Equity Bottom-Up Archives | Page 12 of 222 | Smartkarma

• With Maynilad Water Services Inc.’s largest IPO in the Philippines, slated for October 2025, targeting up to ₱45.8 billion in total raise, PSE’s IPO pipeline will exceed ₱ 200 billion.
• It represents a substantial >142% YoY increase over 2024 (where IPO pipeline was ₱82.4 billion), with the majority of it back-end loaded (pipeline completed till Aug FY25 ₱70 billion) 
• Trading at 15x FY25 PE, with 18% of the market cap in cash, a 6% dividend yield, and multiple growth levers in the future, this is a stock to explore.

• In August, BYD’s total sales volume was still flat and its domestic sales volume continued to shrink.
• The operating margin declined significantly to 2.3% in 1H25 from 4.4% in 1H24.
• The P/E band suggests a downside of 23% and a price target of HK$89.00.

• KT&G announced that it is selling numerous properties nationwide as well as financial assets, aiming to generate about 1 trillion won in additional cash flow.
• KT&G has started to sell off a number of real estate properties in Seoul, Bundang, Daegu, Sejong, Busan, and North Chungcheong, and other parts of Korea through public bidding process.
• Four key catalysts with KT&G include an increasing probability of cigarette price hike, asset sales of non-core properties/improving corporate governance, high dividend yields, and profitable growth of core tobacco business. 

• Golden Throat (6896 HK — US$343 million) is an iconic Chinese brand of throat lozenges, used to deal with sore or dry throats.

• The core product is similar to Strepsils, Halls, or Ricola, but is sold over-the-counter in pharmacies.

• The company sells 146 million boxes per year and has an estimated market share of 26% in China.

• ICLN has surged more than 35% since April, driven by record renewable generation, strong corporate earnings, and institutional inflows.
• Investors and banks are rotating capital from fossil fuels into clean energy, signalling structural shifts and fuelling the rise of solar and renewables.
• Global clean energy investment, led by solar, points to the early stages of a solar super cycle, positioning ICLN as a prime long-term play.

• ¥15 Bn investment to triple glass cloth capacity at Fukushima plant, with new operations starting Q4 FY2026.
• Demand for low-dielectric and T-glass cloth in AI servers and semiconductors has outpaced supply, creating a strategic bottleneck and premium pricing.
• Full earnings uplift from FY2027 onward, with projected revenue and EPS rising 12–15% post-expansion.

• National Aluminium (NACL IN) has announced a significant INR 30,000 crore capex over the next five years, its largest in recent history, to expand its core smelting, power generation capabilities.
• Targeting an almost doubling of its smelting capacity and securing long-term power supply. This is crucial for NALCO to enhance its competitiveness and achieve the coveted “Maharatna” status by 2030.
• This expansion, funded by a mix of internal accruals and debt, positions NALCO for an earnings inflection point, contingent on disciplined execution and favorable long-term commodity cycles.

• Pinduoduo Holdings Inc. on Monday reported its slowest revenue growth in three years, as the Chinese e-commerce giant ran into stiffer competition at home and new tariff challenges abroad for its overseas arm Temu.
• The Nasdaq-listed company posted second-quarter revenue of 103.99 billion yuan ($14.5billion), just above market expectations and up 7% from a year earlier. That marked the fifth straight quarter of deceleration and the slowest pace since mid-2022.
• Pinduoduo’s meteoric rise since launching Temu in September 2022 peaked with a 131% revenue surge in the first quarter of 2024. Growth has slowed each quarter since, falling to 86% in the second quarter of 2024, 44% in the third, 24% in the fourth, and only 10% in the first quarter of 2025.

• We stick with Brazilian exchange B3 as our buy pick, as the scorecard indicates; data represents the highest share of total revenues versus peers and its post-trade revenues are understated
• We downgrade Hong Kong Exchange to a neutral from buy, after its strong share price performance YTD; we feel much growth potential is discounted at current valuations
• We downgrade BSE to a sell rating as it trades on rich fundamental valuations making it vulnerable to negative earnings surprises; its EBITDA margin no longer lags its peer group

• Akums secured a €200m European supply contract, marking its first large entry into regulated markets and validating its compliance and scale capabilities.
• This shifts Akums from a domestic CDMO leader to a credible global player, with exports positioned to become a material earnings contributor from FY27.
• While near-term growth remains muted, Akums’ medium-term profile looks stronger, with greater diversification and reduced dependence on India’s CDMO cycle.

• The de facto total revenue increased by 10% YoY excluding two disposed shopping malls.
• We believe Alibaba will win the price war for food deliveries, because competitors’ earnings were even worse.
• The stock surged by 13% in NYSE after the result release, but we still believe it has an upside of 48% for next twelve months.

• Alibaba (BABA US)  jumped 12.9% on Friday following better than expected 2Q2025 results and upbeat management commentary.
• Investors cheered growth plans centered around Consumption and AI + Cloud, signaling confidence in the company’s long-term strategy.  
• 2Q2025 operating profits dipped slightly, as higher costs in quick commerce were largely offset by growth in other business segments.

• In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (29 August to 12 September 2025).
• Shipbuilding remained the best performing sector in the past two weeks. Rechargeable battery was the worst performing sector. 
• Top 10 picks in this bi-weekly include KCC Corp, KT&G, LG Uplus, Samsung Life Insurance, Paradise, Nongshim, LG Chem, HD Hyundai Mipo, SK Inc, and CJ Corp. 

• Samsung’s potential Intel stake highlights need for packaging know-how, not customers, and provides a hedge if its 2nm yields or production slip.
• TSMC extends lead with stable N3, on-track N2, AI packaging dominance, and customer migrations, while Samsung’s foundry share declines below 8%.
• Implications: Positive for TSMC (2330 TT), negative signal for Samsung (005930 KS), validating for Intel (INTC US) though regulatory and governance constraints remain important.

• 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 four pair trade opportunities across two markets and three 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.

• Alphabet Inc. Class A is a leading global technology conglomerate headquartered in the United States, best known as the parent company of Google.
• The company maintains a dominant international presence across key sectors such as online search, digital advertising, cloud computing, and artificial intelligence.
• The Company’s shares are listed οn the Nasdaq Composite stock market Ιndex since August 19, 2004 and are included among the companies with the higher market capitalization globally.

• Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally.
• The company operates in two segments, Automotive and Energy Generation & Storage.
• The Company’s shares are listed in the Nasdaq Composite Index under the symbol ‘TSLA’ since June 29, 2010 and are included among the companies with the higher market capitalization globally. 

Key points (machine generated)

• The core portfolio includes leading health and hygiene consumer brands projected to generate £10 billion in sales and £2.6 billion in operating income for FY’24.
• Mead Johnson and Essential Home contribute about 15% of EBIT but are planned for divestment due to low growth potential.
• The self-care segment is expected to represent 33% of total sales in FY’24, with a growth rate of 7% and varying contributions from different regions.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work.
• ART has reported its FY25 result, which was largely flagged in the recent Q4 FY25 cash flow update.
• Further disclosure reveals a monetisation rate of 21.6% for FY25, up from 20% in FY24 and above our forecast.

Key points (machine generated)

• WEIR Group plc is a mining equipment OEM with 80% of sales from aftermarket services and a strong market position.
• The company is undervalued at 12x EV/Adj. EBITA based on 2026 estimates, with potential growth from increased mining capital expenditures.
• WEIR operates in four equipment categories, generating £2.5 billion in revenue with an 18.8% adjusted operating margin, while investing in growth and innovation.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• JFrog reported their financial results for the second quarter of 2025, highlighting continued growth and strategic execution.
• Total revenue for the quarter was $127.2 million, marking a 23% increase year-over-year, with cloud revenue growing by 45% to $57.1 million.
• This growth highlights JFrog’s successful strategy of converting customers with usage above minimum commitments into annual contracts, reinforcing the predictability of revenue streams and strategic focus on cloud services.

• In a stunning geopolitical development, ExxonMobil has reportedly engaged in secret discussions with Rosneft—Russia’s largest state-owned energy company—regarding a potential return to the Sakhalin-1 oil and gas project.
• These talks, led by Exxon Senior Vice President Neil Chapman, signal a possible energy détente between Washington and Moscow, tied to broader negotiations aimed at ending the war in Ukraine.
• The meetings were held under U.S. Treasury Department licenses that allow for discussions on stranded assets and involved back-channel diplomacy, including conversations between Exxon CEO Darren Woods and former President Donald Trump.

• Deere & Company’s third-quarter earnings report presents a mixed outlook for the company, marked by ongoing challenges due to global uncertainties and shifting market dynamics, tempered with strategic operational efficiencies and modest positive trends in some segments.
• The segments of Production and Precision Agriculture, Small Agriculture and Turf, and Construction and Forestry each tell a distinct story of both struggle and strategic positioning.
• 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.

• We strongly disagree with the valuation method of “P/R”. which is calculated by dividing market value by R&D expenses. It is still necessary to view the valuation system rationally.
• Innovent surprisingly turned loss into profits for the first time in 25H1. Considering the future contribution of mazdutide and IBI363, valuation of Innovent may reach above RMB200 billion.
• The logic of Zylox is import substitution. Based on strong fundamentals, if liquidity remains strong, reasonable P/E is 40-45x. Target share price is HK$25-29/share based on 2025 net profit.

• Cytokinetics presented its Q2 2025 earnings and strategic updates, which highlighted significant operational milestones and challenges.
• The company’s focus remains on advancing its pipeline of muscle biology-focused therapies, particularly within cardiology.
• A key development is the ongoing regulatory process for aficamten, a treatment for obstructive hypertrophic cardiomyopathy (oHCM).

• Stantec’s second quarter of 2025 presents a mixed picture, with various factors suggesting both opportunities and challenges for potential investors.
• The company reported net revenue of $1.6 billion, marking a 6.9% increase compared to the previous year.
• This growth was primarily driven by a 4.8% in organic growth, pointing to consistent demand across its operations, particularly in sectors like water, transportation, mining, energy, and mission-critical projects.

• TSMC: +21.8% Premium; Wait for Higher Premium Before Fresh Short of the Spread
• UMC: -0.6% Discount; Wait for More Extreme ADR Spread Level
• ASE: +0.4% Premium; Good Level to Go Long the ADR Spread

• Crocs, Inc. reported a solid performance in the second quarter despite facing ongoing market volatility.
• The company achieved revenues of $1.1 billion, reflecting a 3% growth from the previous year.
• Revenues for the Crocs brand alone rose by 4%, reaching $960 million, with a notable 16% growth in international markets.

• SoundHound exhibited a noteworthy performance in the second quarter of 2025, recording its strongest ever quarterly revenue of $42.7 million, a significant surge of 217% compared to the previous year.
• This growth was primarily driven by substantial advancements in their diverse business verticals: automotive, AI customer service for enterprises, and AI solutions for the restaurant industry.
• The company highlighted its strategic acquisition initiatives, which have effectively enhanced growth trajectories and solidified its position as a key player in the conversational AI sector.

• Coherent Inc.’s fourth quarter and full fiscal year 2025 results reflect both strong performance and some areas of challenges.
• The company experienced a robust fiscal year with revenue hitting a record $5.81 billion, marking a 23% year-over-year increase.
• This growth was propelled significantly by the company’s data center and communications business, with data center revenue alone increasing by 61% from the previous year.

• Context: The Macquarie Group (MQG AU) over National Australia Bank (NAB AU) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: The pair is trading just at the border of the 2 standard deviation threshold which triggers the trade open signal. Monitor to find a good entry point.
• 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.

• Beike (BEKE) reported C2Q25 top line, non-GAA op. profit and GAAP net income (2.5%), (43%) and (3.0%) vs. our est. 
• Since a strong start in C1Q25, both new and existing home sales growth have trended down after early March, against a weak 2024. 
• We cut TP by US$1 to US$24 and maintain BUY.

• Nvidia beat revenue expectations by 1.5% with $46.7 billion in revenue; data centre growth underwhelmed, with compute slipping sequentially.
• Blackwell is ramping at full speed, while Rubin’s six chips have already taped out at TSMC, keeping Nvidia’s annual launch cadence intact.
• Inventory jumped to $15B, and China licenses remain uncertain, leaving little margin for error.

• Glencore Plc (GLEN LN) shares are down 15.3% YTD and remains undervalued relative to peers. Asset optimisation, buybacks & dividends to drive its share prices higher.
• Firm has identified USD 1 billion in annual cost savings, with at least 50% expected to be realized in the second half of 2025.
• The company has reiterated its commitment to shareholder returns via USD 1 billion buyback and USD 1 billion through dividend payout.

• The Engineered Materials segment, driven by AI/5G-linked products like MicroThin™ and FaradFlex®, is poised for strong growth, offsetting near-term Metals segment weakness.
• A forward valuation of ~17× P/E and ~7.5× EV/EBITDA, supported by strong growth in MicroThin™ and the scaling of FaradFlex®, is broadly in line with peers.
• Key risks include metals price volatility, execution delays in FaradFlex®/MicroThin™ ramp-up, and intensifying competition from Asian copper foil and laminate producers.

Key points (machine generated)

• Trinseo has historically been viewed as a high-risk investment due to its troubled history and significant leverage.
• Recent improvements in its balance sheet and liquidity position, including over $450 million available through 2025, indicate a potential shift in investment outlook.
• The alignment of bid-ask expectations for asset sales suggests a positive recovery potential for Trinseo in the next 12-18 months.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Grasim Industries (GRASIM IN) ‘s Birla Opus rolled out “Birla Opus Assurance”— India’s first 1-year free repainting program covering various defects.
• This is just another marketing technique, aimed at capturing market share from existing players. Because of the cut throat competition, other players are expected to launch similar programs.
• Ultimately, this would lead to higher warranty provisioning as well as higher A&P spends, thereby impacting the margins. But in long run, we expect warranty claims to be modest.

Key points (machine generated)

• Global Tax Free Co (GTF) holds a 70% market share in South Korea and 25% in Singapore for VAT refund services.
• The company is recovering from a failed acquisition due to fraud and aims to expand into Japan and Thailand in the next 18 months.
• Founded in 2005 and acquired by a SPAC in 2017, Chairman Mr. Moon Yang-Geun owns an 18.7% stake in GTF.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Apple Secures Over Half of TSMC’s Cutting-Edge 2nm Capacity; How TSMC Anchors Apple’s Product Leadership Strategy
• NVIDIA Results Key Take-Away: Long-Reasoning AI Models Driving Massive Compute Demand
• Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective 

• Results are steady. Revenues are flat with gross profit marginally down.
• There are 2 exceptions : S $5.5 mn impairment on PPE at Nantong due to economic slowdown and fx loss of US $5.5 mn
• Declares 2 cents dividend, ROE of 10% on Balance Sheet which has 30% excess cash and Book Value of Cash S$ 1.46

• We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.
• Our top picks are Asian Terminals (ATI PM), The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).
• We have some very positive updates from Plover Bay Technologies (1523 HK) / Asian Terminals (ATI PM) and The Keepers Holdings (KEEPR PM), post their quarterly results.

• Meituan (3690 HK) shares fell 12.5% post – 2Q2025 results, reflecting investor concerns over prolonged subsidy wars and lack of visibility on when rational competition may resume.
• 2Q 2025 revenue growth lagged the pace of delivery transaction growth as incentives sharply reduced effective revenue capture while rising marketing costs nearly wiped out quarterly profit.
• Along side the rapid growth in China’s instant delivery market, where groceries and daily essentials are delivered in 30 minutes or less, competition among leading retail/delivery players have escalated.

• AI is becoming more integrated into daily life, including potential use for planning holidays and making payments
• Visa is focusing on innovation to redefine the future of payments, with a history of adapting to new technologies and consumer expectations
• Visa’s chief Product officer discusses the company’s vision for the future of consumer payments and the opportunities they see in the market

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Tovis is one of the key beneficiaries of continued opening of new casinos in Asia/globally. The company provides specialty monitors for slot machines, casino gaming cabinets, and arcade/gaming machines.
• The growth of the automotive/other displays unit has been driven mostly by domestic sales which increased from 36.6 billion won in 2022 to 239.2 billion won in 2024.
• Tovis is trading at EV/EBITDA of 4.5x based on LTM financials and recent prices. This is much lower than average EV/EBITDA multiple of 12.4x from 2020 to 2024.

• The stock price surged by 7.7% on the 2Q25 release day.
• Total revenue increased by 16% YoY in 2Q25 among which accommodation reservation revenue increased by 21% YoY.
• The operating margin was stable at a level significantly higher than the period before COVID.

• FY2024–25 results showed a sharp rebound, with Resources strength (copper, gold) more than offsetting Smelting losses.
• August FY2025 guidance raised PBT and dividend despite trimming sales and Smelting outlook, reflecting confidence in core earnings.
• EBITDA is set to grow ~6–7% over FY2025–27, leaving the stock inexpensive on P/E (~12x vs peers ~16x).

• Shares of Chinese AI chipmaker Cambricon Technologies Corp. Ltd. (688256.SH +3.24%) surged Monday, bringing the company to the brink of unseating Kweichow Moutai Co. Ltd. (600519.SH -2.27%) as the most expensive stock on China’s A-share market.
• Cambricon’s stock closed up 11.4% on Monday at 1,384.93 yuan ($191.07) per share, just shy of the fiery liquor-maker Kweichow Moutai, which closed at 1,490.33 yuan.
• The chip company’s shares have more than doubled since mid-July and have climbed over 562% since September 2024. The rally has pushed Cambricon’s price-to-earnings ratio to 4,463 times, far exceeding Moutai’s 20 times.

• Block, Inc.’s latest earnings report for the second quarter of 2025 provided key insights into the company’s ongoing strategies, progress, and operational challenges.
• Showing signs of a return to growth mode, the company reported a gross profit of $2.5 billion, up 14% year-over-year, and an adjusted operating income of $550 million, reflecting a 38% increase.
• This indicates an expansion in margins to a new peak of 22%.

• Doximity, a professional network for physicians, recently reported its fiscal 2026 first-quarter results.
• The company posted a revenue of $146 million, marking a 15% year-over-year increase, exceeding its guidance by 4%.
• The adjusted EBITDA was $80 million, translating to a 55% margin, which was above the guidance range, reflecting a 21% year-on-year growth.

• LY is finally moving to integrate LINE and Yahoo more effectively. It has taken too long.
• LINE has 100 million users in Japan and yet until now, there has not been a decent shopping tab within the LINE app to encourage cross-use.
• This is finally happening next month and, along with some AI-based UI and search improvements should help LY maintain parity with Rakuten if not surpass on growth rates.

• Metaplanet launches international equity raise of up to 555m shares, potentially almost doubling share count, targeting approximately ¥130b in proceeds subject to pricing and demand.
• Proceeds earmarked primarily for Bitcoin purchases, potentially adding 4,800–26,800 BTC to treasury holdings, accelerating NAV growth and reinforcing positioning as a Bitcoin balance sheet company.
• Suspension of 20th–22nd series stock acquisition rights through September ensures offering stability and clears path for subsequent preferred share issuance capacity.

• Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas. 
• Comfortdelgro Corp (CD SP) subsidiary, Vicom Ltd (VCM SP) is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.
• It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.  

• Shibaura Electronics (6590 JP) is at the center of a takeover battle between MinebeaMitsumi and Taiwan’s YAGEO.
• Minebea has bid ¥6,200/share with 23% locked in and management support, while YAGEO counters at ¥7,130/share, pending FEFTA clearance.
• Financial investors may wait for FEFTA clarity and lean YAGEO for price, while risk‑averse or aligned holders favor Minebea’s certainty.

• 2Q26 (Jul-25) revenue growth 56% YoY, despite a sharp decline in China revenue (-24% YoY). No H20 revenues from China. H20 charges normalize, margins improve, Net Income 5% above Consensus. 
• 3Q26 revenue growth stable at 54% YoY, not including any H20 revenues from China. Upside from H20 at $2-5bn, max revenue growth 68% YoY. 3Q guidance ~3% above Consensus.   
• The stock is not expensive. Trading at its average 47x trailing PEx, 33x forward. Very little risk to Consensus expectations over FY26-28. 

• Anta Sports acquired Jack Wolfskin in April 2025 so that “other brands” revenues surged by 61% YoY in 1H25.
• The margin pressure came from e-commerce promotion and product function development.
• We conclude an upside of 18% and a price target of HK$120. Buy.

• Shares of Pop Mart International Group Ltd. hit an all-time high after the Chinese toymaker posted strong half-year earnings, fueled by frenzied demand for its Labubu plushies in the U.S. and other overseas markets.
• The Hong Kong-listed company’s profit soared 385.6% year-on-year to nearly 4.7 billion yuan ($654.9 million) in the first half of 2025, while revenue jumped 204.4% to almost 13.9 billion yuan, according to a stock exchange filing on Tuesday.
• Notably, Pop Mart’s revenue from the Americas skyrocketed more than twelvefold from the first half of 2024, while sales in Europe and other regions excluding Asia-Pacific jumped more than eightfold.

• CNRE (600111.SH) posted record H1 FY25 profits with strong production and margin gains.
• The company is ramping alloy, magnet, and separation capacity into 2026 to lift downstream integration.
• Shares have surged over 200% in 12 months, leaving valuations stretched and bubble-like.

• New Oriental is an education service company based in China that has seen significant growth and success since its founding in 1993.
• The company faced challenges in 2021 due to policy changes in China, but has since recovered and is deemed undervalued by Xu Zhong Xu.
• Xu Zhong Xu, a knowledgeable investor with background in the education industry, provides insights on the company’s history, growth trajectory, and potential for continued success.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

DUG Technology’s FY25 results confirmed that order intake stepped up in H225, with intake of $45.7m 131% higher half-on-half, resulting in a record order book of $52m at the end of the year. While revenue came in marginally below our forecasts, EBITDA was stronger, with the margin down only 0.7pp y-o-y despite investment in international expansion during FY25. We have revised our forecasts to reflect the better-than-expected order intake, lifting revenue by 1.2% in FY26 and FY27 and EBITDA by 11.9% and 10.8% respectively.

Topps Tiles’ (TPT’s) diversification into larger addressable markets with more trading brands means it is well-placed to service more products to more customers in more sectors, and with greater efficiency given the associated investment in operations. There has been good progress with the Mission 365 growth initiatives, albeit these were somewhat masked by a tough trading environment in FY24. Our multiple valuation methods confirm similar upside to the current share price, to at least 111p/share, even at the conservative end of management’s financial goals.

• PC Partner reported 1H25 results, which showed strong revenue growth and flat net margins.
• The company is confident it can delist from HK before the end of the year, as it only needs 50% of shareholders to approve the transaction. SGX only listing remaining.
• The company is now part of the Nvidia Partnership Network, which could accelerate growth in FY26.

• China announced game approval for the August batch. The number of games approved remained at a higher level than 2023.
• The number of game approval in August marked the record high level since the resumption post tightening.
• Of the companies that we are monitoring, Netease and Bilibili got approval for one game each.

• Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.
• Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.
• Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.

• Nongfu Spring’s revenue increased by 16% YoY in 1H25, compared to a decrease of 7% YoY in 2H24.
• The operating margin reached its historical high, 37%, since the company’s IPO.
• Wahaha, the competitor that defamed Nongfu, is in a scandal itself.

• Amazon has officially stepped into the online used-car market through a high-profile partnership with Hertz, potentially disrupting an industry already in flux.
• After quietly testing car listings through its Amazon Autos vertical for over a year, Amazon is now allowing customers in select U.S. states to browse Hertz’s used vehicle inventory and complete much of the transaction through its platform — a move designed to provide a more convenient and digital car-buying experience.
• Delivery or pick-up logistics are handled by Hertz, while Amazon facilitates discovery, payments, and logistics support.

• As geopolitical tensions intensify, Nvidia is walking a tightrope between U.S. export controls and China’s increasingly assertive push for self-reliance in critical technologies.
• The chipmaker’s position as the dominant provider of AI semiconductors has forced it into delicate strategic maneuvers, especially in China, where demand remains strong but political scrutiny is mounting.
• To preserve a foothold in this crucial market, Nvidia has introduced weakened chip designs to comply with U.S. restrictions, explored revenue-sharing deals with local partners, and restructured its supply chain to insulate operations from further shocks.

• Jio dominates telecom with 42% market share and 480M+ subscribers, driving India’s 5G revolution.
• Spans oil-chemicals, retail, digital services, renewable energy with vertical integration advantages across sectors.
• Targeting Net Carbon Zero by 2035 with 100 GW renewable capacity and world’s largest green energy ecosystem.

• Take-Two Interactive Software reported strong financial results for the first quarter of fiscal year 2026, ending June 30, 2025.
• The company reported net bookings of $1.42 billion, significantly surpassing its guidance range of $1.25 to $1.3 billion, indicating robust demand across its portfolio.
• Take-Two’s core franchises, particularly NBA 2K and the Grand Theft Auto series, continue to perform exceptionally, which has supported an upward revision of the company’s net bookings outlook for fiscal year 2026 to a range of $6.05 to $6.15 billion.

• Lyft’s second-quarter 2025 results demonstrate a mix of strong financial performance and strategic expansion initiatives, though not without associated challenges and considerations.
• The company reported record-breaking metrics across several financial measures, including gross bookings, adjusted EBITDA, and free cash flows, marking substantial growth in its operational performance.
• Additionally, Lyft executed a substantial $200 million stock buyback program, signaling confidence in its valuation and future prospects.

• Expedia Group’s Q2 2025 results show both strengths and challenges in their performance.
• On the positive side, the company has managed to surpass expectations for gross bookings, revenue, and adjusted EBITDA margins, indicating effective execution amid a soft U.S. travel market.
• Gross bookings grew by 5%, while revenue increased by 6%, suggesting solid underlying business momentum.

• Transaction services revenue was stagnant due to high comparison base.
• The gross margin declined significantly due to the overseas expansion.
• However, we believe revenue growth and margins will be stable in the long run.

• Laopu maintained high growth in 25H1, mainly benefit from the upward cycle of gold price and the continuous improvement of the brand power. Accordingly, we raised our 2025 performance forecast.
• The key issue here is the sustainability of performance during stable and declining cycle of gold hasn’t been verified. Especially when gold price drops, it will also cause inventory depreciation.
• Laopu cannot “escape” the gold price cycle.The Fed’s rate cuts are usually accompanied by fluctuations in asset prices, and gold may also face sell-off, which may lead to valuation decline.  

• Samsung has scaled back its Texas fab plans from 44 billion to 37 billion, but the summit may bring a top-up with Intel and Amkor partnerships.
• Intel is shifting glass substrate patents to an Arm-like royalty model backed by SoftBank’s 2 billion stake and a 10 percent US government holding.
• Samsung’s partnership would show alignment with US semiconductor policy at a time when subsidies and political backing matter as much as technology.

• Semi-Cap names outperforming an otherwise dreary tape after TSMC announces no Chinese equipment in its 2nm lines for fear of US reprisals 
• Yields rose on concerns it’s going to be a ‘one and done’ situation after September cuts 
• Trend Micro looking interesting after rebounding off the lows yesterday – with OTC prints possibly pointing to a seller getting cleaned up after 2-months of woeful price action 

• Owens Corning’s second quarter of 2025 demonstrated a blend of strategic advancement and lingering market challenges.
• The company reported a 10% revenue increase compared to the prior year, with revenues reaching notable highs due partly to the addition of its Doors business in May of the previous year.
• This addition reflects strategic diversification efforts to capture a larger share of the building products market in North America and Europe despite a softening market environment.

• After Ben Keswick took over Jardine Matheson, the company has slowly transitioned away from being an owner-operator to more of a portfolio manager.

• The privatization of Jardine Strategic was under-priced, but it also simplified the corporate structure. That should be positive for minorities in the long term.

• Jardine Matheson’s own board has now been stacked with private equity professionals. And new CEO Lincoln Pan comes from private equity firm PAG, where he built up its non-China business.

• What you need to know: • GEC has over 33 years of operating history with deep education roots, offering student housing and academic services across 24 locations.
• • GEC has a proven track record of value creation with a 3x return on the sale of SSCC and strong gains on multiple real estate assets; GEC will now focus on transitioning to a student housing pure play company.
• • The Company has a development pipeline of ~2,900 beds and over $40M in revenue coming online over the next five years, supported by favourable government policy and elite development partners.

• Dream International (1126 HK) reported a solid result with revenues/profits up 12%/10% YoY, led by a healthy growth in both the plush and plastic toy segments
• The company sees an opportunity in growing its presence in China locally to counter the tariff threats. We will get more color on this in the Sept 1st conference call.
• Trading at 13.5x FY25 PE, with net cash 15% of the market cap, a 4% dividend yield, and a four-year ROCE averaging >20%, we would explore the name on dips. 

• Kovai Medical is entering Chennai with a 300–400 bed facility, marking its first move beyond Coimbatore and strengthening its presence in a high-growth metro market.
• The medical college now contributes 7% of revenue, up from 3% in FY22, ensuring recurring cash flows and deeper clinical-academic integration.
• Consistent investments in advanced robotics and AI-driven systems enhance KMCH’s differentiation, positioning it to capture premium demand and medical tourism opportunities in Southern India.

• CSL Ltd (CSL AU) announced major strategic initiatives targeting annual pre-tax cost savings of >$500M by end of FY28. The initiatives will result in 15% reduction in CSL’s employee base.
• CSL intends to demerge CSL Seqirus as a substantial ASX-listed entity by FY26. The remaining CSL group will continue to have leading market positions in multiple rare and serious diseases.
• CSL reported on-target financial performance for FY25. The company has guided for FY26 revenue growth of 4–5% and NPATA (excluding non-recurring restructuring cost) of $3.45B–3.55B, up 7–10%.

• Context: The Tencent (700 HK) vs. Hang Seng Index (HSI INDEX) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: After Tencent’s recent outperformance, going long the HSI and short Tencent targets an 8% 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.

• 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.
• Highlight: Currently eight pair trade opportunities across three markets and four 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.

• TSMC: +25.6% Premium: Latest Spike is Opportunity to Short the ADR Spread
• UMC: +2.0% Premium; Near Level to Go Short the ADR Spread
• ASE: +5.1% Premium; Good Level to Take Profits on Previous Long Since Parity

• Intel has reached an agreement with the U.S. government, under which Washington will invest $8.9bn for a 9.9% equity stake in the company.  
• Intel benefits from the optics of government backing, which could help sentiment and prevent downside pressure on the stock in the short term, i.e. near-term optics positive, fundamentals unchanged. 
• TSMC’s Japan and Germany fabs were structured through co-investments and partnerships, with equity involvement only when tied to technology access (e.g., Sony CMOS JV). 

• In a high-stakes move to stay competitive in the rapidly evolving AI landscape, Meta Platforms is radically restructuring its artificial intelligence organization.
• The company is dismantling its existing Meta Superintelligence Labs (MSL) and splitting it into four specialized groups—focused on research, product, infrastructure, and superintelligence.
• This development follows months of internal tension and strategic uncertainty, culminating in a significant leadership pivot with the appointment of Scale AI’s founder Alexandr Wang as Meta’s new Chief AI Officer.

• Zhou Liu Fu Jewellery (6168 HK)‘s 1H25 results are healthy, but there are challenges, including weak revenue growth and higher R&D costs.  
• Growth is almost entirely driven by online sales, but its plan to expand offline stores rapidly may erode net profit in the near term. 
• The stock has become the most expensive one in the sector, based on its PERs of 22.4x CY25F and 21.4x CY26F. Its 3-year EPS CAGR of 6.8% is uninspiring.

• After years of turbulence, Boeing is closing in on a potential mega-deal to sell up to 500 aircraft to China.
• This development comes at a time when the U.S. aerospace giant continues to wrestle with production inefficiencies, regulatory scrutiny, safety lapses, and supply chain instability.
• The proposed transaction—still contingent on easing trade tensions between the U.S. and China—would mark the largest commercial order since President Trump’s 2017 visit and may serve as the centerpiece of a broader trade agreement between the two economic superpowers.

• Amdocs recently announced its financial performance for the third quarter of fiscal year 2025, which showcased mixed results and highlighted the company’s strategic focus areas and operational achievements.
• The company recorded a revenue of $1.14 billion, marking a 3.5% increase in pro forma constant currency compared to the previous year.
• This was aided by significant contributions from various regions, most notably a record quarter in Europe.

• Bayan Resources delivered solid H1 2025 results with strong volumes and margins but faces an ambitious ramp-up challenge in H2 to meet full-year targets.
• The company’s 2025 guidance calls for 70–72 million tonnes sales, revenue of US$4.1–4.4 billion, and EBITDA of US$1.4–1.6 billion, supported by Tabang expansion and stable costs.
• Despite solid fundamentals, Bayan trades at a steep premium with P/E of ~39x and EV/EBITDA of ~27x, far above Indonesian coal peers.

• MinebeaMitsumi is focused on expanding semiconductor backend capacity with the Cebu Mitsumi facility, ramping aerospace machining in India, and scaling AI/data center cooling bearings through FY27–28.
• In Q1 FY26, MinebeaMitsumi posted record revenues of ¥366.9bn (+3.2% YoY), though operating income declined 7.8% YoY to ¥17.4bn due to yen appreciation and rare-earth supply disruptions.
• Trading at a reasonable 8.1× EV/EBITDA and 20.9× P/E (TTM), the stock offers a mid-range multiple relative to peers like Nidec and NSK, reflecting a stable but cyclical industrial franchise.

• Intel has agreed to convert US CHIPs Act funding (past & future) & Secure Enclave contracts into a 10% equity stake for the US Administration.
• The equity stake will comprise 433.3 million primary shares of Intel common stock at a price of $20.47 per share, a roughly 16% discount to their market value yesterday
• In his commentary on the deal, President Trump referred to Intel CEO Lip-Bu Tan as a victim, stating he came to the White House to save his job. Wow!

• Revenues are up 7% yony & down 10% qonq and net profits are down 10%
• Historically 2nd quarter is weak quarter as 1st quarter sales are influenced by festival seasons
• Reason for improvement in margin is higher raw material on own brands, increased labour cost and FX losses.

• Honda Motor Company Limited’s recent financial results for the first fiscal quarter of 2025 and forecasts for the entire year reveal various factors influencing the company’s performance.
• The operating profit for Q1 was JPY 244.1 billion, a significant decline compared to the same period last year, impacted by several nonrecurring expenses related to electric vehicles (EVs) and tariffs.
• Despite challenges, notably in the automobile segment with operating losses, the company revised its full-year forecast upward, anticipating an operating profit of JPY 700 billion — a JPY 200 billion increase from previous projections.

• A cigarette price hike has been long overdue in Korea. The last time there was cigarette price hike in Korea was more than 10 years ago.
• We believe that the Korean government could raise cigarette prices to about 7,000 won to 8,000 won per pack from current price of 4,500 won in the next 6-12 months.
• Raising cigarette prices could improve the sharp shortfall in government tax revenues.

• BeOne Medicines recently announced its financial results for the second quarter of fiscal year 2025.
• The company reported significant financial and strategic progress, reinforcing its position in the market.
• Breaking down the results, BeOne’s revenue reached $1.3 billion, reflecting a robust 42% year-over-year growth.

• Guess?
• Inc. has announced it will go private in a $1.4 billion transaction with Authentic Brands Group, marking a pivotal moment in the denim retailer’s four-decade history.
• The buyout, which offers shareholders $16.75 per share in cash—a 26% premium to the closing stock price on the day prior to the announcement—signals a new chapter for the company amid operational headwinds and evolving consumer behavior.

• Global Payments Inc. has reported its second quarter 2025 earnings, showcasing progress across several business segments and initiatives.
• The company’s earnings for the quarter slightly surpassed expectations, with adjusted net revenue reaching $2.36 billion, marking a 5% constant currency growth when excluding dispositions.
• The adjusted operating margin improved by 130 basis points to 44.6%, with adjusted EPS increasing by 11%.

• Fortinet’s second quarter of 2025 financial results reflect a strong and balanced performance, driven by its strategic focus on unified cybersecurity solutions and robust customer growth.
• Fortinet saw a 15% increase in billings to $1.78 billion, with revenue growing 14% to $1.63 billion, primarily fueled by its expanding market presence in unified Secure Access Service Edge (SASE) and AI-driven security operations.
• The company maintained a solid non-GAAP operating margin of 33%, indicating operational efficiency despite increased investment activities.

• As of August 2025, the smartphone war has shifted—hardware takes a backseat, and AI drives the battle.
• Google’s Pixel 10 has emerged as the AI leader, showcasing real-time voice translation, proactive features like Magic Cue, and intelligent photo tools.
• These aren’t experimental; they’re already in users’ hands.

• RB Global presented its financial and operational performance for the second quarter of 2025 with a focus on disciplined execution and strategic expansion.
• The company continues to exhibit growth, particularly within the automotive sector, complemented by strategic acquisitions and partnerships aimed at enhancing its market position in both the automotive and commercial construction and transportation sectors.
• A key highlight of the quarter was a 2% increase in total gross transactional value (GTV), with the automotive sector GTV increasing by 8%, driven by a 9% rise in unit volumes.