In today’s briefing:
- Korea Dividend Tax Cut: Eligibility Criteria & Market Impact on Large Caps, Including Samsung Prefs
- NVIDIA. Burry’s Claims Miss The Forest For The Trees. The Real Issues Are Structural, Not Legal
- Shortlist Of High Conviction Ideas Across China, Japan, India – November 2025
- Canon Electronics (7739 JP): Canon (7751 JP)’s Tender Offer at JPY3,650
- Tencent/Netease: Zero Approval in November Despite Game Approvals at New High
- Unity Software: Its Fast-Growing Ad Empire Is Grabbing Eyeballs But THESE Are The 4 Major Challenges Ahead!
- Didi Global Q325 Results | China Solid, But International Goes From Bad to Worse | How to Fix?
- Bentley Systems Is Riding a New Wave of AI-Driven Engineering Power—How Long Will It Last?
- NIPPO LTD. (9913 JP): RESEARCH UPDATE
- Qualcomm’s IoT Empire Is Booming — Can Arduino Supercharge Its $14B Vision?
Korea Dividend Tax Cut: Eligibility Criteria & Market Impact on Large Caps, Including Samsung Prefs
- Market eyed 25% top rate, but 30% is still punchy; <100 people hit it, lower than before, giving big shareholders incentive to rotate back into dividends.
- The new regime hits only companies with 25% payout last year and +10% YoY dividend: lower than the original draft, and the 10% bump is a solid positive.
- Companies >5tn KRW with ≥25% payout last year must boost dividends +10% YoY to get the tax cut; Samsung could add ~1tn KRW, potentially easing its pref discount.
NVIDIA. Burry’s Claims Miss The Forest For The Trees. The Real Issues Are Structural, Not Legal
- After taking short positions against Palantir & NVIDIA, Michael Burry has closed his hedge fund and taken to substack to continue his assault on the AI bubble
- While he makes some valid points, these are mainly things everybody already knows and in the end he’s missing the forest for the trees
- There are key structural issues surrounding the AI Infrastructure build out (grid, foundry, memory capacity to mention a few). These will drive course corrections, all by themselves.
Shortlist Of High Conviction Ideas Across China, Japan, India – November 2025
- We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.
- Top-Picks in China are Haier Smart Home (6690 HK) , Midea Group (300 HK) and Yadea Group Holdings (1585 HK).
- Our top picks in Japan are Suzuki Motor (7269 JP) and ROHM Co Ltd (6963 JP) and in India-Auto it is Mahindra & Mahindra (MM IN) &Ashok Leyland (AL IN)
Canon Electronics (7739 JP): Canon (7751 JP)’s Tender Offer at JPY3,650
- Canon Electronics (7739 JP) has recommended a tender offer from Canon Inc (7751 JP) at JPY3,650, a 32.4% premium to the last close price.
- The offer is attractive as it is above book value (P/B of 1.21x), above the midpoint of the IFA DCF valuation range and represents an all-time high.
- An attractive offer facilitates meeting the required tendering rate. The offer closes on 19 January 2026 and is a done deal.
Tencent/Netease: Zero Approval in November Despite Game Approvals at New High
- China announced game approval for the November batch. The number of games approved remained at a higher level than 2023.
- The pace of China game approval appears to have accelerated to above the pre-tightening level.
- Of the companies that we are monitoring, while market leader Tencent and Netease didn’t obtained approval, Kingsoft and Bilibili obtained approval for one game each.
Unity Software: Its Fast-Growing Ad Empire Is Grabbing Eyeballs But THESE Are The 4 Major Challenges Ahead!
- Unity Technologies reported strong results for the third quarter of 2025, surpassing both its own guidance and market expectations.
- The company demonstrated robust growth in its key segments, particularly in Grow, driven by the high performance of its Vector AI, and its Create segment also saw significant year-over-year growth.
- Positively, Unity’s Grow segment, which includes its Vector AI, experienced an 11% quarter-over-quarter increase.
Didi Global Q325 Results | China Solid, But International Goes From Bad to Worse | How to Fix?
- Didi’s China business showed solid Y/Y growth, but International worsened dramatically
- Spending on Sales & Marketing (including incentives) was up CNY 1.7 bn Y/Y, or +55%
- Should it seek an IPO soon, Didi will have to show a path to profits for International segment
Bentley Systems Is Riding a New Wave of AI-Driven Engineering Power—How Long Will It Last?
- Bentley Systems’ third-quarter results for 2025 reflect a company aligning its strategic initiatives with the growing demand for digital infrastructure solutions, yet facing certain challenges in its operating environment.
- The company demonstrated steady progress across multiple fronts, showing resilience and adaptability amid evolving market conditions.
- On the positive side, Bentley Systems reported solid performance metrics with a 10.5% year-over-year ARR growth, or 11% excluding China, indicating robust demand for its digital solutions.
NIPPO LTD. (9913 JP): RESEARCH UPDATE
- Nippo produced record earnings in FY25 1H, with OP of ¥946mil (+12.8% YoY) on sales of ¥22,186mil (+0.3% YoY).
- While 1H sales remained flat YoY due to a decline in sales of the Electronics segment (-3.3% YoY), OP hit a semi-annual record, thanks to (1) solid growth of in-house products such as semiconductor wafer grinding carriers and (2) cost reductions in overseas factories.
- FY25 is the final year of Nippo’s medium-term plan [MTP].
Qualcomm’s IoT Empire Is Booming — Can Arduino Supercharge Its $14B Vision?
- Qualcomm Incorporated’s results for the fourth quarter of fiscal 2025 illustrate both the strategic advancements and challenges within its diverse business portfolio.
- The company reported revenues of $11.3 billion and a non-GAAP earnings per share (EPS) of $3, surpassing their guidance expectations.
- A sequential increase in QCT revenues, amounting to $9.8 billion, was primarily driven by strong customer demand for Snapdragon-powered Android handsets, substantial growth in automotive solutions, and robust performance in IoT sectors like industrial applications, Wi-Fi 7, and 5G.
💡 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
