In today’s briefing:
- LG Corp: Ongoing Legal Feud Between Chairman Koo Vs Mum/Sisters and Updated NAV Analysis
- India: Relative Value Opportunities and Pair Trades (8 Sep 2026)
- Delfi Limited Earnings Update
- Deep-Dive: Philippine Seven (SEVN PM)
- Midea Group (300 HK) – AI, Robotics & Smart Buildings Are Saving the Day
- Korea Small Cap Gem #70: NFC Corp
- Applied Co. (TYO 3020): A Cash-Rich Japanese PC/HPC Company at ~1.5x EV/EBIT…
- GMM Pfaudler: From Equipment Vendor To Global Process Platform
- Bears Press Hard: MOO Triples, GME Covers, MSFT Shorts Vanish
- Australia: Relative Value Opportunities and Pair Trades (8 Sep 2026)
LG Corp: Ongoing Legal Feud Between Chairman Koo Vs Mum/Sisters and Updated NAV Analysis
- My base case valuation of LG Corp is implied market cap of 26.9 trillion won or NAV per share of 177,595 won, which is 42% higher than current share price.
- LG Corp’s investments in five core publicly listed companies including LG Chem and LG Electronics are now worth 26.5 trillion won which is 99% of its current market cap.
- Legal feud between LG Group Chairman Koo and his mum/sisters have been going on for more than three years. Appellate court has scheduled the next hearing for 27 November.
India: Relative Value Opportunities and Pair Trades (8 Sep 2026)
- 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: In India’s financial sector, currently two pair trade opportunities 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.
Delfi Limited Earnings Update
- Delfi reported 1HFY2026 results, and the stock has fallen 12.92% since our initiating report of 8 June 2026.
- Net sales rose 2.7% while gross profit fell 4.1% and EBITDA fell 3.7% and profit attributable to shareholders rose 5.4% only because the tax charge fell 14.0%.
- Two senior posts have changed hands since April 2026, and the interim dividend held at 50% of reported profit.
Deep-Dive: Philippine Seven (SEVN PM)
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The 7-Eleven convenience store chain was originally created in Dallas, Texas.
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When the chain faced bankruptcy in the early 1990s, Japan’s Ito-Yokado acquired it and later renamed the combined group Seven & i (3382 JP – US$28 billion).
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Today, there are over 85,000 “7-Eleven” stores worldwide.
Midea Group (300 HK) – AI, Robotics & Smart Buildings Are Saving the Day
- In this insight we discuss about Midea Group (300 HK)’s resilient business model in midst of challenging industry situation.
- We discuss how AI, Robotics & Smart Buildings Are Saving the Day for the company.
- Finally, we conclude with our view on H2 FY2026 performance.
Korea Small Cap Gem #70: NFC Corp
- NFC (265740 KS) is a Korean cosmetics company which has rapidly increased its ODM business sales in the past two years.
- NFC’s customers include Equalberry, Cellimax, Dr. Althea and Beauty of Joseon, brands whose products are increasingly visible outside Korea.
- Based on consensus net profit estimate of 18.5 billion won (2027E) and a 12x P/E, this would result in a market cap of 222 billion won (91% higher than now).
Applied Co. (TYO 3020): A Cash-Rich Japanese PC/HPC Company at ~1.5x EV/EBIT…
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Applied Co is a small cap regional Japanese PC retailer and IT provider with surprisingly good execution that’s moving into higher margin local AI deployments (HPC) and IT services.
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Company-wide return on equity was 17.6% in FY26 despite carrying more than half its market cap in net cash.
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FY23 and FY24 were historically bad years with 12.3% RoE while FY2016-FY2022 bounced around 17-20%. This is incredible for such an over capitalized business.
GMM Pfaudler: From Equipment Vendor To Global Process Platform
- Q1 FY27 Revenue grew 16% YoY and backlog reached Rs. 2,289 crore, while the business was reorganised into four global divisions.
- Demand visibility is no longer the central concern; execution quality, mix and below-EBIT leakage now determine the earnings outcome.
- The operating setup is improving, but the current valuation prices in a recovery that has not yet appeared consistently in reported margins.
Bears Press Hard: MOO Triples, GME Covers, MSFT Shorts Vanish
- Short sellers made bold moves the week of August 31.
- MOO saw the most dramatic buildup – short interest tripled in seven days.
- At the other end, MSFT shorts nearly disappeared entirely, and GME saw rapid covering ahead of its September 8 earnings.
Australia: Relative Value Opportunities and Pair Trades (8 Sep 2026)
- 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: In Australia, currently two pair trade opportunities persist across two sectors.
- 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.
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