Daily Brief Equity Bottom-Up: Why Is LG CNS One of the Hottest Stocks in Korea in the Past One Month? Answer: Stablecoin Platform and more

• LG CNS has been one of the hottest stocks in the Korean stocks market in the past one month (up 87%), sharply outperforming KOSPI.
• The biggest driver of LG CNS’s share price in the past month has been that this company has the potential to become a leading stablecoin platform in Korea. 
• Many investors believe that LG CNS has the expertise in blockchain/AI/cryptocurrency backend solutions to become one of the leading Won based stablecoin platforms in Korea.

• The relationship between Rio Tinto, the Mongolian Government and Entree Resources is in turmoil. Can the new Mongolian PM break the deadlock?
• Despite a binding arbitration ruling in December 2024 in favor of Entree, the government of Mongolia and Rio remain in dispute on how to handle Entree’s ownership position.
• On June 6th, it was announced that Rio will have to change its mine plan for Oyu Tolgoi as there has been no agreement between Rio, Entree and the government.

• Margins have improved steadily since FY2020, but bottom-line gains remain volatile due to non-operating drags.
• Backlog at Record Highs; Nuclear a Key Differentiator: ₩20.1 tn order book, rising SMR traction, and global nuclear wins position Doosan as a strategic supplier.
• Structural Tailwinds Priced In: While medium-term growth looks strong, premium multiples (~28x EV/EBITDA) suggest limited room for execution missteps.

• New World receives an amended deal from CAML for 5.3 cents a share, with a $10 million placement to Camel at the same price.
• Kinterra Capital, who holds a 12% stake in New World, is unhappy with the placement and requests an urgent order to prevent it.
• The placement is conditional on New World not receiving a superior proposal from a third party in the next 14 days, which incentivizes Kinterra to make a takeover bid within that timeframe.

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• HCG  continues to scale up well with the emerging centers reporting 32% YoY revenue growth in Q4FY25. Q4FY25 revenue from established centers also grew strong at 22% YoY.
• International footfalls have resumed strong, led by which the revenue in the South Mumbai center grew 38% YoY. Revenue in Kolkata center also grew well at 22% YoY.
• HCG has been in consolidation phase over the last four years. Now, the next two years should witness strong growth in profitability, led by margin expansion and continued volume growth.

• Strong earnings momentum with revenue, margins, and EPS consistently improving over FY21–FY25, driven by a shift toward high-margin industrial machinery.
• Strategic monopoly in ultra-large nuclear forgings, supported by global SMR tailwinds, capacity expansion plans, and a record order backlog across nuclear and defense.
• Valuations remain elevated, but are backed by strong visibility, margin expansion, and structurally advantaged positioning in a tightening global supply chain.

• Antoinette sang with a heavy metal band at the Paris Olympics, sponsored by LVMH
• Moet Hennessy, a struggling arm of LVMH, faced pressure to turn around its business
• Moet Hennessy’s importance to LVMH lies in its role as a cash cow for acquisitions, despite internal strategic mistakes and market challenges

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• TSMC: +22.1% Premium; Consider Shorting ADR Spread at Current Level
• UMC: +3.5% Premium; Extreme vs. History, Consider Shorting ADR Spread
• ASE: +2.4% Premium; Approaching Level to Long the ADR Spread

• Brian Chesky and Joe Gebbia, founders of Airbnb, met at the Rhode Island School of Design in 1999
• Chesky’s background in industrial design engineering heavily influenced Airbnb’s design-centric approach
• Chesky’s scrappiness and founder mentality have driven Airbnb’s success, with a focus on improving margins and generating free cash flow.

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• Transaction: Holcim completed the spin-off of its North American business, Amrize, on June 23, 2025; shares listed on SIX and NYSE under ticker AMRZ.
• Rationale: Enables Holcim to focus on global sustainable construction, while Amrize targets high-growth U.S. infrastructure and housing markets.
• At a $30B EV, Amrize would list near $54.43/share, implying Holcim should trade at CHF 68.20 post-spin.