Equity Bottom-Up Archives | Smartkarma

• Reliance Industries (RELIANCE IN)mirrors India’s economic pulse, integrating energy, retail, and digital sectors to drive consumption, industrial growth, and widespread digital adoption across the nation.
• Q2FY26 delivered robust double-digit growth with revenue up ten percent, driven by strong consumer business momentum and a sharp recovery in fuel refining margins.
• Future growth is contingent on scaling New Energy gigafactories, monetizing 5G and AI investments, and executing the planned listing of retail and digital consumer businesses.

• Silver-Led earnings and INR translation sustain margins; spot pricing largely reflected in equity.
• Integrated first-quartile cost base supports valuation without requiring leverage or volume expansion.
• Upside requires sustained silver dislocation; maintain Hold on balanced risk-reward.

• After dropping to a 52-week low on operating and net 1Q losses, the share price has recovered to 20x EPS guidance for FY July 2026. 
• The gross margin remains near 80%, but a large increase in advertising expenses put the company into the red. It also boosted sales as planned. 
• Management plans to cut back on advertising, aiming for break-even in 2Q and profits in 2H. The dividend yield is now 3.6%. The long-term investment story remains intact. 

• Established Market Leader with Clear Expansion Roadmap: Wonderla is the largest amusement park operator in India, possessing a strong brand recall and a proven track-record of profitable operations. The company is embarking on a significant expansion phase with new parks recently opened in Bhubaneswar and a flagship park in Chennai set to open, which are expected to be key growth drivers.
• Favorable Industry Tailwinds: The Indian amusement park industry is nascent and underpenetrated, poised for significant growth driven by rising disposable incomes, a large youth population, and increasing consumer preference for experiences over products. This provides a long runway for growth for established players like Wonderla.
• Robust Financials and Prudent Capital Management: The company maintains a strong, debt-free balance sheet with healthy cash flow generation from existing parks. Its unique in-house ride manufacturing capability provides a significant cost advantage for both new projects and maintenance, supporting high operating margins.

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• Beyond Meat is a pioneer in the plant-based meat industry facing severe financial headwinds, including persistent net losses, negative cash flow, and a high debt burden. The company’s stock has experienced a dramatic decline from its post-IPO highs amid waning consumer demand and intense competition.
• Management is executing a turnaround strategy focused on significant cost reductions, operational streamlining, and product innovation aimed at improving health credentials (e.g., the Beyond IV platform with avocado oil). The goal is to achieve positive cash flow and improved gross margins.
• The competitive landscape is fierce, with direct competitor Impossible Foods, traditional meat producers like Tyson and Nestlé entering the space, and numerous other plant-based brands. Beyond Meat‘s premium pricing is a significant disadvantage in an inflationary environment where consumers are price-sensitive.

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• Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
• The company has announced that it has received a $4.6m purchase order from Titomic (ASX:TTT) for refractory alloy powders with powder shipments expected across Q3 and Q4 FY26.
• The order has been received under the previously announced five-year exclusive supplier and development agreement between Titomic and Amaero for refractory and titanium spherical powders.

• India Shelter Finance is a rapidly growing housing finance company focused on the underserved affordable housing segment in India’s Tier II and Tier III cities.
• The company targets self-employed individuals, a niche with significant growth potential but also higher inherent credit risk. Its in-house, technology-driven model for loan origination and servicing is a key operational strength.
• Strong financial performance, characterized by robust AUM growth and healthy profitability, is a key attraction. However, the company’s high valuation and exposure to interest rate volatility are notable risks.

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• Dominant Market Position Solidified by Acquisition: Following the acquisition of Haitai Ice Cream in 2020, Binggrae has secured a leading position in the South Korean ice cream market with a combined market share of approximately 41%. This strategic move is expected to drive revenue growth and enhance market pricing power.
• Strong Financial Performance and Growth Trajectory: The company has demonstrated a remarkable turnaround and robust growth, with a 3-year net income CAGR of 94.35%. This is supported by expanding margins, a strong balance sheet with a net cash position, and consistent revenue growth, indicating efficient operations and a positive outlook.
• Aggressive and Successful International Expansion: Binggrae is successfully leveraging the global popularity of Korean culture (‘Hallyu wave’) to drive international sales, particularly for its flagship products like Melona and Banana Flavored Milk. The company is strategically expanding its footprint in key markets such as the US, China, Vietnam, and Europe, with overseas sales growing significantly.

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• Ricegrowers Group CFO Dimitri Courtelis discusses the company’s recent interim results with RaaS Research Group.

• Anicom Holdings is the clear market leader in Japan’s high-growth pet insurance industry, commanding over 40% market share, driven by the powerful ‘pets as family’ trend.
• Despite strong recurring revenue growth of 10.6% YoY, the company faces significant profitability pressure, with recurring profit falling 33.0% YoY due to increased costs from insurance contract transfers and a rising loss ratio.
• The company’s primary competitive advantage is its pioneering ‘over-the-counter payment system,’ which offers unparalleled convenience to policyholders through a network of over 6,900 veterinary hospitals, fostering high customer loyalty.

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• It has been revealed that three Mirae Asset Group companies including Mirae Asset Securities, Mirae Asset Venture Investment, and Mirae Asset Capital combined invested US$278 million in SpaceX.
• Mirae Asset Group is the biggest Korean investor in SpaceX. Its investment in SpaceX is estimated to be about 2.3% of the total US$12 billion already received in SpaceX. 
• If SpaceX’s valuation reaches nearly US$1.5 trillion in the upcoming IPO in 2026, Mirae Asset Group companies’ investment returns in SpaceX could be more than 10x their original investments.

• Salt Investments, formerly Jasper Investments, is undergoing a significant strategic pivot towards marine and shipping services, marked by recent acquisitions and a foray into digital transformation within the maritime industry.
• The company has recently begun generating revenue after a prolonged period of inactivity, but continues to post significant net losses and negative cash flows, reflecting the early and high-risk stage of its transformation.
• With a new and relatively inexperienced management team and board, the company’s future success is highly contingent on its ability to successfully integrate acquisitions, achieve profitability, and navigate a competitive landscape.

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• NMIAL commissioning in Dec-25 shifts AEL from trading volatility to regulated airport earnings, supporting a structural rerating through FY27.
• EBITDA mix moves toward airports and renewables (>70%); IRM shrinks to a residual contributor.
• Fair value ₹2,750–3,000 (execution ₹3,300+), driven by utilisation, non-aero monetisation, and capital-structure transparency.

• The latest results reveal strong double-digit growth in the newly separated Engineering business, confirming the strategic shift toward high-precision manufacturing in Aerospace & Defence and Auto Components.
• Successful completion and initial performance validation of the demerger process transforms Raymond into two pure-play, specialized manufacturing entities poised to capitalize on global “China + 1” and Indian aerospace tailwinds.
• The structural re-rating thesis remains firmly intact, driven by accelerating margins in the Aerospace vertical and long-term contract visibility.

• Demand from the semiconductor, medical, quantum computing and defense industries is turning the Laser segment into Hamamatsu Photonics’s new growth driver.
• The acquisition of NKT Photonics brings defense and other technologies, Rheinmetall as a customer in Europe, and potential for greater defense-related sales in Japan. 
• Selling at 20x net profit guidance for FY Sep-28, near the bottom of its 10-year P/E range.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: Currently eleven pair trade opportunities across three markets and six sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

Key points (machine generated)

• Sun Frontier Realty, listed as 8934 on the Tokyo Stock Exchange, is achieving about 60% of its full-year revenue and profit forecast.
• The company specializes in real estate utilization services, focusing on office buildings in Tokyo and operates in four sectors: Real Estate Regeneration, Real Estate Services, Hotels and Tourism, and Others.
• Its activities include selling replanned properties, developing new buildings, managing rental properties, and providing sales and leasing brokerage services.

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Key points (machine generated)

• Takashima is currently experiencing a slow interim period but aims for recovery in the second half of the fiscal year ending March 2026.
• The company operates in building materials, industrial materials, and electronics/devices, focusing on customer value and sustainability.
• Takashima has maintained a stable net profit exceeding 1 billion yen over the past 12 years and aims for sustainable growth through its medium-term management plan, ‘Sustena V.’

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Key points (machine generated)

• SIG Group, listed on the Tokyo Stock Exchange as 4386, reported strong double-digit growth in revenue and operating profit for the interim period of fiscal year ending March 2026.
• The company focuses on corporate digital transformation through AI and aims to serve as an external Chief Information Officer for clients.
• With over 30 years of experience, SIG Group offers a range of services including system development and IT infrastructure solutions, primarily for large corporations and local governments.

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• Shigenobu Nagamori resigned as director but remains honorary chairman, a move we see as insufficient to address Nidec’s recent accounting controversy.
• Meaningful recovery requires both founders’ full retirement, a restructured, more independent board, and a chief risk officer to oversee professional auditing and reforms.
• The company also needs to improve transparency on assets, overhaul incentives toward return on investment, and develop a realistic mid-term plan to improve return on capital.

• November 2025 traffic hit a record ~11.1 million passengers, up ~7.4% YoY (ex-Cebu). Delhi led with 7.3 million passengers and its highest-ever monthly passenger and aircraft movement volumes.
• Traffic has normalized post infrastructure disruptions. Broad-based growth across Delhi and Hyderabad, alongside ~2.7% YoY YTD international growth, improves visibility on aero and non-aero revenue expansion into FY26–27.
• Focus shifts from recovery to sustainable compounding, led by Delhi and Hyderabad, where domestic scale and rising international connectivity act as structural growth multipliers.

• Strong Signals TSMC’s 2nm Node Will Take the Company to New Heights
• Apple Anchors 2nm Volumes — Insulates from Potential AI Capex Slowdown
• TSMC Inexpensive and Resilient to Any Potential AI Capex Slowdown

• Operations did not make any money. other income led to profits.
• Cash per share is MYR 1.11 and the company trades below Cash.
• The company is cautious on outlook due to increasing cost, weak demand , supply chain issue and tariffs.

• New World Development (NWD) is a high-leverage property developer currently trading at a significant discount to its book value, positioning it as a high-risk, high-reward play on the Hong Kong property market and future interest rate cuts.
• The company has experienced severe financial distress, reporting substantial net losses and negative cash flows over the past two years, leading to a sharp dividend cut and a deeply negative growth track record across all key metrics.
• Management is actively pursuing a deleveraging strategy through asset disposals and debt management, such as the recent exchange offer for its perpetual securities. The success of these initiatives is critical to navigating the challenging market and restoring investor confidence.

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• Uni President China (220 HK) appeals to value investors with its stable long-term growth, attractive dividends, and diversified consumer staples portfolio, despite severe near-term sector competition.
• The intense competition plaguing China’s food delivery platforms and F&B sector have impacted investor sentiment and valuations. Expect stock rebound as the dust settles.
• Uni-President’s brand loyalty and innovation capabilities should help sustain revenue and profit growth, enabling the company to weather near-term pricing and margin pressures.

• Zimplats Holdings is a major platinum group metals (PGM) producer, strategically positioned on Zimbabwe’s Great Dyke, one of the world’s most significant PGM deposits. The company’s operations are characterized by shallow, mechanized, and low-cost mining methods, providing a competitive advantage.
• The company is currently navigating a challenging period of depressed PGM prices, which has impacted profitability and led to cost-cutting measures. However, Zimplats is simultaneously implementing a substantial US$1.8 billion expansion strategy aimed at developing new mines, expanding its smelter, and investing in sustainable projects like a solar power plant to secure long-term growth.
• Operating in Zimbabwe presents a unique set of risks and opportunities. While the country offers a rich resource base, the operating environment is subject to regulatory changes, including foreign ownership laws and currency controls, which can impact investor confidence and operational stability.

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• The proposed disposal of Billi, conditional on shareholder approval, is transformational for the Group.
• Ahead of any movement in capital allocation, net cash would amount to c£37m on the repayment of all indebtedness.
• The net consideration of £107m equates to 45p/share, representing a premium to the current share price.

• Zhong Ao Home is a small, independent property management company in China facing a challenging market, characterized by stagnant revenue and declining profitability over the past several years.
• The company’s stock appears undervalued on traditional metrics (P/E, P/B) and offers a high dividend yield, which may attract value and income-oriented investors.
• Significant headwinds persist, including intense competition within a fragmented industry and a reliance on the troubled Chinese real estate sector, creating high uncertainty for future growth.

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• A flow of new contracts have been announced so far in December adding to the evidence of business progress.
• The relatively new biometrics department reported a new client, Global Antibiotic Research & Development Partnership (GARDP).
• This is a not-for-profit research and development organisation that addresses global public health needs by developing new or improved antibiotic treatments, while endeavouring to ensure sustainable access.

• GigaDevice is a leading Chinese fabless semiconductor company, holding a dominant position in the domestic SPI NOR Flash market and rapidly expanding its presence in the microcontroller (MCU) sector.
• The company is a key beneficiary of China’s strategic push for semiconductor self-sufficiency, which provides a long-term tailwind for domestic market share gains across its product lines.
• While demonstrating strong long-term growth, the company faces significant risks from the inherent cyclicality of the semiconductor industry, intense global competition, and geopolitical tensions between the US and China.

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• Q2 FY26 showed healthy spend growth but structurally weak profitability, with yield compression, elevated credit costs, and higher OpEx offsetting sharp funding-cost relief
• Portfolio mix skewed toward transactors and EMI-led spends drove lower interest-earning assets, capping NIM at 11.2% despite a 69 bps QoQ drop in cost of funds.
• Credit costs remain materially above historical levels, with heavy write-offs keeping ROE anchored in the low-teens and limiting near-term earnings recovery.

• Ola Electric (OLAELEC IN) since its IPO has been under scanner. The management presented a very optimistic narrative in Q1FY26, hoping to turn tides, increase volumes, along with better profitability.
• As things stand, volumes continue to hit new lows, market share continues to tumble and the new narrative of Auto EBITDA positive could possibly be an eye wash.
• The company’s strategic mismanagement is unmasked and and with internal controls disappearing . Ultimately, the promoter sell off could be a final nail in the coffin.

• Context: The Yes Bank (YES IN) vs. IDFC First Bank (IDFCFB IN) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Yes Bank (YES IN) and short IDFC First Bank (IDFCFB IN) targets a 6% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• On October 1, Texas-based startup Fermi raised $682.5 million through the sale of 32.5 million shares at $21/share in a remarkable dual listing on both the NASDAQ and LSE
• The company claimed to have a prospective first tenant who had already “put down” a $150 million prepayment
• On December 12, Fermi issued a SEC filing clarifying that no money had been drawn down and the the prospective tenant had terminated their agreement. Currently trading @ ~$9/share

• Huge beat in Nov-25 and Feb-26. The impact of price hikes (Commodity Memory), mix change (more HBM and server) driven by AI growth and low capacity increase. 
• Management is cautious on bit growth but very positive on 2026-28 outlook. HBM sold out for ‘26. Shortages continue in ’26-27. HBM market to increase ~3x by ‘28.
• Consensus should revise up FY26 by ~60%, FY27 by ~80%. This implies that the stock trades at 7.5x FY26 EPS and 5.4x FY27. 

• JAPEX buys Verdad for USD 1.3bn, gaining operated DJ Basin oil exposure and shifting away from LNG-style earnings.
• FY27 operating profit uplift is ~¥14–20bn depending on WTI vs ¥35bn FY26 base.
• Strong balance sheet and +11–12% stock reaction support a valuation re-rating toward 3.5–4.0× EBITDA.

• Abercrombie & Fitch reported its twelfth consecutive quarter of growth, achieving record net sales of $1.3 billion, an increase of 7% from the previous year.
• This growth showcased a balanced performance across regions, with notable success in the Americas and EMEA, despite challenges in the APAC region where sales declined 6%.
• The company also managed to increase its gross margin to 62.5% amidst a 210 basis point adverse impact due to tariffs.

• Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.
• Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   
• KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. 

• In this edition: • Ahold Delhaize | to close six e-commerce fulfillment centers by the end of 1Q26 • ASML Holding | Chinese rumoured to have copied an EUV machine • SBM Offshore | extends contracts for 2 FPSOs and completes sale FPSO Aseng • Sif Holding | affirms 2025-2026 outlook • Dutch politics | coalition talks: significant policy divide on fiscal discipline

• Taiheiyo Cement’s California platform is vertically integrated and permit-constrained, yet valued at a Japanese consolidated multiple.
• Activist engagement targets U.S. asset re-rating, capital allocation discipline, and potential monetisation.
• Base case values shares at ¥4,800; activist outcome implies ¥7,200 driven by U.S. multiple normalisation.

• Fenix Resources (FEX AU) provided more color during its three-year production plan call on its journey from 4 million to 6 million tons by FY28, and beyond 10 million tons post-FY29. 
• The company requires a minimum capex of AUD 35-45 million (excluding fleet expansion capex of AUD 20 million) to ramp up to 6 million tons. 
• Stock trades at 5.4x/4.7x FY26/27PE, based on 4.5/5 million ton shipments at 100 USD/ton. Risks to estimates lie in iron ore prices moving below 100 USD/ton or cost inflation. 

• Tape will be weak to start, but may find dip buying given the bullish read from Micron which is helping send futs higher 
• Chinese ex-ASML engineers have reversed engineered a EUV lithography machine. Not awesome news for Lasertec and Jeol either. 
• China cooling on Japan has led to a big drop in tourist arrival growth rates. Expected – but still negative for duty free, hotels and rails etc. 

• Theme International Holdings, recently renamed Deep Source Holdings Limited, is a diversified company operating in two core, yet volatile, segments: high-volume, low-margin bulk commodity trading and financial services.
• The company is experiencing a significant downturn in profitability, with net income and margins declining sharply in the most recent fiscal year, despite a strong long-term revenue growth history. This raises concerns about the sustainability of its current business model.
• The recent proposal to change the company name to Deep Source Holdings Limited signals a potential strategic shift or rebranding effort to better reflect its future business development, the success of which remains a key variable for future performance.

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• DOWA has re-rated from ¥4,500 to ~¥7,000 on risk compression and commodity optionality, not improved structural returns.
• FY25 earnings were revised upward, but ROIC remains mid-single digit, with Electronic Materials a persistent structural drag.
• Even at elevated silver prices, valuation appears largely priced in, supporting a Neutral stance.

• The reorg will see H1/25 Minerals revenue decline to zero as items are reclassified to Iron Ore and Aluminum/Lithium and Iron/Titanium and Borates are under review      
• Guidance for 2026 indicates a 4.3% and 2.6% yoy increase in iron ore and alumina output, respectively, but a -2.5% and -3.7% decline in bauxite and copper production
• Rio appears near fully valued, with -3.9% downside to our DCF and 4.5% upside to the consensus target, and we still see downside risk for iron ore and copper prices 

• Context: The ARB Corp (ARB AU) vs. Amotiv (AOV AU) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long ARB Corp (ARB AU) and short Amotiv (AOV AU) targets a 6% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• CICC (3908 HK) announced details of its merger, and as Dongxing Securities (601198 CH) is valued higher, FY26F EPS dilution will be 8.5% on a weighted average basis.
• Its post-merger FY26 and FY27 PERs are higher than the sector average, but given its rise to the 3rd largest H-share securities company, the premium can be justified.
• Larger H-share securities companies have edged up since 19-Nov, which bodes well for CICC. We envisage a muted share price reaction, but long-term investors can build a position.  

• Palo Alto Networks recently shared its financial outcomes for the first fiscal quarter of 2026, exhibiting robust performance across various metrics.
• Total revenue for the quarter increased by 16% year-over-year to $2.47 billion, significantly surpassing expectations.
• The company’s focus on platformization and Next-Generation Security (NGS) offerings continue to guide its strategic direction, contributing to the company’s robust earnings.

• Skylink Holdings Limited (“Skylink” or “the Group”) is a newly listed commercial vehicle leasing and engineering solutions provider, formed through the reverse takeover (“RTO”) of Sincap Group in September 2025.
• With just 8 years of operational history under its subsidiary Skylink APAC, the Group has grown into one of Singapore’s largest commercial vehicle leasing platforms.
• Its integrated business model spans long-term commercial vehicle leasing and fleet management (“SKVR”), vehicle credit and hire-purchase financing (“SKCR”), and engineering services including MRO, refurbishment, and bodywork solutions (“SKER”).

• NCLT approval removes the key overhang, enabling Vedanta’s break-up and forcing valuation discovery across aluminium, zinc/silver, power and O&G.
• Aluminium becomes the anchor, with falling costs and ~50% EBITDA share; zinc and silver provide resilient cash flows and downside protection.
• Intrinsic SOTP ₹1,020–1,050/share implies ~78–83% upside from CMP ₹572; execution-weighted 12-month TP ₹770 offers ~35% upside with downside protected even under stressed aluminium prices.

• HashKey (3887 HK) confirmed its IPO price at HK$6.68, 3.9% below the top end. Despite favourable subscription and placement levels, this suggests some concerns. 
• Digital asset-related names, BTC and ETH, have retreated by an average of 11.6% last week, implying a challenging environment for the debut. 
• It is priced at 14.5x FY26 P/S, vs. 10.5x (peer average) and only a 23% discount to Robinhood Markets (HOOD US). It is only attractive at the low-end price.

• Dixon Technologies India Ltd (DIXON IN) , India’s largest EMS player, benefits from PLI schemes and the China+1 strategy, driving a robust 55% revenue CAGR and scale expansion.
• The stock’s 32% correction was driven by the regulatory probe into Chinese clients and broader EMS sectoral governance concerns.
• Strong financial health with 51% ROCEsupports medium-term growth momentum, making its valuation attractive despite high short-term volatility.

• US-Backed US$7.4bn smelter embeds Korea Zinc in US critical-minerals supply chains, lifting long-term strategic relevance and valuation floor.
• Shares eased after an initial spike as dilution, low JV ownership, governance litigation risk, and long-dated cash flows weighed on near-term sentiment.
• We retain a ₩2.1m TP (~30% upside), supported by TC recovery, rare-metals margins, buybacks, and partial governance-discount compression.

• It is reported that Life Insurance industry is evaluating a shift away from traditional front-loaded commissions toward a deferred commission structure.
• Moreover, IRDAI has intensified oversight of distribution expenses and management costs in the general and health insurance segments and looks to lower the EoM cap for the insurers.
• These changes if considered, could pose meaningful near-term growth and margin headwinds for PB Fintech or Policybazaar (POLICYBZ IN), which is already under pressure from the GST rate cuts.

• Fenix is approaching its first million-tonne quarter, with a fully cash-funded ramp-up targeting 6 MTPA by FY28 under a disciplined capital plan.
• Near term value is concentrated at Weld Range, while Jack Hills provides step-change optionality; Simandou is viewed as a manageable, priced-in risk.
• W10 approvals represent the key execution risk, while labour, logistics, port capacity, and fleet availability are not considered binding constraints.

• Brazil gold acquisition improves diversification and earnings stability; deal appears cash-funded and value-accretive at current gold prices.
• Asset quality improves on a risk-adjusted basis, though Brazilian gold mines are higher-cost and shorter-life than tier-1 peers.
• Valuation already reflects elevated copper and gold prices; upside now depends on commodity price persistence, not rerating.

• Dolby Laboratories reported its fourth quarter and full fiscal year 2025 results, revealing a 6% increase in annual revenue, reaching $1.35 billion, which aligns with the company’s previously communicated guidance.
• Operating margins also expanded by 1.8 percentage points.
• Revenue for the fourth quarter came in at $307 million, surpassing the midpoint of guidance, with non-GAAP earnings per share (EPS) at $0.99.

• Alibaba Group’s recent results demonstrate a mixture of performance across its different business segments, with significant growth in some areas, tempered by challenges in others.
• Positively, the company reported a 15% year-over-year increase in total revenue when excluding contributions from Sun Art and Intime, driven by strong performance in key areas such as Cloud Intelligence, which saw a remarkable 34% revenue growth.
• This growth was largely fueled by sustained demand for AI and the increasing usage of public cloud services, evidencing Alibaba’s strong positioning in the AI and cloud sectors.

• Agilent Technologies, Inc. recently reported its fourth-quarter results for fiscal year 2025, showcasing robust performance across numerous dimensions.
• The company’s revenue for the quarter was $1.86 billion, representing growth of 7.2% on a core basis.
• This marked Agilent’s sixth consecutive quarter of core revenue growth acceleration, with the results surpassing the high end of their guidance range.

• Who wins the AI race is like asking ”who won the Internet?” Amazon, Google, Meta, Microsoft? Wait, maybe it’s ASML and TSMC? Do you see how dumb this question is? 
• If you trade stocks, you enjoy the “Google is back” moment. Or maybe that was last week’s trade. The market wants profits and margins. Revenue growth is no longer enough.
• So, who wins the AI race? I will eventually buy,  hopefully early 2026: AMD, Google, LAM, Meta, Microsoft, Micron, Nvidia, TSMC. These are the category winners IMO

• Broadcom just had its worst stock day in nearly a year—and the culprit was something investors were previously cheering: AI.
• On the surface, the company had a strong quarter.
• Revenue hit a record $18 billion, AI chip sales surged, and its infrastructure software business delivered steady growth.

• US government–linked investment in a planned US smelter JV materially lifts Korea Zinc’s long-term strategic relevance and downside valuation floor, even though project cash flows are long-dated and execution-heavy.
• Near–medium term earnings remain supported by zinc TC recovery, structurally higher rare-metals margins (led by antimony and germanium), and treasury-share cancellations, driving improved EPS visibility.
• We raise our target price to ₩2.1m, reflecting partial governance-discount compression and a higher strategic multiple, while maintaining conservative assumptions on timing and returns.

• Applied Materials recently concluded their fiscal year of 2025 with encouraging results, achieving record highs in revenue, gross margin dollars, operating profit, and earnings per share, despite facing significant headwinds.
• The company reported a 4% year-over-year growth in revenue to $28.4 billion.
• Notably, the Semiconductor Systems and Applied Global Services (AGS) divisions posted record revenues, even amidst tightened trade restrictions that notably impacted their market presence in China.

• Intel Corp. is reportedly nearing a $1.6 billion acquisition of artificial intelligence startup SambaNova Systems Inc., marking a potential inflection point in its strategic roadmap to reclaim dominance in the AI and semiconductor space.
• This potential deal—first reported by Bloomberg—could materialize as early as next month, and would give Intel a foothold in custom AI chip architecture at a steep discount compared to SambaNova’s last valuation of $5 billion in 2021.
• The move comes on the heels of a transformative year for Intel, highlighted by the U.S. government taking a 10% stake, major equity infusions from NVIDIA and SoftBank, and a public commitment from CEO Lip-Bu Tan to rebuild Intel’s AI, foundry, and inference capabilities.

• The $2.25bn convertible issuance underscores strong bond-market confidence in AI infrastructure, but equity markets are increasingly focused on leverage, dilution, and refinancing risk.
• With repeated debt raises and high fixed obligations relative to revenue, CoreWeave’s growth model is becoming more dependent on capital-market access than operating leverage.
• As credit conditions tighten across data-centre and infrastructure lending, the divergence between bondholder confidence and equity caution highlights a narrowing margin for error.

• Raffles Medical Group (RMG) is a leading integrated private healthcare provider in Asia, with a strong presence in Singapore and a growing footprint in China and other parts of the region.
• The company’s growth strategy is centered on expanding its hospital and clinic network, particularly in China, and capitalizing on the rising demand for quality healthcare driven by aging populations and increasing affluence.
• While facing challenges such as rising operating costs and execution risks in new markets, RMG’s established brand, integrated healthcare model, and strong balance sheet position it well for long-term growth.

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• GlobalFoundries Inc. recently reported its third-quarter financial results for fiscal 2025, showcasing a mixed performance across diverse segments and underscoring specific strategic directions aimed at driving long-term growth.
• The company’s revenue for the quarter stood at $1.688 billion, marking a slight 3% decrease year-over-year, though it aligned with the high end of the anticipated guidance.
• Gross margins saw expansion both sequentially and year-over-year, landing at approximately 26% due to shifts toward higher-margin product mixes and increased revenue from non-wafer technology services.

• KEI Industries (KEII IN) is a vertically-integrated wires and cables manufacturer with a diversified portfolio spanning low, medium and extra-high-voltage cables, house wires, stainless steel wires and turnkey EPC solutions.
• It operates in three segments- Cable and wire (C&W), stainless steel wire and Engineering, Procurement and Construction (EPC) segment, selling products both domestically as well as in global markets.
• It sports a market capitalization of US$4.3bn and ADTV of ~US$11.4m. In this note, we will talk about the company’s past performance and future prospects.

• Re-Rating delivered; stock now reflects spot copper (~$11.5k) and sustained mid-teens ROE, limiting multiple-led upside.
• Non-Resource platforms (leasing, agri) are stabilizing earnings; further upside depends on faster platform scaling and capital returns.
• Fair value ~¥4,550 on spot EPS; Hold bias with asymmetric downside if copper or FX turns.

• Peak IP momentum risk: Labubu (~23% of revenue) shows fading hype, with resale prices and ex-China search interest normalizing, raising risk of faster-than-expected growth deceleration in 2026.
• IP concentration and gap: No other IP has demonstrated Labubu-like scaling, increasing risk of an IP digestion period. Overseas expansion matures and supply normalization caps incremental demand.
• Valuation/Expectations mismatch: At 14x 2026E P/E, valuation assumes durable IP growth; TP at HKD 100 to 105 with downgrade risk in 2H26.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Opportunity: Currently eight pair trade opportunities across four markets and five sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Strategic Pivot to Web3 and Metaverse: Gumi is aggressively shifting its focus from a reliance on hit-driven mobile games to becoming a comprehensive Web3 enterprise, underscored by strategic partnerships with Square Enix and SBI Holdings, and significant investments in cryptocurrencies like XRP and Bitcoin.
• Financial Volatility and Restructuring: The company has experienced significant financial turbulence, with a substantial net loss in FY24 driven by underperforming titles, leading to the discontinuation of flagship games, workforce reductions, and a halt in the development of high-risk original titles.
• Leveraging Existing IP for Future Growth: Despite sunsetting major titles, Gumi plans to leverage its well-known ‘Brave Frontier’ IP for a new Web3 game, ‘Brave Frontier Versus’, in partnership with the Sui Foundation, aiming to blend its established brand with new blockchain-based gaming experiences.

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• JSW has shown strong growth in generation capacity, with plans to double it to 30GW by 2030. The company is also venturing into ancillaries like battery assembly and hydrogen production. 
• We conservatively estimate FY26 EBITDA at 10,000cr (11% below consensus) with 20% CAGR from capacity expansion (25% CAGR to 30GW) and improving utilisation (35% CAGR in generation).
• We ascribe EV/EBITDA multiple of 8-12x to the thermal business and 12-16x multiple to renewables business to arrive at SOTP valuation of 550-770 by March 2027 vs CMP of 480.

• Earnings re-based higher: FY2025–27 EPS upgraded ~20%, driven by copper and gold prices; resource earnings dominate while smelting volatility remains largely accounting-driven.
• Valuation near fair value: At ~¥6,000, SMM trades around mid-cycle value; upside depends on sustained copper/gold strength rather than multiple expansion.
• Downside cushioned: Strong balance sheet and ~2× FCF dividend cover limit downside, with pullbacks offering better entry than chasing spot-driven rallies.

• Sales are growing again and the company has turned profitable with capacity utilization up and costs down. Guidance for 2H of FY Mar-26 looks conservative. 
• Sales of power devices is rising after a long period of weakness, supported by auto, industrial and data center related demand.
• Projected valuations are once again reasonable. The share price should continue to trend upwards.

• Wellex Industries (WIN) is a Philippine holding company with primary interests in mining, oil exploration, and real estate leasing through its subsidiary, Plastic City Industrial Corporation.
• The company’s financial performance is characterized by extreme volatility, highlighted by a significant one-off net income gain in 2024 that masks underlying operational weaknesses, such as a return to quarterly losses and persistent negative cash flows.
• Future performance is subject to high uncertainty, contingent on the successful execution of its strategy to revitalize its mining and exploration activities and the performance of the broader Philippine real estate and resources sectors.

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• Philippine Business Bank (PBB) is a thrift bank strategically focused on the underserved Small and Medium Enterprise (SME) sector, which constitutes the vast majority of registered enterprises in the Philippines.
• The bank demonstrates a strong operational growth trajectory, with significant increases in revenue and net income over the past three years. This is complemented by a high dividend yield, making it attractive from a value and income perspective.
• Despite robust fundamental growth, the company’s market capitalization has declined, indicating a significant valuation gap. Key risks include high sensitivity to macroeconomic conditions, intense competition within the Philippine banking sector, and potential asset quality pressures inherent in its SME-focused loan portfolio.

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• Dominant Market Position with Extensive Reach: GMA Network is a leading media company in the Philippines, boasting the largest broadcast footprint with 115 TV stations and 21 radio stations, reaching an estimated 67 million Filipinos. This extensive reach provides a significant competitive advantage in attracting advertisers and maintaining a large viewer base.
• Diversifying Revenue Streams Beyond Traditional Media: Recognizing the global shift in media consumption, GMA is actively diversifying its portfolio. This includes a strong push into digital media, where it ranks number one in Southeast Asia for video views, and strategic investments in technology startups through its venture capital arm, GMA Ventures.
• Challenging Financial Performance Amidst Industry Headwinds: Despite its market leadership, GMA has faced financial challenges, including a significant drop in net income over the past three years. This is attributed to high operating costs, unfavorable economic conditions, and a dip in television ratings, reflecting broader trends of declining viewership for traditional broadcasting.

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• Tenneco Clean Air India Ltd (1880671D IN) is part of the Tenneco Group, a U.S.-headquartered global Tier I automotive component supplier.
• It designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs and export markets.
• Since its listing, the stock is up 19%, but there is still upside potential.

• Sony Group Corporation reported a strong financial performance for the latest quarter with record sales and operating income figures.
• Sales from continuing operations increased by 5% year-on-year to JPY 3,107.9 billion, with a 10% rise in operating income to JPY 429 billion.
• Net income rose by 7% to JPY 311.4 billion.

• Max India (MAXI IN) , part of the historically successful Max Group, is transitioning into India’s only fully integrated senior care platform, Antara.
• The senior care market is projected to reach USD 33 Bn by 2030 from USD  13 Bn in 2024 driven by nuclear families and increasing affluence among the elderly.
• Key growth levers are the annual 1.5M sq. ft. development target in residences and the goal for AGEasy to reach breakeven by late FY ’27.

• TSMC: +23% Premium; Has Broken Down from Historically High Level
• ChipMOS: -3.0% Discount; Good Level to Go Long the ADR Spread
• CHT: -1.1% Discount; Good Level to Go Long the ADR Spread

• FY26–30 plan lifts scale ambitions, but ¥6 tn capex and U.S. Steel integration keep free cash flow negative through FY26.
• U.S. Steel synergies shift to FY27–28 amid labor, regulatory, and spread pressures, delaying ROCE recovery toward the 9–10% target.
• Look cheap on NTM multiples, but elevated leverage, FX sensitivity, and sub-8% forward ROCE limit near-term re-rating.

• Oracle rarely surprises Wall Street.
• This time, it did.
• After reporting another quarter of strong cloud growth, Oracle’s stock fell sharply by more than 10% in a single session, a rarity for a low-beta company.

• Perimeter Solutions is turning up the heat on its strategic ambitions with the proposed $685 million acquisition of Medical Manufacturing Technologies (MMT), a move that could reshape its operational landscape.
• Announced on December 10, 2025, the deal is expected to close in Q1 2026 and will be financed via $500 million in new secured debt and $185 million in existing cash.
• This announcement comes on the heels of Perimeter’s robust Q3 2025 performance, marked by $186.3 million in adjusted EBITDA and year-to-date free cash flow generation of $197 million.

• Pinterest is doubling down on performance advertising with a strategic move that could reshape its ad tech stack.
• On December 11, 2025, the visual discovery platform announced its intent to acquire tvScientific, a connected TV (CTV) performance advertising platform, with the deal expected to close in the first half of 2026.
• While financial terms were undisclosed, the strategic implications are significant.

• Unrivaled IP Portfolio Drives Synergistic Flywheel: Disney’s core competitive advantage lies in its unparalleled portfolio of intellectual property (IP), including Disney, Pixar, Marvel, and Star Wars. This IP fuels a synergistic business model, allowing for monetization across its Experiences, Entertainment, and Sports segments, from theme parks and merchandise to blockbuster films and streaming content.
• Strategic Pivot to Streaming Profitability: The company is navigating a significant transition, focusing on achieving sustained profitability in its Direct-to-Consumer (DTC) streaming business. While this segment has recently turned profitable, it faces intense competition and the challenge of offsetting the secular decline in traditional linear networks.
• Experiences Segment Remains the Profit Engine: The Disney Experiences segment, encompassing theme parks, resorts, and cruise lines, continues to be the primary driver of profitability, posting record operating income. Significant capital investment is planned for this division, signaling its central role in future growth while navigating challenges of rising costs and economic sensitivity.

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• Shift4 Payments reported solid third-quarter 2025 financial results, showcasing notable growth in several key performance indicators, though there are areas that require caution.
• The company posted gross revenue less network fees of $589 million, marking a 61% increase year-over-year.
• Adjusted EBITDA came in at $292 million, up by 56% from the previous year, with the organic growth excluding recent mergers and acquisitions at 18%.

• Amdocs reported its financial performance for the fourth quarter and full fiscal year of 2025, signaling key trends within the company and its strategic direction.
• On a pro forma constant currency basis—accounting for the phaseout of certain low-margin noncore business activities—Amdocs achieved revenue growth of 3.1% for the fiscal year.
• In the fourth quarter, revenue reached $1.15 billion, showing a 2.8% increase compared to the previous year in pro forma constant currency terms.

• Goldman Sachs will take Raksul private via a ~¥100bn MBO, restoring meaningful governance influence to the founder—one of the most explicitly founder-aligned take-privates in Japan’s tech sector.
• Public markets consistently undervalued Raksul’s multi-vertical SME platform; going private enables longer-horizon investment, selective M&A, and disciplined scaling across printing, logistics, marketing tech, and adjacent digital services.
• Deal completion probability is high (90–95%): a fair premium, full founder support, and limited interloper risk leave minority shareholders best served by tendering into the offer.

• Marc Benioff on Gemini 3: I’ve used ChatGPT every day for 3 years. Just spent 2 hours on Gemini 3. I’m not going back. The leap is insane
• Anthropic on expansion of Google Cloud TPU:  The expansion is worth tens of billions of dollars and is expected to bring well over a gigawatt of capacity online in 2026.
• DeepMind is Alphabet’s dark horse. AlphaFold is one of the most significant AI-related accomplishments ever. What will they turn their attention to next? Let’s see…

• Recent strategic announcements improve pellet security, downstream mix, and low-carbon readiness, strengthening Tata Steel’s long-term positioning.
• Balance sheet can fund near-term projects, but upstream expansions require careful sequencing amid non-linear cyclical earnings.
• Valuation remains balanced at ₹165–185/share, with Europe performance the key swing factor for re-rating.

• The big story heading into 2026 is simple.
• Microsoft looks like the early favorite to be the market’s biggest AI winner.
• Every new budget cycle pushes more workloads, more data, and more everyday work into Azure and Copilot.

• TeraWulf’s third-quarter 2025 earnings call reflects both noteworthy achievements and areas of concern, contributing to a balanced investment thesis.
• This period has been pivotal, with the company signing a landmark 360-megawatt IT load agreement at its Lake Mariner campus, in collaboration with Fluidstack and backed by Google.
• This 10-year contract is anticipated to generate substantial annual revenue and operating income, underscoring the strategic shift towards high-performance computing (HPC) and establishing TeraWulf as a leader in this transition.

• SoundHound, a pioneer in the field of voice and conversational AI, presented its third-quarter results for 2025.
• The company highlighted robust revenue growth, expanded technological reach, and strategic acquisitions, underscoring a period of precise execution amid booming enterprise AI adoption.
• In terms of financial performance, SoundHound reported a sizable 68% increase in revenue year-over-year, reaching $42 million for the quarter.

• Duke Energy’s third-quarter 2025 results showcased a strong financial performance, with an adjusted earnings per share (EPS) of $1.81, up from $1.62 in the same period last year.
• This growth can primarily be attributed to the ongoing expansion in the company’s electric utilities sector.
• Duke Energy has also revised its full-year earnings guidance to a narrower range of $6.25 to $6.35 per share, indicating confidence in its financial outlook for the remainder of the year.

• Monday.com reported robust financial results for the third quarter of fiscal year 2025, reflecting both strengths and challenges in its business strategy and execution.
• The company’s revenue rose by 26% year-over-year to $317 million, demonstrating solid growth, particularly driven by expansion in their large customer base.
• The company successfully added more large customers, with significant growth in accounts of $50,000, $100,000, and $500,000 in annual recurring revenue (ARR).

• Diffusion Engineers (DIFFNKG IN) is India’s integrated engineering solutions provider specializing in welding consumables, wear plates/parts, and heavy engineering equipment for core industrial sectors. 
• The company is targeting to double its top-line in 3 to 4 years with a sustainable EBITDA margin range of 15% to 17%. 
• The most critical growth trigger is the INR 70 crore capacity expansion at the Nimji and B33 facilities, which is designed to double production capacity and drive internal cost efficiencies.

• Amazon’s bold move to expand same-day perishable grocery delivery to over 2,300 U.S. cities is now intersecting with an equally bold policy shift from the Federal Reserve.
• With the central bank announcing a rate cut for the first time in two years, Amazon finds itself in a macro environment that could supercharge its delivery ambitions—or complicate them.
• The Fed’s monetary easing lowers borrowing costs, boosts consumer liquidity, and alters capital allocation across sectors.