Daily Brief Equity Bottom-Up: Briefing. TSMC Dismissed Bubble Fears and more

• Federal Reserve expected to reduce interest rates amid labor market weakness and inflation concerns
• Fed officials divided on future rate cuts, with market anticipating continued easing cycle and potential changes in personnel influencing decisions

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• The growth rate of total revenue accelerated to 245% YoY in 3Q25.
• Within China revenue, the growth rates of both online and offline accelerated in 3Q25.
• The company highlighted that revenues surged significantly in America and Europe.

• TSMC: +22.1% Premium; Continue to View 24% or Higher as Level to Short From
• UMC: +0.4% Premium; Results Coming… Wait for More Extreme Spread Levels
• ASE: +0.4% Premium; Near Good Level to Go Long the ADR Spread

Key points (machine generated)

• Enterprise Products Partners (EPD) operates a comprehensive network for transporting and processing natural gas liquids, crude oil, and petrochemicals as a master limited partnership.
• EPD’s competitive edge comes from its vertically integrated system, enhancing market access and reliability for major industry customers, particularly in Texas and along the Houston Ship Channel.
• With a 7.0% yield and strong governance, EPD is well-positioned to benefit from U.S. petrochemical growth and maintains a stable distribution supported by robust cash flow.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)

• Toast faces concerns over overestimated unit economics as it expands into new verticals, particularly with Enterprise customers like Applebee’s.
• Projections for fiscal year 2026 appear unrealistic given Toast’s high valuation of approximately 45x forward EBITDA, risking market re-evaluation.
• Despite challenges with some software modules, Toast has significantly increased its market share among U.S. restaurants from under 5% to over 15%.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• We met with the management of Dream International (1126 HK) in Hong Kong. The company is riding a hectic phase with its Vietnam operations running at full capacity.
• Management is evaluating capacity expansion in Indonesia and Vietnam for plastic and plush toy production serving China, targeting an aggregate capacity increase of approximately 20–30% to meet demand.
• The stock has pulled back and trades at 8.9x PE, 5.1 EV-EBITDA, with a 6.2% dividend yield and 21% of the market capitalization in cash, and 10 Yr-Avg ROCE ~20%. 

• BeNext-Yumeshin Group is a major player in the Japanese human resource services industry, specializing in the dispatch of engineers and technical staff across several key sectors.
• The company has demonstrated a strong growth trajectory in revenue and net income, supported by a robust dividend payout history, making it an attractive proposition for income-oriented investors.
• Key challenges include navigating the highly competitive and fragmented domestic market, managing risks associated with economic cyclicality, and adapting to evolving labor regulations in Japan.

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

• Doosan Enerbility is strategically pivoting towards eco-friendly energy solutions, including gas turbines, renewables (wind, hydrogen), and small modular reactors (SMRs), positioning itself to capitalize on the global energy transition.
• The company maintains a strong, albeit cyclical, position in the global power and water plant construction market, with core competencies in nuclear reactors, turbines, and desalination technologies.
• Financial performance is characterized by revenue growth but significant volatility in profitability and cash flow, alongside a high valuation (P/E > 100x) that presents a risk for investors.

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

• Aniplus is increasingly becoming a leading player in the anime contents production and distribution in Korea. The company’s anime contents have potential to expand globally. 
• Valuations are attractive. It is trading at P/E of 9x in 2025 and 7.9x in 2026 based on consensus earnings estimates. 
• If we use P/E of 15x on 2026E net profit of 26.9 billion won, this would suggest a market cap of 404 billion won (95% higher than current market cap). 

• COSCO SHIPPING International (Singapore) reported a 10.6% revenue increase in 1H 2025, driven by logistics and marine engineering growth.
• The company is constructing Jurong Island Logistics Hub Phase 2, with completion expected in Q4 2026, enhancing logistics infrastructure.
• Key risks for 2025 include potential global trade slowdown, operational disruptions, and regulatory changes affecting logistics and marine services.