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
- 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)
- 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?
- 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
- 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
- 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
- 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.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
