Daily Brief Equity Bottom-Up: Metaplanet (3350) – 50% Dilution or 50% Accretion? and more

• Metaplanet raises JPY 205bn via discounted share issue, doubling Bitcoin holdings to ~32,000 BTC and reframing investor focus toward Bitcoin-per-share growth.
• Despite 50% dilution, BTC yield per share rises ~50% in Q3, positioning Metaplanet as a structural proxy for digital monetary assets.
• Enhanced balance sheet flexibility should enable a further JPY 125bn raise in Q4, reinforcing the company’s long-term accumulation strategy and premium valuation.

• Hong Kong’s Secular Bull Market continues with the index breaking  above its long term resistance levels.  Market breadth is expanding with 87% of stocks trading above their 200  (DMA).
• Hong Kong market valuations are well below all other Asian markets.  This year, the materials and healthcare sectors have been the best performers.
• Robosense Technology (2498 HK)  reported solid earnings in its LIDAR business with robotics posting surprising growth.  Deutsche Bank and China Renaissance both rate the company a BUY and raise targets.

• TSMC August Revenue +34% YoY: AI Demand Remains the Key Driver
• ARM Pushes Edge AI Forward with New “Lumex” Chip Designs — 2026 Could Be a Major Growth Year for Edge AI
• From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

• Automatic Data Processing, Inc. (ADP) reported strong financial results for the fourth quarter of fiscal 2025, characterized by a solid revenue increase and expansions in both margin and earnings per share (EPS).
• Revenue growth for the fourth quarter was reported at 8%, with an adjusted EBIT margin expansion of 40 basis points, while adjusted EPS increased by 8%.
• For the entire fiscal year, the company achieved 7% revenue growth, a 50 basis point rise in EBIT margin, and a 9% increase in adjusted EPS.

• Mattel, Inc. reported its second quarter 2025 financial results, showcasing a mixed performance characterized by specific strengths and challenges.
• Overall, net sales decreased by 6% as compared to the previous year, both in reported terms and constant currency.
• However, the company demonstrated operational efficiency by expanding its adjusted gross margin by 200 basis points to 51.2% and maintaining its adjusted earnings per share at $0.19, consistent with the last year.

• Trial HD’s acquisition of Seiyu massively expands its interests in and around Tokyo and the discounter has wasted no time rolling out its Trial GO stores in the capital. 
• These stores offer fresh food at about half the price of typical convenience stores, thanks to low costs and smart tech, and will rapidly intensify competition.
• If the format is successful, it would disrupt both the city centre supermarket and convenience store chains.

• Token costs no longer drop meaningfully with scale, and inference remains a fixed, expensive burden.
• Rather than delivering major performance gains, GPT-5 appears to be a cost-routing shell, underperforming in several benchmarks.
• With $115B in projected losses and hardly any visible scale-based leverage, OpenAI’s only path forward is monetisation.

Key points (machine generated)

• The analysis focuses on Sibanye-Stillwater (SBSW) and its potential in the platinum group metals (PGMs) market, while also considering competitors like Northam Platinum and Impala Platinum.
• The thesis suggests that decreasing production costs can lead to increased profits and stock prices as commodity prices rise.
• Sibanye-Stillwater operates in South Africa and the United States but faces geopolitical risks associated with its South African operations, a common challenge for PGM miners in the region.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Anglo and Teck have decided to merge, creating a ~$53bn copper-focused mining major that ranks #4 globally with ~1.2 Mt of output in 2024.
• The deal targets ~$800m in annual savings by year four, though history suggests full delivery is unlikely.
• The combined group offers strong leverage to copper’s structural growth and top-3 scale in seaborne met coal as a cash engine.

• Exciting growth opportunities abound for New-Zealand based infrastructure play Infratil.
• Management has consistently generated value for shareholders over time.
• -Infratil’s FY25 earnings beat management’s guidance -Exposure to high-growth digital infrastructure -CDC Data Centres appears undervalued -Renewables exposure weighted heavily to solar and battery projects