Category

Daily Briefs

Nov 10
0

Daily Brief Australia: Bluescope Steel, AUB Group Limited, Fenix Resources and more

By | Australia, Daily Briefs

In today’s briefing:

  • Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (10 Nov)
  • CVC Joins EQT In Pursuit Of AUB Group (AUB AU)
  • Fenix Resources (FEX AU): Pullback With Iron Ore Prices And Attractive Entry Point

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (10 Nov)

By Gaudenz Schneider

  • Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
  • Highlights: Currently 14 pair trade opportunities across four markets and five sectors persist.
  • Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

CVC Joins EQT In Pursuit Of AUB Group (AUB AU)

By David Blennerhassett

  • On the 28th October 2025, AUB Group Limited (AUB AU), an insurance “matchmaker”, announced a NBIO, via a Scheme, from EQT at A$45/share, a ~40% premium to undisturbed.
  • The share price has consistently traded wide to terms, not just because of the transactions’ indicative nature; but EQT’s track record on progressing from indicative to firm is not optimum.
  • This morning AUB announced CVC was teaming up with EQT, at $45/share; and concurrently requested additional due diligence. This has been granted by AUB. 

Fenix Resources (FEX AU): Pullback With Iron Ore Prices And Attractive Entry Point

By Sameer Taneja

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Nov 10
0

Daily Brief United States: Strategy, Echostar Corp A, Cognex Corp, Tyler Technologies, Blackline Inc, Bio-Rad Laboratories A, Avantor , Clean Harbors, Bausch + Lomb, Carmax Inc and more

By | Daily Briefs, United States

In today’s briefing:

  • Index Consultation on DATCos Means MORE Selling Likely, and Another Index Questionable
  • EchoStar Offloads Spectrum to SpaceX—Is This the End of Its Wireless Ambitions?
  • Cognex Corporation: Advancements and Penetration in the Logistics Sector & Key Growth Levers!
  • Tyler Technologies: Its Efforts Towards Cross-Sell & Upsell Initiatives to Drive Higher Growth & Revenue Potential From Current Accounts!
  • BlackLine Is A Takeover Target Again—And Investors Want It Gone!
  • Bio-Rad Laboratories Just Supercharged Its PCR Portfolio—Is This a Game-Changer in Oncology?
  • Avantor: Bioprocessing Innovation in Sterile Sampling & Other Key Growth Levers!
  • Clean Harbors Is Banking on 600N Base Oil – Can This Bet Up The Ante?
  • Bausch + Lomb Corporation’s Growth Surge: Can New Contact Lens Tech Grab A Larger Chunk Of The Market?
  • CarMax CEO Walks Out, Earnings Tank—Wall Street Sounds The Alarm!

Index Consultation on DATCos Means MORE Selling Likely, and Another Index Questionable

By Travis Lundy

  • In mid-September, global index provider M _ _ _ announced that they were conducting an index consultation on Digital Asset Treasury Cos. I wrote about it here.
  • My recommended short at the time is down 30%, despite announcing a large buyback program. Others have lost significant premium vs underlying digital assets. 
  • The same index provider expanded their list of affected names on 29 Oct. And a DIFFERENT Index provider this week added DATCOs to a US Advisory Panel Meeting Agenda Wednesday.

EchoStar Offloads Spectrum to SpaceX—Is This the End of Its Wireless Ambitions?

By Baptista Research

  • EchoStar’s recently amended agreement to sell its unpaired AWS-3 spectrum licenses to SpaceX for $2.6 billion in SpaceX stock represents a pivotal shift in its operational and strategic trajectory.
  • Building on a previous September deal where EchoStar committed to transferring AWS-4 and H-block licenses to SpaceX for up to $17 billion (half cash, half stock), this new AWS-3 transaction strengthens both firms’ long-term ambitions.
  • For EchoStar, this move not only unlocks immediate financial runway and positions it to operate more flexibly but also furthers its transformation from a spectrum-heavy, capital-intensive business into a leaner, investment-focused entity.

Cognex Corporation: Advancements and Penetration in the Logistics Sector & Key Growth Levers!

By Baptista Research

  • Cognex Corporation reported strong financial results for the third quarter of 2025, showcasing a solid strategic direction and improved operational efficiencies.
  • The company’s focus on AI technology for industrial machine vision is evident in its performance and the introduction of innovative products like the SLX, aimed at enhancing logistics applications.
  • Positive aspects from the results include achieving double-digit revenue growth and reaching the highest adjusted EBITDA margin since Q2 of 2023.

Tyler Technologies: Its Efforts Towards Cross-Sell & Upsell Initiatives to Drive Higher Growth & Revenue Potential From Current Accounts!

By Baptista Research

  • Tyler Technologies reported strong third-quarter 2025 results, with revenues growing by nearly 10% year-over-year.
  • This growth was driven by a 20% increase in SaaS revenue and an 11.5% rise in transaction revenue.
  • The company has maintained a steady pipeline of business, supported by stable RFP and demo activities, suggesting a resilient demand in the public sector for Tyler’s solutions.

BlackLine Is A Takeover Target Again—And Investors Want It Gone!

By Baptista Research

  • BlackLine, a leader in financial automation solutions, recently announced its Q1 2025 earnings results, highlighting both opportunities and challenges as the company navigates its ongoing journey towards growth and market expansion.
  • The company reported a total revenue increase of 6% year-over-year, reaching $167 million, with strong subscription and services revenue performance.
  • However, the financial results are a mix of positives and certain areas that might require attention.

Bio-Rad Laboratories Just Supercharged Its PCR Portfolio—Is This a Game-Changer in Oncology?

By Baptista Research

  • Bio-Rad Laboratories’ financial performance for the third quarter of 2025 was characterized by modest revenue growth, constrained by headwinds in various segments.
  • The company reported net sales of approximately $653 million, a slight increase from $650 million in the third quarter of 2024 on a reported basis but a 1.7% decrease on a currency-neutral basis.
  • This outcome was primarily influenced by challenges in the academic research and biotech funding sectors, which impacted the Life Science segment.

Avantor: Bioprocessing Innovation in Sterile Sampling & Other Key Growth Levers!

By Baptista Research

  • Avantor’s recent quarterly earnings report provides a mixed view of the company’s current performance and strategic outlook.
  • Avantor experienced a 5% decline in quarterly revenue year-over-year, with reported revenue of $1.62 billion.
  • The decline primarily affects the Laboratory Solutions and Bioscience Production segments.

Clean Harbors Is Banking on 600N Base Oil – Can This Bet Up The Ante?

By Baptista Research

  • Clean Harbors reported its third-quarter 2025 results, which showcased a mixture of strengths and challenges, leaving investors with a nuanced investment thesis.
  • The company’s performance was marked by a year-over-year growth in revenue and adjusted EBITDA, driven primarily by increased waste volumes and pricing gains across the network, although macroeconomic factors presented headwinds.
  • Positively, Clean Harbors achieved a consolidated adjusted EBITDA margin improvement of 100 basis points, reaching 20.7%, a sign of effective pricing and cost-saving strategies.

Bausch + Lomb Corporation’s Growth Surge: Can New Contact Lens Tech Grab A Larger Chunk Of The Market?

By Baptista Research

  • Bausch + Lomb recently held its third-quarter 2025 financial results presentation, highlighting several aspects of its performance and strategic focus.
  • The company demonstrated notable growth across its various segments, driven by innovative product offerings and rigorous execution.
  • Revenue for the quarter reached $1.281 billion, marking a 6% year-over-year increase.

CarMax CEO Walks Out, Earnings Tank—Wall Street Sounds The Alarm!

By Baptista Research

  • CarMax’s second quarter results for fiscal year 2026 reveal a mixed performance in a challenging market.
  • The company reported total sales of $6.6 billion, down 6% compared to the previous year, mainly due to lower volume.
  • Retail unit sales declined by 5.4%, while used unit comps fell by 6.3%.

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Nov 10
0

Daily Brief South Korea: Samsung Fire & Marine Insurance, Orion Corp, SK Hynix and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Key Schedule for Korea’s Dividend Policy Momentum: This Thursday – Short‑term Target Group Screened
  • Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly 7 to 21 November 2025)
  • Curator’s Cut: Korea’s Memory Mania, Nintendo’s Next Play & Airline Takeoffs

Key Schedule for Korea’s Dividend Policy Momentum: This Thursday – Short‑term Target Group Screened

By Sanghyun Park

  • Dividend tax reform hits calendar: Assembly’s Strategy & Finance Committee starts hearings Nov 13; street buzzing as assembly headlines will push dividend theme.
  • Ruling party resists 25% payout threshold; cutting that low kills dividend incentive, while keeping 40% pushes corporates in 20–40% band to hike payouts.
  • From Thursday, dividend momentum likely drives locals into >4% yielders with >40% payout, so these names should be our near‑term targets.

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly 7 to 21 November 2025)

By Douglas Kim

  • In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (7 to 21 November 2025).
  • Our top 10 picks in the next two weeks include KT&G, Samsung Electronics, Samsung Life Insurance, Orion Corp, Dentium, Hanmi Pharm, LG Chem (pref), Amorepacific Corp, Daewoong Pharm, and SK.  
  • Notable stocks with excellent share price performances in the past two weeks are as follows: Taihan Electric Wire (up 32.7%) Hanmi Pharm (up 29.5%), and SK Hynix (up 13.7%).

Curator’s Cut: Korea’s Memory Mania, Nintendo’s Next Play & Airline Takeoffs

By Pranav Rao

  • Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma. 
  • In this cut, we revisit memory stocks’ stellar year, unpack results from the best pure-play gaming franchise, and spotlight airline stocks poised for lift-off.
  • Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.

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Nov 10
0

Daily Brief Quantitative Analysis: Thailand Short Interest Weekly (Nov 7th): Intouch and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Thailand Short Interest Weekly (Nov 7th): Intouch, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit
  • A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank
  • HK Connect Flows Weekly (Nov 7th): Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent
  • KRX Foreign Holding Weekly (Nov 7th): SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE
  • TWSE Foreign Holding Weekly (Nov 7th): TSMC, Delta Electronics, MediaTek, Fubon Financial
  • TWSE Short Interest Weekly (Nov 7th): Yageo, Macronix Intl, WT Microelectronics, TSMC
  • Bursa Short Interest Weekly (Nov 7th): Ekovest, Frontken, YTL Power International, Westports
  • HK Short Interest Weekly: Csop Hsi (2X Inv), TraHK HSI ETF, Akeso

Thailand Short Interest Weekly (Nov 7th): Intouch, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 7th. We estimate that they had an aggregated short interest worth USD2.3bn.
  • We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Intouch, Bumrungrad Hospital, Bangkok Bank, Bangkok Dusit, True, Bangkok Dusit, Bumrungrad Hospital, True, Bangkok Bank.

A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

By Ke Yan, CFA, FRM

  • We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.6% as of Nov 7th.
  • The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, communication services, health care and offset by utilities, materials.
  • We highlight weekly changes in A-H premium for Beone Medicines, China Eastern Airlines, China Citic Bank, Foshan Haitian Flavouring And Food.

HK Connect Flows Weekly (Nov 7th): Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent

By Ke Yan, CFA, FRM

  • We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 7th.
  • The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
  • We highlight flows for Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent, Hua Hong Semiconductor.

KRX Foreign Holding Weekly (Nov 7th): SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of KRX stocks as of Nov 7th. The aggregated holding was USD818.4bn.
  • We estimate that foreign flows to be outflows of USD3,227mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
  • We highlight changes of foreign holdings in SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE.

TWSE Foreign Holding Weekly (Nov 7th): TSMC, Delta Electronics, MediaTek, Fubon Financial

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 7th. The aggregated holding was USD1,377.2bn.
  • We estimate that foreign flows to be outflows of USD2,766mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
  • We highlight changes of foreign holdings in TSMC, Delta Electronics, MediaTek, Fubon Financial, Nanya Technology, Fubon Financial, TSMC, Delta Electronics, Mediatek, Nanya Technology.

TWSE Short Interest Weekly (Nov 7th): Yageo, Macronix Intl, WT Microelectronics, TSMC

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of TWSE Stocks as of Nov 7th. The aggregated short interest was USD27.6bn.
  • We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Yageo, Macronix Intl, WT Microelectronics, TSMC, Unimicron Technology, Yageo, Macronix Intl, WT Microelectronics, TSMC, Unimicron Technology.

Bursa Short Interest Weekly (Nov 7th): Ekovest, Frontken, YTL Power International, Westports

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Bursa stocks as of Nov 7th. The aggregated short interest is USD441m.
  • We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Ekovest, Frontken, YTL Power International, Westports, Genting Malaysia.

HK Short Interest Weekly: Csop Hsi (2X Inv), TraHK HSI ETF, Akeso

By Ke Yan, CFA, FRM

  • We analyzed the latest HK SFC report for aggregate short position as of Oct 31st.
  • Top short increases and decreases were tabulated for one week and four week period.
  • We highlight short changes in Csop Hsi (2X Inv), TraHK HSI ETF, Akeso.

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Nov 10
0

Daily Brief Singapore: iX Biopharma Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Primer: iX Biopharma Ltd (IXBIO SP) – Nov 2025

Primer: iX Biopharma Ltd (IXBIO SP) – Nov 2025

By αSK

  • iX Biopharma is a specialty pharmaceutical company centered around its proprietary WaferiX sublingual drug delivery technology, which aims to improve bioavailability and speed of onset for various active compounds.
  • The company remains unprofitable, with consistent net losses and negative operating cash flow over the past three years, highlighting significant cash burn and reliance on external financing for its R&D and operational activities.
  • Future growth hinges on the successful commercialization and out-licensing of its key pipeline products, such as Wafermine (ketamine wafer) and Wafesil (sildenafil wafer), and expanding its nutraceuticals division.

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Nov 10
0

Daily Brief Japan: Saint-Care Holding, Soft99 Corp, Toyota Industries, Mitsubishi Electric, Bank Of Iwate, TSE Tokyo Price Index TOPIX, Advantest Corp, Medical System Network Co and more

By | Daily Briefs, Japan

In today’s briefing:

  • Saint-Care (2374 JP): An Attractive MBO
  • Merger Arb Mondays (10 Nov) – Soft99, Digital Holding, Saint-Care, ANE, ENN Energy, Mayne, AUB
  • Weekly Deals Digest (09 Nov) – Toyota Industries, Mandom, Pacific Industrial, Saint-Care, ANE, Mayne
  • Mitsubishi Electric: Digital Pivot Sparks 60% Profit Surge, What’s Next?
  • Japan 2025 H1 Bank Guidance/Results UPDATE – Strong Uplift Continues on Better Core Biz Income
  • Combining Equity Method Affiliates and Founder Family Companies Provide Sufficient Number of Targets
  • Advantest Q2 FY2025, Navigating Post-Earnings Volatility
  • Medical System Network Co (4350 JP): 1H FY03/26 flash update

Saint-Care (2374 JP): An Attractive MBO

By Arun George

  • Saint-Care Holding (2374 JP) has recommended an MBO from the founding family at JPY1,220, a 48.8% premium to the last close price.
  • The offer is attractive compared to historical trading ranges and is above the midpoint of the target IFA DCF valuation range. 
  • Due to the irrevocables, it is not onerous to meet the minimum acceptance condition. This is a done deal.  

Merger Arb Mondays (10 Nov) – Soft99, Digital Holding, Saint-Care, ANE, ENN Energy, Mayne, AUB

By Arun George

Weekly Deals Digest (09 Nov) – Toyota Industries, Mandom, Pacific Industrial, Saint-Care, ANE, Mayne

By Arun George

Mitsubishi Electric: Digital Pivot Sparks 60% Profit Surge, What’s Next?

By Jay Cameron

  • Mitsubishi Electric is successfully executing a multi-year pivot toward becoming a high-margin digital solutions provider, anchored by its DX strategy and acquisition of OT security leader Nozomi Networks.
  • H1 FY26 financial results confirm clear operating strength, showing a strong 60% year-over-year surge in net profit and strong revenue growth, especially within the Infrastructure and Life segments.
  • Management’s shift to higher-margin software and services, along with disciplined capital management, is materializing value and helps justify a positive long-term view.

Japan 2025 H1 Bank Guidance/Results UPDATE – Strong Uplift Continues on Better Core Biz Income

By Travis Lundy

  • This four-day week saw 10 new guidance revisions (+61% on average), and 21 H1 earnings results (13 which hadn’t guided, averaging +41%, 8 which had, averaging 5.7% uplift vs guidance)
  • It was a Good Week, though banks fell 0.4% as TOPIX fell 1% on the week. 
  • Once again, lower credit costs, higher net interest income, and some equity sales dominated. H2 implied guidance lower in many cases, some because of expected portfolio rebalancing (loss-taking).

Combining Equity Method Affiliates and Founder Family Companies Provide Sufficient Number of Targets

By Aki Matsumoto

  • In response to calls from overseas investors to eliminate parent-subsidiary dual listings, the number of listed subsidiaries has decreased, while the number of equity-method affiliates has increased.
  • Some companies that found themselves with no wayout resorted to selling off part of their holdings to transition to equity method affiliates, for the time being, driven by herd mentality.
  • When considering investment strategies focused on parent-subsidiary listings, in the highly liquid Prime Market, equity method affiliates are more promising investment targets than the limited number of listed subsidiaries.

Advantest Q2 FY2025, Navigating Post-Earnings Volatility

By Jay Cameron

  • Advantest’s updated guidance and MTP3 targets confirm its dominant, long-term growth trajectory as a key supplier for the high-performance computing and AI semiconductor supply chain.
  • Despite a strong structural growth story, the stock faces near-term headwinds from a sequential decline in Q2 operating income and an elevated valuation that reflects peak market optimism.
  • We suggest a tactical adjustment to vega exposure due to market dynamics, recommending a strategy to monetize the heightened implied and realized volatility following the strong earnings report.

Medical System Network Co (4350 JP): 1H FY03/26 flash update

By Shared Research

  • 1H FY03/26 sales reached JPY63.9bn (+6.9% YoY), operating profit JPY1.3bn (+25.2% YoY), net income JPY452mn (+118.4% YoY).
  • Community Pharmacy Network segment sales JPY120.1bn forecasted, with segment profit JPY6.0bn, driven by network expansion and digital services.
  • FY03/26 forecast includes sales JPY125.5bn (+2.5% YoY), EBITDA JPY6.9bn (+4.9% YoY), net income JPY1.3bn (+3.0% YoY).

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Nov 10
0

Daily Brief ESG: Combining Equity Method Affiliates and Founder Family Companies Provide Sufficient Number of Targets and more

By | Daily Briefs, ESG

In today’s briefing:

  • Combining Equity Method Affiliates and Founder Family Companies Provide Sufficient Number of Targets

Combining Equity Method Affiliates and Founder Family Companies Provide Sufficient Number of Targets

By Aki Matsumoto

  • In response to calls from overseas investors to eliminate parent-subsidiary dual listings, the number of listed subsidiaries has decreased, while the number of equity-method affiliates has increased.
  • Some companies that found themselves with no wayout resorted to selling off part of their holdings to transition to equity method affiliates, for the time being, driven by herd mentality.
  • When considering investment strategies focused on parent-subsidiary listings, in the highly liquid Prime Market, equity method affiliates are more promising investment targets than the limited number of listed subsidiaries.

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Nov 10
0

Daily Brief India: Just Dial Ltd, Lenskart Solutions, National Aluminium, Larsen & Toubro and more

By | Daily Briefs, India

In today’s briefing:

  • Primer: Just Dial Ltd (JUST IN) – Nov 2025
  • Lenskart Solutions IPO Trading – Very Strong Anchor Facing Weak Markets
  • NALCO — Margin Peak Sustained, Volume Upside from FY27
  • L&T’s Q2FY26: Don’t Mind the Margins, Watch the ₹6.67 Lakh Crore Backlog.

Primer: Just Dial Ltd (JUST IN) – Nov 2025

By αSK

  • Just Dial is a dominant player in India’s local search market, boasting a vast database of listings and a strong brand recall built over two decades. The company is currently in a growth phase, evidenced by a significant 102.04% 3-year CAGR in net income.
  • The strategic acquisition of a majority stake by Reliance Retail Ventures Ltd. provides substantial synergistic opportunities, access to capital, and integration into a larger digital ecosystem, which is expected to accelerate the growth of its B2B platform, JD Mart.
  • Despite strong financial performance, the company faces intense competition from Google’s local search offerings and various specialized vertical players, which poses a significant threat to its market share and pricing power. The company’s future success hinges on its ability to innovate and effectively monetize its new ventures.

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Lenskart Solutions IPO Trading – Very Strong Anchor Facing Weak Markets

By Sumeet Singh

  • Lenskart Solutions raised around US$825m in its India IPO, with a very strong anchor book.
  • Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
  • We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

NALCO — Margin Peak Sustained, Volume Upside from FY27

By Rahul Jain

  • Record margins sustained: Q2 FY26 EBITDA ₹1,932 cr; full-year margins near 49% on captive coal and lower caustic costs.
  • Growth visibility: 1 Mtpa 5th-stream alumina refinery to commission by Jun 2026; Pottangi mine start by FY27.
  • Valuation gap: Trades at ~4× EV/EBITDA vs 6–7× peers, with ₹7,900 cr cash and 4.5% yield supporting 25–30% re-rating potential.

L&T’s Q2FY26: Don’t Mind the Margins, Watch the ₹6.67 Lakh Crore Backlog.

By Sudarshan Bhandari

  • Q2 revenue (INR 680 billion, +10% YoY) missed estimates on transient issues, but order inflows surged 45%, leading to a record INR 6.67 lakh crore (approx. US$80 billion) order book.
  • L&T is successfully exiting its largest legacy drag (Hyderabad Metro) and capturing a dominant share of the Middle East hydrocarbon boom and the domestic private capex wave.
  • The strategic pivot to new-age manufacturing and green energy, funded by a booming core, is building a more resilient, higher-growth L&T for the future.

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Nov 10
0

Daily Brief China: Xiaomi, Victory Giant Technology -A, Double Medical Technology , BYD, Seres Group , Softcare, Sichuan Biokin Pharmaceutical Co Ltd, Tencent and more

By | China, Daily Briefs

In today’s briefing:

  • Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Methodology Change Leads to US$1.25bn Trade
  • CSI300 Index Rebalance Preview: 12 Changes a Side as Trade Nears US$10bn
  • CSI Medical Service Index Rebalance Preview: Six Potential Changes in December
  • BYD (1211): Time to Sell
  • ECM Weekly (10 November 2025) – Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare
  • Softcare (2698 HK): Where Should It Be Traded?
  • Sichuan Biokin Pharmaceutical IPO: Well-Positioned to Ride Oncology Focused Global ADC Wave
  • Sichuan Biokin A/H Listing: Stretched Valuation
  • Earnings Volatility Preview: Options Price Sharp Swings in China Tech Earnings Week
  • Softcare IPO Trading Note: Strong Insti Sub, Midteens Upside

Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Methodology Change Leads to US$1.25bn Trade

By Brian Freitas

  • Following the methodology update for the HSIII Index, there could be up to 5 constituent changes in December.
  • Estimated one-way turnover is 12.8% and that will result in a round-trip trade of HK$9.8bn (US$1.25bn).
  • Xiaomi (1810 HK) is the biggest beneficiary of the new methodology while there will be large funding outflows for a lot of the current index constituents.

CSI300 Index Rebalance Preview: 12 Changes a Side as Trade Nears US$10bn

By Brian Freitas

  • There could be 12 changes at the December rebalance with the Information Technology sector gaining 2 index spots and a smaller number of changes in the other sectors.
  • We estimate one-way turnover of 2.7% at the rebalance leading to a round-trip trade of CNY 69.8bn (US$9.8bn). There are 8 stocks with over 2x ADV to trade.
  • The forecast adds have outperformed the CSI 300 Index over the last 5 months while the forecast deletes have underperformed the index.

CSI Medical Service Index Rebalance Preview: Six Potential Changes in December

By Brian Freitas

  • There could be up to 6 changes for the CSI Medical Service Index at the December rebalance with the number of changes mainly driven by the inclusions.
  • Estimated one-way turnover is 6.9% and the round-trip trade is estimated at CNY 4.11bn (US$578m). There are 8 stocks with over 1x ADV to trade from passive trackers.
  • The forecast adds have outperformed the forecast deletes since June but have underperformed in the short-term. With the review period complete and announcement in 3 weeks, positioning could resume.

BYD (1211): Time to Sell

By Henry Soediarko

  • BYD (1211 HK) has produced an enviable growth rate for the last 2 decades in the NEV sector. 
  • Berkshire Hathaway Inc Cl A (BRK/A US) has completed selling all its holding in BYD. 
  • The growth rate is no longer as high as before, and therefore demands a new way to evaluate the stock as its PEG increases. 

ECM Weekly (10 November 2025) – Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

By Sumeet Singh

  • Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
  • On the IPO front, the deal flow continues unabated, although a lot of listing in Hong Kong didn’t do to well last week.
  • On the placements front, there were a number of deals, with a few right at lockup expiry.

Softcare (2698 HK): Where Should It Be Traded?

By Osbert Tang, CFA

  • Softcare (2698 HK)‘s IPO price was fixed at HK$26.20, or 16.4x FY26F PER, with overwhelming positive responses in both the Hong Kong IPO and international offer. 
  • We calculate its fair value at HK$26.07-29.43, based on a 50% premium to Hengan International Group (1044 HK) and a 20% discount to the US peers, leaving limited upside.
  • Its tiny public shareholder ownership (15%) and the potential of being an M&A target will elevate its valuations. However, anything above the US peers (i.e. 20.5x PER) is expensive. 

Sichuan Biokin Pharmaceutical IPO: Well-Positioned to Ride Oncology Focused Global ADC Wave

By Tina Banerjee

  • Sichuan Biokin Pharmaceutical has launched HK IPO to raise ~$430M by offering 8.6M shares at HK$389 per share. Subscriptions will close on November 12, with expected listing on November 17.
  • Lead candidate, iza-bren is the world’s first and only EGFR × HER3 bispecific ADC to have entered Phase 3 trial. Biokin has co-development and co-commercialization agreement with BMS for iza-bren.
  • The company is already listed on China’s A-share market in Shanghai. Biokin shares have been a strong performer since it went public and rose 77% over the last one year.

Sichuan Biokin A/H Listing: Stretched Valuation

By Ke Yan, CFA, FRM

  • Sichuan Biokin, a China-based commercial stage biotech company, aims to raise around USD 432 million via a Hong Kong listing.
  • In our previous note, we have examined the company’s fundamentals and latest development.
  • In this note, we look at the deal term. We think the company’s valuation is demanding, despite its clinical breakthrough.

Earnings Volatility Preview: Options Price Sharp Swings in China Tech Earnings Week

By Gaudenz Schneider

  • Context: Some of Hong Kong’s largest and most prominent companies will report in the coming days, representing 20% of the Hang Seng Index (HSI INDEX) 
  • Highlight: This Insight quantifies option-implied swings which serve as a gauge for post-earnings reactions.
  • Why Read: Prepare for a busy earnings week by understanding where single-stock and broader market volatility may be elevated.

Softcare IPO Trading Note: Strong Insti Sub, Midteens Upside

By Nicholas Tan

  • Softcare (2698 HK) (SC) raised around US$307m in its upcoming Hong Kong IPO.
  • Softcare (SC) is an international hygiene product corporation engaged in the development, manufacturing and sales of baby and feminine hygiene products.
  • We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

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Nov 10
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | AI + Shutdowns and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | AI + Shutdowns
  • Japan Morning Connection: Fridays Tape Closed Down but a Big Rally off the Intraday Lows
  • A Basket of Strategic, Speculative Australian Mining Stocks
  • Humanoid Robots Won’t Take Your Job, We’ve Just Decided Not To Give You The Job In The First Place.

Ohayo Japan | AI + Shutdowns

By Mark Chadwick

  • Nasdaq -0.2% lower, capping a 3% weekly decline amid continued pressure on AI-related stocks.
  • The U.S. government shutdown, now in its 40th day, remains deadlocked over ACA subsidies and spending cuts, with no imminent resolution.
  • Profit taking in AI related names will remain a focus for the market. JP earnings have largely been positive. Softbank to report Tues – another test for sentiment

Japan Morning Connection: Fridays Tape Closed Down but a Big Rally off the Intraday Lows

By Andrew Jackson

  • Sandisk +15% as the NAND S/D imbalance shows no signs of easing until next year at least.
  • Olympus’s new CEO steps into his role by announcing 2,000 job cuts which the market will like.
  • Rohm throwing cold water on its AI ambitions makes this a soon to be consensus short for now.

A Basket of Strategic, Speculative Australian Mining Stocks

By Rikki Malik

  • Increasing US and Australian ties in the critical minerals space provide some opportunities
  • After the initial hype and capital raisings, better entry prices have arisen
  • The upside-downside ratio is  high and government support provides a backstop

Humanoid Robots Won’t Take Your Job, We’ve Just Decided Not To Give You The Job In The First Place.

By William Keating

  • Jensen Huang claims that the world is running out of workers & there will be a shortage of 50 million workers by the end of the decade. Enter humanoid robots.
  • Elon Musk claims that AI and robots will take all our jobs, working will be optional and we can grow vegetables while he’s on his way to becoming a trillionaire
  • Technology and society are rapidly approaching a critical decision point. Jobs for robots or for humans?

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