUNAMI? and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

Japan: CAN TAKAICHI SURVIVE THE COMING TSUNAMI?
Japan Is at a Policy Crossroads, Yen Offers a Guide
Asian Equities: Strong Step-Up in Earnings Environment. 24 Market-Sectors Show Robust EPS Upgrades
China: Winning the Trade War While Still Imploding Domestically
CX Daily: The AI Boom’s Unsettling Paradox
Oil futures: Prices recover as updated Russia-Ukraine peace deal eyed

Japan: CAN TAKAICHI SURVIVE THE COMING TSUNAMI?

By David Mudd

Prime Minister Takaichi started a firestorm with her comments about attacking China over the Taiwan issue. Japan’s missile deployment near Taiwan further inflamed the situation.
President Xi called President Trump on the matter, and Trump followed up with a call to Takaichi soon after. Takaichi’s miscalculation in provoking China may have led to U.S. concessions.
PM Takaichi’s fiscally reckless budget is adding fuel to a fire as the yen, JGBs, and stock market are falling simultaneously. Inflation, currently at 3% is rising again.

Japan Is at a Policy Crossroads, Yen Offers a Guide

By Pranay Yadav

BOJ minutes from the October meeting show 8 of 13 members backing near-term hikes, raising odds of tightening in December–January as wage negotiations strengthen.
Japan’s JPY 21.3T fiscal package and rising JGB yields highlight a growing policy clash, pushing the yen toward the prior 160 intervention zone.
Historical patterns of rapid yen reversals indicate that a BOJ hike alongside emerging Fed cut expectations materially increases the probability of a near-term yen appreciation.

Asian Equities: Strong Step-Up in Earnings Environment. 24 Market-Sectors Show Robust EPS Upgrades

By Manishi Raychaudhuri

Breadth of Asian market-sectors with robust earnings estimate upgrades improved remarkably. We spot 24 with upgrades over the past 1-month, 3-months and 6-months. Couple of weeks ago there were 18.
The new sectors that joined the list from our previous study are Chinese technology services, Korean utilities, Indian energy, Malaysian consumer durables and financials and Philippines basic materials.
Across Asia, basic materials, financials and electronic technology are prominent earnings gainers. They are driving upgrades in the US also. The AI capex and base metal demand themes seem robust.

China: Winning the Trade War While Still Imploding Domestically

By Prasenjit K. Basu

China has ‘won’ the first phase of the trade war, with exports up 5%YoY and imports down 1%YoY in Jan-Oct’25 despite an appreciating RMB and high US tariffs (now stabilised).
FAI has declined YoY since Jun’25, declining 12.5%YoY in Oct’25, and severe PPI deflation has persisted for 37 months. Declining imports widened the 12m rolling-sum trade surplus to US$1.17trn.
Stagnant FX reserves show net capital and service/income outflows of US$825bn in Jan-Oct’25. Domestic vulnerabilities, however, are being papered over by the trade truce with the US. Bullish for China.

CX Daily: The AI Boom’s Unsettling Paradox

By Caixin Global

Cover Story: The AI Boom’s Unsettling Paradox
In Depth: How China’s Unified QR Code System Is Redefining Cross-Border Payments
China’s Online Exporters Face Tax Scrutiny as Platforms Share Data
Saudi Central Bank Chief Sets Out Vision for the Kingdom’s Fintech Future

Oil futures: Prices recover as updated Russia-Ukraine peace deal eyed

Crude oil futures closed higher Monday, rebounding from early lows in choppy trade, as investors eyed an updated peace deal to end the war between Russia and Ukraine.
Front-month Jan26 ICE Brent futures were trading at $63.39/b (1950 GMT) versus Friday’s settle of $62.56/b, while Jan26 NYMEX WTI was at $58.86/b against a previous close of $58.06/b.
Oil had dropped to one-month lows last week after the Trump administration gave Ukraine a Thursday deadline to accept the terms of a ceasefire drafted by Washington, with alleged significant input from Moscow.

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Nov 26

Daily Brief Utilities: Dominion Energy Inc, Naturgy Energy Group SA, Atmos Energy, Essential Utilities and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

Dominion Energy Is Targeting NOVEC—Here’s Why That Should Get Everyone’s Attention!
Naturgy Index Re-Entry Confirmed – €250M Passive Flows Incoming
Atmos Energy: Is Texas House Bill 4384 the Game-Changer Investors Have Waited For?
Essential Utilities’ High-Impact Strategy: What 700,000 Smart Meters Could Unlock!

Dominion Energy Is Targeting NOVEC—Here’s Why That Should Get Everyone’s Attention!

Dominion Energy is accelerating into one of the most consequential growth phases in its history, with data centerdriven load growth, multibillion dollar transmission expansions, and the 2.6 gigawatt Coastal Virginia Offshore Wind (CVOW) project advancing toward first power in early 2026.
Now, reports indicate that Dominion is exploring a potential acquisition of Northern Virginia Electric Cooperative (NOVEC), a move that would deepen its footprint in the world’s busiest data center corridor—Loudoun County’s “Data Center Alley.” The timing is notable: Dominion disclosed that contracted and in process data center demand has surged to roughly 47 gigawatts, up 17% since year end 2024, while the company simultaneously works through major regulatory, financing, and construction milestones across its portfolio.
Dominion and NOVEC already share deeply interconnected transmission infrastructure, and NOVEC’s customer mix—where data centers account for roughly two thirds of electricity sales—aligns with Dominion’s strategy to serve rapidly rising AI related load.

Naturgy Index Re-Entry Confirmed – €250M Passive Flows Incoming

By Jesus Rodriguez Aguilar

Naturgy’s float now stands at 18.6% with re-inclusion into a major index confirmed; €150–250M in tracker flows expected by Feb 2026.
Liquidity metrics now well above thresholds, with September ADTV at €15.2M, ensuring long-term compliance.
Passive inflows of €150–250M expected by February 2026; increased ETF demand may tighten spreads, raise visibility, and shift borrow dynamics as short availability potentially declines.

Atmos Energy: Is Texas House Bill 4384 the Game-Changer Investors Have Waited For?

Atmos Energy Corporation reported a strong fiscal 2025 performance, achieving a diluted earnings per share (EPS) of $7.46, marking the 23rd consecutive year of EPS growth and the 41st consecutive year of dividend growth.
The company’s results signify successful execution of its strategy focusing on modernization and reliability of its natural gas systems, coupled with a commitment to safety and service expansion.
Positive outcomes of the fiscal year include substantial customer growth, with approximately 57,000 new residential customers and expansions in the commercial and industrial sectors, suggesting increased demand and confidence in natural gas as a key energy source.

Essential Utilities’ High-Impact Strategy: What 700,000 Smart Meters Could Unlock!

Essential Utilities, Inc. has presented a transformative quarter, marked by a notable 32% growth in earnings per share year-over-year and several strategic undertakings.
A key highlight is the merger with American Water, expected to significantly enhance the company’s footprint, serving over 5 million connections across 17 states and strengthening its position as a premier water and wastewater utility firm.
This merger is anticipated to deliver synergies and present a robust investment case with projected growth rates in earnings per share and dividends of 7% to 9%, propelled by ongoing infrastructure investments.

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Nov 26

Daily Brief Industrials: Teco Electric & Machinery, Verisure Holding, Delhi International Airport Limited, Hosokawa Micron, Monadelphous, Norcros PLC, Stanley Black & Decker, Aeorema Communications, Willdan Group, Curtiss Wright and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 3 Changes; US$4bn Trade
STOXX Europe600 Dec25 Forecast: VSURE, VEND & MTLN Leading Top Additions
Lucror Analytics – Morning Views Asia
Primer: Hosokawa Micron (6277 JP) – Nov 2025
Primer: Monadelphous (MND AU) – Nov 2025
Norcros – Hiding in plain sight
Stanley Black & Decker’s Margin Strategy: Can China Diversification Up Its Game?
Hybridan Small Cap Feast: 18 November 2025
Willdan Group Just Acquired Compass Municipal Advisors—Is The Deal A Potential Game Changer?
Curtiss-Wright: Powering Ahead With Game-Changing AP1000 Nuclear Expansion But Is It Enough?

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

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.

STOXX Europe600 Dec25 Forecast: VSURE, VEND & MTLN Leading Top Additions

By Dimitris Ioannidis

Verisure Holding (VSURE SS) is forecasted to be added at a market cap of ~$19bn following its IPO on 8 October.
Metlen Energy & Metals (MTLN LN) is expected to be added at a market cap of ~$6bn due to a change of incorporation and primary listing from Greece to UK.
Vend Marketplaces ASA (VEND NO) is projected to be added at a market cap of ~$6bn because of the unification of its share class structure.

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: Delhi Int’l Airport
UST yields fell yesterday, led by the long end, on the back of a solid 2-year note auction and surprisingly dovish comments from San Francisco Fed President Mary Daly. The yield on the 2Y UST declined 1 bp to 3.50%, while that on the 10Y UST was down 4 bps at 4.03%.
Equities rose for a second day, as tech stocks recovered slightly from the prior week’s sell-off. The S&P 500 advanced 1.5% to 6,705, and the Nasdaq jumped 2.7% to 22,872.

Primer: Hosokawa Micron (6277 JP) – Nov 2025

By αSK

Hosokawa Micron is a global leader in the niche market of powder and particle processing equipment, commanding an estimated 30% global market share. Its technology is critical for a wide array of industries, including pharmaceuticals, electronics (notably battery materials), chemicals, and food products.
The company is strategically focused on enhancing profitability through its ‘Unique & Dominant’ medium-term plan, aiming to develop distinctive products that solve customer problems and strengthen engineering capabilities to secure large-scale projects. This strategy is geared towards achieving long-term targets of JPY 150 billion in sales and an operating margin of 12%.
Financial performance has shown resilience, with record operating profit in FY2024 despite a challenging global environment. While recent sales have seen a slight decline, the company has effectively managed costs and improved gross margins, maintaining a strong balance sheet with a high capital adequacy ratio.

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Primer: Monadelphous (MND AU) – Nov 2025

By αSK

Monadelphous is a leading Australian engineering group specializing in construction and maintenance services for the resources, energy, and infrastructure sectors. Its dual-division structure allows it to capture opportunities across the full asset lifecycle.
The company is experiencing a period of strong growth, driven by significant contract wins in its core markets, particularly in iron ore and energy. A robust project pipeline and strategic acquisitions are expected to support continued revenue momentum.
While exposed to the cyclical nature of the resources sector and persistent skilled labor shortages, Monadelphous‘ strong balance sheet, long-term client relationships with blue-chip companies, and diversification into renewable energy and critical minerals position it to navigate market uncertainties.

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Norcros – Hiding in plain sight

By Equity Development

Margin progression, cash generation and dividend growth – as well as a material, post period end acquisition – were all notable features of H1 26.
A sharpened and connected business portfolio with leading market positions, clear strategic growth drivers and demonstrable results are together delivering above sector performance against a generally subdued economic backdrop.
The foundations are in place to continue to capture market share in a more favourable cyclical environment, though this is not currently factored in.

Stanley Black & Decker’s Margin Strategy: Can China Diversification Up Its Game?

Stanley Black & Decker’s third quarter 2025 results reflect a mixed performance with some positives and notable challenges.
The company’s revenue for the quarter stood at $3.8 billion, marking a flat performance compared to the previous year, with an organic decline of 1%.
This outcome was primarily driven by a 6% decline in volume, which offset a 5% increase in pricing.

Hybridan Small Cap Feast: 18 November 2025

By Hybridan

The strategic communications Company provided a trading update for the 18-month period ended 31 December 2025.
For comparative purposes, unaudited figures for the 18-month period ended 31 December 2024 were used.
Revenue is expected to be no less than £29m (18 months 2024: £27.5m), with underlying profit before tax (excluding one-off restructuring costs) of no less than £700k (18 months 2024: £318k).

Willdan Group Just Acquired Compass Municipal Advisors—Is The Deal A Potential Game Changer?

In a strategic move to strengthen its foothold in financial and municipal advisory services, Willdan Group announced the acquisition of Compass Municipal Advisors through its subsidiary, Willdan Financial Services.
The transaction is expected to close by January 1, 2026, and comes amid a record-breaking Q3 performance where Willdan posted 26% net revenue growth and 20% organic growth, bolstered by booming demand in electrification and data center infrastructure.
With margins expanding and EBITDA reaching a quarterly high of $23.1 million, the company has raised its fullyear 2025 financial targets.

Curtiss-Wright: Powering Ahead With Game-Changing AP1000 Nuclear Expansion But Is It Enough?

Curtiss-Wright Corporation reported its third-quarter 2025 financial results, revealing both strengths and challenges that investors should consider.
The company demonstrated solid operational performance across its three segments, contributing to a favorable financial outlook and robust market positioning.
In terms of financial highlights, Curtiss-Wright achieved a significant increase in revenue, which was $869 million, marking a 9% year-over-year growth, including 6% organic growth.

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Nov 26

Daily Brief Energy/Materials: Nippon Steel Corporation, Gold, POSCO Holdings, Chuangxin Industries, S.H. Kelkar & Co, Western Midstream Partners LP, Texas Pacific Land , Intermin Resources, Mast Energy Developments, Nutrien and more

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

In today’s briefing:

Nippon Steel Placement – Cleanup by Posco Right After Expiry of Previous Deal
GOLD Tactical Outlook: Profit Targets for December 2025
POSCO Holdings: Selling Remaining Stake in Nippon Steel in a Block Deal Sale
Chuangxin Industries: Buy – Attractive Cost Positioning and Medium-Term Growth Visibility
The Beat Ideas: S.H. Kelkar – A Capex Cycle Poised to Unlock Operating Leverage
Western Midstream Partners Powers Up With Mega Infrastructure Bets—What’s Next for the Basin Giant?
Texas Pacific Land Corporation Expands Its Power Base With High-Quality Acreage from Top Operators!
Horizon Minerals Ltd – Production Update
Quantum Data Energy (MAST.L) Rapid Progress 25112025
Nutrien Stuns Investors With $900 Million From Non-Core Divestitures; What Lies Ahead?

Nippon Steel Placement – Cleanup by Posco Right After Expiry of Previous Deal

By Akshat Shah

POSCO Holdings (005490 KS) is looking to sell its remaining stake in Nippon Steel Corporation (5401 JP) to raise up to US$154m via a cleanup block trade.
This deal represents 1.6 days of ADV and is around 1% of shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

GOLD Tactical Outlook: Profit Targets for December 2025

By Nico Rosti

Gold (GOLD COMDTY) this week has resumed its uptrend after a brief, shallow setback in mid-November.
This insight will analyze our Gold Futures Dec 25 model to determine profit targets that could be reached in the next 3 weeks (in December 2025).
Range: Gold could reach again previous highs, in December, while if it goes down it could reach the 3933 support zone.

POSCO Holdings: Selling Remaining Stake in Nippon Steel in a Block Deal Sale

After the market close on 25 November, it was reported that POSCO Holdings is selling its remaining stake in Nippon Steel Corporation in a block deal sale.
The block deal sale involves selling the remaining 39.2 million shares of Nippon Steel. The deal is valued at 24.2 billion yen (approximately 227 billion won).
Given the overall negative sentiment on POSCO’s potential acquisition of HMM, until this uncertainty is resolved, POSCO Holdings’ share price could continue to face stiff headwinds.

Chuangxin Industries: Buy – Attractive Cost Positioning and Medium-Term Growth Visibility

By Rahul Jain

Vertically integrated Inner Mongolia smelter with second-quartile cost positioning, expanding renewables and alumina self-sufficiency, and entering overseas low-carbon production via its Saudi project.
FY24 margins inflected sharply; mid-cycle valuation implies material upside with strong sensitivity to aluminium pricing and structural demand drivers including AI datacentres, EVs, and grid expansion.
Base-Case Target Price HK$18.6 (24% upside); bull-case HK$22.1; bear-case HK$16.9, supported by integrated operations and medium-term EBITDA expansion potential.

The Beat Ideas: S.H. Kelkar – A Capex Cycle Poised to Unlock Operating Leverage

By Sudarshan Bhandari

SHK reported 12% revenue growth in H1 FY26, but the reported EBITDA margin was compressed due to significant, deliberate investments in new growth initiatives and higher insurance costs.
The margin compression is temporary, a function of strategic, discretionary capex and opex, which are critical for achieving the management’s ambitious 18–20% EBITDA margin target by FY27–FY28.
The market is discounting the value of this forward-looking investment phase; sustained execution on new capacity, coupled with global regulatory shifts favoring organized players, provides a strong catalyst path.

Western Midstream Partners Powers Up With Mega Infrastructure Bets—What’s Next for the Basin Giant?

Western Midstream Partners reported strong financial performance for the third quarter of 2025, demonstrating resilience and growth in key operational areas.
The company achieved a record adjusted EBITDA, driven by cost reductions and strategic initiatives, marking this as the second consecutive quarter of such financial success.
Natural gas throughput reached unprecedented levels, supported by the company’s strategic presence in the Delaware and DJ Basins.

Texas Pacific Land Corporation Expands Its Power Base With High-Quality Acreage from Top Operators!

Texas Pacific Land Corporation demonstrated a robust performance in the third quarter of 2025 amidst a challenging commodity price environment.
The company achieved record-breaking metrics across key performance indicators despite prevailing low oil and gas prices.
The underlying strength of Texas Pacific Land Corporation’s business model, rooted heavily in oil and gas royalties and a strong portfolio of water assets, has been reflected in their financial and operational outputs this quarter.

Horizon Minerals Ltd – Production Update

By RaaS Research Group (RaaS)

Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.
HRZ has announced a production update for both the Boorara and Phillips Find JV mining operations.
The update details progression on mining and processing at both projects as well as further detail on forward expectations which we think helps guide investors towards understanding ultimate outcomes.

Quantum Data Energy (MAST.L) Rapid Progress 25112025

By ACF Equity Research

Quantum Data Energy (QDE, MAST.L) delivers flexible power solutions to the UK grid and AI datacentres worldwide.
MAST.L is targeting 1GW of new generation by 2030.
Our current value range GBp 51-54 is based only on 150MW and our expected dilution of 223m shares.

Nutrien Stuns Investors With $900 Million From Non-Core Divestitures; What Lies Ahead?

Nutrien Ltd’s third-quarter earnings for 2025 demonstrate a mixed bag of achievements and challenges, offering considerable detail on the company’s operational dynamics and strategic moves.
The company has evidenced strong structural earnings growth over the first nine months of the year, driven by record upstream fertilizer sales and improvements in the retail segment.
Noteworthy is the raised sales volume guidance for potash and the maintenance of retail adjusted EBITDA guidance, signifying a steady operational environment.

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Nov 26

Daily Brief TMT/Internet: Kioxia Holdings , Iress Ltd, Samsung Electronics, JD Industrial Technology , Smec Co Ltd, Bharti Airtel, NVIDIA Corp and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Kioxia (285A JP): Bain’s US$2.1 Billion Selldown
[Japan Offering] Bain Starting Kioxia (285A) Selldown; More to Come Soonish?
Kioxia (285A JP) Placement: Limited Passive Buying & Big Runup Opens Up More Downside
Kioxia Placement – US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup
Iress (IRE AU): Suitors Engaged, But (Still) Nothing Firm
Confirmation of Cancellation of Treasury Shares To Be Made Into Law by End of 2025 and a Loophole?
Jingdong Industrials (JDI) IPO: The Investment Case
SMEC (099440 KS) Pops As SNT Shifts Its Intent
Bharti Airtel Block – Third Selldown by Promoter Entity This Year
How Much of Nvidia’s Demand Is Nvidia-Enabled?

Kioxia (285A JP): Bain’s US$2.1 Billion Selldown

By Arun George

Bloomberg reports that Bain Capital is selling 36.0 million Kioxia Holdings (285A JP) shares through a block trade. IFR reports that the offering is worth up to JPY330 billion (US$2.1 billion).
The offering is unsurprising given the shares are up around 7x since the IPO. The offering is easily digestible as it represents 2.7 days of the average ADV since listing.
Kioxia is anticipated to return to growth in 3Q, and the underlying margin is recovering from recent lows. However, Kioxia’s EV/EBITDA multiple is full compared to peers and historical ranges.

[Japan Offering] Bain Starting Kioxia (285A) Selldown; More to Come Soonish?

By Travis Lundy

After the close today, BCPE Pangea Cayman announced plans to sell a stake of 36mm shares of Kioxia Holdings (285A JP) in an overnight block. It trades tomorrow.
This is 6.7% of shares out, 1.5x ADV. The discount is 7-9%. But it is 35% of Max Real World Float. And probably gets tradable shares to 34+%, not 35%.
That means another offering is likely near-term. The lockup is only 30 days it appears. There is possibly a fair bit of long-dated index demand.

Kioxia (285A JP) Placement: Limited Passive Buying & Big Runup Opens Up More Downside

Bain Capital is looking to place 36m shares of Kioxia Holdings (285A JP) to overseas investors at a 7-9% discount to the last close of the stock.
The stock has run up a lot since its IPO with the last leg driven by inclusion in a global index that took place at the close on Friday.
Toshiba (6502 JP) had already been selling stock, and the Bain selling could take the stock lower, especially with limited passive buying in the short-term to support the big runup.

Kioxia Placement – US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

By Sumeet Singh

Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had expired in Jun 2025.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about deal dynamics and run the deal through our ECM framework.

Iress (IRE AU): Suitors Engaged, But (Still) Nothing Firm

The board of Iress Ltd (IRE AU), a trading and wealth management software provider, has denied reports in an Australian article concerning a possible takeover from Blackstone.
The article said that Blackstone was reportedly back in talks for a bid “that could be worth between $11 and $12 per share“. Iress’ share price promptly popped 8% yesterday.
Iress is still very much in play as it “continues to engage with multiple parties“.

Confirmation of Cancellation of Treasury Shares To Be Made Into Law by End of 2025 and a Loophole?

On 25 November, the Democratic Party of Korea confirmed that the cancellation of treasury shares will be made into law by the end of 2025.
Companies that buyback their shares (as treasury shares) will be required to cancel them within one year of the buyback.
There may be a LOOPHOLE if the company fails to cancel the treasury shares on time. Fine per director is only 50 million won and this may be too low.

Jingdong Industrials (JDI) IPO: The Investment Case

By Arun George

JD Industrial Technology (2231713D CH), a leading industrial supply chain technology and service provider in China, is seeking to raise US$500 million.
JDI is the largest industrial supply chain technology and service provider in China in terms of GMV, customer coverage and SKU offerings in 2024, according to CIC.
The investment case is bearish due to weak market share gains, declining product revenue growth, margin pressures, declining cash generation and factoring of receivables.

SMEC (099440 KS) Pops As SNT Shifts Its Intent

SNT Holdings (036530 KS) has lifted its stake in SMEC (099440 KS), South Korea’s second-largest machine tool manufacturer, to 13.65% from 8.19%. SNT’s chairman also holds 6.55%, or 20.2% all-in.
Concurrent with the stake increase, SNT formally declared its equity holding in SMEC to “management participation” from “simple investment“.
The move could simply be one of SNT aligning its interests with SMEC’s management. But more likely, it’s a precursor to a potential hostile takeover. SMEC is now up ~40%.

Bharti Airtel Block – Third Selldown by Promoter Entity This Year

By Akshat Shah

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in Bharti Airtel (BHARTI IN).
ICI had earlier sold around US$1bn in Feb and Aug 2025 while Singtel had sold US$1bn+ via 0.8% stake sales in Airtel in May 2025 and Nov 2025 as well.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

How Much of Nvidia’s Demand Is Nvidia-Enabled?

By Raghav Vashisht

Nvidia’s multi-year cloud service commitments jumped from $12.6B to $26B in one quarter, but only $1B is due in cash before late FY26, raising questions about the immediacy of demand.
Nvidia is backstopping customer infrastructure via an $860M facility lease guarantee, with only $470M escrowed; effectively transferring counterparty credit risk onto Nvidia’s balance sheet.
Structurally, this resembles circular financing, where customers take on debt (facilitated by Nvidia) to secure future compute capacity, enabling Nvidia to book future revenue while cash conversion lags.

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Nov 26

Daily Brief Financials: Dear Life, National Storage REIT, SBI Shinsei Bank, Priority Technology Holdings I, China International Capital Corporation, NS Group, Bajaj Housing Finance, Grayscale Investments, Shinyoung Securities and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

[Japan Offering] Dear Life (3245 JP) – Unusual Offer Dynamics Are Bullish Despite Dilution
National Storage REIT (NSR AU) In Trading Halt Ahead Of Possible Brookfield/GIC Tilt
SBI Shinsei Bank Pre-IPO – Thoughts on Valuations
Priority Technology Faces Management Buyout Proposal Amid Activist Opposition
CICC (3908 HK): Initial Assessment of the Merger
NS Group IPO – Peer Comp and Thoughts on Valuation
Bajaj Housing Finance (BHF IN) | Running to Stand Still
Management Buyouts and Litigation Updates: PRTH, KNOP, LEN, ABCP, and NANO Developments in Focus
Grayscale Investments (GRAY): Peeking at the IPO Prospectus of a Digital Asset Focused Platform
Primer: Shinyoung Securities (001720 KS) – Nov 2025

[Japan Offering] Dear Life (3245 JP) – Unusual Offer Dynamics Are Bullish Despite Dilution

By Travis Lundy

Today after the close, Tokyo-based Dear Life (3245 JP) announced a primary offering to raise approximately ¥7bn through 15% dilution. Implying a 13+% price drop to protect PER.
But the company plans on growing earnings. It has some projects in inventory, but it obviously plans a lot of turnover this year and needs to replenish.
The MTMP “slogan” is “2028 – Ride the Wave!” This is a bit what investing in Tokyo real estate is like now. So one rides it until one doesn’t.

National Storage REIT (NSR AU) In Trading Halt Ahead Of Possible Brookfield/GIC Tilt

Reportedly, Brookfield and Singapore’s GIC will make an Offer for National Storage REIT (NSR AU), Australia and New Zealand’s largest landlord of self-storage sites .
The AFR is reporting that Brookfield/GIC are on the cusp of launching a bid around NTA. NSR entered into a trading halt this morning.
Earlier this year, key peer Abacus Storage King (ASK AU) fielded an NBIO from Ki Corporation/Public Storage (PSA US) at a ~3% premium to NTA; however, Ki/PSA ultimately walked.

SBI Shinsei Bank Pre-IPO – Thoughts on Valuations

By Sumeet Singh

SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2bn in its Japan listing
SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
We have looked at past performance in our earlier notes. In this note, we talk about valuations.

Priority Technology Faces Management Buyout Proposal Amid Activist Opposition

Priority Technology received a non-binding privatization offer from founder Thomas Priore at $6-$6.15/share, with Priore owning 58%.
Activists Buckley Capital and Steamboat Capital oppose the bid, claiming it undervalues PRTH, suggesting a fair value of $10-$17/share.
The company’s segments include Merchant Solutions, Payables, and Treasury Solutions, with 64% of adjusted gross profit from recurring revenues.

CICC (3908 HK): Initial Assessment of the Merger

By Osbert Tang, CFA

CICC (3908 HK)‘s announced merger with Dongxing Securities (601198 CH) and Cinda Securities (601059 CH) will elevate it to the 3rd largest HK-listed Chinese securities company.
Based on our assumptions, its EPS will be diluted by 7.1%, BPS enhanced by 12.2%, and ROE lowered by 1pp for FY26, before accounting for synergy.
Its presence in Fujian (+616.7%), Liaoning (+500%), and Beijing (+100%) will be significantly enlarged. Additionally, it will open up potential benefits from optimisation.

NS Group IPO – Peer Comp and Thoughts on Valuation

By Akshat Shah

NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
NSG aims to raise around US$256m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.

Bajaj Housing Finance (BHF IN) | Running to Stand Still

By Pranav Bhavsar

Bajaj Housing Finance (BHF IN) is a priced to perfection narrative.
The current valuation (37.3x P/E, 4.2x P/B) prices the stock for absolute perfection in an environment that is distinctly imperfect and rapidly deteriorating.
A critical red flag highlighted in the Q2 transcript is the elevated annualized attrition rate.

Management Buyouts and Litigation Updates: PRTH, KNOP, LEN, ABCP, and NANO Developments in Focus

Priority Technology (PRTH) received a non-binding privatization offer from its founder at $6-$6.15/share, with activist opposition.
KNOT Offshore Partners (KNOP) received a non-binding privatization offer at $10/unit, with expectations of a bumped offer.
Lennar Corporation (LEN) completed a tender offer, with a final exchange ratio of 4.1367x and oversubscription.

Grayscale Investments (GRAY): Peeking at the IPO Prospectus of a Digital Asset Focused Platform

By IPO Boutique

Grayscale positions for a 2025 IPO as the largest U.S. digital-asset investment platform with $35 billion AUM and broad institutional-grade product coverage.
The firm targets a $4 trillion digital-asset market, leveraging diversified ETPs and strong investor adoption to expand regulated access and long-term growth potential.
Despite sector volatility, Grayscale aims to capitalize on rising institutional demand, product innovation, and its scale advantages to drive future public-market performance.

Primer: Shinyoung Securities (001720 KS) – Nov 2025

By αSK

Shinyoung Securities demonstrates a compelling value proposition with a low price-to-book ratio and a consistent, high dividend yield, appealing to value and income-oriented investors.
Despite strong multi-year growth in net income and EPS, the company exhibits significant top-line volatility and deeply negative operating cash flows, raising concerns about the quality and sustainability of its earnings.
The firm operates in the highly competitive and cyclical South Korean securities industry, facing pressures on margins and earnings streams that are heavily influenced by macroeconomic conditions and market trading volumes.

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Nov 26

Daily Brief Industrials: Teco Electric & Machinery, Verisure Holding, Delhi International Airport Limited, Hosokawa Micron, Monadelphous, Norcros PLC, Stanley Black & Decker, Aeorema Communications, Willdan Group, Curtiss Wright and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 3 Changes; US$4bn Trade
STOXX Europe600 Dec25 Forecast: VSURE, VEND & MTLN Leading Top Additions
Lucror Analytics – Morning Views Asia
Primer: Hosokawa Micron (6277 JP) – Nov 2025
Primer: Monadelphous (MND AU) – Nov 2025
Norcros – Hiding in plain sight
Stanley Black & Decker’s Margin Strategy: Can China Diversification Up Its Game?
Hybridan Small Cap Feast: 18 November 2025
Willdan Group Just Acquired Compass Municipal Advisors—Is The Deal A Potential Game Changer?
Curtiss-Wright: Powering Ahead With Game-Changing AP1000 Nuclear Expansion But Is It Enough?

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

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.

STOXX Europe600 Dec25 Forecast: VSURE, VEND & MTLN Leading Top Additions

By Dimitris Ioannidis

Verisure Holding (VSURE SS) is forecasted to be added at a market cap of ~$19bn following its IPO on 8 October.
Metlen Energy & Metals (MTLN LN) is expected to be added at a market cap of ~$6bn due to a change of incorporation and primary listing from Greece to UK.
Vend Marketplaces ASA (VEND NO) is projected to be added at a market cap of ~$6bn because of the unification of its share class structure.

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: Delhi Int’l Airport
UST yields fell yesterday, led by the long end, on the back of a solid 2-year note auction and surprisingly dovish comments from San Francisco Fed President Mary Daly. The yield on the 2Y UST declined 1 bp to 3.50%, while that on the 10Y UST was down 4 bps at 4.03%.
Equities rose for a second day, as tech stocks recovered slightly from the prior week’s sell-off. The S&P 500 advanced 1.5% to 6,705, and the Nasdaq jumped 2.7% to 22,872.

Primer: Hosokawa Micron (6277 JP) – Nov 2025

By αSK

Hosokawa Micron is a global leader in the niche market of powder and particle processing equipment, commanding an estimated 30% global market share. Its technology is critical for a wide array of industries, including pharmaceuticals, electronics (notably battery materials), chemicals, and food products.
The company is strategically focused on enhancing profitability through its ‘Unique & Dominant’ medium-term plan, aiming to develop distinctive products that solve customer problems and strengthen engineering capabilities to secure large-scale projects. This strategy is geared towards achieving long-term targets of JPY 150 billion in sales and an operating margin of 12%.
Financial performance has shown resilience, with record operating profit in FY2024 despite a challenging global environment. While recent sales have seen a slight decline, the company has effectively managed costs and improved gross margins, maintaining a strong balance sheet with a high capital adequacy ratio.

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Primer: Monadelphous (MND AU) – Nov 2025

By αSK

Monadelphous is a leading Australian engineering group specializing in construction and maintenance services for the resources, energy, and infrastructure sectors. Its dual-division structure allows it to capture opportunities across the full asset lifecycle.
The company is experiencing a period of strong growth, driven by significant contract wins in its core markets, particularly in iron ore and energy. A robust project pipeline and strategic acquisitions are expected to support continued revenue momentum.
While exposed to the cyclical nature of the resources sector and persistent skilled labor shortages, Monadelphous‘ strong balance sheet, long-term client relationships with blue-chip companies, and diversification into renewable energy and critical minerals position it to navigate market uncertainties.

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Norcros – Hiding in plain sight

By Equity Development

Margin progression, cash generation and dividend growth – as well as a material, post period end acquisition – were all notable features of H1 26.
A sharpened and connected business portfolio with leading market positions, clear strategic growth drivers and demonstrable results are together delivering above sector performance against a generally subdued economic backdrop.
The foundations are in place to continue to capture market share in a more favourable cyclical environment, though this is not currently factored in.

Stanley Black & Decker’s Margin Strategy: Can China Diversification Up Its Game?

Stanley Black & Decker’s third quarter 2025 results reflect a mixed performance with some positives and notable challenges.
The company’s revenue for the quarter stood at $3.8 billion, marking a flat performance compared to the previous year, with an organic decline of 1%.
This outcome was primarily driven by a 6% decline in volume, which offset a 5% increase in pricing.

Hybridan Small Cap Feast: 18 November 2025

By Hybridan

The strategic communications Company provided a trading update for the 18-month period ended 31 December 2025.
For comparative purposes, unaudited figures for the 18-month period ended 31 December 2024 were used.
Revenue is expected to be no less than £29m (18 months 2024: £27.5m), with underlying profit before tax (excluding one-off restructuring costs) of no less than £700k (18 months 2024: £318k).

Willdan Group Just Acquired Compass Municipal Advisors—Is The Deal A Potential Game Changer?

In a strategic move to strengthen its foothold in financial and municipal advisory services, Willdan Group announced the acquisition of Compass Municipal Advisors through its subsidiary, Willdan Financial Services.
The transaction is expected to close by January 1, 2026, and comes amid a record-breaking Q3 performance where Willdan posted 26% net revenue growth and 20% organic growth, bolstered by booming demand in electrification and data center infrastructure.
With margins expanding and EBITDA reaching a quarterly high of $23.1 million, the company has raised its fullyear 2025 financial targets.

Curtiss-Wright: Powering Ahead With Game-Changing AP1000 Nuclear Expansion But Is It Enough?

Curtiss-Wright Corporation reported its third-quarter 2025 financial results, revealing both strengths and challenges that investors should consider.
The company demonstrated solid operational performance across its three segments, contributing to a favorable financial outlook and robust market positioning.
In terms of financial highlights, Curtiss-Wright achieved a significant increase in revenue, which was $869 million, marking a 9% year-over-year growth, including 6% organic growth.

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Nov 26

Daily Brief Health Care: SK Biopharmaceuticals , GE HealthCare Technologies , Abbott Laboratories, Island Pharmaceuticals , QIAGEN NV, Royalty Pharma , Tempus AI, Zimmer Biomet Holdings, BioLine RX , Fujian Lemo IoT Technology and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

SK Biopharmaceuticals (326030 KS): Swelling Xcopri Sales in US Drives Record High 3Q Earnings
GE HealthCare’s $2.3 Billion Acquisition Of Intelerad: Game-Changer Or Growing Pains?
Abbott Labs’ Exact Sciences Acquisition: What Could Go Right In This $21 Billion Cancer Play?
Island Pharmaceuticals Ltd – De-risking the commercial path
QIAGEN: Benefitting From Structural Demand Tailwinds in Molecular Diagnostics
Royalty Pharma: Can Imdelltra’s $700 Million Launch Ignite a Multi-Billion Dollar Cancer Breakthrough?
Tempus Labs: Inside the $100M Data Boom—How Licensing Deals Are Reshaping Its Future!
Zimmer Biomet: Can Its Surge in Knees and Hips Spark a Major Market Comeback?
BLRX: Stem Cell Mobilization Presentation at ASH
Pre-IPO Lemo Services Co., Ltd (PHIP Updates) – Some Points Worth the Attention

SK Biopharmaceuticals (326030 KS): Swelling Xcopri Sales in US Drives Record High 3Q Earnings

By Tina Banerjee

SK Biopharmaceuticals (326030 KS) reported record high quarterly earnings in 3Q25 on surging U.S. sales of Xcopri, which surpassed quarterly revenue of $100M for the second time.
Revenue from Xcopri in the U.S. increased 52% YoY (accelerated from 47% YoY reported in 2Q25) and 12% QoQ to record high of KRW172B, on enhanced marketing efforts.
For full-year 2025, SKBP guided for Xcopri U.S. revenue of $420–450M (~KRW570–610B), up 31–40% YoY. During first nine months of 2025, Xcopri U.S. revenue reached $325M (KRW460M).

GE HealthCare’s $2.3 Billion Acquisition Of Intelerad: Game-Changer Or Growing Pains?

GE HealthCare Technologies is moving deeper into the software space with its planned $2.3 billion acquisition of Intelerad, a Montreal-based provider of enterprise imaging software.
As the healthcare landscape shifts toward outpatient and ambulatory settings, this acquisition signals GE HealthCare’s strategic push to diversify beyond its traditional inpatient stronghold.
Intelerad’s platform includes radiology PACS, cloud-based image sharing, and workflow solutions, which could dovetail with GE’s diagnostic imaging portfolio.

Abbott Labs’ Exact Sciences Acquisition: What Could Go Right In This $21 Billion Cancer Play?

Abbott Laboratories has made headlines once again, this time for a bold push into cancer diagnostics through its proposed $21 billion acquisition of Exact Sciences.
The deal, which values Exact at $105 per share in cash and represents a 51% premium over its last closing price, is poised to be the largest healthcare M&A deal in two years and the biggest ever in the diagnostics space.
Slated to close in Q2 2026, the transaction marks Abbott’s strategic expansion beyond glucose monitoring and cardiovascular devices into oncology testing—a market the company had eyed for years.

Island Pharmaceuticals Ltd – De-risking the commercial path

By RaaS Research Group (RaaS)

Island Pharmaceuticals Ltd (ASX:ILA) is an antiviral therapeutics company targeting infectious diseases.
The company has made two recent announcements that improve its chances of selling Galidesivir for Marburg to the US government, ahead of potential FDA clearance of the drug.
On 20 November 2025 it announced the appointment of leading Washington D.C. based federal government affairs and lobbying firm, Todd Strategy Group (TSG), to support US government engagement.

QIAGEN: Benefitting From Structural Demand Tailwinds in Molecular Diagnostics

QIAGEN’s third-quarter 2025 earnings call revealed both strengths and challenges that define the company’s current performance and future outlook.
The company’s focus on high-growth areas of molecular research and testing has led to a steady performance amidst a challenging macroeconomic environment, yet various strategic initiatives and external pressures influence its trajectory.
On the positive side, QIAGEN continues to demonstrate robust operational execution.

Royalty Pharma: Can Imdelltra’s $700 Million Launch Ignite a Multi-Billion Dollar Cancer Breakthrough?

Royalty Pharma delivered a solid third quarter, showcasing an 11% growth in both their portfolio receipts and royalty receipts.
This growth is largely driven by their diversified portfolio, which remains a key strength of the company.
Their stable returns on invested capital at 15.7% and returns on invested equity at 22.9% demonstrate efficient capital management.

Tempus Labs: Inside the $100M Data Boom—How Licensing Deals Are Reshaping Its Future!

Tempus AI’s third-quarter financial performance in 2025 presented a mixed picture with several encouraging elements coupled with areas of potential concern or uncertainty.
The company demonstrated robust growth in its genomic and data licensing businesses, achieving a significant milestone of positive adjusted EBITDA for the first time in its history.
In particular, Tempus AI reported a 33% increase in overall genomic volume, with oncology and hereditary tests growing at 27% and 37%, respectively.

Zimmer Biomet: Can Its Surge in Knees and Hips Spark a Major Market Comeback?

The third quarter of 2025 saw Zimmer Biomet deliver a mixed performance, demonstrating both strengths and areas of concern.
The company achieved a sales growth of 5% on an organic constant currency basis, highlighted by a significant improvement in its U.S. business, which increased by 5.6%.
Key product lines such as the Persona OsseoTi Cementless Total Knee and the Oxford Partial Cementless Knee showed strong adoption, contributing to an overarching success in the knee segment, which grew 5.3%.

BLRX: Stem Cell Mobilization Presentation at ASH

By Zacks Small Cap Research

BioLineRx is a commercial stage biopharmaceutical company with a development portfolio advancing motixafortide, a platform molecule targeting indications in stem cell mobilization (SCM) & in the treatment of advanced pancreatic cancer.
The candidate is approved in the US for SCM and is undergoing studies for use in gene therapy and in pancreatic cancer.
Gloria Biosciences has delayed the start of its motixafortide studies in Asia and the path forward is unclear.

Pre-IPO Lemo Services Co., Ltd (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

Lemo can replicate on a large scale through offline outlets to reduce operating costs.But this model is characterized by heavy assets, with a single profit model of limited risk resistance.
Insufficient rigid demand is a major challenge for the industry.The declining revenue growth reflects the ineffective business expansion of Lemo, and the Company may have already encountered a growth ceiling.
Valuation of Lemo would be lower than peers due to the concerns of business expansion and slowing revenue. For example, 12-15x P/E may provide more safety margin for investors.

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Nov 26

Daily Brief Consumer: Alibaba, United Arrows, Mars Group Holdings, Life Time Group Holdings, AO World PLC, Tesla , Yum China Holdings , LOTTE Corporation, Marriott International, Bombay Burmah Trading and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Alibaba (BABA, 9988 HK): F2Q26, Up by 18% Excluding Disposals
United Arrows on a Roll Again with Korean Brands
Primer: Mars Group Holdings (6419 JP) – Nov 2025
Life Time Inc. Unleashes a High-End Expansion—Is Its Affluent Club Strategy a Game Changer?
AO World – 5* strategy delivers another profit upgrade
Tesla Stock Collapse: The AI Trade That Backfired!
Yum China Drops Game-Changing Formats—How Mini Stores & KCOFFEE Are Rewriting the Playbook!
Lotte Corp: Worsening Balance Sheet Offset by Its High Treasury Shares Level
Marriott’s Sonder Disaster: Evictions, Bankruptcy & A Billion-Dollar Blame Game!
Primer: Bombay Burmah Trading (BBTC IN) – Nov 2025

Alibaba (BABA, 9988 HK): F2Q26, Up by 18% Excluding Disposals

By Ming Lu

In F2Q26, pro forma revenue increased by 18% YoY excluding two disposals.
It was successful that the company rebranded its food delivery business.
However, the rebranding brought significant sales and marketing expenses in F2Q26.

United Arrows on a Roll Again with Korean Brands

By Michael Causton

United Arrows is beginning to flex its market power by launching more new brands rather than just iterations of its eponymous name
A key focus is a move to exploit the massive demand for Korean brands in Japan with Korean licenses for Nice Weather and Osoi.
More licenses are expected in the near future as the select shop retailer looks to take more share of the premium market.

Primer: Mars Group Holdings (6419 JP) – Nov 2025

By αSK

Mars Group Holdings exhibits a compelling value and dividend profile, underpinned by a robust history of financial growth and a strong net cash position, making it attractive for income-oriented investors.
The company’s primary exposure to the Japanese pachinko industry presents a significant headwind, as the market is in a long-term structural decline due to demographic shifts, regulatory pressures, and competition from other entertainment forms.
A recent downturn in quarterly performance (FY1Q26) following years of strong growth introduces uncertainty, making near-term earnings and regulatory developments critical catalysts to monitor.

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Life Time Inc. Unleashes a High-End Expansion—Is Its Affluent Club Strategy a Game Changer?

Life Time Group Holdings Inc. reported its third-quarter 2025 financial results, showcasing significant growth across several metrics, indicative of effective strategic execution and market positioning.
Total revenue rose by 12.9% to $783 million, supported by an increase in average monthly dues per member and robust comparable center revenue, which grew 10.6% over the prior year.
Moreover, membership remained stable with 841,000 center memberships and total memberships reaching 891,000, in line with the company’s expectations.

AO World – 5* strategy delivers another profit upgrade

By Equity Development

AO’s impressive H126 results show strategic, customer-focussed progress.
14% revenue growth reflects market share gains, and Adj. PBT rose 10% despite payroll cost headwinds.
AO’s differentiated 5* membership programme and sustained 5* customer service underpin its success, whilst improved profit trends in mobile and musicMagpie contribute to the positive outlook.

Tesla Stock Collapse: The AI Trade That Backfired!

Tesla’s latest earnings and strategic updates present a revealing picture of a company navigating an increasingly complex path.
The electric vehicle and clean energy giant is caught between near-term financial pressure and long-term ambitions rooted in AI, autonomy, and robotics.
While recent quarterly results missed Wall Street’s expectations—adjusted earnings came in at 40 cents per share and revenue dropped 12% year-over-year to $22.5 billion—investor focus has shifted beyond EV sales.

Yum China Drops Game-Changing Formats—How Mini Stores & KCOFFEE Are Rewriting the Playbook!

Yum China Holdings Inc., a licensee of Yum!
Brands in China, presented mixed results in the third quarter of 2025.
On a positive note, Yum China reported a record $400 million in adjusted operating profit, marking an 8% increase year-over-year.

Lotte Corp: Worsening Balance Sheet Offset by Its High Treasury Shares Level

Despite the higher probability of the cancellation of treasury shares by Lotte Corp, we believe that its worsening balance sheet is a greater concern.
There does not appear to be a rapid business turnaround of its major affiliates including Lotte Chemical. As a result, we are concerned about further credit downgrades in 2026/2027.
Our base case NAV valuation of Lotte Corp is market cap of 2.2 trillion won or target price of 20,918 won per share, which is 29% lower than current price.

Marriott’s Sonder Disaster: Evictions, Bankruptcy & A Billion-Dollar Blame Game!