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

• 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. 

• 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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• 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%).

• 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)‘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. 

• 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.

• 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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• 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’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 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.