Daily Briefs

ADR odds are tiny. Both Samsung and Hynix have thin control stakes, making governance risk too high. Neither is willing to chase a valuation pop at the expense of stability.
Still can’t ignore it, since the ADR chatter is meaningfully swinging the pair trades. Samsung pref spread and Hynix/Square are both getting pushed around.
ADR noise cooled today, but it can easily resurface and skew the setup. Treat as noise, but be ready to hit aggressive reversion trades when it pops again.

Makino Milling Machine (6135 JP): Tender Offer Risk/Reward

By Arun George

Makino Milling Machine Co (6135 JP)’s pre-conditional tender offer from MBK Partners is at JPY11,751 per share. The gross spread has increased to 9.9% due to several concerns.
The wide gross spread reflects the risk in satisfying the precondition, the fallout from the Homeplus saga and breaching the long stop date (16 January 2026).
While these concerns have merit, there are mitigating factors. The risk/reward is favourable as the upside (9.9% spread) exceeds the downside (6.3% to my estimated deal break price).

AU Small Finance Bank (AUBANK IN): Increased FOL & Large Passive Flows/ Impact

AU Small Finance Bank Limited (AUBANK IN) has received approval from the Ministry of Finance to increase its Foreign Ownership Limit from 49% to 74% (the maximum permitted).
The increased FOL will result in passive inflows from global index trackers in February and March. The inflows are multiple days of ADV.
There has been little increase in positioning. The increased Foreign Ownership Limit and the passive flows to come could lead to the stock moving higher over the next few weeks.

A Potential Listing of ADRs for SK Hynix Using Its Treasury Shares?

According to numerous local media, SK Hynix is considering on listing its treasury shares (2.4% of outstanding shares representing 17.4 million shares) as ADRs.
SK Hynix could cancel its treasury shares or list them as ADRs. The bigger bang for the buck will likely be to list them as ADRs.
By listing its shares as ADRs, the valuation gap between SK Hynix and other listed peers (such as MU and TSMC) could be reduced.

[Japan Activism/M&A] Activist Launches Partial Tender to Put Microcap Broadmedia (4347 JP) In Play

Today after the close, Broadmedia Corp (4347 JP) announced that UK-based Japan activist AVI and one of its funds would launch a tender offer for just over 10% of shares.
The Tender Offer comes at a 29.5% premium, and it would take the activist to ~40% – close to board-spilling influence.
This creates an interesting setup. One wonders whether this is meant to spill the Board post-tender, and whether the Company will seek alternate solutions.

ANE Cayman (9956 HK): On S329 Reports And Letters Of Interest

By David Blennerhassett

ANE Cayman Inc (9956 HK)‘s Offer, by way of a Scheme from Centurium Partners, a pre-IPO investor, in tandem with Temasek, has displayed some unique (unusual?) firsts.
There is the 9%+ stake held by CDH – another pre-IPO investor – a shareholder that fails to appear in subsequent annual/interim reports; or even Hong Kong disclosure announcements.
Then late last week, the Offeror opted not to raise the cap on the scrip option alternative, despite shareholders expressing interest.

More Detailed Insight into Hynix’s Internal Situation Regarding the ADR Issue

They’re maxing out M15X ahead of schedule, facing a fab gap until ’27, and now need more capex than their KRW 28tn cash pile comfortably covers.
SK doesn’t want an Hynix ADR; they’re focused on tapping the KRW 150tn Growth Fund to fill the capex gap while avoiding dilution and protecting their already-fragile control stack.
ADR noise spiked because Hynix’s near-term capex needs exceed Growth Fund capacity, pushing them toward a 2.4% treasury dump—but I still don’t see SK pulling the ADR trigger.

Worthington Steel – Kloeckner: Strategic Optionality Emerges as Worthington’s Due Diligence Advances

By Jesus Rodriguez Aguilar

Worthington’s due diligence introduces a credible takeout path, with Kloeckner trading on event probability rather than fundamentals. Concentrated ownership means pricing must satisfy the 41% anchor shareholder to advance discussions.
Standalone equity value sits near €7.05 per share once full balance-sheet obligations are incorporated. Identifiable synergies of €60–85m annually support a realistic takeover corridor of €8.25–9.78 per share.
Worthington has ample balance-sheet capacity to fund the acquisition. Pro forma leverage of 2.7–3.2× under a standard mixed-financing structure is comfortably financeable, making the transaction large but feasible.

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Dec 10

Daily Brief Japan: Makino Milling Machine Co, Broadmedia Corp, Okuma Corp, Miroku Jyoho Service, Poletowin Pitcrew Holdings, Medical Data Vision, Fuluhashi EPO, Japan Material and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Makino Milling Machine (6135 JP): Tender Offer Risk/Reward
[Japan Activism/M&A] Activist Launches Partial Tender to Put Microcap Broadmedia (4347 JP) In Play
[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)
Okuma Corp Placement: Strong Financial Performance in Recent Period
Primer: Makino Milling Machine Co (6135 JP) – Dec 2025
Primer: Miroku Jyoho Service (9928 JP) – Dec 2025
Poletowin Pitcrew Holdings: Q3 FY01/26 flash update and revision of full-year earnings forecast
Medical Data Vision Co., Ltd (3902 JP): RESEARCH UPDATE
(04 Dec 2025) Fuluhashi EPO(9221 JP) — Fisco Company Research
Primer: Japan Material (6055 JP) – Dec 2025

Makino Milling Machine (6135 JP): Tender Offer Risk/Reward

By Arun George

Makino Milling Machine Co (6135 JP)’s pre-conditional tender offer from MBK Partners is at JPY11,751 per share. The gross spread has increased to 9.9% due to several concerns.
The wide gross spread reflects the risk in satisfying the precondition, the fallout from the Homeplus saga and breaching the long stop date (16 January 2026).
While these concerns have merit, there are mitigating factors. The risk/reward is favourable as the upside (9.9% spread) exceeds the downside (6.3% to my estimated deal break price).

[Japan Activism/M&A] Activist Launches Partial Tender to Put Microcap Broadmedia (4347 JP) In Play

Today after the close, Broadmedia Corp (4347 JP) announced that UK-based Japan activist AVI and one of its funds would launch a tender offer for just over 10% of shares.
The Tender Offer comes at a 29.5% premium, and it would take the activist to ~40% – close to board-spilling influence.
This creates an interesting setup. One wonders whether this is meant to spill the Board post-tender, and whether the Company will seek alternate solutions.

[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)

By Nippon Investment Bespoke Research UK

Okuma Corp (6103 JP) today announced a secondary offering of 5.0mm shares (including greenshoe) from a relatively large number of financial crossholders.
That takes out about a third of them and not quite a quarter of the crossholders. There’s more to go. And the register remains “blocked”.
It looks headed to retail but this stock is very low volatility and is likely to remain that way. A large buyback to start in January offsets the overhang here.

Okuma Corp Placement: Strong Financial Performance in Recent Period

By Hong Jie Seow

Sumitomo Mitsui Trust Bank, MUFG and others are looking to sell around US$104m of Okuma Corp (6103 JP) stock.
This is a slightly large deal to digest, representing 13.2 days of three month ADV and 6.4% of outstanding stock.
In this note, we will talk about the placement and run the deal through our ECM framework.

Primer: Makino Milling Machine Co (6135 JP) – Dec 2025

By αSK

Makino is a globally recognized manufacturer of high-precision, high-quality metal-cutting and electrical discharge machines (EDM), serving demanding industries like aerospace, automotive, and medical.
The company is currently a subject of M&A speculation, with a tender offer from MBK Partners on the table after a hostile bid from Nidec was withdrawn, creating potential for further bids and stock volatility.
Financially, Makino has demonstrated revenue growth, but profitability and free cash flow have been inconsistent, reflecting the cyclical nature of the machine tool industry and recent supply chain pressures.

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

Primer: Miroku Jyoho Service (9928 JP) – Dec 2025

By αSK

Miroku Jyoho Service (MJS) is a dominant player in Japan’s financial and accounting software market, holding a substantial ~25% market share among tax and CPA firms, which provides a stable foundation for growth.
The company is strategically shifting from a one-time license model to a cloud-based subscription model, aiming to increase recurring revenue and customer lifetime value. This transition is crucial for long-term growth but is currently pressuring profitability margins.
Fueled by government-led digitalization initiatives, such as the mandatory Qualified Invoice System, MJS is well-positioned to capitalize on the accelerated adoption of ERP and cloud accounting solutions by its core SME customer base.

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Poletowin Pitcrew Holdings: Q3 FY01/26 flash update and revision of full-year earnings forecast

By Shared Research

FY01/24 Q4 revenue share was 28.0%, with Q1 lowest at 23.4%; operating profit impacted by allowances.
FY01/26 forecast revised due to lower order acquisition; revenue at JPY48.5bn, operating profit at JPY279mn.
Media Contents revenue fell 56.5% YoY; Domestic Solutions revenue increased 4.8% YoY, Overseas Solutions rose 11.2% YoY.

Medical Data Vision Co., Ltd (3902 JP): RESEARCH UPDATE

Medical Data Vision’s [MDV] produced FY25 (Dec year-end) Q3 gross profit [GP] of ¥3,248mil (+6.3% YoY) and operating profit [OP]of ¥95mil (vs FY24 Q3’s operating loss of -¥140mil) on sales of ¥4,650mil (+12.7% YoY).
FY25 is the last year of the ongoing 3-year medium-term management plan [MTP].
MDV revised down the FY25 guidance on 14 October from OP of ¥2,600mil (vs a recovery from ¥3mil in FY24) on sales of ¥9,000mil (+52.4% YoY) to OP of ¥490mil on sales of ¥6,860mil (+16.1% YoY).

(04 Dec 2025) Fuluhashi EPO(9221 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

The briefing by Fullhashi EPO Co., Ltd. on December 4, 2025, included key figures like President Naohiko Yamaguchi and Director Toru Ueno.
The focus was on the company’s Q2 financial results for the fiscal year ending March 2026, highlighting sustainability.
Fullhashi EPO Co., Ltd. is listed on the Tokyo Stock Exchange and Nagoya Stock Exchange under securities code 9221.

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

Primer: Japan Material (6055 JP) – Dec 2025

By αSK

Leading Provider of Critical Semiconductor and FPD Manufacturing Solutions: Japan Material is a key supplier of high-purity gas and chemical supply systems, essential for the semiconductor and flat-panel display (FPD) industries. Its business model is built on the complexity and critical nature of these systems, ensuring consistent demand from manufacturers requiring high quality and reliability.
Strategic Position in a Revitalized Japanese Semiconductor Industry: The Japanese government is actively promoting the domestic semiconductor industry through subsidies and strategic partnerships, aiming to triple domestic semiconductor sales to 15 trillion yen by 2030. This national initiative, coupled with the entry of global giants like TSMC, creates a favorable operating environment and significant growth opportunities for Japan Material.
Solid Financial Performance and Shareholder Returns: The company has demonstrated a strong track record of revenue and net income growth, with a notable increase in operating and free cash flow in recent years. Japan Material has also consistently increased its dividend, reflecting a commitment to shareholder returns.

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Dec 10

Daily Brief Equity Bottom-Up: Haw Par Corp Limited Initiating Coverage and more

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

In today’s briefing:

Haw Par Corp Limited Initiating Coverage
Primer: Tencent (700 HK) – Dec 2025
Swiggy (SWIGGY IN) QIP | Comparative Insights Vs. Eternal (ETERNAL IN) And Meituan (3690 HK)
Primer: CiDi Inc (CIDI HK) – Dec 2025
Primer: AppLovin (APP US) – Dec 2025
Geek+ (2590.HK): Buying on Weakness As We Enter 2026 and Cornerstone Lock-Up Expiry Approaches
ICICI Prudential AMC IPO: The Market Leader in Active Fund Management
Primer: Makino Milling Machine Co (6135 JP) – Dec 2025
The Beat Ideas: Kaynes Technology’s Valuation Reset- An Investment Opportunity
DKSH Malaysia ( Selective Capital Reduction)

Haw Par Corp Limited Initiating Coverage

By ICAM

Haw Par is a Singapore-listed group built around two very different engines.
The first is Healthcare, which owns and markets the Tiger Balm and Kwan Loong brands.
These products are sold across ASEAN, North Asia and global export markets and remain the group’s main operating business.

Primer: Tencent (700 HK) – Dec 2025

By αSK

Tencent is a dominant force in China’s internet landscape, built upon the vast user ecosystems of its social platforms, WeChat and QQ, which serve as powerful distribution channels for its other businesses.
The company’s primary revenue drivers are Value-Added Services (VAS), encompassing the world’s largest online gaming business and various digital content subscriptions, alongside a rapidly growing FinTech and Business Services segment.
While facing significant domestic competition and a dynamic regulatory environment, Tencent is pursuing future growth through international expansion, particularly in gaming, and substantial investments in enterprise-facing technologies like cloud computing and AI.

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

Swiggy (SWIGGY IN) QIP | Comparative Insights Vs. Eternal (ETERNAL IN) And Meituan (3690 HK)

By Pranav Bhavsar

Swiggy (SWIGGY IN) and Eternal (ETERNAL IN) are in heavy investment cycles, with quick commerce driving capital needs and dictating near-term unit economics across India’s hyper competitive hyperlocal ecosystem.
Swiggy shows clearer visibility to margin recovery by June 2026, while Eternal offers faster growth but higher dependence on marketing, inventory execution, and store expansion.
Meituan (3690 HK) appears optically cheap but faces delayed profitability amid intense competition and overseas losses, making its lower-growth profile less attractive versus Indian peers.

Primer: CiDi Inc (CIDI HK) – Dec 2025

By αSK

CiDi Inc. is a high-growth, market-leading provider of autonomous driving solutions for commercial vehicles in China, with a dominant position in the niche but rapidly expanding autonomous mining truck sector.
The company has demonstrated explosive revenue growth, driven by its core autonomous driving segment. However, this growth is accompanied by significant operating losses, negative cash flow, and worsening liquidity, making its upcoming Hong Kong IPO critical for funding future operations and expansion.
Key risks for investors include high customer and supplier concentration, intense competition in the autonomous vehicle space, and execution risk associated with its ambitious international expansion plans.

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Primer: AppLovin (APP US) – Dec 2025

By αSK

AppLovin is a leading mobile technology company operating a comprehensive platform for app developers to market, monetize, and analyze their applications. Its integrated business model, combining a powerful ad-tech software platform with a portfolio of first-party mobile games, creates a significant data advantage.
The company is experiencing hyper-growth, driven by its advanced AI-powered advertising engine, AXON. Financial performance has been exceptional, with substantial year-over-year increases in revenue and a dramatic improvement in profitability and free cash flow generation.
Future growth is expected to be fueled by the expansion of its ad platform into non-gaming verticals like e-commerce and Connected TV (CTV), and the global rollout of its self-service ad manager. However, the company faces key risks including intense competition, reliance on the volatile advertising market, and evolving data privacy regulations.

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Geek+ (2590.HK): Buying on Weakness As We Enter 2026 and Cornerstone Lock-Up Expiry Approaches

By Andrei Zakharov

In June 2025, Beijing Geekplus completed an initial public offering at fixed IPO offer price of HK$16.80, raising ~HK$2.8B of net proceeds in Hong Kong.
A Beijing-based AMRs company announced interim results for the six months ended Jun-25 and posted strong revenue growth of ~31% y/y coupled with improving profitability.
The stock peaked at HK$33.90 (~14x FY25 P/S) in October and fell ~38% over the next month. The company’s cornerstone lockup will expire on January 8, 2026.

ICICI Prudential AMC IPO: The Market Leader in Active Fund Management

By Nimish Maheshwari

ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.
It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.
The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.

Primer: Makino Milling Machine Co (6135 JP) – Dec 2025

By αSK

Makino is a globally recognized manufacturer of high-precision, high-quality metal-cutting and electrical discharge machines (EDM), serving demanding industries like aerospace, automotive, and medical.
The company is currently a subject of M&A speculation, with a tender offer from MBK Partners on the table after a hostile bid from Nidec was withdrawn, creating potential for further bids and stock volatility.
Financially, Makino has demonstrated revenue growth, but profitability and free cash flow have been inconsistent, reflecting the cyclical nature of the machine tool industry and recent supply chain pressures.

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

The Beat Ideas: Kaynes Technology’s Valuation Reset- An Investment Opportunity

By Sudarshan Bhandari

Kaynes Technology clarified financial disclosures, acquisition accounting, and a related-party reporting lapse, while affirming consolidated accuracy and enhancing internal controls and auditor oversight.
Despite volatility, Kaynes’ strategic investments in OSAT, PCB, and design-led electronics support long-term growth, with recent share correction viewed as sentiment-based, presenting a valuation opportunity.
Tightened governance, expanding capacity, and strong demand in key sectors position Kaynes for medium-term growth, offering investors an attractive risk-reward in India’s electronics supply chain evolution.

DKSH Malaysia ( Selective Capital Reduction)

By Punit Khanna

The parent has requested DKSH Malaysia to propose DKSH Malaysia to do capital reduction
The capital reduction price is set at at MYR 6.15
We think this is a very low price and below our fair value. We are not experts, but we believe most of the minority shareholders may not accept this offer.

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Dec 10

Daily Brief Health Care: Haw Par Corp, Cooper Cos, Medline, Medical Data Vision, Ensysce Biosciences , Hims & Hers Health Inc, Immix Biopharma Inc, Japan Lifeline, Viatris, Mitra Keluarga Karyasehat Tbk and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Haw Par Corp Limited Initiating Coverage
Cooper Cos. Surges as Jana Pushes Merger—Will Bausch + Lomb Strike?
Primer: Medline (MDLN US) – Dec 2025
Medical Data Vision Co., Ltd (3902 JP): RESEARCH UPDATE
ENSC: Phase 3 Trial Enrolls 1st Patient
Hims & Hers’ YourBio Health Acquisition: How They Are About To Revolutionize Blood Testing!
Immix Biopharma — Promising NEXICART-2 data; runway extended
JAPAN LIFELINE CO., LTD (7575 JP): RESEARCH UPDATE
Viatris Unlocks Growth Through Smart Partnerships & Regional Investments — But Will These Moves Pay Off in 2026 and Beyond?
Primer: Mitra Keluarga Karyasehat Tbk (MIKA IJ) – Dec 2025

Haw Par Corp Limited Initiating Coverage

By ICAM

Haw Par is a Singapore-listed group built around two very different engines.
The first is Healthcare, which owns and markets the Tiger Balm and Kwan Loong brands.
These products are sold across ASEAN, North Asia and global export markets and remain the group’s main operating business.

Cooper Cos. Surges as Jana Pushes Merger—Will Bausch + Lomb Strike?

By Nippon Investment Bespoke Research UK

Cooper Companies reported its fourth quarter and full year 2025 financial results, highlighting several key aspects across its business segments: CooperVision and CooperSurgical.
The company set forth strategic initiatives focusing on market share gains, earnings, free cash flow, and capital return to shareholders.
The company reported consolidated revenues of $1.065 billion for the quarter, representing a 4.6% increase year-over-year, with a 3.4% organic growth.

Primer: Medline (MDLN US) – Dec 2025

By αSK

Medline is a leading manufacturer and distributor of medical-surgical supplies with a vast and resilient supply chain, positioning it as a critical player in the U.S. healthcare system.
The company has demonstrated consistent revenue growth, with sales reaching $25.5 billion in 2024, and a significant rebound in profitability, indicating strong operational execution.
Following a major leveraged buyout in 2021 by a consortium of private equity firms, Medline is poised for a significant IPO, which is expected to reduce debt and provide capital for further strategic investments and expansion.

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Medical Data Vision Co., Ltd (3902 JP): RESEARCH UPDATE

Medical Data Vision’s [MDV] produced FY25 (Dec year-end) Q3 gross profit [GP] of ¥3,248mil (+6.3% YoY) and operating profit [OP]of ¥95mil (vs FY24 Q3’s operating loss of -¥140mil) on sales of ¥4,650mil (+12.7% YoY).
FY25 is the last year of the ongoing 3-year medium-term management plan [MTP].
MDV revised down the FY25 guidance on 14 October from OP of ¥2,600mil (vs a recovery from ¥3mil in FY24) on sales of ¥9,000mil (+52.4% YoY) to OP of ¥490mil on sales of ¥6,860mil (+16.1% YoY).

ENSC: Phase 3 Trial Enrolls 1st Patient

By Zacks Small Cap Research

Ensysce Biosciences is committed to finding a solution to the opioid crisis plaguing the US and other developed countries around the world.
Through its proprietary TAAP technology Ensysce is in the process of receiving approval for an abuse-resistant yet still pain-relieving opioid.
The company announced that it has achieved a crucial milestone-enrolling the first patient in its Phase 3 trial of PF614-its lead drug candidate that aims to redefine pain care.

Hims & Hers’ YourBio Health Acquisition: How They Are About To Revolutionize Blood Testing!

By Nippon Investment Bespoke Research UK

Hims & Hers Health Inc. recently reported a robust performance for the third quarter of 2025, with significant strides in expanding its digital health platform.
The company’s results indicate both promising growth avenues and challenges ahead, which investors should thoroughly consider when evaluating the company’s potential.
On the positive side, Hims & Hers has demonstrated impressive revenue growth, achieving a 49% year-over-year increase to nearly $600 million.

Immix Biopharma — Promising NEXICART-2 data; runway extended

By Edison Investment Research

Immix Biopharma has presented a promising clinical update at the American Society of Hematology (ASH) 67th Annual Meeting. The interim study data corresponds to 20 patients from the US-based NEXICART-2 trial, which is evaluating the company’s lead CAR-T asset, NXC-201, in patients with relapsed/refractory amyloid light chain amyloidosis (r/r ALA). Encouragingly, a complete response (CR) rate of 75% was reported (the prior update showed a 70% CR rate across 10 patients). Separately, Immix announced a sizeable fundraise, amounting to c $100m in gross proceeds. Management has communicated that this will be used to support the clinical development of NXC-201, alongside working capital and general corporate purposes. It has guided that these proceeds, alongside its current cash position and expected inflows from the California Institute for Regenerative Medicine grant, should extend the company’s cash runway to mid-2027 (from guidance of Q326 previously). Given the positive clinical update and the improved capital situation, we place our estimates on hold while we review our assumptions; we will present a revised valuation in due course.

JAPAN LIFELINE CO., LTD (7575 JP): RESEARCH UPDATE

JLL produced semi-annual record earnings in FY25 1H with 1H OP of ¥6,620mil (+5.7% YoY) on sales of ¥29,285mil (+4.6% YoY).
Although there were primarily a couple of external negative factors that affected earnings such as, (1) sales of some of JLL’s products were affected by competition with Pulse Field Ablation [PFA] devices, and (2) YoY decline in sale prices of devices in April and May 2025 compared to pre-revision prices.
The revised reimbursement prices were applied from June 2024.

Viatris Unlocks Growth Through Smart Partnerships & Regional Investments — But Will These Moves Pay Off in 2026 and Beyond?

Viatris’ Q3 2025 financial results reflect a strategic direction focused on operational efficiency, pipeline advancement, and shareholder value enhancement.
The company reported total revenues of $3.76 billion, experiencing a slight decline of approximately 1% compared to the previous year.
However, when adjusting for the impact of the Indore facility, revenue on an operational basis indicated an approximate growth of 1%, showcasing resilient performance across different markets and product segments.

Primer: Mitra Keluarga Karyasehat Tbk (MIKA IJ) – Dec 2025

By αSK

Mitra Keluarga is a leading Indonesian hospital operator with a strong track record of operational excellence and profitability, consistently ramping up new hospitals to profitability within a year.
The company is strategically shifting its payer mix towards higher-margin private patients, who now account for approximately 87.8% of revenue, driving margin expansion and resilient earnings growth despite softer patient volumes.
Supported by a strong, debt-free balance sheet, MIKA is pursuing a disciplined expansion strategy, focusing on high-growth urban areas and planning to open several new hospitals, which underpins a positive long-term growth outlook.

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Dec 10

Daily Brief Consumer: Wakefit Innovations, Coupang , DKSH Holdings Malaysia, AVATR Technology, Sona Blw Precision Forgings Lt, Nexstar Broadcasting Group, Inc, Pepsico Inc, Planet Fitness Inc Cl A, Red Rock Resorts, Texas Roadhouse and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Wakefit Innovations IPO: Not Cheap but Has Been Growing Fast
A Pair Trade Between Coupang (Short) And CJ Logistics (Long)
DKSH Malaysia ( Selective Capital Reduction)
AVATR Tech Pre-IPO Tearsheet
The Beat Ideas: Sona BLW- Capturing Europe’s Void While Building India’s Rail Future
Nexstar Uncovers Hidden Value in Spectrum Holdings—And Wall Street Is Watching!
PepsiCo Faces A $4 Billion Shake-Up: Is Elliott About To Break The Bottles?
Planet Fitness How Its Black Card Strategy Is Becoming a Powerful Revenue Engine — And What Happens After the 2026 Price Hike?
Red Rock Resorts: Powering Ahead With a Feature-Rich $750 Million North Fork Project!
Texas Roadhouse: Growth & Expansion of Bubba’s 33 & Jaggers To Build On Its Growth Strategy!

Wakefit Innovations IPO: Not Cheap but Has Been Growing Fast

By Hong Jie Seow

Wakefit Innovations (1684049D IN) is looking to raise up to US$144m in its upcoming India IPO.
Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016.
We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

A Pair Trade Between Coupang (Short) And CJ Logistics (Long)

In this insight, we discuss a pair trade between Coupang (CPNG US) (short) and CJ Logistics (000120 KS) (long).
There are six major factors that have negatively impacted Coupang in the past several weeks including a massive data breach, loss of customers, and potential ban on early dawn deliveries.
Coupang’s daily active users (DAU) were 16.2 million as of 5 December, down by 1.8 million (10%) from 18 million as of 1 December.

DKSH Malaysia ( Selective Capital Reduction)

By Punit Khanna

The parent has requested DKSH Malaysia to propose DKSH Malaysia to do capital reduction
The capital reduction price is set at at MYR 6.15
We think this is a very low price and below our fair value. We are not experts, but we believe most of the minority shareholders may not accept this offer.

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AVATR Tech Pre-IPO Tearsheet

By Hong Jie Seow

AVATR Technology (1913753D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. The deal will be run by CICC and CITIC.
AVATR Technology is a New Energy Passenger Vehicle (NEPV) brand focused on delivering a “new-luxury emotionally intelligent mobility experience” that combines aesthetic design, advanced intelligent features and strong product performance.
AVATR has launched four mass-produced models which offer both pure electric (BEV) and range-extended powertrain (REEV) options. These models span a wide price range between RMB200,000 and RMB700,000.

The Beat Ideas: Sona BLW- Capturing Europe’s Void While Building India’s Rail Future

By Nimish Maheshwari

Strong Q2 FY26 performance was driven by the accretive Railways division and domestic EV traction motors, effectively offsetting the deceleration from a major global BEV customer.
The bankruptcy of three core European competitors has unlocked a substantial INR 2,500-3,000 crore opportunity, accelerating the potential for significant international market share gain and geographic de-risking.
The pivot into Railways, Rare Earth-Free Motors, and advanced robotics reinforces a high-visibility, multi-year growth runway that transcends near-term EV cyclicality and justifies its premium valuation.

Nexstar Uncovers Hidden Value in Spectrum Holdings—And Wall Street Is Watching!

Nexstar Media Group reported its third-quarter 2025 financial performance, highlighting its strategic moves and operational developments.
The company announced a major milestone with its definitive agreement to acquire TEGNA for $6.2 billion, a transaction expected to boost Nexstar’s position as a leading local media entity.
This acquisition aims to enhance Nexstar’s scale, geographic reach, and financial metrics, with a projected 40% increase in adjusted free cash flow due to anticipated synergies and modest leverage growth.

PepsiCo Faces A $4 Billion Shake-Up: Is Elliott About To Break The Bottles?

PepsiCo’s third-quarter 2025 earnings call highlighted several key aspects of the company’s performance and strategic direction.
The company reported growth in beverages after adjusting for changes in its case pack water business, but noted some challenges within the food segment due to a new promotional strategy.
This shift from brand-specific discounts to an everyday low-value approach impacted volumes but improved revenue realization.

Planet Fitness How Its Black Card Strategy Is Becoming a Powerful Revenue Engine — And What Happens After the 2026 Price Hike?

Planet Fitness delivered a quarter marked by solid operational execution, meaningful membership stability, and continued progress against its strategic priorities, while also navigating persistent churn dynamics and the normalization of rate-driven revenue growth.
The company ended the period with approximately 20.7 million members, in line with internal expectations, and system-wide same-club sales growth of 6.9%, driven primarily by rate increases and balanced by modest net membership gains.
Member engagement trends were favorable, supported by higher utilization rates and strong participation in the High School Summer Pass program.

Red Rock Resorts: Powering Ahead With a Feature-Rich $750 Million North Fork Project!

Red Rock Resorts reported strong third quarter 2025 results, supported by robust performance from its Las Vegas operations, including the Durango Casino Resort.
This marked the ninth consecutive quarter of record net revenue and the fifth of record adjusted EBITDA, exemplifying the resilience and growth potential of its operating model.
The company achieved its highest third quarter net revenue and adjusted EBITDA in history, with a near-record adjusted EBITDA margin, indicating efficient operational management.

Texas Roadhouse: Growth & Expansion of Bubba’s 33 & Jaggers To Build On Its Growth Strategy!

Texas Roadhouse delivered a promising performance in its third quarter, underscored by robust top-line growth and strategic development initiatives.
The company reported a significant revenue increase, topping $1.4 billion, the highest quarterly growth in the year, driven by robust same-store sales and traffic improvements.
The strong demand for Texas Roadhouse’s brands, encompassing its core offerings and newer outlets like Bubba’s 33 and Jaggers, underscores their successful operational strategy and value proposition.

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Dec 10

Daily Brief Financials: AU Small Finance Bank Limited, ICICI Prudential Life Insurance, Hang Seng Index, ICICI Prudential AMC, US Treasury (10 Yr Generic), Willis Towers Watson , Block , Clip Money , Asr Nederland Nv and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

AU Small Finance Bank (AUBANK IN): Increased FOL & Large Passive Flows/ Impact
ICICI Pru AMC IPO – Doesn’t Need to Trade at a Discount
HSI INDEX Tactical Outlook After the Dec 6 Rebalance
ICICI Prudential AMC IPO: The Market Leader in Active Fund Management
Rising Yields a Problem?; Russell 2000 Breakout; No Concern if 10Y Treasury Yield Is Below 4.2%
Primer: Willis Towers Watson (WTW US) – Dec 2025
Block Inc: Scaling Square Upmarket and Expanding Merchant Monetization…
CLPMF: Clip Money Onboards Claires in Q3
What’s News in Amsterdam – 9 December (asr Nederland | Wolters Kluwer | Dutch politics)

AU Small Finance Bank (AUBANK IN): Increased FOL & Large Passive Flows/ Impact

AU Small Finance Bank Limited (AUBANK IN) has received approval from the Ministry of Finance to increase its Foreign Ownership Limit from 49% to 74% (the maximum permitted).
The increased FOL will result in passive inflows from global index trackers in February and March. The inflows are multiple days of ADV.
There has been little increase in positioning. The increased Foreign Ownership Limit and the passive flows to come could lead to the stock moving higher over the next few weeks.

ICICI Pru AMC IPO – Doesn’t Need to Trade at a Discount

By Sumeet Singh

ICICI Prudential AMC is looking to raise about US$1.2bn in its upcoming India IPO.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.

HSI INDEX Tactical Outlook After the Dec 6 Rebalance

By Nico Rosti

The Hang Seng Index (HSI INDEX) rally has lost traction since mid-September. The index seems to be approaching a corrective phase.
Our model signaled a modestly overbought state at the end of last week, but the index went down pretty fast this week: it has already breached the median support (25440).
This insight will analyze the model to find support entry zones to play short-term rallies or to take profit from hedges.

ICICI Prudential AMC IPO: The Market Leader in Active Fund Management

By Nimish Maheshwari

ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.
It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.
The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.

Rising Yields a Problem?; Russell 2000 Breakout; No Concern if 10Y Treasury Yield Is Below 4.2%

By Joe Jasper

We maintain our near-term bullish outlook on S&P 500 (SPX) and Nasdaq 100 (QQQ), which has remained in place since 4/22/25, aside from one week (11/19/25-11/25/25) when we were neutral.
Our intermediate-term bullish outlook has been in place since 5/14/25. We’ll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold.
Additionally, as discussed last week (12/2/25) we believe SPX, QQQ, and Russell 2000 (IWM) are in the midst of a new lockout rally, which is likely to run through early-2026

Primer: Willis Towers Watson (WTW US) – Dec 2025

By αSK

WTW is a leading global advisory, broking, and solutions company with a strong market position, diversified revenue streams across its Health, Wealth & Career and Risk & Broking segments, and a broad global presence serving 140 countries.
The company is executing on a ‘Grow, Simplify, Transform’ strategy, focusing on organic growth, operational efficiency, and portfolio optimization. This has resulted in improved margins and a strong outlook for continued mid-single-digit organic revenue growth.
Capital allocation strategy emphasizes shareholder returns, with plans for approximately $1.5 billion in share repurchases in 2025, alongside a renewed focus on strategic bolt-on acquisitions and a joint venture to re-enter the treaty reinsurance market.

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

Block Inc: Scaling Square Upmarket and Expanding Merchant Monetization…

By Quantum Commodity Intelligence

In its third quarter of 2025 financial performance, Block, the company behind Cash App and Square, exhibited a strong trajectory driven by notable achievements in different segments.
The company’s reported gross profit surged by 18% year-over-year to $2.66 billion, marking acceleration from the 14% growth recorded in the preceding quarter.
This growth was spurred largely by the performance of Cash App, which saw a 24% year-over-year increase in its gross profit—an improvement from the 16% growth in the second quarter.

CLPMF: Clip Money Onboards Claires in Q3

By Zacks Small Cap Research

Clip Money is a rapidly growing NCR-backed start-up based in Ottawa, Canada, and operating in Canada and the US.
It is helping physical stores and businesses quickly, safely, and less expensively deposit cash into their bank accounts, as well as replenishing notes and coins for store operations.
The company uses its proprietary software platform to facilitate cash management, and its network is made up of a network of DropBoxes, NCR ATMs located in retail outlets and certain Green Dot locations starting with a large chain store in the US.

What’s News in Amsterdam – 9 December (asr Nederland | Wolters Kluwer | Dutch politics)

By The IDEA!

In this edition: • a.s.r. Nederland | approval to use PIM lifts Solvency II ratio by 10-12%-points • Wolters Kluwer | convincing teach-in on AI • Dutch politics | coalition talks continue with three parties

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Dec 10

Daily Brief Macro: China Re-rooting Rather Than Dumping and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

China Re-rooting Rather Than Dumping
Vietnam Rubber Industry Upbeat Amid Price Strength, Export Stability
Un-Tethered from reality?
Oil futures: Crude drifts as surplus concerns continue to weigh
CX Daily: Chinese Medicine Injections Face Rigorous Regulation for the First Time
Egypt (December 9th 2025)

China Re-rooting Rather Than Dumping

By Phil Rush

China’s rising export growth to Europe in November demonstrates base effects around a steady trend that predates US tariff increases. It isn’t about dumping.
Avoidance measures remain rife, with transhipping through Vietnam not dented by the provisions in their US trade deal. Effective tariff rates aren’t rising belatedly.
Profit-maximising companies still seem to be working around US measures, keeping the impact on inflation and growth smaller than many other economists feared.

Vietnam Rubber Industry Upbeat Amid Price Strength, Export Stability

By Vinod Nedumudy

Highlights

• Export value rises despite flat shipments

• Corporate earnings buoyed by firm latex prices

• Industry turning to technology and market diversification

According to Vietnam Customs, rubber exports in the first nine months of the year totalled 1.3 million tons worth US$2.32 billion, almost unchanged in volume from a year earlier but up 10.8% in value.

Un-Tethered from reality?

By Mark Tinker

The ‘year-end’ book squaring ahead of Thanksgiving caused a mid-month wobble around the November options expiry, which in turn caused some panic among leveraged traders, albeit not of the April variety.
The FOMO trades of unprofitable tech and everything Crypto related were hit particularly hard and while the $ briefly moved back above 100 on the trade weighted index, the pain trade at the broader market level appeared to have gone by end month.
A Rip Van Winkle analysis of November would have concluded that nothing much happened, but a lot did.

Oil futures: Crude drifts as surplus concerns continue to weigh

Crude oil futures were moving sideways on Tuesday as markets steadied after early-week losses, although surplus fears continued to drive sentiment.
Front-month Feb26 ICE Brent futures were trading at $62.01/b (2000 GMT) versus Monday’s settle of $62.49/b, while Jan26 NYMEX WTI was at $58.35/b against a previous close of $58.88/b.
Forecasts of a surplus of at least 2 million bpd in the new year continue to weigh heavily on sentiment, despite OPEC+ pausing output hikes in Q1 and the threat to Russian supplies from sanctions.

CX Daily: Chinese Medicine Injections Face Rigorous Regulation for the First Time

By Caixin Global

Cover Story: Chinese Medicine Injections Face Rigorous Regulation for the First Time
China Opens New Insurance Path for High-Cost Drugs
China’s Crypto Crackdown Targets Tokenized Real-World Assets
China’s Crypto Crackdown Targets Tokenized Real-World Assets

Egypt (December 9th 2025)

By Denis Collot

International reserves grew marginally in November to 50.215 bn $ from 50.071 bn $ in October. Since January, reserves have grown by 6.2 %.
The net foreign asset position of the banking sector at large continues to improve and is up 7.5 % in EGP terms to 1,070,957 trillion EGP and up 9 % in $ terms month-to-month.
The improvement is more pronounced for commercial banks, +10.5 % in EGP, foreign assets grew while liabilities stayed flat. Remittances, tourism, portfolio inflows all contributing.

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Dec 10

Most Read: Yixin Group , SK Square , Canva, Makino Milling Machine Co, AU Small Finance Bank Limited, Broadmedia Corp, SK Hynix, ANE Cayman Inc, Okuma Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

CSI Hong Kong Connect Internet Index Rebalance: Large Flows & Impact on Friday
Read-Through on the Samsung/Hynix ADR-Listing Noise
2026 (“Year of the Horse”) Major IPOs Pipeline in Asia
Makino Milling Machine (6135 JP): Tender Offer Risk/Reward
AU Small Finance Bank (AUBANK IN): Increased FOL & Large Passive Flows/ Impact
[Japan Activism/M&A] Activist Launches Partial Tender to Put Microcap Broadmedia (4347 JP) In Play
A Potential Listing of ADRs for SK Hynix Using Its Treasury Shares?
ANE Cayman (9956 HK): On S329 Reports And Letters Of Interest
More Detailed Insight into Hynix’s Internal Situation Regarding the ADR Issue
[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)

CSI Hong Kong Connect Internet Index Rebalance: Large Flows & Impact on Friday

There are 2 constituent changes for the CSI Hong Kong Connect Internet Index in December. Plus there are large capping changes for some stocks.
Estimated one-way turnover at the rebalance is 11.9% and the round-trip trade is HK$26.6bn (US$3.4bn). There are 16 stocks with more than 1x ADV to trade.
The adds drifted lower vs the deletes in September and October but have started outperforming in December. There could be more outperformance following announcement of the index changes.

Read-Through on the Samsung/Hynix ADR-Listing Noise

ADR odds are tiny. Both Samsung and Hynix have thin control stakes, making governance risk too high. Neither is willing to chase a valuation pop at the expense of stability.
Still can’t ignore it, since the ADR chatter is meaningfully swinging the pair trades. Samsung pref spread and Hynix/Square are both getting pushed around.
ADR noise cooled today, but it can easily resurface and skew the setup. Treat as noise, but be ready to hit aggressive reversion trades when it pops again.

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

In this insight, we provide a list of 50 prominent companies in Asia that could complete their IPOs in Asia in 2026 (excluding Korea).
This report is meant to serve as a comprehensive, REFERENCE GUIDE to help clients get a broad view of the major IPOs that could get completed next year in Asia.
Some of the most prominent potential IPOs in Asia next year include Reliance Jio, Kunlunxin, Shein, Flipkart, and Canva.

Makino Milling Machine (6135 JP): Tender Offer Risk/Reward

By Arun George

Makino Milling Machine Co (6135 JP)’s pre-conditional tender offer from MBK Partners is at JPY11,751 per share. The gross spread has increased to 9.9% due to several concerns.
The wide gross spread reflects the risk in satisfying the precondition, the fallout from the Homeplus saga and breaching the long stop date (16 January 2026).
While these concerns have merit, there are mitigating factors. The risk/reward is favourable as the upside (9.9% spread) exceeds the downside (6.3% to my estimated deal break price).

AU Small Finance Bank (AUBANK IN): Increased FOL & Large Passive Flows/ Impact

AU Small Finance Bank Limited (AUBANK IN) has received approval from the Ministry of Finance to increase its Foreign Ownership Limit from 49% to 74% (the maximum permitted).
The increased FOL will result in passive inflows from global index trackers in February and March. The inflows are multiple days of ADV.
There has been little increase in positioning. The increased Foreign Ownership Limit and the passive flows to come could lead to the stock moving higher over the next few weeks.

[Japan Activism/M&A] Activist Launches Partial Tender to Put Microcap Broadmedia (4347 JP) In Play

Today after the close, Broadmedia Corp (4347 JP) announced that UK-based Japan activist AVI and one of its funds would launch a tender offer for just over 10% of shares.
The Tender Offer comes at a 29.5% premium, and it would take the activist to ~40% – close to board-spilling influence.
This creates an interesting setup. One wonders whether this is meant to spill the Board post-tender, and whether the Company will seek alternate solutions.

A Potential Listing of ADRs for SK Hynix Using Its Treasury Shares?

According to numerous local media, SK Hynix is considering on listing its treasury shares (2.4% of outstanding shares representing 17.4 million shares) as ADRs.
SK Hynix could cancel its treasury shares or list them as ADRs. The bigger bang for the buck will likely be to list them as ADRs.
By listing its shares as ADRs, the valuation gap between SK Hynix and other listed peers (such as MU and TSMC) could be reduced.

ANE Cayman (9956 HK): On S329 Reports And Letters Of Interest

By David Blennerhassett

ANE Cayman Inc (9956 HK)‘s Offer, by way of a Scheme from Centurium Partners, a pre-IPO investor, in tandem with Temasek, has displayed some unique (unusual?) firsts.
There is the 9%+ stake held by CDH – another pre-IPO investor – a shareholder that fails to appear in subsequent annual/interim reports; or even Hong Kong disclosure announcements.
Then late last week, the Offeror opted not to raise the cap on the scrip option alternative, despite shareholders expressing interest.

More Detailed Insight into Hynix’s Internal Situation Regarding the ADR Issue

They’re maxing out M15X ahead of schedule, facing a fab gap until ’27, and now need more capex than their KRW 28tn cash pile comfortably covers.
SK doesn’t want an Hynix ADR; they’re focused on tapping the KRW 150tn Growth Fund to fill the capex gap while avoiding dilution and protecting their already-fragile control stack.
ADR noise spiked because Hynix’s near-term capex needs exceed Growth Fund capacity, pushing them toward a 2.4% treasury dump—but I still don’t see SK pulling the ADR trigger.

[Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)