Daily Brief Equity Bottom-Up: Haw Par Corp Limited Initiating Coverage and more

• Haw Par is a Singapore-listed group built around two very different engines.
• The first is Healthcare, which owns and markets the Tiger Balm and Kwan Loong brands.
• These products are sold across ASEAN, North Asia and global export markets and remain the group’s main operating business. 

• Tencent is a dominant force in China’s internet landscape, built upon the vast user ecosystems of its social platforms, WeChat and QQ, which serve as powerful distribution channels for its other businesses.
• The company’s primary revenue drivers are Value-Added Services (VAS), encompassing the world’s largest online gaming business and various digital content subscriptions, alongside a rapidly growing FinTech and Business Services segment.
• While facing significant domestic competition and a dynamic regulatory environment, Tencent is pursuing future growth through international expansion, particularly in gaming, and substantial investments in enterprise-facing technologies like cloud computing and AI.

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

• Swiggy (SWIGGY IN)  and Eternal (ETERNAL IN)  are in heavy investment cycles, with quick commerce driving capital needs and dictating near-term unit economics across India’s hyper competitive hyperlocal ecosystem.
• Swiggy shows clearer visibility to margin recovery by June 2026, while Eternal offers faster growth but higher dependence on marketing, inventory execution, and store expansion.
• Meituan (3690 HK) appears optically cheap but faces delayed profitability amid intense competition and overseas losses, making its lower-growth profile less attractive versus Indian peers.

• CiDi Inc. is a high-growth, market-leading provider of autonomous driving solutions for commercial vehicles in China, with a dominant position in the niche but rapidly expanding autonomous mining truck sector.
• The company has demonstrated explosive revenue growth, driven by its core autonomous driving segment. However, this growth is accompanied by significant operating losses, negative cash flow, and worsening liquidity, making its upcoming Hong Kong IPO critical for funding future operations and expansion.
• Key risks for investors include high customer and supplier concentration, intense competition in the autonomous vehicle space, and execution risk associated with its ambitious international expansion plans.

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

• AppLovin is a leading mobile technology company operating a comprehensive platform for app developers to market, monetize, and analyze their applications. Its integrated business model, combining a powerful ad-tech software platform with a portfolio of first-party mobile games, creates a significant data advantage.
• The company is experiencing hyper-growth, driven by its advanced AI-powered advertising engine, AXON. Financial performance has been exceptional, with substantial year-over-year increases in revenue and a dramatic improvement in profitability and free cash flow generation.
• Future growth is expected to be fueled by the expansion of its ad platform into non-gaming verticals like e-commerce and Connected TV (CTV), and the global rollout of its self-service ad manager. However, the company faces key risks including intense competition, reliance on the volatile advertising market, and evolving data privacy regulations.

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

• In June 2025, Beijing Geekplus completed an initial public offering at fixed IPO offer price of HK$16.80, raising ~HK$2.8B of net proceeds in Hong Kong.
• A Beijing-based AMRs company announced interim results for the six months ended Jun-25 and posted strong revenue growth of ~31% y/y coupled with improving profitability. 
• The stock peaked at HK$33.90 (~14x FY25 P/S) in October and fell ~38% over the next month. The company’s cornerstone lockup will expire on January 8, 2026.

• ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.
• It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.
• The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.

• Makino is a globally recognized manufacturer of high-precision, high-quality metal-cutting and electrical discharge machines (EDM), serving demanding industries like aerospace, automotive, and medical.
• The company is currently a subject of M&A speculation, with a tender offer from MBK Partners on the table after a hostile bid from Nidec was withdrawn, creating potential for further bids and stock volatility.
• Financially, Makino has demonstrated revenue growth, but profitability and free cash flow have been inconsistent, reflecting the cyclical nature of the machine tool industry and recent supply chain pressures.

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

• Kaynes Technology clarified financial disclosures, acquisition accounting, and a related-party reporting lapse, while affirming consolidated accuracy and enhancing internal controls and auditor oversight.
• Despite volatility, Kaynes’ strategic investments in OSAT, PCB, and design-led electronics support long-term growth, with recent share correction viewed as sentiment-based, presenting a valuation opportunity.
• Tightened governance, expanding capacity, and strong demand in key sectors position Kaynes for medium-term growth, offering investors an attractive risk-reward in India’s electronics supply chain evolution.

• The parent has requested DKSH Malaysia to propose DKSH Malaysia to do capital reduction
• The capital reduction price is set at at MYR 6.15 
• We think this is a very low price and below our fair value. We are not experts, but we believe most of the minority shareholders may not accept this  offer.