Daily Brief Equity Bottom-Up: MiniMax (100 HK): 1H26 Preview and more

• We expect MiniMax’s H1 2026 revenue to be at least 5x its H1 2025 level.
• Technical rankings, such as intelligence and speed, dropped in August.
• The stock has been capped by 60-day moving average, but Price/Sales suggests a buying opportunity.

• As Singapore marks National Day, its equity market reflects the country’s position as one of Asia’s leading financial and business hubs.
• The Amova Singapore STI ETF seeks to replicate, as closely as possible, before expenses, the performance of the Straits Times Index (STI), and provides diversified exposure to Singapore’s largest listed companies.

• Several structural factors have supported the STI (“the Index”) over the past year, including Singapore’s resilient economic growth, continued foreign capital inflows, expanding financial services sector and supportive market development initiatives.

• Company consistently generates high double-digit ROE despite having more than 30% of equity in cash
• Promoter shareholding is high, indicating alignment of interest with minority shareholders
• Recent weakness in the stock price makes the valuation attractive for a business that makes decent free cash fdlow. And a high dividend yield

• AMAT reported record Q326 revenues of $9.1 billion, +15% QoQ (the highest QoQ growth in the company’s history), +25% YoY, all while handily beating the guided midpoint of $8.95 billion.
• Non-GAAP GM increased to 50.4%, +40 basis points QoQ and +150 basis points YoY. Operating income was a record $3.10 billion, with EPS of $3.50, also a record.
• The >30 YoY growth that we highlighted last quarter – we’re saying now that it’s greater than that but we don’t want to guide our Q1 at this point

• Management held a 3.5-hour Investor Day on 13 August targeting ~80% GM and ~75% OM for FY2028–2030, 9 percentage points above our prior FY2027E assumption.
• The first HBF memory die is taped out, Jim Keller joined the Advisory Board, the first HBF specification was published today at Flash Memory Summit.
• We raise FY2027E EPS from $186 to $205 and TP from US$1,860 to US$2,050 (10x FY2027E, 10% discount to Micron); BULLISH, +24.9% upside potential

• Q1 FY27 consolidated revenue reached ₹2,788 crore (+21% YoY), EBITDA ₹638 crore (+50%), and EBITDA margin 22.88%. Management raised FY27 revenue growth guidance to 14–16% and margin guidance to ~23%.
• Growth is no longer being carried by the domestic franchise alone. APIs, Europe, Unichem’s US/Brazil/API businesses and ex-tender generics are all contributing, while cost ratios are falling through operating leverage.
• The story is shifting from recovery to multi-engine compounding. The next rerating, however, needs proof that Unichem’s improvement is durable and that margins hold despite freight, raw-material and tender-timing volatility.

• Micro-Mechanics (Holdings) (“MMH”) is a company that designs, manufactures and markets high-precision tools & parts used in the assembly and wafer fabrication processes of the semiconductor industry.
• It has five operating facilities located in Singapore, Malaysia, China, the Philippines, and the U.S., and serves more than 600 customers (as noted by MMH in April 2026).
• Besides designing & manufacturing consumable tools & parts used for the assembly & testing of semiconductors, MMH also produces parts for Wafer Fabrication Equipment (“WFE”).

• Market Leader with Strong Aftermarket Business: Burckhardt Compression is a global market leader for reciprocating compressor systems, critical for various industrial processes. Its large installed base provides a significant and stable revenue stream from high-margin aftermarket services, enhancing earnings visibility and resilience.
• Positioned for Energy Transition: The company is strategically positioned to benefit from the global energy transition. Its compressors are essential for emerging applications such as hydrogen production, transportation, and storage, as well as for carbon capture, utilization, and storage (CCUS), representing significant long-term growth avenues.
• Robust Financial Performance and Shareholder Returns: Burckhardt has demonstrated a strong track record of revenue and net income growth, coupled with consistent and rising dividend payments. The company maintains a solid balance sheet and has shown disciplined capital allocation, supporting both investment in growth and attractive returns to shareholders.

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• 2Q headline beat: The 2Q26 results of AvePoint were largely positive with AvePoint’s ARR, revenue, and Non-GAAP operating income ahead of management guidance and street consensus.
• The negative blip came from weaker-than-expected margins and a lowered FY26 guidance QoQ, largely attributed to FX headwinds and continued increased investment spending.
• AvePoint continued a high clip of share buybacks, spending another ~USD50mn repurchasing shares in 2Q26, bringing 1H26 share repurchases to USD111mn.

• Inovio Pharmaceuticals, Inc. (NASDAQ: INO) has suddenly become the kind of biotech stock that momentum traders love.
• The share price closed at $1.09 on August 14, 2026, according to the S&P Capital IQ data supplied for this report.
• That sits far below its 52-week high of $2.98, but well above the $0.56 low.