In today’s briefing:
- WEEKLY Tactical Recap | Asymmetric Setup: CATL, Advantest Corp, Tokyo Electron, Zijin Mining, NIFTY
- COSCO Shipping Energy (1138 HK): Skyrocketing
- Pre-IPO Anhui Sinomags Technology (PHIP Updates) – Some Points Worth the Attention
- Aequitas ECM Weekly (5 October 2026)- Moore Threads, ASR, Adtek, ESWIN, Transsion, Infroneer, Woori
- Lib Work | 1431 FY2026/6 Q4 Follow-Up
WEEKLY Tactical Recap | Asymmetric Setup: CATL, Advantest Corp, Tokyo Electron, Zijin Mining, NIFTY
- WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.
- We apply our quantitative models to each instrument’s trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.
- Most overbought: Nikkei 225, Hanwha Solutions (009830 KS), Tokyo Electron (8035 JP), Advantest Corp (6857 JP) Most oversold: NIFTY, CATL (300750 CH), GLD, Zijin Mining, Nippon Steel Corporation (5401 JP)
COSCO Shipping Energy (1138 HK): Skyrocketing
- With spot VLCC rates at U$1.26m/day, the market has significantly underestimated the net profit for COSCO SHIPPING Energy Transportation (1138 HK) in 2H26.
- The upcoming 3Q26 results announcement by end-Oct is likely to be a blowout, providing a positive surprise and leading to meaningful earnings upgrades.
- At 24.5% FY26F ROE, its 12-month forward P/B of 1.64x is not stretched. Also, its decline in gearing from 77.4% in FY24 to 16% in FY27F justifies a higher P/B.
Pre-IPO Anhui Sinomags Technology (PHIP Updates) – Some Points Worth the Attention
- The IDM model enables Sinomags to deeply participate in the exploration of customer application scenarios, promote technology validation, and define products, which forms a supply chain barrier.
- Technological comprehensiveness enables Sinomags to flexibly provide product solutions based on different downstream demands, rather than being limited to a single technology route.Profitability is driven by scale effect/increasing gross margin.
- Comfortable P/E could be 30-40x, between the global mature leaders and the high-growth new stocks in HK market, reflecting Sinomags’ positioning as “having outstanding growth potential but relatively small scale”
Aequitas ECM Weekly (5 October 2026)- Moore Threads, ASR, Adtek, ESWIN, Transsion, Infroneer, Woori
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, last week’s Hong kong listings were a mixed bag.
- On the placement front, given the holiday shorterened week there were only a few placements across the region.
Lib Work | 1431 FY2026/6 Q4 Follow-Up
- In FY2026/6, Lib Work (hereafter, the Company) reported consolidated net sales of JPY 15,679 mn (-2.0% YoY), operating profit of JPY 527 mn (-36.6% YoY), ordinary profit of JPY 285 mn (-66.6% YoY), and net profit attributable to owners of parent (hereafter, net profit) of JPY 103 mn (-79.2% YoY).
- For FY2027/6, the Company forecasts net sales of JPY 16,200 mn (+3.3% YoY), operating profit of JPY 580 mn (+9.9% YoY), ordinary profit of JPY 510 mn (+78.8% YoY), and net profit of JPY 280 mn (+171.6% YoY).
- The Company announced a new mid-term management plan on August 21, 2026.
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