In today’s briefing:
- Sun Corp (6736) – CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better
- Quiddity Leaderboard SET50 Dec25: Capping for Delta in September; Index Changes Likely in December
- BYD (1211 HK)’s Current Relief Rally May Lead to Another Pullback
- JYP Entertainment: Explosive Earnings Growth in 2Q 2025
- Graham Holdings’ Multi-Industry Playbook Is the Market’s Best Kept Secret!
- General Motors (GM) Powers Up EV Strategy Through Hyundai Alliance & China Battery Sourcing
- Ferrari N.V.: Initiation Of Coverage- Balancing Tradition & Innovation But Can It Dominate the Luxury Performance Market?
- Ginebra San Miguel (GSMI PM) Q2 2025: A Solid Result, Market Leader At <10x PE, With A >35% ROCE
- Tegna Buyout By Nexstar Could Spark The Biggest TV Shake-Up In Years
- Lucror Analytics – Morning Views Asia
Sun Corp (6736) – CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better
- 12 months on from the Tender Offer which changed the shape of the shareholder register, Sun Corp (6736 JP) is up small and its main asset Cellebrite is -10%.
- The value of the rest of Sun Corp has probably increased to cover that 10% through new business earnings, but the main value is still Cellebrite. An exit still awaited.
- Now Cellebrite is lower, and SunCorp is lower (but recently rising) and SunCorp has announced a buyback which accounts for a big chunk of Real World Float. Hmmm…
Quiddity Leaderboard SET50 Dec25: Capping for Delta in September; Index Changes Likely in December
- The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
- In this insight, we have presented our latest capping flow expectations for the September 2025 index rebal event.
- Separately, we expect at least one index change during the next index review in December 2025.
BYD (1211 HK)’s Current Relief Rally May Lead to Another Pullback
- After an explosive rally in the first part of the year BYD (1211 HK) started to sputter in mid-May and has been downtrending since.
- BYD was starting to be oversold at the end of last week, as shown in our latest Global Markets Tactical Outlook WEEKLY insight, but this week started a relief rally.
- However, the current trend pattern is NOT BULLISH according to our model, the stock could fall again after a 1-2 weeks bounce. Profit target: 116-123 price zone.
JYP Entertainment: Explosive Earnings Growth in 2Q 2025
- JYP Entertainment reported an explosive growth in sales and profits in 2Q 2025. It achieved sales of 215.8 billion won (up 125.5% YoY and 6.4% higher than consensus).
- JYP also had an operating profit of 52.9 billion won (up 466.5% YoY and 23.3% higher than consensus in 2Q 2025.
- JYP’s much better than expected results in 2Q 2025 confirms its ability to monetize the growing popularity of K-Pop globally.
Graham Holdings’ Multi-Industry Playbook Is the Market’s Best Kept Secret!
- Graham Holdings Company has quietly delivered a series of encouraging results highlighting an estimated parts sum‐of‐the‐parts valuation exceeding $1,500 per share versus its market price near $950.
- Fueled by double‐digit growth at Kaplan’s test prep and online university businesses, 36% year‐over‐year revenue gains in its fast‐growing healthcare services segment, and the potential spin‐off of its TV station group, Graham is drawing fresh attention for its diverse asset base and disciplined capital management.
- With an overfunded pension plan, a conservative balance sheet holding more than $1.1 billion in cash and marketable securities against $800 million of debt, and family control via supervoting shares that aligns management with long‐term value creation, the Barron’s report cites narrowing losses at early‐stage businesses like Framebridge and increased focus on high-growth healthcare units as catalysts that could unlock shareholder value.
General Motors (GM) Powers Up EV Strategy Through Hyundai Alliance & China Battery Sourcing
- General Motors has been quietly transforming its electric-vehicle strategy over the past few months, and the latest moves suggest the century-old automaker is more serious about EVs than ever.
- In early August, GM shocked the industry by announcing a temporary import of lithium-iron-phosphate (LFP) batteries from China’s CATL, despite steep Trump-era tariffs, to power its next-generation Chevy Bolt.
- Simultaneously, GM doubled down on joint ventures: teaming with Hyundai to codevelop five new hybrid and electric models slated for launch by 2028, and expanding its Ultium Cells partnerships with LG to bring domestic LFP and advanced lithium-manganese-rich chemistries on-line by 2027.
Ferrari N.V.: Initiation Of Coverage- Balancing Tradition & Innovation But Can It Dominate the Luxury Performance Market?
- Ferrari presented its Q2 2025 financial results, reflecting both its operational strengths and the challenges it faces in a complex global environment.
- During this period, Ferrari exhibited growth across key financial metrics, demonstrating a robust and disciplined execution of its business strategy despite uncertain macroeconomic and geopolitical conditions.
- One of the standout achievements in this quarter was the increase in total revenues, which reached approximately EUR 1.8 billion, marking a 4.4% growth year-over-year.
Ginebra San Miguel (GSMI PM) Q2 2025: A Solid Result, Market Leader At <10x PE, With A >35% ROCE
- Ginebra San Miguel (GSMI PM) reported steady growth in Q2 2025, with revenues and profits increasing by 7.3% and 20.7% YoY. Volume/Pricing grew 1%/6.3% YoY as company offset excise-duty increases.
- EBITDA margins were maintained at 16.8%, while the company saw its net cash and investments stable at 16.1 billion pesos (56 pesos/share or 19% of market capitalization).
- Trading at 9.9x PE and demonstrating pricing power/profit growth of 10-15% CAGR (with a dividend yield of 5.4%), this is a name to explore.
Tegna Buyout By Nexstar Could Spark The Biggest TV Shake-Up In Years
- Tegna Inc. has once again found itself in the M&A spotlight, with reports indicating that Nexstar Media Group is in advanced talks to acquire the broadcaster in what could become a pivotal test for the Federal Communications Commission’s evolving deregulatory stance.
- Nexstar, already the largest local TV station owner in the U.S., commands over 200 stations in 116 markets and owns national networks like the CW and NewsNation.
- Tegna operates 64 stations across 51 markets, reaching more than 100 million people.
Lucror Analytics – Morning Views Asia
- The UST curve twisted steeper yesterday after the July CPI report came in mostly within expectations, which could provide room for a Fed rate cut in September.
- The yield on the 2Y UST fell 4 bps to 3.73%, while the yield on the 10Y UST was stable at 4.29%.
- Equities rallied to new record highs, with the S&P 500 and Nasdaq up 1.1% and 1.4%, to 6,446 and 21,682, respectively. In the US, the July CPI inched down to 0.2% m-o-m (0.2% e / 0.3% p), and was stable at 2.7% y-o-y (2.8% e / 2.7% p). T
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