Category

Daily Briefs

Nov 13
0

Daily Brief ESG: For Both the Company and Investors and more

By | Daily Briefs, ESG

In today’s briefing:

  • For Both the Company and Investors, Pre-Negotiation Process as SR Is Becoming Increasingly Important

For Both the Company and Investors, Pre-Negotiation Process as SR Is Becoming Increasingly Important

By Aki Matsumoto

  • Following the 2020 revision of Stewardship Code, domestic institutional investors have gradually increased their support for shareholder proposals. However, the rise in approval rates has paused in the 10% range.
  • Some investors adopt voting policy that allows them to support company proposals if the company’s efforts are deemed commendable, even if numerical targets aren’t met. This makes shareholder engagement important.
  • Given that conditions must align where a company has substantial foreign ownership and doesn’t implement initiatives desired by investors, the approval rate for shareholder proposals is unlikely to rise significantly.

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Nov 13
0

Daily Brief Industrials: Star Micronics, Sungrow Power Supply, InterGlobe Aviation Ltd, Quanta Services, Kyokuto Kaihatsu Kogyo Co, Toa Corp, Punch Industry, Republic Services, Sbs Holdings and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Star Micronics (7718 JP): Taiyo Pacific’s Tender Offer at JPY2,210
  • [Japan M&A] Taiyo Pacific Offers ¥2,210 for Star Micronics (7718) Completing the Shareholder Ripoff
  • China A50 ETFs Rebalance Preview: Three Changes in December
  • Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Final Expectations; Announcement Soon
  • Quanta Services: Expansion into Power Generation, Renewable Energy Backlog Growth & Other Factors!
  • Kyokuto Kaihatsu Kogyo Co (7226 JP): 1H FY03/26 flash update
  • Toa Corp (1885 JP): 1H FY03/26 Flash Update
  • Punch Industry (6165 JP): 1H FY03/26 flash update
  • Republic Services: Strategic Acquisitions & A Robust M&A Pipeline for Sustained Expansion & Increased Operational Efficiency!
  • Sbs Holdings (2384 JP): Q3 FY12/25 flash update

Star Micronics (7718 JP): Taiyo Pacific’s Tender Offer at JPY2,210

By Arun George

  • Star Micronics (7718 JP) has recommended a tender offer from Taiyo Pacific Partners at JPY2,210, a 29.1% premium to the last close price.
  • The offer is arguably light as it is marginally above book value (P/B of 1.09x) and 16% below the midpoint of the target IFA DCF valuation range. 
  • However, the offer is attractive as it represents an all-time high and is 42.4% above Taiyo’s placement price in May 2025. Unless an activist emerges, this is likely done.  

[Japan M&A] Taiyo Pacific Offers ¥2,210 for Star Micronics (7718) Completing the Shareholder Ripoff

By Travis Lundy

  • Today after the close, well-known Japan engagement fund Taiyo Pacific Partners announced a deal to buy Star Micronics (7718 JP) for ¥2,210/share. They’ve been involved small-big-small for 20yrs.
  • The company launched a new capital plan and MTMP in February. Cash-rich, it needed no money to grow aggressively. So TPP proposed buying a third of the company. Board agreed.
  • Despite ActionsToImplementManagementConsciousOfSharePriceAndCostOfCapital announced February, in April-November the Board decided to sell the entire company to TPP at <1x book. This is borderline outrageous. It deserves notice and complaint.

China A50 ETFs Rebalance Preview: Three Changes in December

By Brian Freitas

Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Final Expectations; Announcement Soon

By Janaghan Jeyakumar, CFA

  • BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
  • In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
  • The official index changes could be announced publicly in the next few days.

Quanta Services: Expansion into Power Generation, Renewable Energy Backlog Growth & Other Factors!

By Baptista Research

  • Quanta Services has released their third quarter 2025 results reporting impressive figures with record growth in several financial metrics, including double-digit increases in revenue, adjusted EBITDA, and adjusted EPS compared to the previous year.
  • The company’s backlog reached a record $39.2 billion, indicating robust demand and a strong position going into 2026.
  • This growth can be attributed to heightened activity in their Electric segment and the broader infrastructural needs driven by the transformation within the energy sector.

Kyokuto Kaihatsu Kogyo Co (7226 JP): 1H FY03/26 flash update

By Shared Research

  • Revenue increased by 15.9% YoY to JPY74.2bn, with all segments showing revenue growth and operating profit up 35.1% YoY.
  • Extraordinary loss of JPY5.9bn related to the Antimonopoly Act led to a net loss of JPY1.5bn.
  • Domestic demand remained firm, with revenue and profit rising YoY due to product price revisions and improved productivity.

Toa Corp (1885 JP): 1H FY03/26 Flash Update

By Shared Research

  • In 1H FY03/26, Toa reported a 7.3% YoY decrease in orders, but revenue increased by 10.0% YoY.
  • The company revised its FY03/26 forecast, raising orders to JPY265.0bn and revenue to JPY342.0bn.
  • Toa expects a 73.2% YoY decrease in overseas orders for FY03/26, with revenue increasing 21.7% YoY.

Punch Industry (6165 JP): 1H FY03/26 flash update

By Shared Research

  • Revenue reached JPY20.6bn (+2.9% YoY), with significant growth in China and declines in Japan due to restructuring.
  • Operating profit rose 42.9% YoY to JPY989mn, driven by strong performance in China despite high costs in Japan.
  • Full-year forecasts revised upward: revenue JPY41.7bn, operating profit JPY1.6bn, net income JPY570mn, dividend per share JPY9.41.

Republic Services: Strategic Acquisitions & A Robust M&A Pipeline for Sustained Expansion & Increased Operational Efficiency!

By Baptista Research

  • Republic Services, Inc. reported its third-quarter 2025 financial results, showcasing both strengths and challenges within its business operations.
  • The company registered a revenue increase of 3.3% and an adjusted EBITDA growth of 6.1%, which also involved an 80-basis point expansion in adjusted EBITDA margin.
  • This indicates the company’s ability to capitalize on pricing strategies even in an environment of volatile economic cycles, specifically in the construction and manufacturing sectors where headwinds are prevalent.

Sbs Holdings (2384 JP): Q3 FY12/25 flash update

By Shared Research

  • Sales increased to JPY364.4bn (+10.3% YoY), with significant growth in Logistics and Property Management segments.
  • Operating profit rose to JPY17.3bn (+31.1% YoY), driven by higher profits in Logistics and Property Management.
  • Q3 sales and profit growth were influenced by new customer acquisition and a newly consolidated subsidiary.

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Nov 13
0

Daily Brief Event-Driven: Hynix L2 Flag Risk: Why Stuck Below ₩620k? Eyes on Nov 17 Pivot and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Hynix L2 Flag Risk: Why Stuck Below ₩620k? Eyes on Nov 17 Pivot
  • [Japan M&A] Paris Miki Is Indeed an MBO Target; Luxottica May Complain But Tough To Block
  • Paris Miki (7455 JP): Chairman-Led MBO Likely Done Despite Luxottica’s Unclear Intentions
  • Star Micronics (7718 JP): Taiyo Pacific’s Tender Offer at JPY2,210
  • [Japan M&A] Taiyo Pacific Offers ¥2,210 for Star Micronics (7718) Completing the Shareholder Ripoff
  • MBK Partners: Acquires Additional 2.7% Stake in Korea Zinc – Another M&A Fight in March 2026?
  • Private Equity Consortium Eyes AUB Group Buyout Amid Insurance Brokerage Consolidation and Fair Valuation Offer
  • Seven West Media (SWM AU): Scheme Vote on 22 December
  • First Pacific (142 HK)’s Full Value As Maynilad Commences Trading
  • Porsche Automobile Holding: Q3-25 Update — Discount Still Wide, Deleveraging on Track

Hynix L2 Flag Risk: Why Stuck Below ₩620k? Eyes on Nov 17 Pivot

By Sanghyun Park

  • Hynix tagged L2: cash‑only, no margin. >40% two‑day rip triggers KRX halt. L2 caps distort tape; Square’s Oct 27–Nov 10 run showed the messy playbook.
  • Hynix L2 review: five >200% YoY prints since Nov 4, but no fresh 15‑day high—₩620k from Nov 3 still the cap, yesterday stalled just below.
  • Break above ₩620k likely triggers L2, leverage caps, volatile tape, Square outperformance; hold below into Monday kills L2 risk, keeps Hynix’s relative bid with retail still piling in.

[Japan M&A] Paris Miki Is Indeed an MBO Target; Luxottica May Complain But Tough To Block

By Travis Lundy

  • Today after the close, Paris Miki Holdings (7455 JP) announced the Tane family Holdco would buy out the company in an “MBO” at ¥581, or 4.8x current year EBITDA. 
  • World famous eyeglass/sunglass manufacturer Luxottica bought 13.8% of the company in the low ¥300s almost stopping about a year ago. They might complain, but Paris Miki is a big outlet.
  • This looks like it gets done. The family+crossholders+ESOP+warrants have 65% of the expanded share count. Those who would complain would need to do so soon, and loudly.

Paris Miki (7455 JP): Chairman-Led MBO Likely Done Despite Luxottica’s Unclear Intentions

By Arun George

  • Paris Miki Holdings (7455 JP) has recommended a Chairman-led MBO at JPY581, a 48.6% premium to the last close price.
  • While the offer is arguably light as it is marginally below book value (P/B of 0.99x), it is above the midpoint of the IFA DCF valuation range. 
  • The offer represents a 10-year high. Luxottica Group (LUX IM), the second-largest shareholder, has not signalled whether it will tender, but it would struggle to derail the offer.

Star Micronics (7718 JP): Taiyo Pacific’s Tender Offer at JPY2,210

By Arun George

  • Star Micronics (7718 JP) has recommended a tender offer from Taiyo Pacific Partners at JPY2,210, a 29.1% premium to the last close price.
  • The offer is arguably light as it is marginally above book value (P/B of 1.09x) and 16% below the midpoint of the target IFA DCF valuation range. 
  • However, the offer is attractive as it represents an all-time high and is 42.4% above Taiyo’s placement price in May 2025. Unless an activist emerges, this is likely done.  

[Japan M&A] Taiyo Pacific Offers ¥2,210 for Star Micronics (7718) Completing the Shareholder Ripoff

By Travis Lundy

  • Today after the close, well-known Japan engagement fund Taiyo Pacific Partners announced a deal to buy Star Micronics (7718 JP) for ¥2,210/share. They’ve been involved small-big-small for 20yrs.
  • The company launched a new capital plan and MTMP in February. Cash-rich, it needed no money to grow aggressively. So TPP proposed buying a third of the company. Board agreed.
  • Despite ActionsToImplementManagementConsciousOfSharePriceAndCostOfCapital announced February, in April-November the Board decided to sell the entire company to TPP at <1x book. This is borderline outrageous. It deserves notice and complaint.

MBK Partners: Acquires Additional 2.7% Stake in Korea Zinc – Another M&A Fight in March 2026?

By Douglas Kim

  • MBK Partners acquired an additional 2.7% stake in Korea Zinc raising its total ownership to 39.7%. This is likely to fuel additional positive share price momentum on Korea Zinc.
  • This is likely to rekindle a potential M&A fight for the management control of the company. 
  • This additional additional purchase of Korea Zinc by MBK Partners is a signal, not noise. Another M&A fight is likely in the next AGM in March 2026. 

Private Equity Consortium Eyes AUB Group Buyout Amid Insurance Brokerage Consolidation and Fair Valuation Offer

By Special Situation Investments

  • EQT’s A$45/share bid for AUB, with a 16% spread, follows a month of exclusive due diligence.
  • CVC Asia Pacific proposed forming a consortium with EQT, potentially increasing buyout success likelihood and financial commitment sharing.
  • AUB’s valuation metrics include 14.5x FY25 EBITDA and 26.2x P/E, with historical trading at lower multiples.

Seven West Media (SWM AU): Scheme Vote on 22 December

By Arun George

  • The Seven West Media (SWM AU) IE considers the SXL merger offer to be in the best interests of its shareholders, absent a superior proposal.
  • The merger requires approval from SWM shareholders, ACMA, and the ACCC. The ACCC’s findings will be announced on 18 December. 
  • The scheme vote is low risk as large SWM shareholders are supportive. Shares are trading through terms likely due to speculation of a competing bidder, which is unlikely to occur.  

First Pacific (142 HK)’s Full Value As Maynilad Commences Trading

By David Blennerhassett

  • The proposed spin-off – from 49.9%-held MPIC – and listing of Maynilad Water Services (MYNLD PH) completed on the 7th November. 
  • Priced at PHP 15/share, Maynilad closed yesterday at PHP 14.82/share, down 1.2%. 
  • First Pacific Co (142 HK)‘s indirect/direct holding in Maynilad is estimated at 19.1%, accounting for ~6% of NAV. 

Porsche Automobile Holding: Q3-25 Update — Discount Still Wide, Deleveraging on Track

By Jesus Rodriguez Aguilar

  • Discount Opportunity: Porsche Automobil Holding (PAH3 GR) SE trades at a ~32% NAV discount—above peers—despite improving balance-sheet structure, stable dividends from VW and Porsche AG, and diminishing legal risks.
  • Deleveraging Catalyst: Ongoing debt reduction, stronger dividend visibility, and extended maturities enhance transparency and reduce equity risk, offering clear scope for discount compression toward the mid-20s.
  • Asymmetric Upside: With 99% of assets in VW and Porsche AG, Porsche SE remains a high-convexity play on discount normalization and legal clarity, offering leveraged exposure to core holdings.

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Nov 13
0

Daily Brief Technical Analysis: Upside Ahead for Gold and Silver; DXY Below $100.25; SPX Holding at 3+ Month Uptrend Support and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • Upside Ahead for Gold and Silver; DXY Below $100.25; SPX Holding at 3+ Month Uptrend Support

Upside Ahead for Gold and Silver; DXY Below $100.25; SPX Holding at 3+ Month Uptrend Support

By Joe Jasper

  • We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
  • We have discussed weekly since 10/14/25 how our near-term bullish outlook remains intact as long as SPX holds above the 3-month uptrend, coinciding with the 50-day MA; this remains true.
  • Gold (GLD) and silver (SLV) held above $358-$361 and $41.70 supports and appear ready to resume their long-term uptrends. Recently discussed we were buyers in our October 29th report

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Nov 13
0

Daily Brief Thematic (Sector/Industry): HK Strategy: An Update on Playing the Future H IPOs of the As and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • HK Strategy: An Update on Playing the Future H IPOs of the As
  • HSBC – Loss Loans up 7.5x from FY19 to 2Q25 in HKMA Industry Data. Hang Seng Bank Buyout, Now?
  • Japan Morning Connection: Power and Industrial Semis in Focus After Infineon Big Beat on AI
  • Ohayo Japan | Dow Smashes 48,000 Barrier
  • Substrate. ASML, TSMC Slayer Or Ideological Pipe Dream?
  • Asia Real Estate Tracker (12-Nov-2025): ABI Plaza Provides Edge in Singapore’s Office Market
  • What’s News in Amsterdam

HK Strategy: An Update on Playing the Future H IPOs of the As

By Osbert Tang, CFA

HSBC – Loss Loans up 7.5x from FY19 to 2Q25 in HKMA Industry Data. Hang Seng Bank Buyout, Now?

By Daniel Tabbush

  • HKMA data shows the loss loan ratio in HK is up 7.5x from FY19 to 2Q25. These are the worst of the worst bad loans 
  • Substandard loan ratio in HK is up 4.7x over the same period, and this bucket can gradually migrate to worse buckets, requiring more credit costs
  • Overdue loan ratio and rescheduled loan ratio in HK is up 5.4x over this period, and these are not technically NPLs

Japan Morning Connection: Power and Industrial Semis in Focus After Infineon Big Beat on AI

By Andrew Jackson

  • NAND memory spot prices surge another 17% WoW on worsening S/D dynamics.
  • No take-over for Trend Micro, but an accelerated buyback will be enough for a short-term squeeze.
  • Sanken may be back in focus given its deep disc NAV as sentiment rises for power and industrial names.

Ohayo Japan | Dow Smashes 48,000 Barrier

By Mark Chadwick

  • Dow hit record high (+0.7%) after Senate passed spending bill to end 43-day shutdown; financials led, S&P +0.1%, Nasdaq -0.3%.
  • Sony (6758): Launches Japan-only PS5 Digital Edition at ¥55,000 (¥18,000 below current) from Nov 21 to expand user base in year 5 with 4,500+ titles.
  • Paris Miki announces MBO via founder TOB at 50% premium; Star Precision faces ¥70bn TOB from Taiyo Pacific at 30% premium.

Substrate. ASML, TSMC Slayer Or Ideological Pipe Dream?

By William Keating

  • Silicon valley startup Substrate made waves two weeks ago when they emerged from stealth mode to announce a revolutionary new tool they claim will rival ASML’s EUV lithography capability
  • Substrate simultaneously plans to build next-generation semiconductor fabs to return America to dominance in semiconductor production and will use their technology—a new form of advanced X-ray lithography—to power them.
  • For a three year old startup, whos CEO has zero documented experience of semiconductors or lithography, these are bold claims indeed. This should be interesting!

Asia Real Estate Tracker (12-Nov-2025): ABI Plaza Provides Edge in Singapore’s Office Market

By Asia Real Estate Tracker

  • ABI Plaza provides a significant competitive edge in Singapore’s office market landscape.
  • Brookfield’s $1.5 billion sale of Ecoworld represents India’s largest office transaction to a REIT.
  • A $436 million bid for a site on Bukit Timah Road highlights the luxury real estate sector’s growth.

What’s News in Amsterdam

By The IDEA!

  • Dutch Telegraaf newspaper reports that Substrate, a US-based start-up founded in 2022, aims to challenge ASML’s dominance in advanced chip machinery.
  • Unlike ASML’s extreme-ultraviolet (EUV) lithography, Substrate uses beams from a mini-particle accelerator, claiming this method can produce smaller, cheaper chips.
  • The company intends not only to sell the machines but also to manufacture chips in-house at a US facility within a few years.

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Nov 13
0

Daily Brief Utilities: Wec Energy Group and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • WEC Energy’s Massive Capex Surge—A Bold Bet on the Future of Power?

WEC Energy’s Massive Capex Surge—A Bold Bet on the Future of Power?

By Baptista Research

  • WEC Energy Group recently reported its financial results for the third quarter of 2025, showcasing progress and challenges within the company.
  • The company announced earnings per share of $0.83 for this quarter, signaling a year-over-year improvement when compared to adjusted earnings from the same period last year.
  • For the full year, WEC Energy Group reaffirmed its earnings guidance, predicting a range between $5.17 and $5.27 per share, assuming normal weather patterns continue for the remainder of the year.

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Nov 13
0

Daily Brief TMT/Internet: SK Hynix, Chroma Ate Inc, Groww, Verisilicon Microelectronics S, Fractal Analytics Ltd, Softbank Group, Advanced Micro Devices, Atlassian , Softbank Group (ADR), KPIT Technologies and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Hynix L2 Flag Risk: Why Stuck Below ₩620k? Eyes on Nov 17 Pivot
  • Taiwan Top 50 ETF Rebalance Preview: Plenty of Big Overlapping Flows Coming Up
  • Groww IPO Trading – Decent Overall Demand
  • CNI Semiconductor Chips Index Rebalance Preview: One Set of Changes in December
  • Fractal Analytics Pre-IPO: AI Play With Strong Fundamentals
  • SoftBank (9984 JP) Tactical Outlook: What’s Next After NVDA Exit, Wild Swings, and Strong Earnings?
  • AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success
  • Atlassian’s Cloud + AI Combo Could Redefine How Companies Work Forever!
  • Lucror Analytics – Morning Views Asia
  • KPIT: Improving Trajectory, H2FY26 Guided to Be Significantly Better

Hynix L2 Flag Risk: Why Stuck Below ₩620k? Eyes on Nov 17 Pivot

By Sanghyun Park

  • Hynix tagged L2: cash‑only, no margin. >40% two‑day rip triggers KRX halt. L2 caps distort tape; Square’s Oct 27–Nov 10 run showed the messy playbook.
  • Hynix L2 review: five >200% YoY prints since Nov 4, but no fresh 15‑day high—₩620k from Nov 3 still the cap, yesterday stalled just below.
  • Break above ₩620k likely triggers L2, leverage caps, volatile tape, Square outperformance; hold below into Monday kills L2 risk, keeps Hynix’s relative bid with retail still piling in.

Taiwan Top 50 ETF Rebalance Preview: Plenty of Big Overlapping Flows Coming Up

By Brian Freitas

  • There could be 4 constituent changes for the Yuanta/P-Shares Taiwan Top 50 ETF in December as positioning for buying by one set of index trackers pushes stocks into other indices.
  • There will be passive inflows in some of the forecast adds week after next and the flows from these index trackers will come a few weeks later.
  • With large AUMs tracking the dividend indices, stocks that have moved up a lot now have low dividend yields and there could be opposite flows from those index trackers.

Groww IPO Trading – Decent Overall Demand

By Akshat Shah

  • Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
  • With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
  • We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

CNI Semiconductor Chips Index Rebalance Preview: One Set of Changes in December

By Brian Freitas

Fractal Analytics Pre-IPO: AI Play With Strong Fundamentals

By Hong Jie Seow

  • Fractal Analytics Ltd (2453623D IN) is looking to raise US$560m in its upcoming India IPO.
  • Fractal Analytics Limited (FAL) is an enterprise AI company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
  • In this note, we look at the company’s past performance.

SoftBank (9984 JP) Tactical Outlook: What’s Next After NVDA Exit, Wild Swings, and Strong Earnings?

By Nico Rosti

  • Softbank Group (9984 JP) is swinging wildly. On Nov 11, the stock sank -13% after it said it had sold its entire stake in NVIDIA (NVDA US)  for $5.83 billion.
  • The stock also posted record Q2 earnings on Nov 12, but closed the day down -3.46% (after a strong rally from the 21k bottom). Most gains come from OpenAI investment.
  • For sure it’s not easy to hold this stock at the moment, this insight will analyze the next 2-3 weeks’ outlook, support and resistance, according to our quantitative model.

AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

By Raghav Vashisht

  • AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.
  • Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.
  • Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.

Atlassian’s Cloud + AI Combo Could Redefine How Companies Work Forever!

By Baptista Research

  • Atlassian Corporation Plc reported strong financial performance for the first quarter of fiscal year 2026, achieving total revenue growth of 21% year-over-year, amounting to $1.4 billion.
  • A significant contributor to this growth was their cloud revenue, which saw a 26% increase to $998 million.
  • Additionally, the company’s remaining performance obligations (RPO) grew impressively by 42% to $3.3 billion.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • The US Senate passed a temporary funding measure after a 60-40 vote yesterday, backed by eight centrist Democrats.
  • The Bill will still require approval from the House and the signature of President Donald Trump. Mr Trump said yesterday that the US was “getting close” to a trade deal with India.
  • US Treasury Secretary Scott Bessent downplayed concerns over high costs for consumers under the Trump administration, saying that it had inherited elevated price levels from the Biden administration, which he described as the worst in the past 40-50 years. 

KPIT: Improving Trajectory, H2FY26 Guided to Be Significantly Better

By Ankit Agrawal, CFA

  • Despite macro challenges, KPIT delivered a decent Q2FY26 and is on track to post a much better H2FY26, led by reducing uncertainty and improving demand environment.
  • More importantly, KPIT has been adding select capabilities that have been pivotal to building its differentiation and competitiveness. Its approach to move to solutions vs services has been yielding fruition.
  • Deal wins came in strong in Q2FY26 at $232mm, well above the typical $150mm+ run-rate. Additionally, KPIT also won a mega $100mm+ deal.

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Nov 13
0

Daily Brief ECM: Human Made Pre-IPO: A Bathing Ape and more

By | Daily Briefs, ECM

In today’s briefing:

  • Human Made Pre-IPO: A Bathing Ape, Reborn
  • Groww IPO Trading – Decent Overall Demand
  • Fractal Analytics Pre-IPO: AI Play With Strong Fundamentals
  • Chuangxin Industries Pre-IPO: Weak 5M25 and Large Chunk of Revenue from Related Party
  • Pre-IPO EpimAb Biotherapeutics – The TCE Pipeline Has Great Potential
  • Shenzhen Zhaowei A/H Listing – Autos Thriving but Robotics Driving Share Price

Human Made Pre-IPO: A Bathing Ape, Reborn

By Hong Jie Seow

  • Human Made (456A JP) aims to raise around US$116m in its Japan IPO.
  • Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods.
  • In this note, we look at the company’s past performance.

Groww IPO Trading – Decent Overall Demand

By Akshat Shah

  • Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
  • With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
  • We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Fractal Analytics Pre-IPO: AI Play With Strong Fundamentals

By Hong Jie Seow

  • Fractal Analytics Ltd (2453623D IN) is looking to raise US$560m in its upcoming India IPO.
  • Fractal Analytics Limited (FAL) is an enterprise AI company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
  • In this note, we look at the company’s past performance.

Chuangxin Industries Pre-IPO: Weak 5M25 and Large Chunk of Revenue from Related Party

By Nicholas Tan

  • Chuangxin Industries (CXI HK) is looking to raise at least US$700m in its upcoming Hong Kong IPO.
  • It is focused on alumina refining and aluminum smelting within the upstream of the aluminum industry chain.
  • In this note, we look at the firm’s past performance.

Pre-IPO EpimAb Biotherapeutics – The TCE Pipeline Has Great Potential

By Xinyao (Criss) Wang

  • TCE has been highly popular for hematological malignancies and autoimmune diseases.Due to the “Fear of Missing Out” mentality, MNCs directly have purchased TCE assets or the Newco model is adopted.
  • Current clinical data is good for CRC, providing EMB-01 with a solid foundation for entering phase III trials.EMB-06 may face challenges in commercialization. EMB-07 has high hopes to be out-licensed.
  • Short-Term valuation could be lower than Akeso. Based on our forecast of the peak sales of EMB-01, EMB-06, EMB-07, long-term valuation could reach about US$16.5 billion.

Shenzhen Zhaowei A/H Listing – Autos Thriving but Robotics Driving Share Price

By Sumeet Singh

  • Shenzhen Zhaowei Machinery & Electronics (003021 CH), aims to raise around US$700m in its H-share listing.
  • Shenzhen Zhaowei Machinery & Electronic (SZME) is a provider of integrated micro transmission and drive system solutions ranking first in China and fourth globally by revenue, according to F&S.
  • In this note, we look at its past performance and other deal dynamics that might impact the listing.

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Nov 13
0

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

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia
  • Cemex 3Q25: Strong Results and Outlook Support Credit View
  • Visa’s Fee Shake-Up Could Crush Credit Card Points Programs; What’s The Impact?

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • The US Senate passed a temporary funding measure after a 60-40 vote yesterday, backed by eight centrist Democrats.
  • The Bill will still require approval from the House and the signature of President Donald Trump. Mr Trump said yesterday that the US was “getting close” to a trade deal with India.
  • US Treasury Secretary Scott Bessent downplayed concerns over high costs for consumers under the Trump administration, saying that it had inherited elevated price levels from the Biden administration, which he described as the worst in the past 40-50 years. 

Cemex 3Q25: Strong Results and Outlook Support Credit View

By Leandro Gubler

  • Cemex delivered strong 3Q25 results with revenue and EBITDA growth, improved margins, and lower leverage, reflecting solid execution under Project Cutting Edge and continued balance sheet strengthening.
  • Management reaffirmed 2025 guidance, expecting stable profitability, strong free cash flow, and leverage within the 1.5x–2.0x range, supported by cost efficiencies, disciplined capex, and gradual 2026 demand recovery.
  • Cemex bonds trade rich versus peers, limiting near-term upside; we maintain a Neutral stance, finding best value in the 5.200% 2030s given yield, duration, and credit fundamentals.

Visa’s Fee Shake-Up Could Crush Credit Card Points Programs; What’s The Impact?

By Baptista Research

  • Visa and Mastercard have agreed to a landmark settlement that could end a decades-long legal standoff with U.S. merchants over credit card processing fees.
  • Filed in the Eastern District Court of New York, the settlement would cut interchange fees—typically between 2% and 2.5%—by 0.1 percentage points for five years and allow merchants more freedom in rejecting high-fee rewards cards.
  • If approved by the court, the settlement would end litigation dating back to 2005, resolving antitrust claims from merchants about the networks’ “honor-all-cards” rules and alleged anti-competitive practices.

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Nov 13
0

Daily Brief Consumer: Paris Miki Holdings, Human Made, Qinghai Huzhu Barley Wine Co, Seven West Media, Tencent Music, Delfi Ltd, Trent Ltd, ASICS Corp, Geely Auto and more

By | Consumer, Daily Briefs

In today’s briefing:

  • [Japan M&A] Paris Miki Is Indeed an MBO Target; Luxottica May Complain But Tough To Block
  • Paris Miki (7455 JP): Chairman-Led MBO Likely Done Despite Luxottica’s Unclear Intentions
  • Human Made Pre-IPO: A Bathing Ape, Reborn
  • CSI Liquor/ Alcoholic Drink Index Rebalance Preview: One Delete & Some Big Capping Changes
  • Seven West Media (SWM AU): Scheme Vote on 22 December
  • Tencent Music (TME): 3Q25, Offline Rev Up by 50%, Margin Improved for 13 Quarters
  • Delfi: 3rd Quarter Update Shows Positive Momentum
  • Trent Q2FY26: Growth Momentum Fades as Tier-II Mix Drags and Star Bazaar Slips
  • Asics (7936) | Sustained Growth Momentum with Margin Upside
  • Geely Automobile Holdings Ltd (0175 HK): Why Geely Is Actually a Bank

[Japan M&A] Paris Miki Is Indeed an MBO Target; Luxottica May Complain But Tough To Block

By Travis Lundy

  • Today after the close, Paris Miki Holdings (7455 JP) announced the Tane family Holdco would buy out the company in an “MBO” at ¥581, or 4.8x current year EBITDA. 
  • World famous eyeglass/sunglass manufacturer Luxottica bought 13.8% of the company in the low ¥300s almost stopping about a year ago. They might complain, but Paris Miki is a big outlet.
  • This looks like it gets done. The family+crossholders+ESOP+warrants have 65% of the expanded share count. Those who would complain would need to do so soon, and loudly.

Paris Miki (7455 JP): Chairman-Led MBO Likely Done Despite Luxottica’s Unclear Intentions

By Arun George

  • Paris Miki Holdings (7455 JP) has recommended a Chairman-led MBO at JPY581, a 48.6% premium to the last close price.
  • While the offer is arguably light as it is marginally below book value (P/B of 0.99x), it is above the midpoint of the IFA DCF valuation range. 
  • The offer represents a 10-year high. Luxottica Group (LUX IM), the second-largest shareholder, has not signalled whether it will tender, but it would struggle to derail the offer.

Human Made Pre-IPO: A Bathing Ape, Reborn

By Hong Jie Seow

  • Human Made (456A JP) aims to raise around US$116m in its Japan IPO.
  • Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods.
  • In this note, we look at the company’s past performance.

CSI Liquor/ Alcoholic Drink Index Rebalance Preview: One Delete & Some Big Capping Changes

By Brian Freitas

  • The review period ended on 31 October, the changes should be announced on 28 November and will be effective after the close of trading on 12 December.
  • There could be one delete each for the CSI Liquor Index and the CSI Alcoholic Drink Index. Plus capping changes for a bunch of stocks.
  • The entire sector has been under pressure over the last few years with every rally being sold into.

Seven West Media (SWM AU): Scheme Vote on 22 December

By Arun George

  • The Seven West Media (SWM AU) IE considers the SXL merger offer to be in the best interests of its shareholders, absent a superior proposal.
  • The merger requires approval from SWM shareholders, ACMA, and the ACCC. The ACCC’s findings will be announced on 18 December. 
  • The scheme vote is low risk as large SWM shareholders are supportive. Shares are trading through terms likely due to speculation of a competing bidder, which is unlikely to occur.  

Tencent Music (TME): 3Q25, Offline Rev Up by 50%, Margin Improved for 13 Quarters

By Ming Lu

  • Total revenue grew by 21% YoY and offline revenue grew by 50% YoY in 3Q25.
  • Both ARPPU and the user base increased YoY in 3Q25.
  • The margin had improved year over year for 13 quarters.

Delfi: 3rd Quarter Update Shows Positive Momentum

By Punit Khanna

  • Delfi announced 3rd qtr. update: Revenue increasing 4.9%. This is in contrast to1st Half when revenues were flat.
  • Revenue growth in Indonesia was driven by both pricing and volume gain in key brands in Indonesia & by regional markets
  • Indonesia sales would be higher at 6.9% on constant currency basis.

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Trent Q2FY26: Growth Momentum Fades as Tier-II Mix Drags and Star Bazaar Slips

By Sudarshan Bhandari

  • Trent reported a 17% YoY rise in Q2FY26 revenue to INR 4,724 crore, while PAT grew 6%. Star Bazaar saw a 2% decline due to ongoing upgrades and stronger competition.
  • Efficient cost control and technology-driven productivity helped maintain margins despite slower same-store sales and expansion into lower-yield Tier-II cities.
  • Trent’s steady execution and well-diversified retail portfolio support its medium-term growth outlook, though high valuations and increasing operating costs remain key risks to monitor.

Asics (7936) | Sustained Growth Momentum with Margin Upside

By Mark Chadwick

  • 7th straight quarter of double-digit growth; 3Q revenue +21% y/y to ¥222bn, led by strong EU and Japan performance and steady global expansion.
  • Gross margin +110bps to 56.1%, operating margin +320bps to 20.9%; FY OP guidance raised to ¥140bn, share buyback of ¥30bn announced.
  • Near-Term share impact limited, but long-term growth underpinned by SportStyle and Onitsuka Tiger; OP could double to ~¥260bn though next MTP cycle.

Geely Automobile Holdings Ltd (0175 HK): Why Geely Is Actually a Bank

By J Capital Research

  • We believe that Geely Automobile, listed in Hong Kong as 0175, is a private equity fund first and an auto company second.

  • Expectations that Geely will become an international blockbuster akin to Toyota or Hyundai are misplaced.

  • Geely relied in 2024 for half its profit on mark-to-market value in subsidiaries.

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