In today’s briefing:
- Can Nidec (6594) Ever Wake Up from Its Compliance Nightmare?
- KIOXIA (285A JP) — Q2 FY25 Update, Selldown Context, and Valuation
- Haier Smart Home (6690 HK) – Steady Execution to Win the Race
- Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!
- BHP: Few Viable Targets After Anglo Bid Abandoned
- Biogen’s $50 Million Immunology Power Move: Are Oral Peptides The Future?
- TechChain Insights: Visit with Taiwan’s Critical Battery Supplier
- PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E
- Dynatrace: ServiceNow & Atlassian Partnerships Could Transform Its Growth Trajectory!
- Ohba (9765 Jp) – November 5, 2025
Can Nidec (6594) Ever Wake Up from Its Compliance Nightmare?
- Until the latest accounting scandal, Nidec was just another stupidly over-valued company that chased too many rainbows and missed too many targets.
- Now, finally, it has fallen to interesting valuations and there is a real incentive to fix the things that need fixing.
- Nidec is a governance nightmare with poor oversight, a history of bad strategic decisions, and shoddy execution. If these are fixed, though, the upside is enormous.
KIOXIA (285A JP) — Q2 FY25 Update, Selldown Context, and Valuation
- Q2 results confirmed a clear earnings inflection, driven by strong enterprise SSD demand, improving ASPs, and recovering smartphone NAND volumes.
- Q3 guidance signals record revenue and further margin expansion supported by tight NAND supply and AI-linked storage demand.
- Despite near-term pressure from Bain’s selldown, long-term fundamentals remain intact; valuation discounts justify a ¥12,500 target and accumulate-on-weakness stance.
Haier Smart Home (6690 HK) – Steady Execution to Win the Race
- Solid Q3 and 9M FY25 Financial Delivery: Despite challenging market conditions in China, Haier Smart Home (6690 HK) delivered solid third-quarter results reinforcing company’s strategic positioning and operational execution.
- Operational Efficiency and Mix Upgrade: The company continued to benefit from digitalised manufacturing, supply-chain optimisation, and higher contribution from high-end segments, supporting EBITDA and net profit resilience despite macro softness
- Strategic Focus Driving Sustainable Growth:Emphasis on Smart Home ecosystem expansion, global penetration, and disciplined capital allocation reinforce its competitive positioning and sets the foundation for sustained earnings momentum into FY26.
Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!
- Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business segments.
- Total revenue reached $180.2 billion, marking a year-over-year increase of 12% when adjusting for foreign exchange impacts.
- Operating income was reported at $17.4 billion, however, this was impacted by two significant expenses: a $2.5 billion FTC settlement and $1.8 billion in estimated severance costs.
BHP: Few Viable Targets After Anglo Bid Abandoned
- BHP has abandoned a last minute bid for Anglo American, which will likely see the latter’s planned merger with Teck with proceed
- We consider other potential targets for BHP, all copper, concluding that most seem unlikely for now, especially with the company stating a focus on organic growth
- BHP faces the risks of a decline in iron ore (consensus) and copper (non-consensus) prices in our view, while it trades at premium to the sector and above our DCF
Biogen’s $50 Million Immunology Power Move: Are Oral Peptides The Future?
- Biogen Inc. has made headlines with its latest strategic maneuver: a $50 million research partnership with Dayra Therapeutics, a biotech innovator specializing in macrocyclic peptides.
- This move signals Biogen’s intensified push into the immunology space, a significant pivot from its traditional focus on neuroscience.
- The deal gives Biogen early access to a platform designed to develop oral treatments for autoimmune and inflammatory conditions—categories currently dominated by injectable therapies.
TechChain Insights: Visit with Taiwan’s Critical Battery Supplier
- Factory visit to GUS Technology reveals Taiwan’s strategic position as a non-China battery supplier for defense and critical infrastructure applications.
- Proprietary pouch cell technology with patents in Taiwan and Japan addresses weight-sensitive applications including drones, underwater vehicles, and data center UPS systems.
- Dual product strategy (safety-focused Mettle Series and energy-dense Hyper Series) targets both commercial reliability and mission-critical performance markets.
PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E
- AI PCs turning the PC refresh into a gradual, extended up-cycle
- Memory inflation is one of the major margin risks for PC makers in 2026
- Dell’s server business indicates AI factory build-outs becoming a multi-year investment cycle. Remain long Dell, Asustek, Acer.
Dynatrace: ServiceNow & Atlassian Partnerships Could Transform Its Growth Trajectory!
- Dynatrace recently reported its fiscal second quarter of 2026 results, showcasing a robust performance that exceeded its guidance across various metrics.
- The company reported a 16% growth in Annual Recurring Revenue (ARR), a 17% growth in subscription revenue, and a pretax free cash flow representing 32% of revenue on a trailing 12-month basis.
- Such strong results underline the company’s successful strategy execution, driven by growing demand in end-to-end observability and multi-cloud tool consolidation.
Ohba (9765 Jp) – November 5, 2025
- OHBA (hereafter, the Company) is a general construction consulting firm boasting a leading market share in the field of urban planning.
- In the construction consulting industry, there were 56 companies with annual sales of JPY 5 bn or more and 106 companies with JPY 2 bn or more in the 12 months from January to December 2024.
- The Company ranks 24th, positioning it as a mid-tier player. Over its century-long history, however, the Company has specialized in urban development fields such as city planning, and in this domain, it holds the top domestic market share, ahead of the runner-up, Nippon Koei Urban Space, by just under JPY 1 bn in annual sales.
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