Daily Briefs

Qube Holdings (QUB AU) has received a non-binding proposal from Macquarie Asset Management (MAM) at A$5.20 per share, a 27.8% premium to the undisturbed price.
The Board has granted exclusive due diligence until 1 February 2026 (or 15 February under certain circumstances). A scheme offer would be conditional on FIRB and ACCC approval.
While the offer represents an all-time high, the scarcity value of high-quality infrastructure assets could spur a competing bid from others, such as Brookfield, which holds pre-emptive rights at Patrick.

A Tender Offer of 10% Stake in Gabia by Align Partners Asset Management

After the market close on 24 November, it was announced that Align Partners is conducting a partial tender offer of a 10% stake in Gabia Inc (079940 KS).
Tender offer price is 33,000 won (20% higher than current price). Tender offer amount is 44.7 billion won.
If Align Partners successfully completes this tender offer, its stake would rise to 19.03%. Plus, the combined stakes of Align Partners and Miri Capital would be 42.99%.

SNT Group – Formalizes a Hostile Takeover of SMEC

On 24 November, the SNT Group formalized its hostile takeover of Smec. S&T Holdings disclosed that it acquired an additional 5.46% stake in SMEC, raising its stake to 13.65%.
S&T Holdings and SNT Group Chairman Choi combined own a 20.2% stake in SMEC. In comparison, the SMEC CEO Choi Young-seop owns a 9.75% stake in SMEC.
In our view, this is likely to lead to a potential fight for the control of SMEC’s management rights, pushing up the share price of SMEC even further.

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Nov 25

Daily Brief Equity Bottom-Up: Asian Equities: Secular DPS Growth Matters and more

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

In today’s briefing:

Asian Equities: Secular DPS Growth Matters, Not Just Dividend Yield. Presenting Our “Asia 50”.
Primer: GlobalData (DATA LN) – Nov 2025
A Pair Trade Basket Of Korean Consumer/Leisure Stocks (Long) And Japanese Names (Short)
Taiwan Dual-Listings Monitor: TSMC Spread Back in Extreme Range, UMC Discount
Tourism and Real Estate Stocks Dominate Filed Transactions Last Week
Global Payments Dumps Issuer Solutions — Could This Game-Changing Divestiture Unlock Massive Cash Flow?
New BD Looks Cheap But I’m Not Ready to Buy (Yet)
Primer: Paymentus Holdings ( PAY US) – Nov 2025
ADT Rises as a Smart-Security Juggernaut With Powerful Tech Upgrades & Market-Shifting Strategy!
Khazanchi Jewellers: Scaling Wholesale Strength and Building Retail for the Future

Asian Equities: Secular DPS Growth Matters, Not Just Dividend Yield. Presenting Our “Asia 50”.

By Manishi Raychaudhuri

While focus on dividend yield is common, we think secular growth in DPS over a long period of time is a stronger marker of robust earnings trajectory and shareholder friendliness.
Among stocks in Asian EM and DM, we screen 50 that raised their DPS every year over the past decade – a commendable performance given earnings dislocations during this period.
Stocks from Japan (24), HK (10), onshore China (6), India (6), Singapore (2) and Taiwan (2) make up our list. 10 are large and liquid with strong forecast EPS growth.

Primer: GlobalData (DATA LN) – Nov 2025

By αSK

GlobalData is a data analytics and consulting company with a strong, subscription-based recurring revenue model, which accounts for approximately 75-80% of its total revenue.
The company has demonstrated a solid long-term growth track record through both organic development and strategic acquisitions, though recent performance shows signs of slowing revenue growth and margin pressure.
Positioned in the growing business intelligence and analytics market, the company’s ‘One Platform’ model offers a scalable and integrated solution, but it faces significant competition from larger, established players.

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

A Pair Trade Basket Of Korean Consumer/Leisure Stocks (Long) And Japanese Names (Short)

In this insight, we discuss a pair trade involving a basket of Korean consumer stocks (long) and a basket of Japanese consumer stocks (short) over the next 3-6 months.
The 10 Korean names (long basket) include Samyang Food, APR, Amorepacific Corp, Korean Air, CJ Corp, Classys, Nongshim, Shinsegae, Hotel Shilla, and Lotte Tour Development.
The 10 Japanese names (short basket) include Fast Retailing, Oriental Land, Kao Corp, Seibu Holdings, ANA Holdings, Shiseido, J.Front Retailing, Kose Corp, Pola Orbis Holdings, and Kyoritsu Maintenance.

Taiwan Dual-Listings Monitor: TSMC Spread Back in Extreme Range, UMC Discount

By Vincent Fernando, CFA

TSMC: +25.8% Premium; Rebounded to High End of Range, Good Level to Open a Short of the ADR Spread
UMC: -2.2% Discount; Good Level to Open a Short of the ADR Spread
ASE: +3.2% Premium; Wait for More Extreme Level Before Going Long or Short

Tourism and Real Estate Stocks Dominate Filed Transactions Last Week

By Geoff Howie

Institutions were net sellers of Singapore stocks from Nov 14 to Nov 20, with a net outflow of S$131 million.
United Overseas Bank led share buybacks, acquiring 997,700 shares at an average price of S$34.01, totaling S$58.2 million.
Wing Tai Holdings’ Cheng Wai Keung increased his interest to 62.24%, while Banyan Tree Holdings’ Goodview Properties raised its stake to 6.06%.

Global Payments Dumps Issuer Solutions — Could This Game-Changing Divestiture Unlock Massive Cash Flow?

Global Payments Inc. delivered a strong performance in the third quarter of 2025, showcasing robust operational results and strategic initiatives that position the company for future growth.
The company reported 6% constant currency adjusted net revenue growth, excluding dispositions, alongside 110 basis points of margin expansion and 11% constant currency adjusted EPS growth compared to the prior year.
This performance was bolstered by strong execution across various business units, notably Merchant Solutions and Issuer Solutions.

New BD Looks Cheap But I’m Not Ready to Buy (Yet)

By Richard Howe

In Q1 2026, BDX will merge its Biosciences & Diagnostic Solutions segment to Waters (WAT). BDX will receive $4BN in cash and 0.14 WAT shares per BDX share, leaving its shareholders with roughly 39 percent of the combined company.
The remaining business, referred to as New BD, will be a focused med-tech company with ~$18BN in revenue across Medical Essentials, Connected Care, BioPharma Systems, and Interventional. More than 90 percent of revenue will be recurring, and management expects high single-digit earnings growth.
New BD’s valuation looks appealing. Based on where BDX and WAT currently trade, New BD implies a P/E of roughly 11x earnings. I believe the business deserves at least a 13x multiple, which would equate to about 12% upside. That said, I’m not ready to buy yet.

Primer: Paymentus Holdings ( PAY US) – Nov 2025

By αSK

Paymentus is a high-growth, cloud-based bill payment technology provider, capitalizing on the secular shift from paper to electronic transactions. Its strong revenue growth is driven by onboarding new clients and increasing transaction volumes.
The company’s proprietary Instant Payment Network (IPN) and omni-channel platform create a network effect, enhancing its competitive moat. Strategic partnerships with major financial institutions and technology companies are expanding its market reach.
While the company exhibits strong top-line momentum and improving profitability, it faces risks from customer concentration, potential margin pressure from large enterprise clients, and intense competition in the fragmented electronic payments market.

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ADT Rises as a Smart-Security Juggernaut With Powerful Tech Upgrades & Market-Shifting Strategy!

ADT’s third-quarter 2025 financial performance indicates a steady trajectory with both positive and negative elements impacting its outlook.
The company’s financial highlights reveal a 4% increase in total revenue to $1.3 billion and a 3% growth in adjusted EBITDA to $676 million.
Additionally, the adjusted earnings per diluted share rose by 15% year-over-year to $0.23, reflecting robust cash flow generation amounting to $709 million year-to-date.

Khazanchi Jewellers: Scaling Wholesale Strength and Building Retail for the Future

By Sudarshan Bhandari

Khazanchi Jewellers posts a strong Q2FY26 with 46% revenue growth, 119% PAT surge, and a major 10,000 sq. ft. Chennai flagship store set to launch in Jan 2026.
High-Margin retail and diamond segments are accelerating, supported by a stable B2B engine with 90% repeat orders, positioning the company for structural margin expansion and stronger long-term earnings visibility.
Khazanchi enters a high-growth phase, with premiumisation, retail expansion, and strong execution driving sustainable profitability and transforming it from a wholesale-led player into a high-margin retail-focused jewellery brand.

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Nov 25

Daily Brief Japan: Pan Pacific International Holdings, Fast Retailing, Oriental Land, Softbank Group, TSE Tokyo Price Index TOPIX, VisasQ, NS Group, SBI Shinsei Bank, Ryohin Keikaku, Onward Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

[Quiddity Index] Nikkei 225 Mar26 – Kioxia (285A) On the Menu, Others Not Far Behind
Asian Equities: Secular DPS Growth Matters, Not Just Dividend Yield. Presenting Our “Asia 50”.
A Pair Trade Basket Of Korean Consumer/Leisure Stocks (Long) And Japanese Names (Short)
SoftBank (9984 JP) Tactical Outlook: Extremely Oversold After -11% Plunge
The Game Has Changed Since the Era of Cross-Shareholdings
Primer: VisasQ (4490 JP) – Nov 2025
NS Group (471A) IPO: The Investment Case
SBI Shinsei Bank Pre-IPO – Peer Comparison
Muji: Closing in on ¥1 Trillion with Fresh Ideas
Onward’s Radical Transformation from Stolid to Trend Leader

[Quiddity Index] Nikkei 225 Mar26 – Kioxia (285A) On the Menu, Others Not Far Behind

By Travis Lundy

The March 2026 review for the Nikkei 225 is turning out to be a little more interesting than one might have expected a few months ago.
As of the end of August, the 3mo ADTV for Kioxia (285A) was ¥18bn despite expectations it would go into M _ _ _. The 1mo average today? ¥383bn.
That means it has rapidly climbed into the top echelons of 5yr trading history. Importantly, JX Advanced Metals (5016 JP) and Kokusai Electric (6525 JP) are not far behind.

Asian Equities: Secular DPS Growth Matters, Not Just Dividend Yield. Presenting Our “Asia 50”.

By Manishi Raychaudhuri

While focus on dividend yield is common, we think secular growth in DPS over a long period of time is a stronger marker of robust earnings trajectory and shareholder friendliness.
Among stocks in Asian EM and DM, we screen 50 that raised their DPS every year over the past decade – a commendable performance given earnings dislocations during this period.
Stocks from Japan (24), HK (10), onshore China (6), India (6), Singapore (2) and Taiwan (2) make up our list. 10 are large and liquid with strong forecast EPS growth.

A Pair Trade Basket Of Korean Consumer/Leisure Stocks (Long) And Japanese Names (Short)

In this insight, we discuss a pair trade involving a basket of Korean consumer stocks (long) and a basket of Japanese consumer stocks (short) over the next 3-6 months.
The 10 Korean names (long basket) include Samyang Food, APR, Amorepacific Corp, Korean Air, CJ Corp, Classys, Nongshim, Shinsegae, Hotel Shilla, and Lotte Tour Development.
The 10 Japanese names (short basket) include Fast Retailing, Oriental Land, Kao Corp, Seibu Holdings, ANA Holdings, Shiseido, J.Front Retailing, Kose Corp, Pola Orbis Holdings, and Kyoritsu Maintenance.

SoftBank (9984 JP) Tactical Outlook: Extremely Oversold After -11% Plunge

By Nico Rosti

Softbank Group (9984 JP) crashed nearly -11% between Thursday and Friday close, reaching deeply oversold extremes.
Softbank Group has declined for three consecutive weeks, posting a cumulative -37% correction over this period.
Softbank Group‘s entry into the Outliers zone suggests an extreme oversold condition—potentially creating a tactical long setup for risk-tolerant traders.

The Game Has Changed Since the Era of Cross-Shareholdings

By Aki Matsumoto

Share buybacks peak every year in June when AGMs are held, after which the “Quiet Period” begins. Toward the fiscal year-end, buybacks are expected as a means to resolve cross-shareholdings.
Given that the capital profitability of all TSE-listed companies hasn’t shown improvement, investors must continue to call for reducing excess cash reserves through dissolution of cross-shareholdings and the share buybacks.
Shareholders entrust management with the responsibility to maximize shareholder interest, which includes shareholder returns and corporate value growth. It’s natural for shareholders to demand that management fulfill this fiduciary duty.

Primer: VisasQ (4490 JP) – Nov 2025

By αSK

VisasQ is a dominant player in Japan’s expert network service (ENS) market, poised for global expansion following its strategic acquisition of US-based Coleman Research Group.
The company exhibits a strong revenue growth trajectory, driven by the increasing demand for specialized knowledge in corporate strategy and investment decisions. However, profitability has been volatile, highlighted by a significant goodwill impairment charge in FY2024 related to the Coleman acquisition.
Future growth hinges on successfully integrating Coleman, leveraging AI to enhance its service platform, and capitalizing on the expanding global ENS market, which is projected to grow at a CAGR of over 16%.

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NS Group (471A) IPO: The Investment Case

NS Group (471A JP) is a Japanese property rent guarantee company. It is seeking to raise up to US$255 million. Pricing is on 1 December and listing is on 16 December.
The controlling shareholder is Bain Capital, which owns 51.0% of voting rights. The offering is a pure secondary sale by Bain.
The investment case rests on its unique market positioning, accelerating growth, sector-leading profitability, cash generation, and low leverage.

SBI Shinsei Bank Pre-IPO – Peer Comparison

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 undertake a peer comparison

Muji: Closing in on ¥1 Trillion with Fresh Ideas

By Michael Causton

Ryohin Keikaku has once again exceeded expectations, posting record sales and profits that suggest its near-term ¥1 trillion target will easily be reached.
While worries over ubiquity remain, the trusting relationship between customer and brand has allowed rapid and successful category expansion which should deliver those targets.
This includes overseas markets where Muji is now gaining momentum again in China and, at last, making the most of its brand in Europe.

Onward’s Radical Transformation from Stolid to Trend Leader

By Michael Causton

Onward has quietly but radically transformed its business from wholesale to omnichannel retail.
Even more remarkably for a company whose average customer age was until very recently over 50, its latest brands now appeal to teens and 20s.
The new brands exemplify how much this previously staid wholesaler has changed.

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Nov 25

Daily Brief Crypto: Cosmo Jiang – Unpacking Digital Asset Treasuries – [Making Markets and more

By Smartkarma Daily Briefs | Crypto, Daily Briefs

In today’s briefing:

Cosmo Jiang – Unpacking Digital Asset Treasuries – [Making Markets, EP.70]
Crypto Down, but 4Q Historically Good : Strong Performance for Cryptocurrencies in 4Q23 and 4Q24

Cosmo Jiang – Unpacking Digital Asset Treasuries – [Making Markets, EP.70]

By Web3 Breakdowns

Cosmo Giang, partner at Pantera Capital, discusses the investment thesis behind digital asset treasury companies (DATs) and their role in the crypto ecosystem, particularly highlighting Solana as their largest position.
Giang compares DATs to traditional financial companies, emphasizing how they can generate yield on assets like Bitcoin and Solana, similar to how banks generate returns on deposits.
Giang reveals how Solana’s smart contract platform offers more sustainable yield potential compared to Bitcoin, leading to Pantera’s bullish stance on the cryptocurrency.

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

Crypto Down, but 4Q Historically Good : Strong Performance for Cryptocurrencies in 4Q23 and 4Q24

By Water Tower Research

4Q for the last two years has seen strong performance for cryptocurrencies. BTC was up more than 45% in 4Q23 and more than 65% in 4Q24.
Given the strong institutional interest in crypto after the US passed the GENIUS Actand the amount of capital going into digital asset treasury (DAT) companies, we could see a similar strong performance in 4Q25.
There has been significant interest in DAT companies, particularly those focusing on coins other than Bitcoin and those adding return enhancers to their models, DAT++ companies.

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Nov 25

Daily Brief Macro: UK Labour Party: Damned If They Do… and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

UK Labour Party: Damned If They Do…
Ep. 132 Real Conversations | Jim Rickards: Gold, Chaos and the Great Reckoning Ahead
Global Commodities: Metals headed for even greater heights
India’s Synthetic Rubber Sector Steadies Amid Import Decline
External Trade Focus: ASEAN–China Relations in a Rebalanced World
Fed Policy Outlook Heavily Influenced by QE Legacy Issues
Ray Dalio’s All-Weather Portfolio Works In Any Market – And This Tweak Makes It Even Better
AI And Investing In The New Technological Revolution
Delving Into the Macro
Briefing. Copart Market Share Loss, Nvidia Can’t Hold, Dior Expert Call, AppFolio Investor Meeting

UK Labour Party: Damned If They Do…

By Alastair Newton

Whatever Rachel Reeves comes up with in her 26 November budget, she is bound to run into criticism from within her own parliamentary party.
Bond markets seem set to react badly to this, especially if it seems likely that her overall objectives will be undermined by internal resistance to proposed measures.
She and the PM will probably survive this, but a market-unsettling change and slide to the left look increasingly likely by mid-2026, followed by defeat at the next election.

Ep. 132 Real Conversations | Jim Rickards: Gold, Chaos and the Great Reckoning Ahead

By Real Conversations

Gold prices have been steadily rising, with projections of reaching $10,000, possibly as soon as 2026.
The recent surge in gold prices has attracted more institutional investors and retail buyers, especially in countries like Australia and China.
The volatility in gold prices has also increased, with the potential for rapid gains as smaller percentage increases can lead to significant profits.

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

Global Commodities: Metals headed for even greater heights

By At Any Rate

Strong gold demand in 3Q25, totaling almost 980 tons, leading to a surge in demand inflow
Expectation of continued central bank buying and investor demand growth in 2026
Bullish outlook for gold prices, with potential risks including rate sensitivity and potential tariff uncertainties for other precious metals

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

India’s Synthetic Rubber Sector Steadies Amid Import Decline

By Vinod Nedumudy

Highlights

• Consumption outpaces domestic production growth

• Imports decline despite steady industrial demand

• Fresh probe into halobutyl rubber dumping

The first four months of the financial year illustrated an industry striving for balance — one still navigating between domestic self-sufficiency ambitions and dependence on imports for certain specialized grades. Demand from tire makers, which account for nearly two-thirds of synthetic rubber use in India, remained stable amid mixed trends in automotive production and exports.

External Trade Focus: ASEAN–China Relations in a Rebalanced World

By ASEAN Exchanges

ASEAN is scaling into a top-tier economic engine, targeting a US$4.2T GDP in 2025 and cementing its position as the world’s fifth-largest bloc.
Regional exports are set for a breakout phase—BCG projects ~90% growth by 2031 to US$3.2T annually, far outpacing sub-30% global trade expansion.
The uplift is anchored by supply-chain integration across autos, electronics, apparel, agri-food, and data/IT services, supported by policy tailwinds and US–China realignment.

Fed Policy Outlook Heavily Influenced by QE Legacy Issues

By Said Desaque

Prolonged quantitative easing by the Fed has made balance sheet shrinkage difficult without producing periods of cash shortages in the banking system, and has raised the neutral federal funds rate.
Regional Federal Reserve Bank Presidents have become more hawkish since September about inflation, arguing against a December policy easing, but September’s Employment Situation report did justify previous policy rate reductions.
Chairman Powell remains cautious about tariffs. Recent historical research by the Federal Reserve Bank of San Francisco suggests that higher unemployment and disinflation are the long-term outcomes of higher tariffs.

Ray Dalio’s All-Weather Portfolio Works In Any Market – And This Tweak Makes It Even Better

Ray Dalio actually made an art form of it: his All-Weather Portfolio spreads risk across economic scenarios like inflation, deflation, growth, and slowdowns.
You can improve on it by layering a simple trend filter on top. Do that, and the risk-adjusted returns get a serious boost: drawdowns shrink and the ride is smoother.
The traditional All-Weather Portfolio, 2x leveraged, delivered an 8.7% annual return with 13.8% volatility, and a Sharpe of 0.48. The trend-filtered version 8.2% return and a Sharpe 0.71.

AI And Investing In The New Technological Revolution

By BMO Equity Research Metal Matters

Technological revolutions follow a sequence: they start with a disruptive “installation phase”, then go through a critical “turning point”, and are finally followed by a “deployment phase”.
According to Carlota Perez, AI isn’t the start of a new technological revolution: it’s a critical milestone in the current, longstanding “information and telecommunication” revolution.
Being aware of different phases is valuable when investing. It can help you play the contrarian card – staying cautious during the frenzy and making bolder bets during the downturns.

Delving Into the Macro

Aluminium prices have been hitting three year highs and outperforming copper
China’s five year plan emphasizes consumption and trade links, but there are concerns about economic slowdown
Chief economist Doug Porter discusses Fed funds rate and potential rate cuts, leaning towards a dovish view for 2026

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

Briefing. Copart Market Share Loss, Nvidia Can’t Hold, Dior Expert Call, AppFolio Investor Meeting

By The Synopsis

Webinar with former Prada board member discussing luxury landscape and investor trends
Nvidia’s strong earnings initially sparked global rally, but tech stock sell-off signals market caution
Dior executive predicts return to growth in luxury market by 2026, emphasizes product innovation and pricing discipline for success

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

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Nov 25

Daily Brief Utilities: ReNew Energy Global and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Trung Nguyen

In today’s Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy, China Jinmao
UST yields fell on Friday, led by the front end, after New York Fed President John Williams said he saw room for another rate cut in the near term, amid a softening labour market.
The yield on the 2Y UST declined 6 bps to 3.53%, while that on the 10Y UST dropped 5 bps to 4.09%. Equities recovered on Friday, but remained down for the week. The S&P 500 and Nasdaq rose 1.0% and 0.9% to 6,603 and 22,273, respectively.

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Nov 25

Daily Brief Industrials: Qube Holdings, Smec Co Ltd, GlobalData , Banyan Tree Holdings, Capacit’e Infraprojects, Exchange Income, Freightos , Samsung SDI, Copart Inc, bpost SA and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Qube Holdings (QUB AU): Macquarie’s NBIO at A$5.20
SNT Group – Formalizes a Hostile Takeover of SMEC
Primer: GlobalData (DATA LN) – Nov 2025
Tourism and Real Estate Stocks Dominate Filed Transactions Last Week
The Beat Ideas- Capacite Infraprojects: Optimizing the Growth Trajectory
Primer: Exchange Income (EIF CN) – Nov 2025
Primer: Freightos (CRGO US) – Nov 2025
Samsung SDI (006400): When Is the Buying Opportunity?
Wreck-It…Wealth: This Scrap-Heap Stock Could Be A Portfolio Hero (CPRT)
What’s News in Amsterdam – 24 November (AkzoNobel | ING | Fagron | bpostgroup)

Qube Holdings (QUB AU): Macquarie’s NBIO at A$5.20

Qube Holdings (QUB AU) has received a non-binding proposal from Macquarie Asset Management (MAM) at A$5.20 per share, a 27.8% premium to the undisturbed price.
The Board has granted exclusive due diligence until 1 February 2026 (or 15 February under certain circumstances). A scheme offer would be conditional on FIRB and ACCC approval.
While the offer represents an all-time high, the scarcity value of high-quality infrastructure assets could spur a competing bid from others, such as Brookfield, which holds pre-emptive rights at Patrick.

SNT Group – Formalizes a Hostile Takeover of SMEC

On 24 November, the SNT Group formalized its hostile takeover of Smec. S&T Holdings disclosed that it acquired an additional 5.46% stake in SMEC, raising its stake to 13.65%.
S&T Holdings and SNT Group Chairman Choi combined own a 20.2% stake in SMEC. In comparison, the SMEC CEO Choi Young-seop owns a 9.75% stake in SMEC.
In our view, this is likely to lead to a potential fight for the control of SMEC’s management rights, pushing up the share price of SMEC even further.

Primer: GlobalData (DATA LN) – Nov 2025

By αSK

GlobalData is a data analytics and consulting company with a strong, subscription-based recurring revenue model, which accounts for approximately 75-80% of its total revenue.
The company has demonstrated a solid long-term growth track record through both organic development and strategic acquisitions, though recent performance shows signs of slowing revenue growth and margin pressure.
Positioned in the growing business intelligence and analytics market, the company’s ‘One Platform’ model offers a scalable and integrated solution, but it faces significant competition from larger, established players.

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

Tourism and Real Estate Stocks Dominate Filed Transactions Last Week

By Geoff Howie

Institutions were net sellers of Singapore stocks from Nov 14 to Nov 20, with a net outflow of S$131 million.
United Overseas Bank led share buybacks, acquiring 997,700 shares at an average price of S$34.01, totaling S$58.2 million.
Wing Tai Holdings’ Cheng Wai Keung increased his interest to 62.24%, while Banyan Tree Holdings’ Goodview Properties raised its stake to 6.06%.

The Beat Ideas- Capacite Infraprojects: Optimizing the Growth Trajectory

By Sudarshan Bhandari

Capacite Infraprojects saw its highest-ever Q2 performance with 24% YoY income growth. It achieved nearly its full-year order inflow target of Rs. 3,500 crores in H1 FY26, signaling strong execution.
The Rs. 11,991 crores order book provides robust 4.5x revenue visibility, and a shift towards the upper end of the 16.5%-17.5% EBITDA margin guidance suggests improving operational efficiency and profitability.
CIL is set for sustained, high-double-digit growth with major H2 FY26 project ramp-ups and a Rs. 4,000 crores FY28 revenue target, necessitating a focus on execution and working capital strategies.

Primer: Exchange Income (EIF CN) – Nov 2025

By αSK

Exchange Income Corporation (EIC) operates a diversified business model focused on two key segments: Aerospace & Aviation and Manufacturing. This diversification provides resilience against economic cycles and market fluctuations.
The company has a proven track record of disciplined, accretive acquisitions, integrating niche market leaders to drive growth and steady cash flow. This strategy is a core tenet of its long-term value creation.
EIC is committed to providing shareholders with reliable and growing dividends, supported by the essential nature of the services and products offered by its portfolio of companies.

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Primer: Freightos (CRGO US) – Nov 2025

By αSK

Freightos is a first-mover in the digitization of the global freight industry, operating a SaaS-enabled marketplace that connects carriers, forwarders, and shippers, driving transparency and efficiency in a traditionally opaque market.
The company is demonstrating strong top-line growth, evidenced by a 28.86% 3-year revenue CAGR and 23 consecutive quarters of record transaction volumes. However, it remains significantly unprofitable, with substantial cash burn as it invests in scaling its platform.
Future success hinges on achieving operating leverage and scaling its network to reach profitability. The company is targeting adjusted EBITDA breakeven by the fourth quarter of 2026, a key catalyst for the stock.

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Samsung SDI (006400): When Is the Buying Opportunity?

By Henry Soediarko

Recent quarters operating numbers for Samsung SDI (006400 KS) is quite poor and have caused the share price to decrease accordingly.
The share price has rallied on the back of the news on Tesla’s new business to order ESS from Samsung SDI.
At what level shall investors start to accumulate Samsung SDI.

Wreck-It…Wealth: This Scrap-Heap Stock Could Be A Portfolio Hero (CPRT)

Copart’s business model is beautifully simple. When an insured vehicle is deemed a total loss after an accident, insurers need to dispose of it quickly.
Its online auction platform lets insurers, banks, and rental-car companies offload banged-up vehicles to a global buyer base across almost 200 countries.
Copart’s valuation story is refreshingly simple. This is a business with a ten-year record of double-digit growth, industry-leading margins, and cash conversion that’s practically perfect.

What’s News in Amsterdam – 24 November (AkzoNobel | ING | Fagron | bpostgroup)

By The IDEA!

In this edition: • AkzoNobel | a second Axalta shareholder opposes the proposed merger terms • ING | completes two risk sharing transactions • Fagron | strengthens position in EMEA and granted California license to FSS Boston • bpostgroup | unions call upon their members not to strike at bpost

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Nov 25

Daily Brief Industrials: Qube Holdings, Smec Co Ltd, GlobalData , Banyan Tree Holdings, Capacit’e Infraprojects, Exchange Income, Freightos , Samsung SDI, Copart Inc, bpost SA and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Qube Holdings (QUB AU): Macquarie’s NBIO at A$5.20
SNT Group – Formalizes a Hostile Takeover of SMEC
Primer: GlobalData (DATA LN) – Nov 2025
Tourism and Real Estate Stocks Dominate Filed Transactions Last Week
The Beat Ideas- Capacite Infraprojects: Optimizing the Growth Trajectory
Primer: Exchange Income (EIF CN) – Nov 2025
Primer: Freightos (CRGO US) – Nov 2025
Samsung SDI (006400): When Is the Buying Opportunity?
Wreck-It…Wealth: This Scrap-Heap Stock Could Be A Portfolio Hero (CPRT)
What’s News in Amsterdam – 24 November (AkzoNobel | ING | Fagron | bpostgroup)

Qube Holdings (QUB AU): Macquarie’s NBIO at A$5.20

Qube Holdings (QUB AU) has received a non-binding proposal from Macquarie Asset Management (MAM) at A$5.20 per share, a 27.8% premium to the undisturbed price.
The Board has granted exclusive due diligence until 1 February 2026 (or 15 February under certain circumstances). A scheme offer would be conditional on FIRB and ACCC approval.
While the offer represents an all-time high, the scarcity value of high-quality infrastructure assets could spur a competing bid from others, such as Brookfield, which holds pre-emptive rights at Patrick.

SNT Group – Formalizes a Hostile Takeover of SMEC

On 24 November, the SNT Group formalized its hostile takeover of Smec. S&T Holdings disclosed that it acquired an additional 5.46% stake in SMEC, raising its stake to 13.65%.
S&T Holdings and SNT Group Chairman Choi combined own a 20.2% stake in SMEC. In comparison, the SMEC CEO Choi Young-seop owns a 9.75% stake in SMEC.
In our view, this is likely to lead to a potential fight for the control of SMEC’s management rights, pushing up the share price of SMEC even further.

Primer: GlobalData (DATA LN) – Nov 2025

By αSK

GlobalData is a data analytics and consulting company with a strong, subscription-based recurring revenue model, which accounts for approximately 75-80% of its total revenue.
The company has demonstrated a solid long-term growth track record through both organic development and strategic acquisitions, though recent performance shows signs of slowing revenue growth and margin pressure.
Positioned in the growing business intelligence and analytics market, the company’s ‘One Platform’ model offers a scalable and integrated solution, but it faces significant competition from larger, established players.

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

Tourism and Real Estate Stocks Dominate Filed Transactions Last Week

By Geoff Howie

Institutions were net sellers of Singapore stocks from Nov 14 to Nov 20, with a net outflow of S$131 million.
United Overseas Bank led share buybacks, acquiring 997,700 shares at an average price of S$34.01, totaling S$58.2 million.
Wing Tai Holdings’ Cheng Wai Keung increased his interest to 62.24%, while Banyan Tree Holdings’ Goodview Properties raised its stake to 6.06%.

The Beat Ideas- Capacite Infraprojects: Optimizing the Growth Trajectory

By Sudarshan Bhandari

Capacite Infraprojects saw its highest-ever Q2 performance with 24% YoY income growth. It achieved nearly its full-year order inflow target of Rs. 3,500 crores in H1 FY26, signaling strong execution.
The Rs. 11,991 crores order book provides robust 4.5x revenue visibility, and a shift towards the upper end of the 16.5%-17.5% EBITDA margin guidance suggests improving operational efficiency and profitability.
CIL is set for sustained, high-double-digit growth with major H2 FY26 project ramp-ups and a Rs. 4,000 crores FY28 revenue target, necessitating a focus on execution and working capital strategies.

Primer: Exchange Income (EIF CN) – Nov 2025

By αSK

Exchange Income Corporation (EIC) operates a diversified business model focused on two key segments: Aerospace & Aviation and Manufacturing. This diversification provides resilience against economic cycles and market fluctuations.
The company has a proven track record of disciplined, accretive acquisitions, integrating niche market leaders to drive growth and steady cash flow. This strategy is a core tenet of its long-term value creation.
EIC is committed to providing shareholders with reliable and growing dividends, supported by the essential nature of the services and products offered by its portfolio of companies.

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

Primer: Freightos (CRGO US) – Nov 2025

By αSK

Freightos is a first-mover in the digitization of the global freight industry, operating a SaaS-enabled marketplace that connects carriers, forwarders, and shippers, driving transparency and efficiency in a traditionally opaque market.
The company is demonstrating strong top-line growth, evidenced by a 28.86% 3-year revenue CAGR and 23 consecutive quarters of record transaction volumes. However, it remains significantly unprofitable, with substantial cash burn as it invests in scaling its platform.
Future success hinges on achieving operating leverage and scaling its network to reach profitability. The company is targeting adjusted EBITDA breakeven by the fourth quarter of 2026, a key catalyst for the stock.

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

Samsung SDI (006400): When Is the Buying Opportunity?

By Henry Soediarko

Recent quarters operating numbers for Samsung SDI (006400 KS) is quite poor and have caused the share price to decrease accordingly.
The share price has rallied on the back of the news on Tesla’s new business to order ESS from Samsung SDI.
At what level shall investors start to accumulate Samsung SDI.

Wreck-It…Wealth: This Scrap-Heap Stock Could Be A Portfolio Hero (CPRT)

By Quantum Commodity Intelligence

Copart’s business model is beautifully simple. When an insured vehicle is deemed a total loss after an accident, insurers need to dispose of it quickly.
Its online auction platform lets insurers, banks, and rental-car companies offload banged-up vehicles to a global buyer base across almost 200 countries.
Copart’s valuation story is refreshingly simple. This is a business with a ten-year record of double-digit growth, industry-leading margins, and cash conversion that’s practically perfect.

What’s News in Amsterdam – 24 November (AkzoNobel | ING | Fagron | bpostgroup)

By The IDEA!

In this edition: • AkzoNobel | a second Axalta shareholder opposes the proposed merger terms • ING | completes two risk sharing transactions • Fagron | strengthens position in EMEA and granted California license to FSS Boston • bpostgroup | unions call upon their members not to strike at bpost

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

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

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 25

Daily Brief Energy/Materials: Tung Ho Steel Enterprise, Gold, Rubber Future SGX TSR20, Hornbeck Offshore Services, Crude Oil, Ball , Intl Flavors & Fragrances, Mosaic Co/The, Nabaltec AG and more

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

In today’s briefing:

Quiddity Leaderboard T50/100 Dec25: Final Ranks; Tung Ho Escapes TDIV Deletion!
Ep. 132 Real Conversations | Jim Rickards: Gold, Chaos and the Great Reckoning Ahead
Global Commodities: Metals headed for even greater heights
India’s Synthetic Rubber Sector Steadies Amid Import Decline
Hornbeck Offshore Services, Inc. (HOS): Peeking at the IPO Prospectus of Marine Services Company
Oil futures: Prices plunge as Ukraine to consider US-backed peace deal
Ball Corporation: Reinventing Its Growth Engine With Strategic Investments
IFF Partners With Kemira on DEB Technology — Could This Mega-Project Reinvent Its Health & Biosciences Future?
Mosaic Surges in Brazil: How Its Fertilizantes Unit Keeps Beating EBITDA Targets Despite Market Pressures!
Nabaltec — Full year guidance maintained

Quiddity Leaderboard T50/100 Dec25: Final Ranks; Tung Ho Escapes TDIV Deletion!

By Janaghan Jeyakumar, CFA

The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
Today is the base date for the December 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.
We expect four changes for T50 and three additional changes for the T100 index for the December 2025 rebal.

Ep. 132 Real Conversations | Jim Rickards: Gold, Chaos and the Great Reckoning Ahead

By Real Conversations

Gold prices have been steadily rising, with projections of reaching $10,000, possibly as soon as 2026.
The recent surge in gold prices has attracted more institutional investors and retail buyers, especially in countries like Australia and China.
The volatility in gold prices has also increased, with the potential for rapid gains as smaller percentage increases can lead to significant profits.

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

Global Commodities: Metals headed for even greater heights

By At Any Rate

Strong gold demand in 3Q25, totaling almost 980 tons, leading to a surge in demand inflow
Expectation of continued central bank buying and investor demand growth in 2026
Bullish outlook for gold prices, with potential risks including rate sensitivity and potential tariff uncertainties for other precious metals

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

India’s Synthetic Rubber Sector Steadies Amid Import Decline

By Vinod Nedumudy

Highlights

• Consumption outpaces domestic production growth

• Imports decline despite steady industrial demand

• Fresh probe into halobutyl rubber dumping

Hornbeck Offshore Services, Inc. (HOS): Peeking at the IPO Prospectus of Marine Services Company

By IPO Boutique

Hornbeck operates one of the world’s largest high-spec offshore fleets, serving diversified markets including oilfield services, military support, and emerging offshore wind.
Strong revenue growth and consistent profitability reflect resilient demand across deepwater energy, specialty services, and expanding non-oilfield markets.
IPO prospects hinge on market timing and valuation, as energy-related offerings have produced mixed results in 2025.

Oil futures: Prices plunge as Ukraine to consider US-backed peace deal

Crude oil futures tumbled on Friday as ceasefire speculation around the Russia/Ukraine war gained momentum after President Zelensky agreed to work with Washington on the US-drafted proposals.
Front-month Jan26 ICE Brent futures were trading at $62.50/b (1933 GMT) versus Thursday’s settle of $63.38/b, while Jan26 NYMEX WTI was at $57.99/b against a previous close of $59/b.
President Zelensky said he is ready for “honest work” with the US after receiving a draft of the plan to end the war with Russia, although European officials have cautioned that the proposals are too one-sided in favour of Moscow.

Ball Corporation: Reinventing Its Growth Engine With Strategic Investments

Ball Corporation’s third quarter 2025 performance indicates both strengths and challenges for the company, as per their recent earnings call.
During this period, Ball Corporation reported a 4.2% growth in beverage can volumes and a 5.1% increase in comparable operating earnings.
Comparable diluted earnings per share saw a 12.1% rise, while the company returned $1.35 billion to shareholders through share repurchases and dividends.

IFF Partners With Kemira on DEB Technology — Could This Mega-Project Reinvent Its Health & Biosciences Future?

International Flavors & Fragrances Inc. (IFF) presented its third-quarter results for 2025, showcasing a steady operational performance amidst challenging market conditions.
The company maintained flat sales compared to the previous year, despite headwinds such as geopolitical challenges, macroeconomic uncertainty, and soft demand in certain sectors.
Growth was observed in the Scent and Taste segments, counterbalancing weakness in Food Ingredients and Health & Biosciences, particularly in North America.

Mosaic Surges in Brazil: How Its Fertilizantes Unit Keeps Beating EBITDA Targets Despite Market Pressures!