In today’s briefing:
- When Giants Clash: Yamada (9831) Vs. Nitori (9843)
- Postcard from Hanoi | Xin Chào Việt Nam
- Kazatomprom: Largest Global Producer Well Positioned for Uranium Rebound
- H&M (Hennes & Mauritz AB): Initiation of Coverage- The High-Stakes Bet on Value
- Ciena Corporation Reveals Pluggable Optics Power—Is 800G the Next Big Telecom Breakthrough?
- Intel Is Shrinking (Headcount), Declining (Market Share), but Weakness Can Be a Strength
- Denison Mines (DML CN / DNN US) – Pre-Production Uranium Play with Strong Optionality
- Keysight Technologies Taps into 6G & Open RAN—Is This the Future of Wireless Dominance?
- GameStop’s Crypto Gamble & AI Facelift: A Meme Stock On Life Support?
- Indutrade: Initiation of Coverage- How Europe’s Quiet Giant Is Diversifying to Beat Market Volatility!
When Giants Clash: Yamada (9831) Vs. Nitori (9843)
- Yamada, Japan’s leading home appliance retailer, trade at a PER of less than 9x. Nitori, the leading furniture retailer trades at about 17x.
- Both companies, having saturated their core market, are diversifying into the other’s territory.
- Key Takeaway: Nitori is diversifying into a business with inherently lower margins, while Yamada moves into one with inherently higher margins.
Postcard from Hanoi | Xin Chào Việt Nam
- In this Postcard Edition, we detour and go international—to the streets, shops, and supermarkets of Vietnam. Choosing Vietnam as a country to explore and begin building our Asian Coverage.
- Despite strong manufacturing fundamentals, capital markets remain narrow, with limited institutional participation and underrepresentation of export-led sectors.
- Vietnam is on our watchlist for its evolving opportunity set, and we will continue tracking IPO activity, MSCI inclusion efforts, and policy reforms.
Kazatomprom: Largest Global Producer Well Positioned for Uranium Rebound
- U.S. political moves last month backing nuclear power are part of a long-term secular trend of increasing global support for the industry which could drive a uranium rebound
- A nearly 40% uranium slump from early 2024 to March 2025 has priced in a significant degree of the industry’s challenges, and a price recovery has started
- As the world’s largest producer, Kazatomprom is well positioned for a rise in uranium, it has lagged the recent sector rebound, and trades at a moderate 1.4x P/B ratio
H&M (Hennes & Mauritz AB): Initiation of Coverage- The High-Stakes Bet on Value
- Hennes & Mauritz AB (H&M Group) presented its first quarter results for 2025, reflecting a mixed performance amid efforts to strategize for long-term profitable growth.
- Sales in Swedish krona grew by 3%, while local currency sales increased by 2%.
- The company experienced strong sales performance in regions like Western, Southern, and Eastern Europe, particularly in Germany and Poland, but sales were weaker in Northern Europe, including the Nordics and the U.K., as well as in the U.S. Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
Ciena Corporation Reveals Pluggable Optics Power—Is 800G the Next Big Telecom Breakthrough?
- Ciena Corporation’s financial results for the fiscal second quarter of 2025 reflect robust performance and strategic positioning within the dynamic networking and telecommunications industry.
- The company reported revenue of $1.13 billion, marking alignment with the high end of their guidance, an indicator of successful strategy execution and market demand.
- This strong revenue performance is underscored by substantial growth in cloud provider revenue, which represented 38% of total revenue and grew by 85% year-over-year to over $400 million in the quarter.
Intel Is Shrinking (Headcount), Declining (Market Share), but Weakness Can Be a Strength
- Intel layoffs now extending to production in US, Israel. Intel’s revenue/employee is half that of AMD, TSMC. An AMD or TSMC employee generates 2x more revenue than an Intel employee.
- Intel shareloss in PC, Server continues. Over the past 4 years Intel lost 6 percentage points PC market share (down to 76%), 13 percentage points in server (down to 73%).
- Intel is now without an AI / GPU roadmap. It looks bad but the twist is it helps Intel requalify with Nvidia DGX, replacing AMD. Weakness breeds strength.
Denison Mines (DML CN / DNN US) – Pre-Production Uranium Play with Strong Optionality
- Denison’s core asset is the Phoenix ISR project within the Wheeler River property, offering high-grade reserves and low projected costs in Canada’s Athabasca Basin.
- First production is targeted for 2028, with ramp-up to 6.5M lbs U₃O₈ by 2030, contingent on timely permitting and funding.
- While trading at a premium to in-situ reserve value, the stock reflects early-mover ISR potential, but remains exposed to development, financing, and uranium price risks.
Keysight Technologies Taps into 6G & Open RAN—Is This the Future of Wireless Dominance?
- Keysight Technologies reported its fiscal second quarter 2025 earnings, highlighting several key aspects that investors may find noteworthy.
- The company delivered a robust performance, with revenues at $1.3 billion and earnings per share of $1.70, both exceeding the high-end of guidance.
- This performance marks continued revenue growth, driven by strong demand in the Communications Solutions Group (CSG) and a return to growth in the Electronics Industrial Solutions Group (EISG).
GameStop’s Crypto Gamble & AI Facelift: A Meme Stock On Life Support?
- GameStop, the once-mighty video game retailer turned meme stock sensation, is back in the headlines—but not for reasons that inspire confidence.
- The company recently announced a $1.75 billion offering of 0% convertible senior notes due 2032, triggering a nearly 20% plunge in its share price.
- Investors were spooked not only by the prospect of future dilution but also by GameStop’s new strategy: pouring hundreds of millions into Bitcoin, mimicking the controversial playbook of MicroStrategy.
Indutrade: Initiation of Coverage- How Europe’s Quiet Giant Is Diversifying to Beat Market Volatility!
- Indutrade AB’s recent quarterly earnings present a nuanced picture of its current operational and financial health.
- The company reported a 5% organic growth in order intake amidst an uncertain market environment.
- This was primarily driven by strong demand in sectors such as pharmaceuticals, the broader process industry, and energy.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
