Equity Bottom-Up Archives | Page 18 of 222 | Smartkarma

• The real point of Reuters’ article on Intel CEO “new” Foundry strategy is, imo, to pre-announce the possibility of a very large write off 
• TSMC discontinues GaN doesn’t matter, it’s not even 1% of revenue. 1) Auto demand is slow, GaN is lower margins, lot of competition  2) management has better things to do 
• UMC 6nm rumor, maybe yes but most likely with Intel’s manufacturing after 2030. UMC and Intel first start with 12nm in 2027-28.

• Puregold Price Club (PGOLD PM) is now the largest groceries company by market share in the Philippines, recently overtaking SM Retail, through its Puregold and S&R Warehouse stores. 
• The company’s S&R Warehouse is a members-only big box retailer aiming at more affluent consumers, whilst Puregold stores cater for both Sari Sari (mom&pop) and less affluent consumers. 
• Puregold Price Club booked a solid start to the year, despite seasonal disruptions, with management remaining confident about the outlook for FY2025. Valuations are attractive. 

• Mitsui & Co. has delivered robust earnings and cash flows, fueled by commodity tailwinds and disciplined capital returns over the last 5 years.
• Looking ahead, the company plans to rebalance its portfolio through increased exposure to LNG and energy transition assets 
• However, muted near-term growth and persistently low ROCE—driven by scattered, low-control holdings—suggest limited upside until newer investments begin contributing meaningfully to the bottom line.

• The culture of trading has shifted, with people enjoying losing money and constantly looking for prices on various assets
• Robinhood caught the wave of this cultural shift with its user-friendly interface and introduction of free stock trading during the pandemic

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• On Monday, June 30, Meta CEO Mark Zuckerberg announced the creation of Meta Superintelligence Labs, staffing it with a host of leading researchers from the likes of OpenAI and Google 
• With astronomical hiring bonuses and lucrative compensation packages, this newly assembled team will struggle to gel and likely drive an exodus of existing Meta AI employees elsewhere
• Yann LeCun is sidelined in the MSL memo. He believes LLMs are not the way to achieve human-level AI. It appears that Mark Zuckerberg disagrees. Let’s see…

• A global perspective on what happened overnight

• On 2 July, Cosmecca Korea (241710 KS) announced that it plans to switch its listing from KOSDAQ to KOSPI. Cosmecca Korea is the third largest cosmetics ODM company in Korea.
• Cosmecca Korea’s ROE is similar to the average ROE of the comps. However, Cosmecca Korea’s P/B valuation is 36% discount to that of the comps.
• By switching its listing from KOSDAQ to KOSPI, there is an increasing probability of the Cosmecca Korea receiving higher valuations, narrowing the gap with its peers. 

• Update on changes to and revisions of analysts’ Best Ideas and Conviction Calls, as well as Model Portfolio compositions

• Karnataka Bank (KBL IN)‘s top two executives resigned under unclear circumstances, with boardroom friction, unauthorized spending, and weak financial performance raising concerns.
• Even audit report also suggests some red flags of minuscule amounts in unauthorized expenses, raising governance issues.
• The bank’s leadership shakeup and declining financials suggest instability; while governance reforms are needed along with new and strong leadership and governance realignment.

• China Travel International Investment Hong Kong (308 HK)‘s 1-week share price rally was driven by restructuring speculations. Yet, underlying operations have improved in 2H24.  
• Tourist attractions and hotel operations will stay decent in FY25, and more projects will come on stream to fuel profitability.
• Asset-Based valuation should be the focus, and its 0.49x P/B is inexpensive. Net cash now equals 8.2% of the share price. 

• Jim Chanos discusses Bitcoin treasury companies and their flaws on Bloomberg Audio Studios Podcasts Radio News
• Companies are continuing to adopt the strategy of using treasury to buy Bitcoin
• The value of companies like MicroStrategy is being inflated by the appreciation of their Bitcoin holdings

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• Taiwan Semiconductor (TSMC) – ADR (TSM US) is planning to scale back its presence in the gallium nitride (GaN) market to focus on high-growth areas.
• To meet customer demand, Taiwan Semiconductor (TSMC) – ADR (TSM US) has recently been reallocating resources away from mature process nodes.
• We estimate that Navitas Semiconductor Corp (NVTS US) alone consumes over half of TSMC’s GaN capacity each month, making it TSMC’s largest GaN customer.

• SoftBank group (SBG) relies increasingly on Arm’s premium valuation for NAV growth, with SBG shares having benefited from their high correlation to those of Arm Holdings
• JPY-USD FX strengthened recently, with the potential for BoJ monetary tightening and Fed easing set to accentuate this trend; SBG is USD asset heavy, and JPY heavy in its liabilities
• The Vision Funds are slowly seeing IPO exits for private companies; in essence, we see that SBG shares are challenged by (geo)political, concentration, currency and market risks

• Context: The ICICI Bank (ICICIBC IN) vs. HDFC Bank (HDFCB IN) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long ICICI Bank (ICICIBC IN) and short HDFC Bank (HDFCB IN) targets a 2% return to the statistical mean reversion level. The pair has closely aligned fundamentals.
• 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.

• Even if Intel Corp (INTC US) ceases marketing 18A to new customers, the company will still fulfill existing foundry commitments.
• In response to the 18A dilemma, Intel’s initial solution is to redirect resources toward the development of 14A, a next-generation process where Intel hopes to gain an edge over TSMC.
• In addition to the strategic realignment of the foundry business, Tan’s broader efforts include refreshing Intel’s leadership team.

• Adani Power faced nearly USD 900 million in overdue receivables from its 1,600 MW Godda plant under a long-term export PPA.
• Bangladesh resumed regular payments and cleared USD 437 million in June; future dues secured via Letter of Credit and sovereign guarantee.
• Working capital improves over 40%, interest costs fall by ₹300–400 crore, and credit upgrade likely; boosts cash flow and strategic flexibility.

Singapore Post (SingPost) has experienced significant changes over the last six months, and further change is likely as the company searches for a new CEO. We expect a strategy update following the hiring of the new CEO. The timing of an appointment is unknown, as are the identity of the candidate and the strategy itself. Given the potential upheaval, we withdraw our forecasts pending strategic clarity.

• Revenue and net profit have grown steadily over the past 5 years, but margins remain structurally thin due to its tolling-heavy model.
• Strategic shift underway to expand captive mining, value-added copper products, and ESG compliance—potentially lifting margins and returns through FY30.
• Trading at a steep discount to Zijin (~0.6x P/B vs. 2.3x), the gap reflects real structural differences; not unjustified—but offers upside optionality under copper price normalization and higher captive integration.

• Crizac’s INR 860-crore, 100% OFS IPO opens at INR 233-245, giving investors exposure to its fast-growing B2B overseas-education marketplace.
• International student demand is booming, yet 95 % of revenue hinges on UK-Canada-Ireland; any visa tightening or pricing shock could squeeze growth.
• Valuation looks fair and model asset-light, but high concentration and no fresh funds temper enthusiasm.

• Tax credit increase from 25% to 35% (portion of investment deducted from taxable income), which becomes as impactful in $ as the direct subsidies or about $40bn. 
• The US is working hard to make Semi investments more attractive. Subsidies, loans and tax credits altogether now approach $150bn. 
• That could mitigate a little bit of TSMC price increase in Arizona. But it’s not massive. The impact of tax credits increase from 2% of revenue to 3%. 

• Okamura trades at a PBR of 1.0 and a PER of 8.6 despite earning more than 12% return on equity.
• Okamura’s new AI-driven warehouse automation system is a potential game-changer as it reduces costs and improves decision making for mid-sized enterprises.
• Management’s incentives are still poorly aligned with the interests of shareholders, and their performance is well below potential.

• Samsung doesn’t provide guidance when it reports, but gives revenue an operating profit guidance ~2 weeks before reporting. But we have an officially non-official preview in Korean media. 
• 2Q25 operating profit will be “weaker than expected”, declining “by more than 15% from the first quarter” to KRW mid-5 trillion range. Consensus expects +1% QoQ. 
• Some positive news to counter balance this large disappointment – smartphone, HBM3E – I am skeptical any of these can lift profits in 2H25, revisit early 2026.

• Intercontinental Exchange, Inc. reported a record-breaking performance for the first quarter of 2025, demonstrating significant growth across its diverse business segments even amidst fluctuating macroeconomic conditions.
• The company achieved an adjusted earnings per share of $1.72, marking a 16% increase year-over-year.
• Net revenue rose by 8%, reaching a new high of $2.5 billion.

• The EU ended the direct purchase subsidies for EVs; that is a negative for Samsung SDI (006400 KS).
• Management is quite bullish, but the last two quarters result were quite informative on the level of margin and contribution from the battery business. 
• It trades around 112x PER while historically around 25-35x PER and its competitor Contemporary Amperex Technology (CATL) (3750 HK) is only trading at 20x. 

• In this edition: • ABN Amro | completes the acquisition of Hauck Aufhäuser Lampe • ING | cutting 230 senior roles globally within its Wholesale Banking • InPost | EVRi intends to deploy 10,000 APMs by 2030 • PostNL | proposed changes in postal legislation do not go down well at PostNL • Dutch retail sales | up 2.2% YoY in May; sales volume down 2.2% • Dutch inflation | continued to trend down in June

• Context: This article provides an update on a previously identified pair trading opportunity between Ampol (ALD AU) and Woodside Energy Group Ltd (WDS AU), based on statistical mean reversion analysis.
• Key Insights: The trade has now reached its exit signal as the price ratio reverted to its one-standard deviation band, yielding a positive return.
• Why Read It: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.

• OUG Holdings (TYO 8041) is a vertically integrated seafood group that auctions fresh fish at major markets, runs a nationwide cold-chain for trading, processing, and delivering seafood to stores and restaurants, and farms premium buri and bluefin tuna.
• Because it controls aquaculture, logistics hubs, and its own truck fleet, it moves product from port to plate faster and fresher than rivals that outsource storage and transport.
• They currently have dominant market share in Osaka and are slowly expanding to Tokyo.

• A global perspective on what happened overnight

• Nanosonics Ltd (NAN AU) is on track to launch its newly approved endoscope cleaning device, Coris in the U.S. in Q1FY26.
• FY25 performance is expected to beat revised guidance. Consensus is expecting revenue growth of 14% for FY25, matching the higher end of the revised guidance.
• Nanosonics shares have a high short interest (6.65%) in ASX. We may see some short squeeze as the company entering eventful Q1FY26 (new launch, FY25 result announcement, FY26 guidance).

• We are reiterating our Buy rating, $30 price target and projections for A.K.A. Brands after meeting with management in their San Francisco headquarters.
• We believe the company has continued to make material progress on multiple fronts, from adding new Princess Polly stores (and upgrading the current fleet), increasing the wholesale presence for both Petal & Pup and Princess Polly, leveraging the “test and repeat” model to return Culture Kings to higher margins and top line growth, and shifting the Australian market to top line expansion.
• When combined with the potential for debt refinancing and continued strong online results (helped by new store expansion), we believe there remains top and bottom line upside, and we are reiterating our Buy rating and $30 price target for AKA.

• We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.
• Our top in China are Chow Tai Fook Jewellery (1929 HK) , Midea Group (300 HK) and Dongfeng Motor (489 HK) 
• Our top picks in Japan are Denso Corp (6902 JP),ROHM Co Ltd (6963 JP) and in India Auto it is Mahindra & Mahindra (MM IN) & Ashok Leyland (AL IN) 

• 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: Three pair trade opportunities across three markets and two 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.

• Ian Purdy departing Paladin Energy, with Paul Hamburrow stepping up as new CEO
• Paladin Energy facing challenges and controversies during Purdy’s tenure
• Potential implications and scrutiny surrounding Purdy’s departure and the future of the company under new leadership

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• RPSG Ventures reported a strong Q4FY25 led by the BPO business that has been growing well. BPO revenues grew 3%+ QoQ and 30%+ YoY. EBIT margin has sustained at 11%+.
• The FMCG business after posting INR 550cr+ annualized revenue run-rate for the past few quarters saw a dip in Q4FY25 with annualized revenue at INR 520cr.
• The Sports segment reported similar revenue YoY at INR 135cr+, led by part revenue recognition from IPL 2025 that began at end of March, similar to that in 2024.

• Retirement is a key focus for BlackRock, with half of their assets being retirement related
• Recent policy changes have expanded access to workplace retirement plans in the US
• BlackRock and the Bipartisan Policy Center have co-authored a paper with recommendations to increase access to retirement plans and improve best practices for saving and investing for retirement

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• In recent months, Nvidia has quietly transformed from the undisputed leader in AI semiconductors into a formidable new player in cloud computing.
• What began with DGX Cloud—launched two years ago as an infrastructure offering focused on AI workloads—has evolved into a full-fledged attempt to reshape how cloud services are consumed and delivered.
• The latest development is the launch of DGX Cloud Lepton, a marketplace designed to aggregate unused GPU capacity across a network of Nvidia-aligned cloud providers, including CoreWeave, Lambda, and Crusoe.

• Aditya Birla Fashion and Retail Ltd (ABFRL IN) demerged its business into two focussed entities, ABLBL(Stable Business) and ABFRL(High growth Business).
• The separation aligns capital with business maturity isolating cash-generating lifestyle brands from high-growth, capital-hungry verticals like ethnic, luxury, and digital-first.
• The two entities are targeting a combined INR 30,000 Cr in revenue and 3x cash profit by FY30 through unlocking sharper execution, better capital efficiency, and distinct investor appeal.

• TME proposed to acquire 100% shares of Ximalaya, a long audio app.
• TME has been exploring the long audio market since 2020.
• We believe Ximalaya has advantages in monthly active users and car radio.

• Easy Bio Inc is one of the leaders specializing in piglet feed and animal feed additives in Korea. 
• The company completed an excellent M&A of a company in the US called Devenish Nutrition in February 2024 for 88 billion won. 
• If we assume a P/E of 10x and apply this on consensus net profit estimate of 36.3 billion won in 2026, this would suggest market cap of 363 billion won. 

• Zijin has acquired one of Kazakhstan’s largest gold mines, Raygorodok, adding 3.2 Moz in reserves and 193 koz in annual production.
• He asset is highly profitable (USD 202m net profit in 2024) with low costs (USD 796/oz), lifting Zijin’s output by 8% and reserves by 4%.
• 5.9x P/E and 3.3x EV/EBITDA, the deal looks attractively priced and enhances the scale, margins, and IPO narrative for Zijin Gold International.

• TSMC: +23.4% Premium; Consider Shorting ADR Spread at Current Level; Record Short Interest in Local
• UMC: +1.1% Premium; Wait for More Extreme Premium to Short
• ASE: +2.9% Premium; Near Level to Go Long the ADR Spread

• Monash IVF (MVF AU) announced that an incident occurred at its Brisbane clinic, where embryo of one patient was incorrectly transferred to another patient resulting in birth of a child.
• The company revised the guidance of FY25 underlying NPAT to be A$27.5M from previous A$30M–31M, announced post H1FY25 results.
• Consensus estimates predict the company’s FY26 revenue to grow marginally by 1% to A$272M and net profit to decline nearly 5%.

• Bright Smart Securities (1428 HK)‘s earnings rebounded solidly by 20.4% YoY in 2H FY25, fueled by higher client accounts and assets, and better HK market turnover.
• BSS has been an underperformer against peers since May, as other brokerage companies rallied on the back of potential entry into the virtual asset dealing business. 
• Ant Financial will be able to transform BSS into a sizeable cross-asset house. The share price’s current implied earnings growth and PER valuations are conservative.

• Context: This article provides an update on a previously identified pair trading opportunity between Samsung Fire & Marine Insuranc (000815 KS) and Woori Financial Group (316140 KS).
• Key Insights: The pair has not mean-reverted.  This Insight discusses the use of a Stop Loss in a statistical pair trading context and why one might be considered at this point.
• Why Read It: For investors interested in quantitative strategies, this article demonstrates some of the mechanics of statistical arbitrage and which indicators can be used to decide on exiting a position.

• Context: This article provides an update on a previously identified pair trading opportunity between Uco Bank (UCO IN) and Indian Overseas Bank (IOB IN), based on statistical mean reversion analysis.
• Key Insights: The trade has now reached its exit signal as the price ratio reverted to its one-standard deviation band, yielding a positive return.
• Why Read It: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.

• Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead

• Over the last few years, Silvercorp has delivered steady revenue and earnings growth, supported by strong margins and consistent free cash flow.
• It is now expanding beyond China with the development of the El Domo copper-gold project in Ecuador and ramping up investment at Ying and Kuanping.
• Despite this growth visibility and a net cash balance sheet, the stock trades at a meaningful discount to peers across P/E, EV/EBITDA, and FCF multiples.

• Context: The New Hope Corp (NHC AU) vs. Yancoal Australia (YAL AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long New Hope Corp (NHC AU) and short Yancoal Australia (YAL AU) targets a significant return to the statistical mean reversion level.
• 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.

• Crizac is a play on growth of overseas education. Its network of agents help candidates file University applications, which are then processed by Crizac before passing it to the universities
• Universities are increasingly outsourcing application and assessment processes to tap inbound students from emerging markets like India/China. 7mn people study abroad today, off which 3+mn are from India and China.
• IPO is priced attractively at TTM PE of 28x. We estimate FY27 EPS of 11-13 and potential multiple of 30x implying an upside of 35-60% from IPO price of 245

• China announced game approval for the June batch. The number of games approved remained at a higher level than 2023.
• The pace of China game approval appears to have accelerated to the same level as pre-tightening.
• In June, Tencent received approval for a domestic game. The company, with Netease and Kingsoft, also received approval for one imported game each.

• The absurd valuation the market has placed on Hong Kong-based biotech Regencell Holdings (NASDAQ: RGC), which claims to be devising Traditional Chinese Medicine (TCM) cures for ADHD, autism, and other neurocognitive disorders, has metastasized since our April 2 newsletter.
• RGC rose 12,980% (on a split-adjusted basis) from the time of our publication to the peak on June 17.
• The stock has fallen a good deal from its $78 value on June 17, but, at $22.95 as of this writing, there is still much more distance for RGC to fall.

• Simeon McMillan, founder of Accrued Interest, has a unique perspective on the broadcast television industry, with experience as a banker and executive in prominent media companies.
• The broadcast television industry has evolved from the hub and spoke model of major networks to a more consolidated landscape, with companies like Nexstar Media Group emerging as major players.
• McMillan will discuss the revenue streams, impact of cord cutting, and strategic investments within the industry, providing insights into the structure and evolution of broadcast television.

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• Natco specializes in complex generics with a catalogue of 30 Para IV filings (14 approved), demonstrating strong R&D expertise and a track record of successful high-value launches most prominently gRevlimid.
• Its current pipeline include potential blockbuster drugs like generic versions of Evrysdi, Ozempic/Wegovy (GLP-1), Kyprolis, and Imbruvica, which could drive future growth and offset concerns about declining Revlimid revenues post-FY26.
• We estimate Natco (ex-Revlimid) can generate ~2,500cr in revenues with profit of 320-350cr. Its 3,500cr cash-in-hand, Para IV optionalities and NCE investments (Gene therapy) make its current valuation attractive.

• Zijin plans to IPO its overseas gold unit, targeting 85t output in 2025; timeline not yet disclosed.
• SOTP values copper business at RMB 592 bn, gold at RMB 190–200 bn, lithium adds RMB 18–28 bn.
• Stock trades ~15–20% below intrinsic value, offering ~25–26% upside even without IPO re-rating.

• Playtika Holding Corp reported a strong first quarter of 2025, achieving a record revenue of over $700 million, marking their highest quarterly revenue to date.
• This success reflects the robustness of their diverse portfolio of mobile games and showcases their ability to support and grow acquired franchises.
• The global launch of Disney Solitaire in April has shown promising early performance, demonstrating the potential for it to become a significant contributor to Playtika’s revenue, alongside the established success of their flagship titles.

• We introduce our payments scorecard in this report, in which we apply weightings to our metrics of valuation, margins, EBITDA growth estimates and valuation-to-growth to deliver rankings
• We keep PagSeguro and Nexi on the buy list, both of these are in the top three in the scorecard; we add PayPal to the buys, replacing the mega-cap Visa
• We remove our sell rating on Affirm, replacing it with Kakao Pay; Kakao Pay stock has rallied hard on stablecoin speculation, but our concern is that investors under-estimate regulatory risk

• Lancaster Colony Corporation delivered mixed results for its fiscal year 2025 third quarter.
• Despite the 2.9% decline in consolidated net sales to $458 million, the company achieved record gross profit and operating income, reaching $106 million and $50 million, respectively.
• This highlights effective cost management and operational efficiencies in a challenging sales environment.

• Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed.
• A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company’s Registration Document, requires additional time to enable finalisation ahead of the IPO.
• The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable. 

• Ajax Resources (AQSE:AJAX) has moved from the Main Market to AQSE. Ajax is pursuing a strategy as a natural resources investment Company, with a focus on Copper, Gold, Zinc, Uranium, and Lead.
• The Company completed its first acquisition on 21 May 2025, the purchase of Puna Metals S.A., holding the mining rights for 12 licences, collectively forming the Eureka Gold and Copper project in the north-west corner of the Province of Jujuy in Argentina.
• Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed. 

• Activist investors 3D Investment Partners and Dalton Investments have both taken meaningful stakes in Square Enix – highlights capital inefficiency and poor margin profile
• Daito Trust sits on over ¥100bn in net cash, an arguably excessive cushion for a mature operator with steady cash flows. Silchester have taken note
• Iriso Electronic and INES both trade below book value. Attractive value plays for small cap funds.

• Seibu’s FY25 results were buoyed by a ¥350 bn real estate securitization, driving operating profit to ¥263 bn and showcasing the deep value embedded in its property portfolio.
• Management plans to monetize ~¥1.35 trillion of urban assets over the next 3–5 years, shift to a capital-light hotel model, and revitalize transport margins via fare revisions.
• Even at the current price of ¥4,868, Seibu trades at a ~45% discount to its fully adjusted SoTP value (~¥8,873/share)—implying substantial re-rating potential if monetization proceeds as planned.

• ndia does not have a top-down method for executing a five year plan like China does
• hina’s supply chain is vast and highly competitive, with India unlikely to replicate its success
• hina wants technology transfer to be one-way gate, inhibiting India’s ability to compete
• atrick Magee studied religion before becoming a financial journalist and eventually writing about Apple’s dependence on China

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• Q325 revenues of $9.3 billion, up 15% QoQ and up 37% YoY and $500 million above the guided midpoint. This represented a new quarterly revenue record for the company
• Micron forecasted current quarter revenues of $10.7 billion, up 15% QoQ, with gross margin of 42%, up 300 basis points sequentially
• HBM negotiations for 2026 supply & pricing still ongoing. Could Micron be holding out for a better deal?

• A global perspective on what happened overnight

• UK government owned Royal Bank of Scotland (RBS) for 17 years, impacting taxpayer finances
• RBS’s aggressive expansion and risky acquisitions led to vulnerabilities and exposure to toxic assets
• Government bailed out RBS with £45.5 billion, taking an 84% stake in the bank and preventing a collapse in 2008.

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• Clarity Pharmaceuticals Ltd (CU6 AU) initiated Phase 3 trial for its lead diagnostic candidate 64Cu-SARbisPSMA. The trial intends to gather data for filing of the product.
• The company’s cash position at the end of the March quarter was A$95M, with additional A$11M received in April for FY24 R&D tax incentive. This provides cash runway through 2H26.
• Clarity has built a robust supply of copper-64 with a wide network of product manufacturers in preparation for its two Phase 3 trials in prostate cancer and potential commercialization. 

• Micron Results Beat Across the Board, AI Product Mix Drives Gross Margin Upside
• No Evidence Yet of Hyperscaler Pullback, But No Significant Increase in Outlook Either
• Conclusion: AI-Driven Strength Continues, But Divergence Across the Memory Supply Chain Persists

• The CEO of Novartis, with a medical background, emphasizes the importance of focusing on breakthrough innovations and patient impact in leading the company
• Implemented changes to focus on innovative medicines by spinning off non-core businesses, leading to unlocking significant value for the company
• Novartis structures R&D differently by having a strategy and growth function, focusing on key therapeutic areas, and investing in advanced technology platforms like radio ligand therapies and cell and gene therapies

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• AAON Inc.’s first quarter of 2025 results highlight a mix of positive growth and operational challenges, painting a complex picture for potential investors.
• The company’s core strategic pillars focus on innovation, sustainable growth, and operational excellence, positioning it for long-term advancement.
• This focus is evident in its commitment to developing new products, like heat pumps and data center cooling solutions, which align with its innovative goals.

• Metaplanet has raised over $500 million via stock acquisition rights, using proceeds to repay short-term bonds and expand its Bitcoin holdings.
• Evo Fund, the main financier, has exercised 54 million shares and likely profited over $100 million through a share borrowing arrangement and market arbitrage.
• A $5 billion capital injection into its U.S. subsidiary hints at potential U.S listing (?), with an EGM scheduled for September to clarify strategic direction.

• Revenue grew steadily over five years, supported by demand for high-performance glass cloth used in advanced semiconductor packaging.
• It controls a critical bottleneck in AI substrates and is expanding capacity with ¥80B capex through FY28.
• EPS is set to rise 46% by FY28, with fwd PE at 9.3x and EV/EBITDA at 5.1x, suggesting scope for valuation re-rating.

• Over FY21–25, IBIDEN has delivered strong revenue and profit growth, with operating income rising ~44% and EPS growing ~34% despite cyclical pressures.
• The company commands a dominant ~70–85% market share in AI/server IC substrates, led by Nvidia demand, and is expanding capacity at Ono and Gama plants to sustain leadership.
• With a 17–21% EPS CAGR forecast and trading at ~26× P/E—well below high-growth peers—IBIDEN offers a compelling blend of quality growth and relative valuation comfort.

• Formosa Prosonic: Asymmetrical Risk Reward for investing as operating business is being priced for nothing
• The company is leading manufacturer of industrial solutions focused for audio and electronic musical products
• It has significant client concentration risks with Top 3 customers accounting for 92% of Revenues.

• Japan’s Fujitsu Ltd (6702 JP) is currently developing a 2nm CPU named “MONAKA” (link). The CPU is planned to be manufactured by Taiwan Semiconductor (TSMC) – ADR (TSM US).  
• Rapidus has to deal with high technical barriers, tight timelines, heavy R&D costs, market and profitability challenges.
• Talent shortage in Japan: A lingering pain for the Semiconductor industry

• FY25 was Indian boxoffice’s worst performance ever (ex-covid). FY26 has started strong with multiple hits and June-Dec lineup boasts multiple action-oriented and sequel movies; genres that are witnessing high occupancy.
• Company has strengthened its balance sheet post ‘INOX’ acquisition despite the revenue slump. fixed cost/screen is flat vs FY20 at 2cr while average ticket prices have grown at 5% CAGR
• Comfortable entry level valuation (10.5x TTM EBITDA vs global peers CNK/AMC at 12/35x) supported by improved operational execution position the stock as a near term re-rating candidate.

• Much of UnitedHealth’s business is just freeriding the US healthcare system.

• To some extent it could even be called parasitic. 40% of its revenues come from government programs.

• The most important one is Medicare Advantage (MA), which was originally designed to lower costs through the use of private carriers and their competition.

• Kontoor Brands, a prominent name in the fashion industry known for its Wrangler and Lee brands, has recently shared its financial results for the first quarter of 2025.
• The company made notable headway with the impending acquisition of Helly Hansen, which is anticipated to bring substantial benefits in terms of revenue growth, earnings, and cash flow.
• The acquisition is expected to be finalized by the end of May and will likely offer opportunities for expansion and operational synergy.

• Samsung’s 1.4nm Technology Delay Highlights Potential That Intel Could End Up the Only Viable Alternative to TSMC — Maintain Structural Long for TSMC
• Micron Results Today Will Provide Insight Into Resilience of AI/HPC Equipment Demand
• TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot 

• Bumble Inc.’s recent financial performance and strategic direction provide an intricate picture of potential future opportunities and challenges.
• The earnings call highlighted several key themes.
• Bumble is actively working to transition its focus from expansion via performance marketing to enhancing user experience and match quality.

• Rohm’s relative share price is trading above the 200-day moving average for the first time since August 2023.
• Inventory de-stocking for SiC-based semiconductor suppliers is nearing its end, paving the way for order replenishment 
• Analysts expect Rohm’s margins to lag those of rivals in the recovery, but Rohm has done more to cut inventories than any other. 

• Dyes and pigments player Kiri Industries is set to realise $580mn post-taxes for its 37% stake in Singapore based DyStar Global; ~50% above its current marketcap of $370mn.
• Adjusting for Debt repayment, we estimate that once proceeds have been recieived and pending warrants have been converted, cash in books will stand at INR ~600/share vs CMP: 570
• The company’s core dyes business, its 40% stake in Lonsen Kiri Chemicals India and its copper investments could be worth 300+share taking SOTP to ~900

• Sharp turnaround from FY22–FY24, with revenue rising from ¥1.17 tn to ¥1.63 tn and operating profit swinging from losses to ¥143.5 bn, led by civil aero engines and defense.
• The order backlog has grown to ¥1.6 tn (↑¥226 bn YoY), underpinned by defense orders and aftermarket demand, with management guiding continued top-line and margin expansion.
•  EPS is forecast to grow at a ~7% CAGR through FY27; at ~18x FY27E P/E and ~9x EV/EBITDA, valuations appear reasonable for a capital-efficient aero-led compounder.

• Huawei is a major player in the AI chip industry, challenging Nvidia’s dominance
• The company’s European-style headquarters and aggressive sales tactics raise questions about its true nature
• Ren Zhengfei’s rare interview with People’s Daily highlights Huawei’s central role in China’s tech industry and diplomatic relations

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• Offer: ₹12,500 crore IPO (₹2,500 crore fresh issue + ₹10,000 crore OFS); price band ₹700–740 implies a ₹61,250 crore valuation.
• Track Record & Use of Funds: 15% AUM CAGR and 41% PAT CAGR over FY21–25; proceeds to bolster Tier-1 capital and fund growth.
• Valuation Caution: Backed by HDFC Bank with deep rural reach, but 3.9x P/BV implies a 27% ROE—well above current levels—leaving little margin for execution slippage.

• Undergoing a multi-year transformation:After a very challenging FY2024, ROHM Co Ltd (6963 JP) is reassessing its capital strategy, production footprint, and depreciation methodologies, forming the core of the structural reforms.
• ROHM targets a return to operating profitability in FY26, supported by cost optimization, analog IC growth, and a disciplined capital expenditure strategy.
• It is available at significantly cheaper valuation versus peers of just 0.8x price to book. Also, it has been added to the Nikkei 225 Index recently

• Nvidia, AMD launch a new GPU every 2 years. At each generation, higher performance manufacturing (TSMC) and HBM (higher density, higher speed, thinner layers). Hence, cost increase at each generation. 
• Price and volumes are negotiated 1 year ahead. TSMC, SK Hynix expect AI / HBM revenues to double in 2025. Expect another 50-60% in 2026. 
• Why HBM attracts less interest than Foundry (TSMC) or Design (AMD, AVGO, Nvidia)? Mostly, investor still think this is a cyclical business – HBM isn’t.

• After a blockbuster 2022 driven by lithium supercycle highs, Tianqi Lithium saw earnings swing into deep losses in 2024 amid price crashes.
• Looking ahead, it plans to scale lithium chemical capacity to over 140,000 tons/year, deepen integration in China and Southeast Asia, and selectively invest in technologies like DLE.
• While near-term profitability remains uncertain, current EV/EBITDA valuations below 5x suggest the downside may be priced in.

• Cosco Shipping Energy Transportation (1138 HK) will benefit from the oil supply worry as Israel and Iran are unlikely to reach a “real” peace agreement in the short term. 
• The worry, or actual, closure of Hormuz will raise VLCC rates by escalating reserve building, increasing demand for alternative routes, a higher risk premium, and panic chartering.
• After yesterday’s retreat, CSET trades on an undemanding 5.8x PER and 8.8% yield for FY25F. With over 12% ROE, its 0.73x P/B is cheap, below the average since 2023. 

• MoneyMax Financial Services achieved a record profit after tax of S$41.6 million in FY24, a 65.4% increase.
• Revenue grew 36.5% to S$390.1 million, driven by a 36.0% increase in gold and luxury items sales.
• Pawnbroking revenue rose 47.3% to S$94.3 million, attributed to higher interest income from increased receivables.