Daily Briefs

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

I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Saint-Care Holding (2374 JP), Smart Share Global (EM US), ENN Energy (2688 HK), Dongfeng Motor (489 HK), Digital Holdings Inc (2389 JP).
Lowest spreads: Bright Smart Securities (1428 HK), Mandom Corp (4917 JP), Pacific Industrial (7250 JP), Toyota Industries (6201 JP), Seven West Media (SWM AU), Jinke Smart Services (9666 HK).

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

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: CNGR Advanced Material (300919 CH) is seeking to raise US$507 million through a H Share listing.
Event-Driven developments: Toyota Industries (6201 JP), Japan Infrastructure Fund Investment Corporation (9287 JP), Mandom Corp (4917 JP), Pacific Industrial (7250 JP), Saint-Care Holding (2374 JP), ANE Cayman Inc (9956 HK).

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).

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.

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Nov 10

Daily Brief ECM: ECM Weekly (10 November 2025) – Seres and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

ECM Weekly (10 November 2025) – Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare
Sichuan Biokin Pharmaceutical IPO: Well-Positioned to Ride Oncology Focused Global ADC Wave
Sichuan Biokin A/H Listing: Stretched Valuation
Softcare IPO Trading Note: Strong Insti Sub, Midteens Upside
Lenskart Solutions IPO Trading – Very Strong Anchor Facing Weak Markets
Pre-IPO Jingze Biopharmaceutical (Hefei) – The Concerns and the Outlook

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

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.

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.

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.

Lenskart Solutions IPO Trading – Very Strong Anchor Facing Weak Markets

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.

Pre-IPO Jingze Biopharmaceutical (Hefei) – The Concerns and the Outlook

By Xinyao (Criss) Wang

JZB33 is expected to have more growth potential than JZB30. However, the rhFSH market is highly competitive. JZB30/JZB33 not only need to compete with MNCs but also domestic Big Pharma.
The “inverted pyramid” pipeline distribution leads to a high dependence JZB30, JZB33, JZB05 for Jingze’s performance growth in the next 3-5 years, thus lacking sustained innovation and growth momentum.
Post-Money valuation was RMB3.09 billion after Series C+ Financing. We think valuation of Jingze should be lower than Henlius, Chengdu Kanghong due to the concerns on commercialization outlook/Biosimilar VBP.

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Nov 10

Daily Brief Equity Bottom-Up: BYD (1211): Time to Sell and more

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

In today’s briefing:

BYD (1211): Time to Sell
Primer: Just Dial Ltd (JUST IN) – Nov 2025
Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly 7 to 21 November 2025)
Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (10 Nov)
Softcare (2698 HK): Where Should It Be Traded?
Curator’s Cut: Korea’s Memory Mania, Nintendo’s Next Play & Airline Takeoffs
Primer: iX Biopharma Ltd (IXBIO SP) – Nov 2025
NALCO — Margin Peak Sustained, Volume Upside from FY27
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!

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.

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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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%).

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.

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.

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.

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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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.

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

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!

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.

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Nov 10

Most Read: China Northern Rare Earth Group High-Tech, Xiaomi, Samsung Fire & Marine Insurance, Saint-Care Holding, Victory Giant Technology -A, Strategy, Soft99 Corp, Toyota Industries, Double Medical Technology , Taiwan Semiconductor (TSMC) – ADR and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

SSE50 Index Rebalance Preview: 4 Potential Changes in December
Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Methodology Change Leads to US$1.25bn Trade
Key Schedule for Korea’s Dividend Policy Momentum: This Thursday – Short‑term Target Group Screened
Saint-Care (2374 JP): An Attractive MBO
CSI300 Index Rebalance Preview: 12 Changes a Side as Trade Nears US$10bn
Index Consultation on DATCos Means MORE Selling Likely, and Another Index Questionable
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
CSI Medical Service Index Rebalance Preview: Six Potential Changes in December
Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; UMC & CHT Opportunity Levels

SSE50 Index Rebalance Preview: 4 Potential Changes in December

With the review period complete, there are 6 non-constituents in direct inclusion zone and 4 current constituents in direct deletion zone. However, as usual, there will be discretion used.
4 changes result in a one-way turnover of 4%, leading to a round-trip trade of CNY 17bn (US$2.4bn). Index arb balances will increase the impact on the stocks.
The index committee has used discretion in selecting the index adds and deletes and that could continue to be the case at this review too.

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

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.

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.

Saint-Care (2374 JP): An Attractive MBO

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.

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

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.

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.

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

I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Saint-Care Holding (2374 JP), Smart Share Global (EM US), ENN Energy (2688 HK), Dongfeng Motor (489 HK), Digital Holdings Inc (2389 JP).
Lowest spreads: Bright Smart Securities (1428 HK), Mandom Corp (4917 JP), Pacific Industrial (7250 JP), Toyota Industries (6201 JP), Seven West Media (SWM AU), Jinke Smart Services (9666 HK).

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

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: CNGR Advanced Material (300919 CH) is seeking to raise US$507 million through a H Share listing.
Event-Driven developments: Toyota Industries (6201 JP), Japan Infrastructure Fund Investment Corporation (9287 JP), Mandom Corp (4917 JP), Pacific Industrial (7250 JP), Saint-Care Holding (2374 JP), ANE Cayman Inc (9956 HK).

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

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.

Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; UMC & CHT Opportunity Levels

By Vincent Fernando, CFA

TSMC: +21.8% Premium; Wait for Lower Premium Before Fresh Long
UMC: +2.2% Premium; Good Level to Short the ADR Premium
CHT: -2.0% Discount; Near Level to Go Long the ADR Spread

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Nov 10

Daily Brief Macro: Asian Equities: Earnings Estimate Upgrades Climbing and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively
Peering into 2026: Momentum Tailwinds
The Challenges of Narrow Breadth

Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

By Manishi Raychaudhuri

Midway through the 3Q25 result season, eighteen Asian market-sectors have reported consensus EPS estimate upgrades over past one, three and six months. A quarter ago, we identified 11 such sectors.
Eleven of these sectors are from HK/China, Korea and Taiwan. Seven are from ASEAN markets, dominated by Thailand. India and Singapore are conspicuous by their absence.
Among the notable sectors with EPS upgrades, Chinese base metals, HK/Chinese and Korean financials, Chinese pharmaceuticals, Korean and Taiwanese technology, Thai utilities and communication and Philippines transportation stand out.

Peering into 2026: Momentum Tailwinds

By Cam Hui

We are bullish on the S&P 500 into year-end and into the early part of 2026.
A combination of easy monetary policy and fiscal policy represents reflationary macro tailwinds.
The stock market is also enjoying support from positive price and fundamental momentum.

The Challenges of Narrow Breadth

By Cam Hui

We have heard many concerns from chartists in the past few months about the narrow nature of breadth in the U.S. equity market.
Investors need to distinguish between narrow relative leadership and weak breadth. While leadership is narrow, absolute breadth remains positive.
We reiterate our view that equity investors should adopt a barbell strategy of overweight U.S. large-cap growth and non-U.S. developed market value stocks.

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Nov 10

Daily Brief Energy/Materials: Bluescope Steel, National Aluminium, Fenix Resources , Southern Copper and more

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

In today’s briefing:

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (10 Nov)
NALCO — Margin Peak Sustained, Volume Upside from FY27
Fenix Resources (FEX AU): Pullback With Iron Ore Prices And Attractive Entry Point
Comex-LME Trade Back In The Spotlight, Spread To Widen Again

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.

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.

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

By Sameer Taneja

Fenix Resources (FEX AU) has pulled back 25% from its recent highs, as iron ore prices have fallen 6% from their highs, amid the Simandou project nearing completion.
Despite the negative sentiment, with steel mill margins hovering around -300 RMB/ton, we still see iron ore at 95-110 USD/ton, as China’s imports were a record in September.
We like Fenix Resources (FEX AU) and are pounding the table on the name. Read our recent update, Fenix Resources (FEX AU) Q1 FY26 Report: Multibagger In The Making

Comex-LME Trade Back In The Spotlight, Spread To Widen Again

By Sameer Taneja

The US administration’s addition of copper to the critical minerals list, with a likelihood of a blanket 15% levy, has widened the spread between COMEX and LME once again.
Earlier, Trump had destroyed the spread in July by backtracking on the 50% tariff on copper, limiting it to value-added (see: COMEX Spread Destroyed By Trump, Long-Term Copper Still Great).
We are bullish on copper. Recent supply shocks will push prices upwards to 12k USD/ton by year-end (Copper To End The Year with Seasonal Strength: Onward To 12,000 USD/Ton )

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Nov 10

Daily Brief Utilities: Nisource Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

NiSource: THIS Strategic Partnership Just Doubled Its Power Capacity—Here’s How!

NiSource: THIS Strategic Partnership Just Doubled Its Power Capacity—Here’s How!

NiSource Inc.’s recent earnings call highlighted several significant developments and strategic initiatives that may influence investment perspectives on the company.
From a financial performance standpoint, NiSource reported a third-quarter adjusted EPS of $0.19, resulting in a year-to-date total of $1.38.
In terms of guidance, the company reaffirmed its upper half of 2025 adjusted EPS guidance of $1.85 to $1.89 and announced 2026 consolidated EPS guidance of $2.02 to $2.07.

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Nov 10

Daily Brief Industrials: Mitsubishi Electric, Allison Transmission Holdings, Clean Harbors, Idex Corp, ITT , Larsen & Toubro, Masco Corp, Smurfit WestRock, AerCap Holdings NV, Watsco Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Mitsubishi Electric: Digital Pivot Sparks 60% Profit Surge, What’s Next?
Allison Transmission: An Insight Into Its Positioning in Electrified Propulsion Solutions!
Clean Harbors Is Banking on 600N Base Oil – Can This Bet Up The Ante?
IDEX Corporation: Is The Growth Momentum in Health and Science Technologies Here To Stay?
ITT Inc.: How Smart Acquisitions Are Fueling Its Future Growth!
L&T’s Q2FY26: Don’t Mind the Margins, Watch the ₹6.67 Lakh Crore Backlog.
Masco Corporation: Inside the Wellness Boom Driving Its Hot Tub & Sauna Surge!
Smurfit Westrock: What Europe’s Growth & Germany’s Slowdown Mean for Investors!
AerCap Holdings N.V. Supercharges Its Fleet—97 New Aircraft on the Way!
Watsco: Why Is It Betting Big on High-Efficiency HVAC Systems? The Answer Might Shock You!

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.

Allison Transmission: An Insight Into Its Positioning in Electrified Propulsion Solutions!

Allison Transmission’s third quarter 2025 earnings call sheds light on the various dynamics influencing its performance, revealing both opportunities and challenges facing the company.
The primary challenges are rooted in the North American On-Highway market, a segment that has witnessed significant demand reductions due to uncertain macroeconomic conditions.
This decline is attributed to factors such as tariffs, evolving trade policies, and upcoming emissions regulations, leading to decreased purchasing activities among end users.

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

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.

IDEX Corporation: Is The Growth Momentum in Health and Science Technologies Here To Stay?

IDEX Corporation’s third quarter 2025 results and strategic direction reveal both opportunities and challenges.
The company’s performance exceeded expectations, marked by organic order growth of 7% and sales growth of 5%, particularly driven by its Health & Science Technologies (HST) segment.
Key drivers of HST’s momentum include growth in markets such as pharmaceutical, data centers, semiconductor consumables, and space and defense.

ITT Inc.: How Smart Acquisitions Are Fueling Its Future Growth!

ITT Inc.’s third-quarter results for 2025 reflect a complex landscape of both opportunities and challenges as the company continues its trajectory towards its 2030 targets.
For the quarter ending September 27, 2025, ITT reported robust financials, with several notable positives and some areas that warrant close monitoring.
On the positive side, ITT achieved nearly $1 billion in total orders for the third consecutive quarter, marking a 3% increase.

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.

Masco Corporation: Inside the Wellness Boom Driving Its Hot Tub & Sauna Surge!

Masco Corporation’s third-quarter 2025 performance reflects a mixed landscape of challenges and opportunities.
The company’s net sales experienced a 3% decrease in local currency (2% excluding the divestiture of Kichler), impacted by prevailing geopolitical and macroeconomic uncertainties.
A 1% rise in plumbing sales in local currency illustrates some positive performance, notably from Delta Faucet’s strong showing in e-commerce and trade channels.

Smurfit Westrock: What Europe’s Growth & Germany’s Slowdown Mean for Investors!

The latest earnings call for Smurfit Westrock highlighted a blend of achievements and ongoing challenges for the company, which recently formed from the merger of Smurfit Kappa and Westrock.
Key focal points include performance results, strategic adjustments, and regional performance insights.
Positively, Smurfit Westrock reported an adjusted EBITDA margin of 16.3% and operating cash flow of $1.1 billion, demonstrating financial stability amidst a challenging macroeconomic environment.

AerCap Holdings N.V. Supercharges Its Fleet—97 New Aircraft on the Way!

AerCap Holdings NV’s third quarter 2025 performance provides a comprehensive look at both the strengths and challenges facing the company, which remains a major player in the aircraft leasing industry.
The company announced a GAAP net income of $1.2 billion, with a notable EPS of $6.98, driven largely by gains on aircraft sales and insurance recoveries from previous conflicts.
The adjusted net income was reported at $865 million, resulting in a record adjusted EPS of $4.97.

Watsco: Why Is It Betting Big on High-Efficiency HVAC Systems? The Answer Might Shock You!

Watsco, Inc. reported its third-quarter financial results, demonstrating resilience despite a challenging market environment.
The company navigated a year of transition due to regulatory changes impacting 55% of its products, which included introducing next-generation A2L refrigerants.
This transition created volatility, yet Watsco managed to maintain its earnings substantially intact, showcasing its ability to adapt and perform under pressure.

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Nov 10

Daily Brief Consumer: Soft99 Corp, Toyota Industries, BYD, Orion Corp, Seres Group , Softcare, Lenskart Solutions, TSE Tokyo Price Index TOPIX, Ginebra San Miguel and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

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
BYD (1211): Time to Sell
Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly 7 to 21 November 2025)
ECM Weekly (10 November 2025) – Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare
Softcare (2698 HK): Where Should It Be Traded?
Softcare IPO Trading Note: Strong Insti Sub, Midteens Upside
Lenskart Solutions IPO Trading – Very Strong Anchor Facing Weak Markets
Combining Equity Method Affiliates and Founder Family Companies Provide Sufficient Number of Targets
Ginebra San Miguel (GSMI PM) Q3 2025: Steady 19% Growth, Market Leader At <10x PE, With A >35% ROCE

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

I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Saint-Care Holding (2374 JP), Smart Share Global (EM US), ENN Energy (2688 HK), Dongfeng Motor (489 HK), Digital Holdings Inc (2389 JP).
Lowest spreads: Bright Smart Securities (1428 HK), Mandom Corp (4917 JP), Pacific Industrial (7250 JP), Toyota Industries (6201 JP), Seven West Media (SWM AU), Jinke Smart Services (9666 HK).

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

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: CNGR Advanced Material (300919 CH) is seeking to raise US$507 million through a H Share listing.
Event-Driven developments: Toyota Industries (6201 JP), Japan Infrastructure Fund Investment Corporation (9287 JP), Mandom Corp (4917 JP), Pacific Industrial (7250 JP), Saint-Care Holding (2374 JP), ANE Cayman Inc (9956 HK).

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.

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%).

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

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.

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.

Lenskart Solutions IPO Trading – Very Strong Anchor Facing Weak Markets

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.

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.

Ginebra San Miguel (GSMI PM) Q3 2025: Steady 19% Growth, Market Leader At <10x PE, With A >35% ROCE

By Sameer Taneja

Ginebra San Miguel (GSMI PM) reported steady growth in Q3 2025, with revenues/profits increasing by 5.5% and 18.9% YoY, respectively. Volume/Pricing grew -1%/6.6% YoY as the company offset excise-duty increases.
EBITDA margins were maintained at 16.8%, while the company’s net cash and investments remained stable at 16.7 billion pesos (59 pesos/share, or 21% of market capitalization).
Trading at 9.3x PE and demonstrating pricing power/profit growth of 10-15% CAGR (with a dividend yield of 5.4%), this is a name to explore.

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Nov 10

Daily Brief Health Care: Saint-Care Holding, Double Medical Technology , Sichuan Biokin Pharmaceutical Co Ltd, iX Biopharma Ltd, Ionis Pharmaceuticals, Jingze Biopharmaceutical (Hefei), Align Technology, United Therapeutics, Avantor and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Saint-Care (2374 JP): An Attractive MBO
CSI Medical Service Index Rebalance Preview: Six Potential Changes in December
Sichuan Biokin Pharmaceutical IPO: Well-Positioned to Ride Oncology Focused Global ADC Wave
Sichuan Biokin A/H Listing: Stretched Valuation
Primer: iX Biopharma Ltd (IXBIO SP) – Nov 2025
Ionis Pharma: Will Its Expansion of Cardiology Portfolio With Next-Generation ASO Therapies Become The Next BIG THING?
Pre-IPO Jingze Biopharmaceutical (Hefei) – The Concerns and the Outlook
Align Technology Uncovered: What’s Fueling Its Massive EMEA & APAC Momentum?
United Therapeutics Eyes Billion-Dollar IPF Market—Can They Pull It Off?
Avantor: Bioprocessing Innovation in Sterile Sampling & Other Key Growth Levers!

Saint-Care (2374 JP): An Attractive MBO

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.

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

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.

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.

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.

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

Ionis Pharma: Will Its Expansion of Cardiology Portfolio With Next-Generation ASO Therapies Become The Next BIG THING?

Ionis Pharmaceuticals has demonstrated notable progress and robust performance in its third quarter of 2025, driven by advancements in its drug pipeline and strategic launches.
The company, specializing in RNA-targeted therapies, is focused on treating serious diseases in domains such as neurology and cardiometabolic areas.
Ionis has successfully commenced its first independent launch of TRYNGOLZA, the sole FDA-approved treatment for familial chylomicronemia syndrome (FCS), with encouraging market performance, leading to an increased revenue forecast for 2025.

Pre-IPO Jingze Biopharmaceutical (Hefei) – The Concerns and the Outlook

By Xinyao (Criss) Wang

JZB33 is expected to have more growth potential than JZB30. However, the rhFSH market is highly competitive. JZB30/JZB33 not only need to compete with MNCs but also domestic Big Pharma.
The “inverted pyramid” pipeline distribution leads to a high dependence JZB30, JZB33, JZB05 for Jingze’s performance growth in the next 3-5 years, thus lacking sustained innovation and growth momentum.
Post-Money valuation was RMB3.09 billion after Series C+ Financing. We think valuation of Jingze should be lower than Henlius, Chengdu Kanghong due to the concerns on commercialization outlook/Biosimilar VBP.

Align Technology Uncovered: What’s Fueling Its Massive EMEA & APAC Momentum?

Align Technology presented their third-quarter results for 2025, highlighting a mixed performance across its various business segments.
Overall, revenues were posted at $996 million, reflecting a slight sequential decrease of 1.7% but a year-over-year increase of 1.8%.
This reflects modest growth driven primarily by the Clear Aligners segment.

United Therapeutics Eyes Billion-Dollar IPF Market—Can They Pull It Off?

United Therapeutics Corporation’s third-quarter results for 2025 demonstrate both the company’s operational strengths and challenges.
United Therapeutics reported record revenues of $800 million, up 7% from the same period in 2024, largely driven by increased demand for Tyvaso and Orenitram, key therapies in their portfolio addressing pulmonary hypertension (PH) and interstitial lung diseases.
This revenue growth is indicative of the effectiveness of their commercial strategies and market execution, underscoring the resilience of their business model despite increased competition.

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