In today’s briefing:
- What’s Up (& Up) With Shandong Hi-Speed 412 HK)?
- Korea Small Cap Gem #43: Total Soft Bank
- Fast Fitness Japan Inc (7092 JP): Q1 FY03/26 flash update
- AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes
- What’s New(s) in Amsterdam – 15 August (Aalberts / GVT | Triodos Bank)
- OneSource Specialty Pharma: Building a Global CDMO Champion from India
- Elecom Co Ltd (6750 JP): Q1 FY03/26 flash update
- PC Monitor: ASUS’s Gaming & Commercial Strength Signal AI PC Cycle; Positive Read for Dell, HP
- BLRX: ASCO Poster & Abstract
- BCLI: Focused on Initiation of Phase 3b ENDURANCE Trial of NurOwn in ALS
What’s Up (& Up) With Shandong Hi-Speed 412 HK)?
- Back on the 18th Feb 2025, Shandong Hi-Speed (412 HK) (SHS) closed its unconditional Offer for Shandong Hi-Speed New Energy (1250 HK). Shortly thereafter, SHS’ share price took off.
- SHS is now up 190% in the past six months. And ~1800% since Covid.
- What gives? It’s not index related. And forward earnings do not justify the move. This looks like a bubble. Short interest is on the move.
Korea Small Cap Gem #43: Total Soft Bank
- Total Soft Bank (045340 KS) is a Korean software company focused on digital solutions (enterprise industrial software, SaaS) for the maritime shipping and port logistics value chain.
- The company had best ever results in 2Q25. It had sales of 9.7 billion won (up 140.6% YoY) and operating profit of 5.1 billion won (up 947% YoY) in 2Q25.
- Using a P/E ratio of 15x on the estimated net profit of 15.5 billion won (2027E), it would suggest market cap of 233 billion won (207% higher than current levels).
Fast Fitness Japan Inc (7092 JP): Q1 FY03/26 flash update
- Revenue reached JPY4.9bn (+15.9% YoY), with JPY2.9bn from directly operated clubs and JPY1.8bn from franchise revenue.
- Operating profit increased 40.8% YoY to JPY877mn, driven by higher revenue and offsetting increased SG&A expenses.
- Gross profit was JPY2.2bn (+18.9% YoY) with a GPM of 44.8%, and SG&A expenses totaled JPY1.3bn (+7.7% YoY).
AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes
- AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range
- Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY
- The China slump was not unexpected, but the leading edge logic drop was definitely a surprise
What’s New(s) in Amsterdam – 15 August (Aalberts / GVT | Triodos Bank)
- In this edition: • Aalberts | Grand Venture Technology records modest EBITDA growth in relation to revenue growth • Triodos Bank | making progress in managing its risks; a lot more work ahead though
OneSource Specialty Pharma: Building a Global CDMO Champion from India
- Onesource Specialty Pharma (ONESOURC IN) reported a solid Q1 FY26, with a 12% YoY revenue increase, accelerated capacity expansion, and momentum toward global growth through potential acquisitions.
- The proposed acquisition of sterile injectable and carbapenem facilities, coupled with the company’s existing biologics platform, positions OneSource to become a formidable, multi-modality CDMO.
- This quarter marks a strategic inflection point for OneSource, signaling a confident transition from a focused CDMO to a globally competitive specialty pharma player with an eye on high-value segments.
Elecom Co Ltd (6750 JP): Q1 FY03/26 flash update
- Sales reached JPY28.6bn, a 3.7% YoY increase, with power supplies and I/O devices showing growth.
- Operating profit increased by 18.8% YoY to JPY3.0bn, driven by higher gross profit despite rising SG&A expenses.
- B2C sales were JPY19.4bn (+3.2% YoY), while B2B sales amounted to JPY9.2bn (+5.0% YoY).
PC Monitor: ASUS’s Gaming & Commercial Strength Signal AI PC Cycle; Positive Read for Dell, HP
- ASUS experienced record 2Q25 revenue driven by 30–40% YoY growth in gaming and commercial PCs, supported by a new GPU sales strength and enterprise market expansion.
- AI servers held mid-teens revenue share for ASUS; margin pressure from tariffs and FX expected to ease after 3Q.
- Strong gaming and commercial PC momentum could signal PC upgrade activity in response to AI PCs, offering positive read-through for Dell and HPQ’s upcoming results end-August.
BLRX: ASCO Poster & Abstract
- BioLineRx is a commercial stage biopharmaceutical company with a development portfolio advancing motixafortide, a platform molecule targeting indications in stem cell mobilization (SCM) & in the treatment of advanced pancreatic cancer.
- The candidate is approved in the US for SCM and is undergoing studies for use in gene therapy and in pancreatic cancer.
- Partner Gloria Biosciences is developing motixafortide in Asia & is expected to be conducting bridging studies in the near term for SCM & longer-term studies for other indications.
BCLI: Focused on Initiation of Phase 3b ENDURANCE Trial of NurOwn in ALS
- On August 14, 2025, BrainStorm Cell Therapeutics, Inc. (BCLI) announced financial results for the second quarter of 2025 and provided a business update.
- The company continues to be focused on initiating the Phase 3b ENDURANCE trial of NurOwn for the treatment of amyotrophic lateral sclerosis (ALS).
- Following the filing of the Citizen’s Petition in July 2025, we await a decision from the FDA regarding that petition and whether the agency will invite BrainStorm to resubmit the Biologics License Application (BLA) for NurOwn in ALS.
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