Daily Brief Equity Bottom-Up: Primer: Blink Charging Co (BLNK US) – Sep 2025 and more

• Blink Charging is navigating a high-growth phase, marked by significant revenue increases over the past several years, driven by both organic expansion and strategic acquisitions. However, this growth has been accompanied by substantial and persistent net losses and negative cash flow, raising concerns about its path to profitability.
• The company operates with a flexible business model, offering equipment sales (host-owned), a turnkey owner-operator model, and hybrid variations. There is a strategic shift towards the owner-operator model to build a recurring revenue base from charging services, which command higher margins than hardware sales.
• The Electric Vehicle (EV) charging industry is intensely competitive and capital-intensive. Blink faces significant competition from larger, better-capitalized players. The company’s success is heavily reliant on the continued growth of EV adoption, favorable government policies and subsidies, and its ability to manage high operational costs and secure ongoing funding.

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• Zijin Mining Group is a leading global mining company with a significant presence in gold, copper, and zinc production. The company is strategically focused on expanding its international footprint through acquisitions and organic growth, particularly in gold and copper.
• The company is capitalizing on high commodity prices, especially for gold, to fuel its growth and is undertaking a significant corporate action by spinning off its international gold assets into a separately listed entity, Zijin Gold, in Hong Kong to attract global investors.
• While demonstrating strong financial performance and production growth, the company faces challenges related to geopolitical risks, resource nationalism, and the inherent volatility of commodity markets. A key focus for the future is balancing its aggressive expansion with sustainable and responsible mining practices.

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• In Q1FY26, Edelweiss reported 20% YoY PAT growth.  Edelweiss is growing from strength to strength with its businesses scaling up well. Its insurance and asset management businesses are growing rapidly. 
• During Q1FY26, Edelweiss divested 15% stake in its Mutual Fund business, Edelweiss Asset Management, to WestBridge Capital for INR 450cr, valuing the business at INR 3000cr. 
• YoY, Edelweiss has reduced its consolidated net debt by INR 4845cr (down 31% YoY) and corporate debt by INR 2260cr (down 26% YoY). Corporate debt is now at INR 6350cr.

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• The Pinkfong Company, creator of the global phenomenon ‘Baby Shark’, is poised for a KOSDAQ IPO in Q4 2025, aiming to raise capital for content development and global expansion.
• While the company possesses an immensely powerful and globally recognized IP in ‘Baby Shark’, it faces significant challenges related to revenue concentration and recent declines in sales, which have fallen from a peak in 2022.
• The company’s strong balance sheet, characterized by a net cash position, and its strategic shift towards higher-margin digital content sales are key strengths, but its future success hinges on its ability to replicate its hit-making success and diversify its IP portfolio.

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• US as the world’s largest service economy means artificial general intelligence (AGI) saves cost by replacing knowledge workers. 
• China’s AI monetization is today 1/3 of US but will improve to 1/2 by 2030. 
• We reiterate our TOP PICKS of Alibaba, HESAI, CATL and Kuaishou. BIDU stays as SELL.

• Taste Gourmet is a fast-growing, multi-brand restaurant operator in Hong Kong, demonstrating a remarkable growth trajectory with a 3-year net income CAGR of 53.6%.
• The company is an attractive income play, offering a high dividend yield of approximately 8.6%, supported by robust free cash flow generation.
• Valuation appears compelling at a significant discount to peers, with a potential rerating catalyst from its proposed migration from the GEM to the Main Board of the Hong Kong Stock Exchange.

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• Strategic Repositioning Through Spin-Off: KBR is undergoing a significant transformation by spinning off its Mission Technology Solutions (MTS) segment. This strategic move aims to create two distinct, publicly-traded companies, allowing for greater focus, tailored capital allocation, and potentially unlocking significant shareholder value through a valuation re-rating for both the government-focused MTS and the technology-centric Sustainable Technology Solutions (STS) businesses.
• Favorable End-Market Exposure: The company is well-positioned in attractive, high-growth sectors. The STS segment is a key player in the global energy transition and sustainability movement, providing proprietary technologies for clean energy and petrochemicals. The MTS segment benefits from stable, long-term government contracts in defense, space, and national security, areas with consistent and growing budget allocations.
• Solid Financial Performance and Growth Outlook: KBR has demonstrated robust financial health, with consistent revenue growth, margin expansion, and strong cash flow generation. The company has a strong track record of earnings growth and has been consistently increasing its dividend, signaling confidence in its future prospects. Management has reiterated ambitious 2027 financial targets, projecting double-digit revenue CAGR for both of its core segments.

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• Shift to Asset-Light Model: Mandarin Oriental is strategically pivoting to an asset-light model, focusing on lucrative hotel management and branding fees while selectively disposing of owned assets, such as its Paris property. This transition aims to enhance financial flexibility and accelerate growth.
• Aggressive Expansion Pipeline: The Group has a robust growth strategy, aiming to more than double its portfolio over the next decade from its current 41 hotels. The pipeline is geographically diverse, with a strong focus on key capital cities and resort destinations in the Middle East, Japan, North America, and Europe.
• Resilient Post-Pandemic Recovery: The company is demonstrating a solid recovery, with a 13% increase in combined total revenue and a 15% growth in hotel management fees in its latest results, driven by strong RevPAR (Revenue per Available Room) increases across all regions. This signals robust demand for luxury travel and the power of the Mandarin Oriental brand.

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• Nippon Life India Asset Management (NAM IN) is a leading asset manager in India, well-positioned to capitalize on the structural growth of the country’s financialization of savings, driven by rising incomes and financial literacy.
• The company has demonstrated a strong growth trajectory, consistently gaining market share in high-margin equity AUM and rapidly growing its Systematic Investment Plan (SIP) book, which provides a stable and recurring revenue stream.
• While the outlook is positive, key risks include intense competition from existing players and new entrants, potential pressure on yields from the growing share of lower-fee passive products, and market volatility impacting AUM growth and investor sentiment.

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