Equity Bottom-Up Archives | Page 15 of 222 | Smartkarma

• Samsung’s playing its old game—sacrificing margins to shake rivals—aiming to disrupt DRAM and win HBM4, assuming it clears NVIDIA’s HBM3E qual test soon.
• Local intel says no official word from Samsung yet, but the street thinks qual’s done—hence Samsung’s bold HBM3E tone and oversupply warning on the call.
• There’s urgency—Samsung’s undercutting Hynix now to stop them from reinvesting cash into DRAM fab expansion, a playbook Samsung once dominated with.

• Handset and edge networking demand powered a strong QCT beat, but licensing growth underwhelmed, and margins declined sequentially.
• Apple modem revenues will fade by 2026, and the management conspicuously avoided commentary on China auto; both adding to uncertainty.
• Snapdragon X’s monetisation has been deferred,  while XR design momentum was a rare bright spot beyond mobile.

• Plover Bay Technologies (1523 HK) reported 9.9%/13.4% YoY revenue/net profit growth, led by growth from customers in the EMEA and Asia (with the US being a drag).
• Earnings were more or less in line with our preview, Plover Bay (1523 HK): Preview On Earnings For H1 2025, but revenues were slightly weaker, and margins were stronger.
• The stock trades at 21.5x PE FY25e (assuming 15% growth), with a 4.4% dividend yield (assuming an 80% payout), but we acknowledge there could be upside to our earnings. 

• Institutional investors are turning to AI to analyze SEC filings and earnings call transcripts, with Fintool offering a quicker and more efficient solution.
• The biography of Larry Ellison, focusing on Oracle during the dot com crisis, provides insight into Ellison’s leadership style and business strategies.
• Despite some mixed feelings about Oracle and Ellison’s personality, his vision for the future of computing, such as using commodity hardware and smartphones, has proven to be accurate in hindsight.

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

• Q425 revenues of $76.4 billion, up 5.5% QoQ, 18% YoY and handily beating guidance of $73.8 billion.
• Azure surpassed $75 billion in revenue in FY25, up 34% YoY, driven by growth across all workloads.
• Contracted backlog grew by $53 billion QoQ to reach $368 billion. Wow!

• Some of my favorite situations are international spin-offs because they fly under the radar. Hamee has not been written up on VIC, Seeking Alpha or Twitter (I found one writeup on Substack).
• The company is 3 months away from breaking up into two separate companies which both look attractive. It is currently classified as a Specialty Retail company but will spin off a high growth, high margin, SaaS company in November that I estimate is worth more than the entire company’s market cap today.
• The stock looks compelling on an absolute basis (5.1x NTM EBITDA) and SOTP basis. I see 31% to 117% upside over the next 6 months as the break up is completed.

• Soft World International has an integrated value chain/sizeable moat for its game development, distribution, payments, content, and events in Taiwan. 
• The company is trading at attractive valuations. It is trading at EV/EBITDA of 3.7x, P/E of 13.4x, and P/B of 1.5x based on recent prices and LTM financials.
• Net cash as a percentage of market cap is 79%. The company’s dividend yield remained steady at 6% in FY23 and FY24.

• 3Q25 saw an acceleration in revenues (+10% YoY) and EPS (+12%), after a long period of stagnation (2022-23-24 at ~3% growth). 4Q guidance is 5% above Consensus. 
• Impact of US import tariffs is negligible. Services is the major growth driver and Apple has few answers on critical questions (Epic ruling, DoJ rulings against Google, AI roll out). 
• The stock is expensive, as always  (27x FY26 EPS, 25x FY27 EPS) for sub-10% growth. Some people love the buybacks, the brand and dominant market position.

• Hyundai chief partners with Samsung and Hanwha in US tariff push, showing collaboration between major companies to address trade issues.
• Arm CEO considers in-house chip production, signaling a strategic shift for the company towards more control over its manufacturing process.
• BOE secures half of Apple’s MacBook screen orders, displacing LG Display, showcasing the competitiveness in the display market.

• While Mineral Resources performed strongly operationally in the fourth quarter, not everyone is comfortable with its debt and the outlook for commodity prices.
• -Mineral Resources’ strong fourth quarter across all segments -Production outperformance, strong cashflows at Wodgina and Onslow -Onslow progressing toward nameplate capacity -Improving balance sheet, but sensitivity to commodity prices remains

• In Q1 FY03/26, the company reported revenue of JPY549.6bn, operating profit of JPY144.7bn, and net income of JPY117.8bn.
• The revised FY03/26 forecast projects revenue of JPY2.35tn, operating profit of JPY570.0bn, and net income of JPY444.0bn.
• The company plans aggressive R&D investments, increasing from JPY250.0bn in FY03/25 to JPY295.0bn in FY03/26.

• Brightstar Lottery (BRSL) reported solid Q2 2025 results and is delivering on every aspect of the original thesis I laid out in June.
• The company has now begun executing on the largest capital return in its history: a $3.00 per share tax-free special dividend (paid July 29) and a $250MM accelerated share repurchase (ASR) — the first half of a $500MM buyback authorization.
• Brightstar also reiterated that it will maintain its $160MM annual dividend, so with fewer shares outstanding, the per-share dividend will increase, potentially rising to ~$0.22–$0.24 per quarter.

• Samsung confirmed PRA sign-off for 1c HBM4, shipped samples to NVIDIA, went full redesign on base die, and is in talks with vendors like Hanmi for hybrid bonding gear.
• From a trading POV: Samsung pivoting to Hanmi signals “speed over pride”—a clear tell they’re serious about ramping HBM4 fast, even if it means breaking from vertical integration.
• For the move to stick, yields and customer wins matter — but Hanmi’s stepping up, and this could give Samsung’s HBM4 story a real leg up if it plays out.

• OP pre-announced, the details aren’t inspiring. Margins decline in TV, Semi. Only Smartphone is resilient. 2H25 demand outlook is weak for TV, Smartphone.
• Confident tone on HBM growth, qualifications, ASP increase. Several contradictions: Samsung endorses theory of HBM price pressure (how’s that positive?); HBM3E is already 80% of HBM revenue (where’s the upside?)
• Consensus is revising up slowly, stock is going up sharply. This assumes a large turnaround in memory / HBM / Foundry. 

• Ownership in Alibaba has rebounded to 76.4% of EM funds, nearing its 2020 peak and making it the second most widely held stock among GEM funds, behind only TSMC.
• The past six months have seen strong momentum, with 29 new fund positions marking a 7.7% rise in participation— the third highest among all EM stocks.
• Alibaba attracts broad cross-style interest, with Value funds leading on allocation size, but Growth and GARP strategies among the top holders, reflecting high and diverse conviction.

• 3Q25 guidance (Assuming US$1 = NT$29.2.): Consolidated US$ revenue: +12-14% QoQ; NT$ revenue: +6-8% QoQ; Gross margin: -1 to -1.2ppts QoQ; OPM: -0.1 to -0.3ppts QoQ.
• Still keep US$1bn advanced packaging guidance despite AI boom (TSMC revised up).
• Long-Term success definition for ASE: Transition from OSAT model to foundry-aligned scale.

• In the second quarter of 2025, Honeywell International Inc. delivered robust financial results, maintaining or exceeding expectations across various metrics, despite economic fluctuations.
• The company reported a 5% increase in organic sales growth, driven by strong performances in the Defense and Space and UOP segments, as well as overall increases in orders and backlog reaching a record of $36.6 billion.
• Earnings per share rose by 4% to $2.45, with an adjusted earnings per share up by 10% to $2.75.

• Westports Holdings (WPRTS MK), along with MMC Port Holdings Berhad (2436494D MK), are the two largest container port terminal operators in Malaysia.
• With a stranglehold on Port Klang, where it holds a 75% market share, the company will be the beneficiary of significant tariff hikes of 30% over the next 1.5 years.
• Despite the recent rally, the stock trades at 18x/15x FY25e/26e earnings and a dividend yield of 4%. Following the pricing-led growth, the company is embarking on an expansion plan post-2028. 

• Nvidia’s smooth return to China hits turbulence as regulators question the H20 chip’s security.
• AMD stays below the radar; less political baggage, and could be better positioned if Nvidia is slowed.
• AMD also gets a lift from its Threadripper 9000 launch and a bullish analyst price upgrade.

• TSMC has been operating as a monopoly, raising prices without consequence and controlling pricing in the industry.
• Intel’s CEO’s recent comments about not investing in the next process without an external customer have raised concerns about the future of Intel’s Foundry business.
• The lack of commitment to future processes has led to suggestions that Intel should shut down fabs and secure capacity at TSMC, potentially impacting CPU competitiveness.

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

• Flex completed a notable first quarter in fiscal 2026, recording revenues of $6.6 billion, a 4% increase from the previous year.
• The company’s global footprint and strategic positioning appear to play key roles in driving this growth, particularly within the data center sector, which contributed significantly to the revenue.
• Flex reported a robust adjusted operating margin of 6% and an adjusted EPS of $0.72, the highest for a first quarter in the company’s history.

• Occidental’s Q2 2025 revenue is expected to drop 9.1% QoQ and 9.4% YoY. Its EPS is projected to fall by 66.7% QoQ and 71.8% YoY.
• Occidental expects Q2 performance to be weighed down by lower production and weaker commodity realizations, particularly in the Gulf of Mexico.
• Options activity and analyst outlooks suggest a potential rebound if earnings meet or beat subdued expectations.

• Today after the close, a Nikkei article said Denso Corp (6902 JP) had recently lifted its stake in ROHM Co Ltd (6963 JP) from “about 0.3%” to “just under 5%.”
• Given the recent buy of 28mm shares of Rohm into the Nikkei 225, that means ~11.5% or perhaps more has been taken out of the public’s hands. 
• Some may have come from cross-holders, but it’s not clear there are that many. This renders the stock more squeeze-able going forward. Rohm reports next week.

• Magnificent 7 positioning remains elevated across global funds, but momentum has clearly stalled, with recent activity pointing to consolidation rather than renewed conviction buying. 
• Growth and GARP funds are near fully allocated, while Value and Yield managers remain structurally underweight— potentially limiting the potential for broad-based participation from here. 
• Microsoft leads with cross-style appeal; Tesla lags with minimal support. Apple is the conviction underweight, while NVIDIA’s benchmark surge has left it at a record active underweight.

• This is a short insight, informing readers that we intend to initiate a container port terminal product, following our recent initiation on Asian Terminals (ATI PM) 
• This product will be followed by initiations on high-quality companies like Westports Holdings (WPRTS MK) / ICTSI (ICT PM) / Port of Tauranga (POT NZ), etc, and a monthly screen.
• In this insight, we will highlight our rationale for introducing this product and outline the screening metrics for companies. 

• Since inception on May 15, our Model Portfolio (up 6.2%) underperformed the MSCI Asia-ex-Japan index (up 7.87%) due to underperforming stock picks in India, ASEAN and China consumer proxies.
• The main themes: China’s changing consumption and investment patterns, Korea’s improving corporate governance, continuing global infrastructure investments and India’s earnings disappointment. Korea, HK/China remain overweight; India is downgraded to Neutral.
• We exclude Meituan, Titan, Infosys, Bharat Dynamics, Krafton. We include Laopu Gold, Lonking Holdings, China Hongqiao, AIA and Hyundai Engineering and Construction. We are now Neutral Industrials and Underweight Technology.

• The stress periods are the times when the mettle of the best gets tested. We are in such a period and HDFCB has remained unscathed.
• Even Bajaj Finance, which is also rated gold-standard in underwriting and risk management, noted issues with asset quality in the current environment, however, HDFCB’s asset quality has remained pristine.
• HDFCB’s retail NPA ex-Agri has been steady at 0.82%. While HDFCB’s competitors have provided a cautious outlook, especially in unsecured loans, HDFCB has provided a stable outlook on asset quality.

• Google: increased 2025 Capex ($75bn -> 85bn). Capex will increase in 2026. Higher capex is justified by “strong demand for Cloud products and services“.
• Meta: last quarter increased 2025 Capex ($62.5bn -> 68bn). This quarter, more modest $1bn increase to $69bn. Meta expects “another year of similarly significant capital expenditures dollar growth in 2026”.
• Microsoft: FY26 Capex growth will moderate compared to FY25 (FY25 Capex increased 58% YoY).

• Q25: inline with a GP one-off.  3Q25: FX impact but still revenue decline QoQ. Add margins compression and 3Q guidance is a large miss: OP -20% below Consensus.
• Management continues to provide very bullish “indications” on growth from 2026-27: AI ASIC, collaboration with Nvidia, Automotive. Multiple analysts questions on risk of hyperscalers projects delayed or cancelled.
• Mediatek is entering very large markets (AI ASIC, Auto) that will provide new growth beyond the exhausted Mobile market. You want to buy into this after a ~20% correction.

• Hon Hai Precision Industry (2317 TT) and Teco Electric & Machinery (1504 TT) held a joint press conference this afternoon to announce the formation of alliance through a share swap.
• Teco (1504) TT and Hon Hai (2317 TT) stated their target markets extend beyond Taiwan and Asia, to include substantial business opportunities in the U.S. and the Middle East.
• Foxconn Chairman Mr. Young Liu also noted that as AI data centers scale up rapidly and demand surges, modular design is increasingly favored.  

• Don Quijote announced a slew of initiatives over the past two months targeting tourists, a move to capitalise on the burgeoning fitness boom, and new social media use.
• The initiatives reflect the continued dynamism in the business both in the discount format and as city centre tourist meccas.
• While the company has closed some overseas stores, the outlook in Asia remains very strong. 

• Oisix was originally known for its food subscription boxes but then expanded into meal kits which brought in a new type of customer looking to save time.
• But with more busy and stressed customers no longer wanting to even spend 20 minutes cooking its meal kits, Oisix has launched 5-minute deli meals.
• Oisix remains the leading independent online food retailer and the most innovative. While subscriber numbers fell recently, sales per user are up.

Severfield has suffered greatly in the last 12 months, but the outlook appears to be improving as the order book is expanding and the low embedded margins within it wash out over the next 12 months or so. Furthermore, we anticipate the recruitment of a new chief executive ‘imminently’ and the company could return to paying dividends in the current year if the outlook and balance sheet improve sufficiently. Margin recovery could imply that risks are to the upside in FY27.

• MediaTek Reportedly Wins Meta’s 2nm AI Chip Order Over Broadcom
• Memory Monitor: SK Hynix Vs. Micron — Different Speeds & Focus, Same Structural Shift 
• Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good 

• There is a brewing disagreement among many members of the National Assembly in Korea regarding the new dividend tax policy.
• A key controversial issue is dividend taxes on dividends exceeding 300 million won. There is a room for some disappointment in the works regarding tax reductions on dividends.
• Instead of 25% tax rate for this dividend income bracket (exceeding 300 million won), there has been an increasing pressure by the ruling party to raise this rate to 35%.

• 2Q is inline, revenue and margins look like a beat but that’s weaker JPY and higher utilization as the firm is increasing inventory, expecting a better 2H25. 
• 3Q guide is flat QoQ, the YoY recovery continues (2Q -9%, 3Q -4%). For 4Q, management expects a “modest” flattish or slight increase QoQ, which implies at least +13% YoY
• The stock is cheap, but “overall demand for automotive, we still have no clue as to how that will unfold” and short-term, Auto growth depends on China

• We update our views on ten Japanese midcap banks focusing on those with large strategic shareholdings relative to market value, as well as beneficiaries of the improving interest rate outlook
• Our top-rated pick is Iyogin Holdings (5830 JP), with its constructive mix of large strategic holdings, attractive valuations including PTBV ratio and healthy gearing to higher interest rates
• We also retain Hokuhoku Financial and Hachijuni Bank as buys; Hokuhoku has yet to realize its large strategic holdings whilst Hachijuni has reached its target level for cross-holdings reduction

• 3Q25 Outlook (based on USD/TWD = 28.7): Wafer Shipments: +7–9% QoQ; ASP: +1–3% QoQ; Gross Margin: 25–27%.
• Revenue Mix (Industrial, Auto, 3C): Industrial + Automotive: 40%+ (majority industrial; automotive in teens) ; Communication & Computing: 20%+ each ; Consumer: 10%+.
• 2025 Dividend Policy : Will maintains NT$4.5 per share dividend.

• Context: The Ampol (ALD AU) vs. Woodside (WDS AU) price-ratio has diverged more than two standard deviations from its one-year average – a classic signal for a potential mean-reversion trade.
• Highlights: Going long Ampol (ALD AU) and short Woodside (WDS AU) targets a 7% return if the price ratio reverts to its one-standard-deviation threshold.
• 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.

• Singapore’s small- and mid-cap equities have surged over the past month, defying a generally cautious macroeconomic backdrop.
• The rally is widely linked to expectations of significant capital inflows from the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme (EQDP).
• A firm Singapore dollar and comparatively attractive dividend yields have further supported investor interest in these stocks.

• 2Q25 Results Summary: Reports Broad-Based Growth with Specialty Margin Strength  
• Yageo Inventory Recovery Marks a Demand-Led Inflection for Hardware Components
• Update on Shibaura Acquisition: Still on Track, Strategic Synergy in Focus

• This morning, EDG announced assay results for four drill holes at its Reliance Gold Project as part of its 2025 exploration campaign.
• Today’s highlight hole returned 5.63 g/t Au and 5.12% Sb over 3.3m, representing the best antimony grade over width intersection to date.
• At current antimony prices, this intercept adds about 10 g/t AuEq (gold equivalent) to the 5.63 g/t gold intercept.

• The A16 chip Samsung fabs is mainly for real-time inference in Tesla’s FSD cars, not data-center training, which remains dominated by Dojo and NVIDIA hardware.
• If Tesla’s deal includes AI chips with HBM, it’s a major catalyst; if just A16, it’s not proof HBM yield issues are solved.
• Tesla’s deal isn’t a sure sign Samsung’s HBM4 passed NVIDIA’s qual tests, but it’s a key reference boosting market hype—time to consider a Samsung long, SK Hynix short setup.

• On 28 July, it was reported that Samsung Electronics (005930 KS) clinched a huge chip contract worth $16.5 billion from Tesla (TSLA US). 
• This is a major win for Samsung Electronics since it is one of the largest foundry orders for the company from a single customer in the past decade.
• Samsung Electronics is trading at attractive valuations. It is trading at P/E of 12.3x, P/B of 1.0x, and EV/EBITDA of 3.6x in 2026, based on consensus estimates.

• Laopu Gold (6181 HK)’s stock has fallen nearly 30% since its July 8 peak and declined another 4% yesterday despite an upbeat 1H2025 profit update.
• The company’s positive profit alert reported revenues and profits up more than 2.5x year-on-year, exceeding market expectations.
• The ongoing share price weakness despite strong results likely reflects a combination of technical factors, such as lock-up related selling, and broader fundamental concerns.

• Anta expects “other brands” revenue will increase by “60-65%” YoY in 1H25.
• We believe Anta finished the consolidation of Jack Wolfskin within June.
• We conclude the stock will have an upside of 28% for the next twelve months.

• NSDL (NSDL IN)‘s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore
• As India’s pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.
• Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.

• There are three major reasons why we would take profits on APR (278470 KS) at current levels. 
• They include lofty valuations, increased competition, and share price decline post large scale dividend payout announcement. 
• APR could be facing especially tough competition for the beauty device products from Amorepacific, LG H&H, and others especially starting in 4Q 2025. 

• Canadian National Railway Company (CN) presented its financial and operational results for the second quarter of 2025, reflecting a cautiously optimistic outlook amidst challenging external conditions.
• The company reported a 2% growth in adjusted earnings per share (EPS), despite a static year-over-year carload count and a 1% reduction in revenue ton miles (RTMs).
• Key highlights and challenges from the earnings call offer insights into CN’s operational strategy and market conditions.

• European markets turned negative as sentiment following the US trade tariiff deal moved to ‘not great’ from ‘better than expected’.
• The Nasdaq edged to a new high, but enthusiasm across the board was weak.
• ASX futures are suggesting a soft start as Australia and other countries remain in the US line of sight for blanket 15%-20% tariffs.

• From Cycles to Systems: Memory’s Pivot to Strategic AI Infrastructure
• SK Hynix Leads in HBM4 Execution Thus Far; But How This Next HBM Advancement is Carved Up Remains to Be Seen
• Conclusion: Memory Market Becoming Less Commoditized and More Specialized into Advanced Categories

• Revenue increased by 10.7% YoY to JPY3.4bn, while operating profit decreased by 37.8% YoY to JPY93mn.
• Sales for AI servers and data centers remained strong, but consumer product demand stalled due to US-China tensions.
• Revenue from semiconductor packages grew 24.1% YoY, while automotive-related sales declined slightly due to inventory adjustments.

• China TCM’s Profit Warning indicates a weak 25H1 results. Performance downturn is longer-than-expected. But as an industry leader, China TCM will enhance its bargaining power by integrating the industrial chain.
• Investors have reignited interest in betting on privatization of China TCM and potential merger with Taiji, as deadline is approaching.Privatization price may be lower considering China TCM’s weak 25H1 results.
• HK$0.84-2.17/Share is the reasonable share price range at this stage.The catalyst for China TCM’s share price is CNPGC may announce how to address the horizontal competition issue within three months.

• TSMC: +26.3% Premium; Opportunity to Go Short the ADR Premium
• UMC: -1.2% Discount; ADR Headroom Falls Yet Again by a Significant Amount
• ASE: +0.7% Premium; Opportunity to Go Long the ADR Premium — ADR Headroom Has First Change in a Long Time

• 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 five pair trade opportunities across three 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.

• Trade deals, central bank meetings, earnings season (US & Europe) with first local releases later in the week, as well as the all-important June quarter CPI print domestically will set the mood and tone for the ASX200 this week.
• ASX200 futures are pointing to a slightly weaker start, but the overnight, EU-US trade deal may boost sentiment.

• On July 24, chip giant Intel announced that its latest 18A advanced process is progressing smoothly. However, the next-generation 14A process will be developed “based on confirmed customer commitments.”
• Apple (AAPL US) adopt Intel’s 14A process for its future M-series chips, while NVIDIA Corp (NVDA US) is expected to use the same process for its entry-level gaming GPUs.
• U.S. President Trump is imposing tariffs on countries around the world, which is indirectly pressuring some manufacturers to accelerate the establishment of U.S.-based production facilities.

• Sai Gon Cargo Service (SCS VN) reported flat earnings for Q2 FY25, with operating margins/net margins at 75%/65% and ROCEs topping 50%. 
• The tariff increases (16% YoY) offset the degrowth in volumes (-5%YoY) and the increase in effective taxation (from 11% to 20%). 
• Based on management guidance, the stock trades at 9.3x FY25 PE, with an 8.6% dividend yield

• Intel reported Q225 revenues of $12.9 billion, up $200 million QoQ, flat YoY but $1.1 billion above the guided midpoint. After that revenue beat, things went downhill from there.
• CEO Lip Bu Tan said he will review and approve all future company product designs prior to tape out. Sounds like a vote of no confidence in the design team.
• Intel’s 10 Q now lists the possibility of pausing or abandoning 14A as a risk factor with doomsday details about the implications for the company

• Chugai Pharmaceutical (4519 JP) reported 5% YoY rise in core revenue in 1H25, as overseas sales grew 7% YoY and domestic market revenue was up 3%.
• Actemra witnessed growth in both overseas and domestic market. Hemlibra overseas sales stood at ¥151B (30% of total sales), down 6% YoY.
• In 1H25, two significant developments that happened are successful P3 trial of orforglipron and positive results from phase I/II study of NXT007.

• Earlier this month, Substack writer Gezzogero mentioned AeroEdge (7409 JP) (7409 JP — US$88 million) on his blog.
• I thought it was a fantastic write-up and wanted to dig into it myself.
• The company is a supplier of aircraft components. It manufactures low-pressure turbine blades for the well-regarded LEAP jet engine, which is used in narrow-body aircraft such as the Airbus (AIR FP) A320neo and Boeing (BA US) 737 MAX.

• Revenue increased by 10.7% YoY to JPY3.4bn, while operating profit decreased by 37.8% YoY to JPY93mn.
• Sales for AI servers and data centers remained strong, but consumer product demand stalled due to US-China tensions.
• Revenue from semiconductor packages grew 24.1% YoY, while automotive-related sales declined slightly due to inventory adjustments.

• Intuitive Surgical’s recent quarterly results highlight a strong performance, marked by a 21% increase in revenues and a pro forma earnings per share rise of 23%.
• The company saw robust growth in procedure volumes, with da Vinci procedures increasing by 17%, attributed to strong performance in benign general surgery in the U.S. and a notable rise in international procedures outside urology.
• The introduction of their latest robotic platform, the da Vinci 5, is beginning to show positive traction with broad launches underway in the U.S., and initial adoption in Europe and Japan following regulatory clearances.

• Three robotics startups announced Monday they had completed funding rounds led by JD.com Inc., signaling the Chinese e-commerce giant is accelerating its push into the burgeoning, much-hyped field of embodied artificial intelligence (AI).
• Embodied AI — which refers to intelligent systems with physical forms that interact with the real world, such as robots and self-driving cars — has recently become a battleground for tech firms. As JD.com is a relative latecomer, it’s making an aggressive effort to catch up with rivals like Meituan and Lenovo Group Ltd.
• While supporters of the tech say it’s set to reshape industries from logistics to consumer households, others warn that the technology is a long way off mass adoption and that many firms in the space lack a viable commercial model.

• This week, the CERC issued the order on market coupling for DAM across all the Indian Power Exchanges. Now, a single uniform market clearing price will be determined centrally.
• Shares of Indian Energy Exchange Ltd (IEX IN) have reacted negatively to this development. Management’s stance on market share remains positive even though there is uncertainty involved.
• Investors should also consider structural drivers like rising electricity demand, low exchange penetration, strong user loyalty, and positive performance of IGX platform while evaluating IEX’s long-term prospects.

• CoStar Group’s second quarter of 2025 showcased a mix of significant achievements and potential challenges.
• The company reported a robust revenue of $781 million, marking a 15% increase from the previous year, and achieved a notable adjusted EBITDA of $85 million, representing a 108% increase year-over-year.
• These figures surpassed consensus estimates, indicating strong operational performance and efficient management.

• Domino’s Pizza reported a strong second quarter performance, marked by market share gains and growth in both U.S. and international markets, despite a challenging macroeconomic environment.
• In the U.S., Domino’s saw positive results in its delivery and carryout businesses, driven by strategic innovations and improvements in customer value propositions.
• The launch of the Parmesan Stuffed Crust pizza was highlighted as a significant contributor, attracting new customers and performing well operationally due to prior training investments.

• D.R. Horton, Inc., a significant player in the homebuilding industry, reported its financial results for the third quarter of fiscal 2025.
• The company navigated prevailing market conditions with a focus on maximizing returns and efficiency.
• Earnings per share stood at $3.36, reflecting a decrease from $4.10 in the previous year.

• Danaher Corporation’s second-quarter 2025 results provided a comprehensive view of their financial performance, strategic initiatives, and market positioning.
• The quarter was marked by notable achievements and some challenges, set within a complex macroeconomic environment.
• From a financial perspective, Danaher reported sales of $5.9 billion, with core revenue growth of 1.5% year-overyear.

• Halliburton’s second quarter of 2025 presented a mixed financial and operational performance, with notable challenges and some opportunities.
• Despite volatile commodity markets and global economic uncertainties, the company reported a 2% increase in total revenue, reaching $5.5 billion compared to the first quarter of 2025.
• Operating income totaled $727 million, yielding an operating margin of 13%.

• General Motors Company presented its financial results for the second quarter of 2025, underscoring both strengths and areas of challenge in its current performance.
• The company’s financial position and strategic maneuvers present a complex picture for potential investors to consider.
• On the positive side, General Motors reported a strong operating performance, with key highlights including substantial revenue figures.

• CSX Corporation’s recent financial performance showcases a company in recovery, marked by deliberate efforts to address operational challenges and improve service delivery.
• The second-quarter results reflect a mix of successes and ongoing hurdles within their business framework.
• Positively, CSX Corporation has demonstrated a strong recovery from earlier disruptions, with notable improvements in network performance metrics including velocity, dwell time, and trip plan compliance.

• Since inception on February 23, our Robust Dividend Yielders basket has generated 20.3% total return, vs MSCI Asia-ex-Japan’s 11.34%. 10 stocks in our basket of 23 appreciated more than 20%.
• We reconstruct our basket screening all Asian stocks > US$2bn market cap, dividend yield >6% in 2025 and 2026, EPS CAGR > 5% and upward revision to EPS forecasts.
• Our new Dividend Yield basket has 15 stocks, 10 from HK, 3 from onshore China, 1 each from Indonesia and Singapore. Bosideng is the only stock common in both baskets. 

• Infosys Ltd (INFO IN) reported a stable Q1FY26 with constant currency (CC) revenue growth of 2.6% QoQ and 3.8% YoY, despite persistent macro headwinds in key geographies.
• While the company increased its lower end of guidance from 0 to 3% to 1%-3% CC, the sector still faces challenges from macro uncertainty.
• While there are no fireworks in the results, it is much getter than Tata Consultancy Svcs (TCS IN) . We present analysis on the same.

• Although Taiyo Kagaku is not a household name among consumers in Japan, it has a strong reputation in Japan and internationally among F&B companies for functional, health-enhancing ingredients.
• Three main reasons we like the stock include strong loyal customers in the F&B segment in Japan/internationally, solid growth of sales and profits, and attractive valuations. 
• Taiyo Kagaku currently has a SmartScore of 4.6 out of 5 which is among the top ranking stocks in the Japanese stock market. 

• Days before the 2025 World Artificial Intelligence Conference is to begin in Shanghai, Amazon’s Shanghai-based AI research institute — once a centerpiece of the event’s inaugural launch — is facing its imminent closure, marking the end of Amazon Web Services Inc.’s last overseas AI lab.

• Wang Minjie, an applied scientist at AWS AI Shanghai Lablet, shared on Chinese social media platform WeChat on Tuesday that the lab will be dissolved due to “strategic adjustments between China and the United States.”

• Amazon did not deny the closure. In a statement to Caixin, the company said, “Following a comprehensive evaluation of our organizational structure, growth priorities and future strategic direction, we have made the difficult decision to streamline certain teams within AWS China. We are committed to supporting affected employees through this transition.”

• RHB Bank is now our sole pick in Malaysian banks, topping our proprietary scorecard; it retains strong fundamental value credentials, with an improving cost of risk trend
• We downgrade CIMB shares to a hold from a buy; the valuations are less compelling than RHB and it has further to improve on credit quality and returns
• PB Bank is a name to watch for its sustained premium returns, and for its position as the peer group benchmark in terms of ROE, credit quality and efficiency ratio

• Revenue increased by 40.9% YoY to JPY7.2bn, with operating profit up 67.6% YoY to JPY2.7bn.
• Capital gains reached JPY3.2bn (+29.7% YoY), primarily from listed shares, with an investment multiple of 2.1x.
• Total investment executed was JPY6.8bn, with JPY3.2bn in domestic VC investments, averaging 20.4% equity stakes.

• Forge announced that while driving the decline at the La Estrella project, a coal seam was encountered measuring 0.5-1.0m in thickness.
• The Company has taken channel samples for lab analysis to assess the coal’s quality and market suitability.
• We recently initiated coverage on FRG, read the report here.

• A brief look at important company events and economic data releases next week.

• Exchanges like the Chicago Mercantile Exchange serve the crucial function of bringing buyers and sellers together, ensuring transactions are completed smoothly and efficiently.
• Clearinghouses, coordinated by exchanges, play a vital role in finalizing transactions and mitigating risks, acting as a safety net to guarantee trades will settle even if one party defaults.
• CME Group specializes in futures contracts, offering a wide range of products and deep liquidity pools for global benchmark products, making it a leading marketplace for derivatives globally.

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

• Octopus Energy Ltd., Britain’s largest power utility, has partnered with Chinese electric vehicle (EV) giant BYD Co. Ltd. on a service in the U.K. that can help EV owners cut down on charging costs by providing them with a way to supply electricity to the grid.
• The Power Pack Bundle, launched last month, offers customers a leased BYD Dolphin and a special two-way charger that turns the car into a battery that can send electricity back to the grid during peak hours.
• This is one application of the vehicle-to-grid (V2G) system, creating a two-way street for electricity to flow between charging stations and EVs. This allows cars to charge up when power is abundant and provide electricity back into the grid when demand surges.

• Singapore small-mid cap stocks are having a good run in anticipation of Market Equity Development Programme. QAF may appeal to yield investors
• QAF is a well run number 1 bread company in Singapore, Malaysia and Philippines
• Business is stable and mature making it difficult for a new player to enter the market

• Not impressive earnings result for 2Q25 as revenue fell 12%, led by a weaker EV sales followed by lower sales from the renewable energy division as well.  
• The highest-margin business contributor, regulatory credit, may be gone soon as recently the US government removed the financial penalty for higher emissions. 
• Tesla (TSLA US) is trading at premium compared to its Chinese counterparts such as BYD (1211 HK) , NIO (9866 HK) and XPeng (9868 HK) .

• Corpay has made headlines with its definitive agreement to acquire Alpha Group International in an all-cash deal valued at approximately $2.2 billion (£1.6 billion).
• The transaction, offering Alpha shareholders £42.50 per share—a 55% premium over its undisturbed price as of May 1, 2025—is expected to close in Q4 2025, pending shareholder and regulatory approvals.
• This acquisition comes on the heels of a busy strategic year for Corpay, including a $300 million cross-border partnership with Mastercard and a minority investment in AvidXchange.

• Context: The Fisher & Paykel Healthcare (FPH AU) vs. ResMed (RMD AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: The long position is supported by higher growth aligning well with the statistical analysis. The trade faces some event risk due to an upcoming earnings announcement.
• 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.

• 2Q25 beats consensus by 5% with a number of unexpected moves: NAND and Commodity DRAM shipments a lot higher than expected, hence weaker ASP (more commodity), margins decline QoQ. 
• HBM positive messages: HBM sales double in 2025, we now have secured visibility on next year’s demand”, leading to higher capex in 2025, HBM will continue to enjoy strong growth. 
• But a lack of concrete numbers (HBM, eSSD % of revenue), 2025-26 Capex, capacity increase, etc means that the market will not find grounds to have a more positive view. 

• Rumors are swirling around a potential acquisition that could significantly reshape the cybersecurity landscape.
• SentinelOne, a company known for its autonomous endpoint protection platform, saw its shares surge after reports emerged suggesting that industry giant Palo Alto Networks (NASDAQ: PANW) might be in advanced talks to acquire it.
• While neither company has confirmed the speculation, multiple Israeli media outlets have cited industry sources suggesting a potential deal value of around $7 billion.

• Deere & Co is no longer just a symbol of tractors and green machines — it has quietly transformed into one of the most dominant forces in agricultural technology.
• At the intersection of artificial intelligence and farming, Deere is building a future where its equipment not only performs fieldwork but also interprets real-time data, automates decision-making, and boosts crop yields through precision.
• The company’s recent developments, including strong second-quarter financials for fiscal 2025 and an impressive Investor Day presentation in Brazil, reveal a clear trajectory: Deere is shifting from traditional machinery to becoming a full-scale agri-tech platform.

• Datadog, a leader in observability and security, is reportedly in advanced talks to acquire Israeli cybersecurity firm Upwind for approximately $1 billion, according to a report by Calcalist.
• The move comes just months after Upwind raised $100 million in a Series A funding round, valuing the startup at roughly $900 million.
• As Datadog continues expanding its product portfolio, especially in cloud-native security and AI observability, the potential acquisition of Upwind signals a strategic push deeper into cloud workload protection and runtime security.

• Shell’s Q2 2025 revenue is expected to drop 10.6% QoQ and 16.9% YoY. Its EPS is projected to drop 29.9% QoQ and 34.8% YoY.
• Despite stronger refining margins, unplanned maintenance is expected to drag down downstream and chemicals earnings, pressuring overall performance.
• However, options positioning reflects bullish sentiment, with traders betting on a potential upside surprise despite a downbeat operational update.

• Evolution reported 2Q25 earnings, with stock up 7% on the day
• Live casino revenue up 4%, RNG flat with potential for growth
• Expansion of partnership with Hasbro for Monopoly IP in North America, positive outlook in the market

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