Daily Brief Equity Bottom-Up: CXMT Corp (688825 CH): G5 Mass Production and more

• G5 reaches mass production at 11.95nm active-area half-pitch, with ≥50% more gross dies/wafer and two 24Gb LPDDR5X products.
• G5 is unlikely to move FY26 earnings, but 2027 capacity growth could accelerate commodity DRAM pricing normalisation into 2H27.
• Maintain BEARISH/REDUCE: RMB31.40 FV is 44.9% below spot; use G5-driven strength to reduce exposure.

• Shiprocket delivered 34% YoY revenue growth in Q1 FY27, while Adjusted EBITDA rose nearly 9x to INR 8.9 crore as the core business gained operating leverage.
• The bigger story is emerging businesses, where revenue grew 70% YoY to INR 180 crore, led by MarTech and omnichannel services.
• With 2.24 lakh+ active merchants, 216 million quarterly transactions and a wider product stack, Shiprocket is trying to capture more value from every merchant.

• On Tuesday, Meera Kapoor wrote about how GLP-1 drugs cause people’s skin to become saggy – the effect that’s now popularly known as “Ozempic face”.
• Two solutions are botulinum neurotoxin (“Botox”) and dermal fillers.
• Botox is injected into the skin to reduce wrinkles. Such wrinkles include frown lines, forehead lines and so-called “crow’s feet.

• Won Tech’s exports increased by 59.8% YoY in 2025 and by 21.5% YoY in 1H 2026. The company’s export sales to the U.S. increased sharply in 1H 2026. 
• Won Tech is currently trading at P/E of 9.8x and P/B of 2.2x based on 2026 consensus earnings estimates (50% to 60% discount to its historical valuation multiples). 
• Won Tech provides medical aesthetics and surgical devices. The company’s products specializes in the laser and energy based medical solutions used for skin rejuvenation and face lifting procedures. 

• Sa Sa (178 HK)‘s positive profit alert suggests net profit will reach HK$150m in 1H FY26/27, equaling a 2x YoY increase, ahead of the consensus. 
• 2H net profit has been historically better than 1H, meaning the market’s full-year forecast of HK$277m provides room for an upgrade. The Jul retail sales trend also supports this.
• Despite a 106% YTD rally, its 2.7x 12-month P/B is only slightly above average. With an ROE of 21-24% and net cash of HK$0.16, valuations remain not stretched.

• Pioneering Sensorless Powertrain & Genset Control Technology: SEDEMAC Mechatronics is a high-growth Tier-1 automotive electronics innovator commanding a dominant ~35% domestic market share in 2W/3W Integrated Starter Generator (ISG) ECUs and ~75%+ in Genset controllers, anchored by proprietary sensorless commutation (SLC) algorithms that eliminate physical position sensors.
• Exceptional Financial Compounding & Operating Leverage: Revenue nearly doubled from INR 5,306.53M in FY2024 to INR 10,583.80M in FY2026 (41.2% 3-year CAGR), while Net Income scaled from INR 58.78M to INR 1,035.80M, driven by gross margin expansion (10.20% to 18.82%) and EBITDA margins expanding to 21.34%.
• Strategic Expansion vs. Valuation & Capex Headwinds: Multi-segment scaling into combined ISG+EFI architectures, EV Motor Control Units (MCUs), and export markets (North America and Europe) provides long-term runway, balanced against near-term capex-driven negative Free Cash Flow (-INR 168.40M in FY2026), OEM client concentration, and premium valuation multiples at INR 3,098.00.

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

• St George Mining (SGQ AU) owns the Araxá niobium and rare earths project in Minas Gerais, Brazil, with an Aug 2026 Mineral Resource Estimate (MRE) of 111.2Mt at 0.57% Nb2O5 and 3.57% TREO.
• Brazil dominates global niobium mining, while China and the US, the two largest consumers of the critical material, rely on imported niobium.
• Niobium’s strategic role in defence, civil and new energy.

• Micro-Mechanics (Holdings) Limited (“MMH” or “The Group”) is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools and parts for process-critical applications for the semiconductor and other high technology industries.
• The group operates across two segments: Consumable Tools, which are small, consumable precision tools used in the assembly and testing of semiconductor chips, and Wafer Fabrication Equipment (WFE), which are precision components used in the semiconductor wafer fabrication process.
• By serving both back-end and front-end processes, MMH operates in a niche and essential segment of the semiconductor supply chain.​

• Apple has effectively abandoned its long-held “net cash neutral” strategy to prioritize aggressive R&D scaling and potential generative AI acquisitions, reflecting a clear strategic pivot under new CEO John Ternus.
• The company has compromised with the European Commission through its August 18, 2026 App Store policy overhaul, replacing the controversial Core Technology Fee with a 5% Core Technology Commission on web/alternative store transactions, while reducing the baseline in-app purchase rate to 26%.
• Hardware margins face severe headwinds from memory inflation, with TrendForce estimating a nearly 400% surge in DRAM/NAND costs that is pushing the total iPhone 18 Pro Bill of Materials (BOM) up by 38%, forcing Apple to rely heavily on its high-margin Services segment (75.6% gross margin) to cushion the impact.

• Adobe Inc. reported its third-quarter fiscal year 2026 results with total revenue of $6.76 billion, representing a 12% year-over-year growth on a constant currency basis.
• The company achieved GAAP earnings per share of $4.62, up 11% year-over-year, and non-GAAP earnings per share of $6.13, a 15% increase compared to the same period last year.
• Annual recurring revenue (ARR) ended at $27.5 billion, growing 11.2% year-over-year, and operating cash flow set a quarterly record at $2.52 billion.