In today’s briefing:
- Intel Snags $2 Billion From SoftBank. What Now?
- Pop Mart (9992 HK): Revenue Up by 204%, Margin Up by 17 PPT, 64% Upside
- Amman Mineral Internasional (AMMN IJ) – Q1 Weak, Forecasts Cut, Stock Fully Priced
- Intel (INTC.US): SoftBank Buys $2bn of Intel Stock at $23; U.S. Government Considers Investment.
- Pan Pacific International Holdings (7532 JP): FY FY06/25 flash update
- Gem Aromatics IPO Analysis: A Niche Aroma Player
- CoreWeave’s Growth Meets Debt-Heavy Risk
- Marriott International: A New Game-Changing Media Network to Tap Billions in Ad Revenue & Other Key Developments!
- The Beat Ideas: Vishnu Chemicals – Expanding Beyond Chromium, Building Specialty Strength
- JSW Steel & POSCO Sign HoA for 6mt JV in India
Intel Snags $2 Billion From SoftBank. What Now?
- Intel just announced that SoftBank has agreed to buy $2 billion worth of Intel stock, details here.
- The shares are likely newly issued, meaning dilution of existing shareholders. Markets didn’t care and shares rose >5% in after hours trading.
- $2 billion is a far cry from the $40 billion former CEO Craig Barrett thinks Intel needs. Could this be the first of similar deals with US semiconductor/technology companies?
Pop Mart (9992 HK): Revenue Up by 204%, Margin Up by 17 PPT, 64% Upside
- In 1H25, Pop Mart’s revenue surged by 204% YoY with all major business lines growing significantly.
- We believe the operating margin will improve strongly in 2025 and rise slightly in 2026.
- The P/E band suggests an upside of 64% for the end of 1H265. Buy.
Amman Mineral Internasional (AMMN IJ) – Q1 Weak, Forecasts Cut, Stock Fully Priced
- Q1/H1 2025 results: Revenue collapsed (–88% YoY) and EBITDA turned negative due to concentrate export expiry and slow smelter ramp-up.
- Earnings revisions: FY25–26 cut sharply (–60–70% vs earlier estimates), with normalization only from FY27.
- Valuation: At ~USD 38bn (IDR 8,400/share), AMMN already prices in Elang optionality; conservative SOTP points to 20–25% downside, leaving the stock fully valued.
Intel (INTC.US): SoftBank Buys $2bn of Intel Stock at $23; U.S. Government Considers Investment.
- Monetary support may temporarily ease Intel’s current financial difficulties, but the ultimate solution lies in securing technical support from manufacturing.
- We remain curious how the U.S. government will devise a solution for Intel if the company ultimately cannot provide the necessary support for U.S. Fabless players.
- We are bearish on Intel Corp (INTC US)’s current position and do not believe financial support alone can help the company overcome its challenges.
Pan Pacific International Holdings (7532 JP): FY FY06/25 flash update
- In FY06/25, sales increased 7.2% YoY, operating profit grew 15.8% YoY, driven by effective business initiatives.
- Discount Store business achieved non-consolidated operating profit over JPY100.0bn, OPM improved to 7.2%, strong duty-free sales.
- Company plans to open 25 new stores in Japan, seven overseas, targeting JPY190.0bn duty-free sales annually.
Gem Aromatics IPO Analysis: A Niche Aroma Player
- Gem Aromatics, a specialty ingredients manufacturer, opened its INR 450 crore IPO (Aug 19–21) at a INR 309–INR 325 price band.
- The company supplies sticky, specification-heavy ingredients (mint derivatives, aroma chemicals) to marquee FMCG and F&F players—segments benefiting from “China+1” and premiumisation in India.
- Quality of customers and process capabilities are positives, but concentration, raw-material cycles and a pending land litigation temper enthusiasm, execution on citral scale-up is key.
CoreWeave’s Growth Meets Debt-Heavy Risk
- Despite a 307% surge in revenue, CoreWeave’s extended six-year GPU depreciation schedule flatters its profitability while masking faster asset wear-down.
- Despite ballooning into a $30 bn market cap, CoreWeave is weighed down by debt and lease obligations; Q2 interest expense exceeded operating profit, with CRWV netting $290 m in losses.
- The Aug 15 IPO lock-up expiry triggered insider selling via $1 bn+ block trades, driving a 35% stock plunge and spiking short interest.
Marriott International: A New Game-Changing Media Network to Tap Billions in Ad Revenue & Other Key Developments!
- Marriott International, Inc. reported its second-quarter 2025 financial results, revealing both positives and areas of concern.
- The company showed resilience amid global macroeconomic uncertainty by delivering strong performance metrics that surpassed previous earnings guidance.
- The company’s global RevPAR (revenue per available room) increased by 1.5%, with particular strength observed in regions like APAC (Asia-Pacific) and EMEA (Europe, Middle East, and Africa), demonstrating a 9% and 7% rise, respectively.
The Beat Ideas: Vishnu Chemicals – Expanding Beyond Chromium, Building Specialty Strength
- Vishnu Chemicals is expanding beyond its core chromium and barium verticals with a first-mover entry into strontium carbonate, positioning itself as the only producer in India and Asia.
- Strategic backward integration in chrome ore and barites mining reduces raw material volatility, safeguarding margins while strengthening long-term supply security.
- Near-Term growth guidance has been moderated to 10–15% due to U.S. tariff headwinds, but diversification and capacity expansion support a structurally stronger growth trajectory.
JSW Steel & POSCO Sign HoA for 6mt JV in India
- On 18 Aug 2025, JSW and POSCO agreed to explore a 6mt steel JV in Odisha under a 50:50 structure.
- JSW to reach 51.5mt by FY31 via Indian expansions; POSCO to hit 52mt by 2030 through green steel upgrades in Korea and overseas growth.
- Strategic Positive: The JV blends JSW’s domestic scale with POSCO’s technology and global network, accelerating India’s steel hub ambitions.
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