Equity Bottom-Up Archives | Page 2 of 222 | Smartkarma

• Structural copper tightness, strong gold cash flows, and rising silver prices position Zijin for multi-year earnings growth and a valuation re-rating in 2026.
• Leadership transition reduces founder dependence, strengthens governance credibility, and enables multiple expansion as Zijin aligns with global copper-scarcity peers.
• Base valuation is HK$40–41; spot and peer convergence support HK$48–50, implying 35–40% upside with clear catalysts across copper expansions and gold stability.

• Fenix Resources (FEX AU) presented a 3-year production plan, with iron ore shipments growing from 2.4 million tons in FY25 to 5.7 million tons in FY28 (midpoint guidance).  
• The company upgraded its FY26 production guidance to 4.2-4.8 million tons (from earlier 4.1 million tons), while maintaining its cash costs in the 70-80 AUD/ton range (C1 cash costs).  
• A feasibility study has commenced, which will take Fenix Resources (FEX AU) into the 6-10 million range from FY29—more details in a management conference call on 15th December. 

• Rising memory prices are significantly increasing Switch 2 hardware costs, threatening margin compression below expectations and undermining management’s prior guidance on maintaining stable profitability levels.
• Even with potential price hikes, higher ASPs may dampen unit demand, reducing operating leverage and forcing consensus earnings cuts across FY3/27–28 as hardware profitability deteriorates.
• Valuation remains stretched relative to historical norms, leaving limited downside protection if earnings reset lower and increasing vulnerability to sentiment reversals amid uncertain cost trajectories.

• Recent developments materially improve the setup: H200 clarity reduces a major sector overhang and removes uncertainty around chip supply, clearing the way for continued AI-infrastructure expansion in China.
• 3Q25: VNET’s strong result, 2026 outlook, advantaged power resources, and shareholder priorities (no equity dilution and defined leverage limits) reduce downside bottoms-up risk while increasing confidence on execution
• None of this is reflected in today’s valuation. With 25–30% EBITDA CAGR and improved visibility on demand and execution, VNET is positioned for a material 2026 re-rating, implying 60-100% upside.

• The U.S. Navy just signed a $448 million contract with Palantir Technologies to overhaul how it maintains and repairs nuclear submarines.
• This partnership centers on “Ship OS,” a new AI-driven logistics platform built by Palantir.
• It aims to digitize and streamline the Navy’s sprawling and often outdated maintenance and supply chain processes.

• Flagright is an AI-native, no-code Anti-Money Laundering (AML) compliance and fraud prevention platform targeting fintechs, banks, and other financial institutions.
• The company’s key differentiator is its use of generative AI and AI agents to automate compliance workflows, significantly reducing false positives and operational costs for its clients.
• Having raised a total of $7.6 million in funding, Flagright is in a growth phase, expanding its product suite and global presence, particularly in North America and Europe.

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• Hana Microelectronics is a leading independent Electronics Manufacturing Service (EMS) provider in Southeast Asia with a diversified manufacturing footprint across Thailand, China, the US, Cambodia, and South Korea.
• The company is strategically positioned to benefit from long-term secular growth trends in the semiconductor industry, including the increasing electronic content in automobiles (especially EVs), the proliferation of IoT devices, and the rollout of 5G technology.
• While facing near-term headwinds from sluggish demand in certain segments and foreign exchange volatility, the company’s investment in high-growth areas like Silicon Carbide (SiC) power semiconductors and Radio Frequency Identification (RFID) presents significant future growth opportunities.

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Borussia Dortmund is one of Europe’s leading football clubs, with a strong track record in its domestic league and an enviable consistency in competing in the financially lucrative European competitions. The consistent on-pitch success and structural growth drivers of expanding global audiences, increasing demand for media rights and developing sponsorship partners have led to a strong 20-year revenue CAGR of c 10%. When combined with management’s conservative approach to operating costs and player investment, the result is a long-term record of positive net income and free cash generation, which may be at odds with the general perception about the financial health of football clubs. The company’s valuation looks attractive versus peers and its own trading history.

Canyon Resources confirmed it remains on track to commission the Minim Martap bauxite project in line with previous expectations, as Cameroon returns to ‘business as usual’ following the presidential elections. It continues to aim for first production in early 2026 and first shipment around mid-2026. The company remains well capitalised, having completed a first tranche of the A$205m funding package, with the remainder expected to close in Q1 CY26. We maintain our project level valuation of A$735m, which adjusted for corporate overheads and pro forma net cash implies a value of A$0.35/share, before accounting for the project’s vast residual resource.

• SK Inc. operates as the holding company for South Korea’s SK Group, a major conglomerate with a diversified portfolio spanning energy, telecommunications, semiconductors, chemicals, and biopharmaceuticals.
• The company is strategically focused on four key growth areas: advanced materials, green energy, biopharmaceuticals, and digital technologies, actively investing to secure future growth engines.
• As a holding company, its financial performance is closely tied to the performance of its major subsidiaries, including SK Hynix, SK Innovation, and SK Telecom, making it a proxy for the broader South Korean industrial landscape.

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• Pres Trump authorized sales of H200 to China, with unknown conditions attached.  Not clear who the US will agree to sell to, who in China will be “allowed” to buy
• More clear: H20 was not appealing – too under-powered. H200 is above the threshold at 2x the performance of Huawei Ascend 910C. So, Nvidia could find buyers in China.
• H200 could represent 23% upside to Nvidia 2026 revenues (max). But the stock price moved up 1.7% on Monday, down -0.3% yesterday. The market is concerned by bigger issues.

• InterGlobe Aviation Ltd (INDIGO IN)’s 2,000+ flight cancellations expose internal planning failures, triggering regulatory scrutiny and a fall of more than 15% in the stock price. 
• The crisis mandates permanent higher crew costs, challenging the core cost moat, but regulatory dependence shields its 63%+ dominance. 
• Short-Term volatility will persist, yet the long-term outlook remains bullish, supported by unmatched scale and a consolidated market structure.

• Meesho successfully went  public with a Fresh Issue of up to INR4,250 crore. Notably, nearly 44% of the fresh capital is earmarked specifically for deepening its technology and AI moat.
• Unlike traditional search-led e-commerce, Meesho is proving the viability of a “discovery-led” model powered by an immense data engine (5.9 billion daily data points), integrating a high-growth content commerce business. 
• Meesho presents a compelling play on consumption. IPO is not just for funding growth, but for funding AI infrastructure required to defend its “Everyday Low Price” moat against deep-pocketed competitors.

• The somewhat unexpected outperformance in H1 FY3/26 reflects the volatile nature of the shipping industry, and the impact of macro events.
• The stability provided by the Real Estate segment remains a key enabler for IINO Lines’ long-term strategy.
• With a conservative D/E ratio of 0.79x, the Company retains significant financial flexibility to withstand shipping cycle volatility while funding its capital- intensive fleet renewal program. 

• Indian Bank (INBK IN)’s management has aggressively revised its full-year GNPA guidance down to below 2% from previous targets, driven by a best-in-class NNPA ratio of 0.16% in Q2 FY26.
• The sharp reduction in credit costs, management’s confident guidance is amplifying earnings, driving a high RoE of nearly 20%, and attracting substantial, yet still value-seeking, DII flows.
• With asset quality structurally de-risked and the core business growing robustly through high-yielding RAM segments, Indian Bank presents a compelling re-rating candidate.

• In 2026, one of the emerging investment themes will likely be the main value-chain suppliers to SpaceX which is gearing up for a huge IPO next year.
• Seah Besteel Holdings is expected to be one of the specialty steel suppliers to SpaceX. Seah is investing about US$155 million to build a special alloy plant in the US.
• In addition to SpaceX, Seah Besteel Holdings plans to gain additional major US customers including Boeing Co (BA US), Lockheed Martin (LMT US), GE Aerospace, and Pratt & Whitney.

• H1 FY3/26 results demonstrated solid execution, highlighted by visible efficiency gains.
• We believe visibility toward growth acceleration has improved post- Q2; the recovery in Individual Life is gaining momentum, evidenced by accelerating AP growth and improved profitability from tech- driven efficiency initiatives.
• Furthermore, the new partnership with The Kyoto Shinkin Bank clarifies the GCL segment’s growth upside by opening a strategic pathway to the vast domestic bank mortgage market. 

• DraftKings Inc. recently held its third-quarter 2025 earnings call, highlighting both achievements and challenges.
• The company reported $1.144 billion in revenue, growing 4% year-over-year, though this was below their expectations due to unfavorable sports outcomes impacting revenue by over $300 million.
• Despite these challenges, some positive developments were noted.

• Japan’s leading on-site urethane foam insulation installer with strong growth Nippon Aqua Co., Ltd. (hereinafter, the Company) is a high-growth enterprise listed on the Prime Market of the Tokyo Stock Exchange.
• Guided by its management philosophy— “Contribution to society through the creation of living environments that are friendly to people and the earth”—the Company leverages insulation and waterproofing technologies to drive energy efficiency and support a sustainable society.
• It holds the leading domestic share in on-site urethane foam insulation installation and operates its business through three key divisions: Single-family homes, Buildings, and Waterproofing.

• Dominant Market Leader Poised for Diversified Growth: Gabriel India is the flagship company of the ANAND Group and a market leader in ride control products in India, with an 89% market share in the commercial vehicle segment, 32% in two/three-wheelers, and 24% in passenger vehicles. A recent strategic restructuring is set to transform the company from a suspension-focused entity into a diversified mobility solutions provider, integrating businesses in EV drivetrains, automotive fluids, NVH solutions, and sunroofs.
• Strong Financial Performance and Growth Trajectory: The company has demonstrated a robust growth track record, with a 3-year revenue CAGR of 20.35% and a net income CAGR of 39.88%. This financial strength is underpinned by its leadership position, strong OEM relationships, and a vast aftermarket network of over 700 dealers and 12,000 retailers.
• Strategic Pivot to High-Growth Areas: Gabriel is proactively adapting to industry trends by expanding into higher-growth segments. It has a first-mover advantage in the electric two-wheeler (E2W) space, commanding over 70% market share. Furthermore, new joint ventures for sunroofs and EV fluids position the company to capitalize on vehicle premiumization and electrification trends.

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• Haw Par is a Singapore-listed group built around two very different engines.
• The first is Healthcare, which owns and markets the Tiger Balm and Kwan Loong brands.
• These products are sold across ASEAN, North Asia and global export markets and remain the group’s main operating business. 

• Tencent is a dominant force in China’s internet landscape, built upon the vast user ecosystems of its social platforms, WeChat and QQ, which serve as powerful distribution channels for its other businesses.
• The company’s primary revenue drivers are Value-Added Services (VAS), encompassing the world’s largest online gaming business and various digital content subscriptions, alongside a rapidly growing FinTech and Business Services segment.
• While facing significant domestic competition and a dynamic regulatory environment, Tencent is pursuing future growth through international expansion, particularly in gaming, and substantial investments in enterprise-facing technologies like cloud computing and AI.

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• Swiggy (SWIGGY IN)  and Eternal (ETERNAL IN)  are in heavy investment cycles, with quick commerce driving capital needs and dictating near-term unit economics across India’s hyper competitive hyperlocal ecosystem.
• Swiggy shows clearer visibility to margin recovery by June 2026, while Eternal offers faster growth but higher dependence on marketing, inventory execution, and store expansion.
• Meituan (3690 HK) appears optically cheap but faces delayed profitability amid intense competition and overseas losses, making its lower-growth profile less attractive versus Indian peers.

• CiDi Inc. is a high-growth, market-leading provider of autonomous driving solutions for commercial vehicles in China, with a dominant position in the niche but rapidly expanding autonomous mining truck sector.
• The company has demonstrated explosive revenue growth, driven by its core autonomous driving segment. However, this growth is accompanied by significant operating losses, negative cash flow, and worsening liquidity, making its upcoming Hong Kong IPO critical for funding future operations and expansion.
• Key risks for investors include high customer and supplier concentration, intense competition in the autonomous vehicle space, and execution risk associated with its ambitious international expansion plans.

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• AppLovin is a leading mobile technology company operating a comprehensive platform for app developers to market, monetize, and analyze their applications. Its integrated business model, combining a powerful ad-tech software platform with a portfolio of first-party mobile games, creates a significant data advantage.
• The company is experiencing hyper-growth, driven by its advanced AI-powered advertising engine, AXON. Financial performance has been exceptional, with substantial year-over-year increases in revenue and a dramatic improvement in profitability and free cash flow generation.
• Future growth is expected to be fueled by the expansion of its ad platform into non-gaming verticals like e-commerce and Connected TV (CTV), and the global rollout of its self-service ad manager. However, the company faces key risks including intense competition, reliance on the volatile advertising market, and evolving data privacy regulations.

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• In June 2025, Beijing Geekplus completed an initial public offering at fixed IPO offer price of HK$16.80, raising ~HK$2.8B of net proceeds in Hong Kong.
• A Beijing-based AMRs company announced interim results for the six months ended Jun-25 and posted strong revenue growth of ~31% y/y coupled with improving profitability. 
• The stock peaked at HK$33.90 (~14x FY25 P/S) in October and fell ~38% over the next month. The company’s cornerstone lockup will expire on January 8, 2026.

• ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.
• It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.
• The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.

• Makino is a globally recognized manufacturer of high-precision, high-quality metal-cutting and electrical discharge machines (EDM), serving demanding industries like aerospace, automotive, and medical.
• The company is currently a subject of M&A speculation, with a tender offer from MBK Partners on the table after a hostile bid from Nidec was withdrawn, creating potential for further bids and stock volatility.
• Financially, Makino has demonstrated revenue growth, but profitability and free cash flow have been inconsistent, reflecting the cyclical nature of the machine tool industry and recent supply chain pressures.

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• Kaynes Technology clarified financial disclosures, acquisition accounting, and a related-party reporting lapse, while affirming consolidated accuracy and enhancing internal controls and auditor oversight.
• Despite volatility, Kaynes’ strategic investments in OSAT, PCB, and design-led electronics support long-term growth, with recent share correction viewed as sentiment-based, presenting a valuation opportunity.
• Tightened governance, expanding capacity, and strong demand in key sectors position Kaynes for medium-term growth, offering investors an attractive risk-reward in India’s electronics supply chain evolution.

• The parent has requested DKSH Malaysia to propose DKSH Malaysia to do capital reduction
• The capital reduction price is set at at MYR 6.15 
• We think this is a very low price and below our fair value. We are not experts, but we believe most of the minority shareholders may not accept this  offer. 

• The deliveries still grew strongly by 24% YoY in November 2025.
• We believe Geely will take BYD’s place as the largest Chinese producer.
• We also believe the stock has an upside of 49% for the next twelve months.

• After a tragic 61.4pp underperformance against the HSI in 2025, the market is almost unanimously bearish on Meituan (3690 HK), which presents opportunities in 2026.
• Negative news did not push it further down; P/B is at over 1SD below average, and net cash-to-share price is 5.6pp above the historical average.
• 3Q25 margins are so depressed that sustaining the price war is difficult. As the 7th-heaviest HSI constituent, it is the one to move the Index next year. 

• Options ADT surged 91% YoY, bullion now drives 57% of ADT, and the costly technology transition is complete, sharply improving MCX’s margin profile. 
• Options-Led participation, lower tech costs, and new products like electricity derivatives create a stronger, more diversified growth engine while reinforcing MCX’s quasi-monopoly in metals and energy. 
• With operating leverage unlocked, product expansion underway, and volume visibility improving, MCX shifts from a cyclical trade to a high-conviction multi-year structural compounding story.

• Solstice Advanced Materials (SOLS US) is a recent spin-off from legacy conglomerate Honeywell International (HON US). It sports a market capitalization of US$7.5bn and ADTV of US$226m. 
• It is a beneficiary of continued AI data center buildouts and owns the only domestic nuclear conversion site in the US.
• In this note, we will talk about the company’s past performance and future prospects.

• The streaming wars just got their biggest twist yet.
• Netflix, already the world’s largest video platform by subscribers, is poised to acquire Warner Bros Discovery in a mammoth $82.7 billion cash-andstock deal.
• If completed, the transaction would bring HBO, HBO Max, and an iconic catalog—think Game of Thrones, The Big Bang Theory, and the entire DC Universe—under Netflix’s roof.

• Ralph Lauren’s recent fiscal performance demonstrates strong progress as the company continues to execute its strategic growth plan, coined “Next Great Chapter: Drive.” The second quarter of fiscal year 2026 delivered better-than-expected results across various financial metrics, indicating robust brand strength and alignment of operational execution with its strategic objectives.
• From a financial perspective, Ralph Lauren reported a 14% increase in total company revenue, exceeding expectations.
• This growth was marked by significant contributions from each geographical segment, including a 16% increase from Asia, a 15% increase from Europe, and a 13% increase in North America.

• Business Breakdowns is a series diving deep into a single business
• Doximity is a B2B media business for medical professionals
• Community engine, social network, and tools make life easier for medical professionals

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• Lincotrade & Associates Holdings Limited is a Singapore-based interior fitting-out specialist with over 30 years of experience and an established track record in commercial, residential premises as well as showflats and sales galleries.
• Lincotrade is engaged in the provision of interior fitting-out services, additions and alterations (“A&A”) works and other building construction services.
• Catering to its current operational requirements and future needs, the Company has acquired a larger JTC facility in Tuas with approval to build a 204-bed ancillary workers dormitory.

• DuPont recently reported its third-quarter financial results for 2025, reflecting a solid performance with both positives and challenges.
• The company’s net sales rose to $3.1 billion, marking a 6% growth on an organic basis compared to the previous year.
• This growth was driven largely by volume increases across the board, particularly within its Healthcare & Water and Electronics segments, which saw significant demand influenced by advancements in AI technology.

• The recent earnings release from Expedia Group for the third quarter of 2025 reveals a mixed yet optimistic outlook for the company.
• While the company reports exceeding top and bottom line expectations with a 12% growth in bookings and 9% revenue increase, alongside expanded EBITDA margins, there are nuances to consider in assessing its performance.
• Positive aspects include the substantial growth in the B2B segment, which saw a 26% increase in bookings, marking the 17th consecutive quarter of double-digit growth.

• NIO (NIO US) is a Chinese premium electric vehicle manufacturer listed on three exchanges. 
• NIO’s Q4 deliveries guidance was below expectations, and sales momentum is on a declining trend. Sustainably hitting its 20% gross margin target and achieving breakeven in 2026 seems a stretch.  
• NIO’s valuation is stretched, trading at a material premium to the median EV/Sales and growth-adjusted EV/Sales multiples of Chinese EV peers. 

• TSMC: +26.1% Premium; Remains at Level Rarely Maintained for More Than a Week; Good Level to Short the Spread
• UMC: +2.5% Premium; Historically Rare Level is a Short Opportunity
• ASE: +2.9% Premium; Wait Better Short Opportunity at Higher Levels

• 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 nine pair trade opportunities across four markets and six sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Delhivery has consolidated its leadership position in Express Parcel segment through ‘Ecom Express’ acquisition. We believe this is a cash-cow business with consistent mid-teens industry growth and sustainable 16-18% margins.
• Express PTL business is taking off along with the industry cycle. Supported by Delhivery’s tech stack and deep infrastructure, it is ready to corner market share with margin expansion.
• We estimate 15% revenue CAGR, translating to an EBITDA range of 1,000-1,300cr for FY28 (vs 376cr in FY25). With Net cash of 4,200cr, stock trades at EV/EBITDA of 20-25x.

• MHI benefits from two long-term supercycles—AI-driven power generation and global defense rearmament—with a recent pullback offering an appealing re-entry point. 
• A global gas-turbine supercycle is boosting orders, pricing power, and margins as demand from hyperscalers and utilities exceeds manufacturing capacity. 
• Markets have yet to fully price in structurally higher earnings and valuations driven by AI-linked power demand and persistent turbine supply constraints.

• Do Day Dream is navigating a turnaround, with a return to profitability in 2024 after a challenging 2023, driven by its flagship skincare brand SNAILWHITE.
• The company operates in the large and growing Thai beauty and personal care market, which is valued at over USD 7 billion and benefits from trends like ‘skinimalism’ and demand for natural ingredients.
• Significant risks remain due to the highly competitive nature of the Thai cosmetics industry, which features numerous local and international players, leading to margin pressure and the need for continuous innovation.

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• DOD Biotech is a Thailand-based Original Design Manufacturer (ODM) specializing in dietary supplements and beauty products, operating in a growing but competitive domestic market.
• The company has demonstrated significant revenue volatility and negative net income in two of the last three fiscal years, reflecting operational challenges and market pressures. However, recent quarterly results in 2025 show a return to profitability.
• Positioned within the expanding Thai wellness and cosmetics industry, future growth hinges on successful product innovation, diversification of its client base, and effective management of operational costs to improve margin stability.

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• The trend of stockpiling in the US has continued, and copper inventories in warehouses surged to over 436,000 tons. Inventories at the seven COMEX warehouses have more than tripled YTD. 
• Copper Production Disappointments Mount With Antofagasta (ANTO LN) Guidedown, Bullish To 12k USD/Ton supply issues detailed provide the perfect confluence for copper to breach 13,000 USD/ton by early 2026. 
• As copper has recently surpassed 11,500 USD/ton, we pick Southern Copper (SCCO US) and Antofagasta PLC (ANTO LN) as our top equities to play the copper run.

• freee (44778 JP — US$1.1 billion) is a Japanese developer of cloud accounting software.
• It was founded by a former Google executive called Daisuke (“Dice”) Sasaki, who had also run a start-up.
• Sasaki was shocked at how inefficient accounting processes were at his previous firm and other small- and medium-sized enterprises.

• There were further updates on the Simandou iron ore mine, which commenced operations last week, igniting bearish sentiment and taking iron ore prices down 3% WoW to 103 USD/ton.
• Demand, though, for higher-grade material remains strong, resulting in a widening spread between 65 and 62 Fe to almost 16 USD/ton (from 12-13 USD/ton a week ago). 
• We favor Fenix Resources (FEX AU) for its high growth profile and potential to increase production from 1.5 million tons to around 10 million tons. 

• In this insight, we review the share price performances of the 14 companies/insights on the Asian Dividend Gems in 2025.
• The 14 stocks in the Asian Dividend Gems published in 2025 are up on average 17.9% from the date of publishing the insight to current price.
• The 14 companies included in the Asian Dividend Gems series this year currently have an average dividend yield of 5.4% and average SmartScore of 4.1 (out of 5.0).

• Airbnb’s latest quarterly results for the third quarter of 2025 demonstrated a robust financial performance, marked by a 10% increase in revenue year-over-year, amounting to $4.1 billion, and achieving an all-time high adjusted EBITDA exceeding $2 billion.
• Gross booking value grew by 14%, while nights and seats booked increased by 9%, largely driven by strong performance in the U.S. market.
• However, the results weren’t solely driven by top-line growth; they also highlighted significant strategic advancements and operational improvements.

• Apple Inc.’s recent earnings call for Q4 Fiscal Year 2025 presents a mixed yet enlightening perspective on the company’s performance and outlook.
• Apple reported revenue of $102.5 billion, marking an 8% increase year-over-year, a record for the September quarter.
• This growth was significantly driven by the Services segment, which achieved an all-time revenue record of $28.8 billion, up 15% from the previous year.

• Instacart’s recent earnings call highlighted several key aspects of the company’s performance and strategic outlook.
• The company reported robust growth in its core marketplace, enterprise technology offerings, and advertising ecosystem during the third quarter of 2025.
• This positioning is underpinned by a focus on customer satisfaction through product affordability, enterprise expansion, and advertising innovations.

• Compass Diversified is navigating a significant operational and reputational crisis following the discovery of pervasive fraud at its subsidiary, Lugano, necessitating a full restatement of financial statements for fiscal years 2022 through 2024.
• The company’s diversified model, with eight other subsidiaries remaining operational and cash-flow positive, provides a potential buffer against the isolated incident at Lugano, though the event has exposed significant governance and oversight weaknesses.
• Financial performance has been weak, characterized by negative net income and deteriorating operating and free cash flows over the past three years, raising concerns about the sustainability of its historically attractive dividend.

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• AstraZeneca’s recent earnings report for the first nine months and Q3 2025 underscores the company’s ongoing momentum and commitment to innovation within its pharmaceutical pipeline.
• Total revenue increased by 11%, driven by robust demand for its innovative medicines.
• The company reported core EPS growth of 15%, signaling strong operational performance.

• Air Products and Chemicals, Inc. reported its fiscal year 2025 fourth-quarter results, reflecting a nuanced performance with both advancements and challenges.
• For the year, earnings per share reached $12.03, slightly above the midpoint of their full-year guidance.
• This suggests the company met its commitments despite facing a challenging economic environment.

• ConocoPhillips’ third-quarter 2025 results reflect a solid performance marked by strategic shifts and ongoing projects that could influence future financial outcomes.
• The company reported production of 2,399,000 barrels of oil equivalent per day, surpassing the upper limit of its guidance and generating $1.61 per share in adjusted earnings.
• Operational efficiency is evidenced by decreased capital expenditures at $2.9 billion, and robust cash flow from operations amounting to $5.4 billion.

• Check Point Software Technologies Ltd. recently reported strong financial performance for the third quarter amid rising demand across their cybersecurity portfolio.
• The company demonstrated robust growth, with calculated billings up 20% year-over-year, fueled by disciplined execution and heightened demand.
• Revenue increased by 7% to $678 million, exceeding guidance expectations.

• Datadog reported a strong financial performance in Q3 2025, marked by significant revenue growth and a substantial increase in customer adoption.
• The company’s revenue reached $886 million, reflecting a 28% increase year-over-year, driven by robust customer acquisition and expansion among existing clients.
• Notably, new logo annualized bookings more than doubled year-over-year, indicating growing interest and adoption of Datadog’s platform.

• Deregulation of communication technologies is leading to intermodal competition and a reordering of assets in the industry.
• Telecom sector is lagging behind big tech stocks, but AI-driven growth in data usage presents a unique opportunity for growth.
• AT&T’s decision to divest its content business was necessary to focus on its core business of connectivity and meet customer demands for a high-quality product.

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• Southwest Airlines was founded in 1966 by Herb Kelleher and Rollin King in San Antonio, Texas based on the idea of creating a triangle route between Dallas, San Antonio, and Houston.
• Southwest Airlines was able to avoid federal regulation by operating solely within the state of Texas and establishing a profitable business model with consistent profitability.
• Southwest Airlines revolutionized the airline industry by offering affordable and convenient flights within Texas, challenging the traditional business model of major airlines and achieving long-term success.

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• Wakefit Innovations’ INR 1,288.89 crore IPO signaling the pivot of India’s largest D2C home brand toward institutional funding for accelerated omnichannel expansion.
• The fund utilization is heavily skewed towards offline growth and brand building, confirming a strategic shift from pure-play digital to a capital-intensive, integrated retail model.
• While the model mitigates supply chain risk through vertical integration, we must weigh the past profitability volatility and strategic roadmap for capturing India’s rapidly formalizing home and furnishings sector.

Halyk Bank reported a 13.8% y-o-y increase in net interest income in Q325 with a sustained high net interest margin (NIM) of 7.1% versus 7.3% in Q324 and robust loan book growth of 19.7% y-o-y (8.2% ytd). Combined with good cost discipline (the cost-to-income ratio (CIR) was 16.3% in Q325 vs 16.1% in Q324), this allowed the company to maintain an ROE above 30% (34.3% in Q325 on an annualised basis). Halyk preserved a strong capital base with a CET-1, Tier-1 and total capital ratio of 17.4% at end-September 2025 (with an indicative FY26e target of 17–19%) and local capital ratios of 18.3% versus the regulatory requirement for total capital (k2) of 12.0%. We believe this provides the bank with a solid balance sheet to continue delivering attractive dividends (its payout from FY24 earnings of KZT50.64 per share represents a c 16% yield based on the current share price). We note that Halyk’s majority shareholder (ALMEX Holding Group) recently sold a 7.6% stake at a price per common share and global depository receipt (GDR) of KZT298.66 and $23.0, respectively, to improve the liquidity of Halyk’s shares and broaden the shareholder register. It retained a majority stake and declared full commitment to the bank’s long-term success.

• Wintermar is strategically positioned to capitalize on the offshore support vessel (OSV) industry upcycle, driven by rising charter rates and increased offshore exploration activity, particularly in Southeast Asia.
• The company is actively modernizing its fleet, focusing on higher-tier vessels like Platform Supply Vessels (PSVs) and Heavy Load Barges (HLBs) to improve margins and meet growing demand for deepwater projects and offshore wind farm construction.
• Strong financial performance is evident, with significant growth in revenue and net income, a strengthened balance sheet with a net cash position, and the reinstatement of dividends, signaling confidence in sustained profitability.

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• Wakefit Innovations is a leading direct-to-consumer (DTC) brand in India’s home and sleep solutions market, rapidly expanding its omnichannel presence. The company has demonstrated strong revenue growth, driven by diversification from its core mattress business into furniture and home furnishings.
• Despite impressive top-line growth, the company has faced challenges in achieving consistent profitability, with losses widening in some fiscal years. The upcoming IPO is crucial for funding its ambitious offline expansion and marketing initiatives.
• The company’s vertically integrated business model provides a competitive advantage in terms of cost and quality control. However, it faces significant competition from both established players and other online-first brands in a fragmented market.

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• Dominant Market Leader with Strong Growth: Impack Pratama is a clear leader in the Indonesian plastic building materials sector, holding an estimated 90% market share in polycarbonate roofing and 70% in uPVC roofing. This dominance is translating into exceptional financial performance, with 3-year CAGRs for revenue and net income at 20.30% and 36.94%, respectively.
• Favorable Industry Tailwinds: The Indonesian construction market is poised for steady growth, driven by government infrastructure spending, urbanization, and a rising middle class. Projections indicate a market expansion of 5.48% to 7.50% annually, creating a robust demand environment for IMPC’s products.
• Premium Valuation Reflects Quality, But Poses Risk: The company’s strong performance and market position command a high valuation, with a P/E ratio of 37.2x. While justified by its growth trajectory, this premium makes the stock susceptible to shifts in market sentiment and earnings disappointments. The low dividend yield and inconsistent payout history may also deter income-focused investors.

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Halyk Bank reported a 13.8% y-o-y increase in net interest income in Q325 with a sustained high net interest margin (NIM) of 7.1% versus 7.3% in Q324 and robust loan book growth of 19.7% y-o-y (8.2% ytd). Combined with good cost discipline (the cost-to-income ratio (CIR) was 16.3% in Q325 vs 16.1% in Q324), this allowed the company to maintain an ROE above 30% (34.3% in Q325 on an annualised basis). Halyk preserved a strong capital base with a CET-1, Tier-1 and total capital ratio of 17.4% at end-September 2025 (with an indicative FY26e target of 17–19%) and local capital ratios of 18.3% versus the regulatory requirement for total capital (k2) of 12.0%. We believe this provides the bank with a solid balance sheet to continue delivering attractive dividends (its payout from FY24 earnings of KZT50.64 per share represents a c 16% yield based on the current share price). We note that Halyk’s majority shareholder (ALMEX Holding Group) recently sold a 7.6% stake at a price per common share and global depository receipt (GDR) of KZT298.66 and $23.0, respectively, to improve the liquidity of Halyk’s shares and broaden the shareholder register. It retained a majority stake and declared full commitment to the bank’s long-term success.

• Operations remain strong with volume rising and revenue up on the continued rise in uranium prices in Q3/25, although the metal has cooled in Q4/25 
• Domestic macro remains a drag on the valuation, with the NBK hiking its base rate 1.5% in October 2025 to combat rising inflation, boosting our discount rate significantly   
• After over a 40% rise since June 2025 our valuation is now about -20% below the current price, although the P/B still looks low, especially versus Cameco’s surging multiple

• Indoritel Makmur Internasional (DNET) is a strategic investment holding company providing unique exposure to Indonesia’s burgeoning consumer and digital economy through its significant stakes in market-leading enterprises.
• The company’s core holdings include PT Indomarco Prismatama (Indomaret), the nation’s largest convenience store network, and PT Mega Akses Persada (FiberStar), a key player in the fiber optic infrastructure sector.
• While top-line growth is robust, driven by the expansion of its portfolio companies, profitability and free cash flow remain volatile due to intense competition in the retail sector and high capital expenditure requirements for fiber network expansion.

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• Three main reasons why SK Inc is our high conviction in 2026 include mandatory cancellation of treasury shares, deep discount to NAV, and the end of divorce for Chairman Chey. 
• SK Inc has 17.98 million shares in treasury, representing 24.8% of outstanding shares. Among the stocks included in KOSPI200, this is one of the highest percentage of treasury shares.
• Our NAV valuation analysis suggests NAV of 28 trillion won or NAV per share of 386,469 won. This represents a 46% upside to its current price.

• Since inception (May 15th), our Model Portfolio has appreciated 17.0% – same as MSCI Asia-ex Japan.  Since the last rebalancing (7th November) our Portfolio declined 2.5% vs MXASJ’s 1.3% drop.
• The recent underperformance came from drawdowns in Tencent Music, Tencent, Alibaba, Hynix, Hyundai Rotem, TSMC. We reduce the first two slightly, exclude BBCA, include Adani Ports, SCB, MAPI, HK Land.
• We remain Overweight HK/China and Korea. We upgrade India to Overweight from Neutral, Thailand from Underweight to Neutral, and downgrade Indonesia to Underweight from Neutral. Stay Underweight Taiwan, Neutral Singapore.

• NVIDIA & Synopsys announced a new strategic partnership on Dec 1, mostly covering topics they were already strategically partnering on, with one exception, Cloud-Ready Solutions
• The partnership sees NVIDIA purchase $2 billion worth of Synopsys stock in a private placement. Other, recent, similar strategic partnerships e.g. Siemens & GM, involved no such investment
• They plan to start enabling cloud access for GPU-accelerated engineering solutions. Could this be where that $2 billion finds a home? Is this a new Neocloud in disguise? Let’s see

• Delhivery (DELHIVER IN) faces immediate volume erosion as Meesho (1546271D IN) migrates 65% of orders to Valmo, destabilizing a key client relationship historically contributing ~16% of total revenue.
• Valmo’s rise structurally shrinks the addressable 3PL market, creating a permanent headwind that compresses pricing power and intensifies competition for remaining open volumes.
• Anchor client insourcing caps Delhivery’s growth trajectory, rendering the Ecom Express acquisition insufficient to offset the structural decay in organic B2C volume velocity.

• BPSL JV gives JFE a scalable India platform, shifting long-term growth away from a stagnant Japan market.
• Balance-Sheet impact is manageable, with optional liquidity from the ¥500 bn JSW stake.
• Valuation deeply discounted at 0.5× P/B and US$525/t despite rising mix, India optionality, and multi-year earnings normalization.

• Context: The GPT Group (GPT AU) vs. Stockland (SGP AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Stockland (SGP AU) and short The GPT Group (GPT AU) targets a 4% return, with Stockland (SGP AU) supported by a lower P/E multiple.
• 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.

• Vale cuts 2026 iron ore guidance to 335–345 Mt as China’s weaker demand and rising scrap reduce seaborne needs by about 160 Mt.
• Steel decarbonisation accelerates through global EAF expansion, pushing Vale toward a flexible blend of high-grade, mid-grade, and corrective ores to maximise value.
• Vale and Glencore’s Sudbury study targets 880 kt copper over 21 years, leveraging shared infrastructure to curb costs and bolster North American supply.

• In this insight, we review our Korean Small Cap Gem insights that we published in 2025. We published 18 Korea Small Cap Gem Series insights in 2025.
• The 18 Korean Small Caps have generally performed well this year. They were up on average 17% and 45%, respectively one week and two weeks after the insights were published.
• Some of the best performing stocks so far this year include Chunil Express (000650 KS), Aurora World (039830 KS), Makus Inc (093520 KS), and Flitto Inc. (300080 KS). 

• Tuhu sets up operations in Malaysia, its first overseas expansion outside of Greater China.
• We think Tuhu can dominate the market within 3-4 years, as there are no local establishments that can match its infrastructure, know-how, and capital base. 
• Fair value of HKD23 implies 22x FY26 PE – average for US peers. A bargain with 3-year CAGR of 30%, net cash, and churns high free cash flow.

• On November 13, Geechs Inc. (hereafter, “the Company”) announced its Q2 FY2026/3 (Jul-Sep) earnings results.
• Net sales rose 2.5% YoY to JPY 6,518 mn, EBITDA rose 86% YoY to JPY 278 mn, and operating profit rose 124.9% YoY to JPY 253 mn.
• In addition to steady expansion of the core Japan IT Human Resources Matching Business (hereafter, “Japan IT HRM Biz”), faster-than-expected profitability in the IT Human Resources Matching Business, Overseas (hereafter, “Overseas IT HRM Biz”) and stronger-than-planned growth in the Seed Tech business contributed to results. 

• Bitcoin has seen a historic price decline since October.  The fear gauge is higher than at any time in its history, and technical indicators show further downside is likely.
• The bitcoin ecosystem is highly leveraged and has seen miners and related single-stock ETFs fall dramatically.  Bitcoin volatility remains below historical levels, suggesting further selling is likely.
• Bitcoin price is highly dependent on monetary conditions, which indicate that easing will end by 1Q 2027. Gold is supported by continuing higher inflation expectations and, hence, the price divergence.

• Our key themes for Japanese banks in 2026 are top line growth due to a hawkish BoJ and the potential for shareholder value creation through cross-holding disposals
• In the big caps, we stick with Resona Holdings as our top pick for its strong gearing to rising interest rates and its relatively high equity cross-holdings to market value
• Our top mid-caps picks are Iyogin Holdings and Hokuhoku, both of which are well positioned to benefit from higher interest rates and also have healthy cross-holdings relative to market value

• Unisound AI Technology, a Beijing-based AI solution provider focusing on the sales of conversational AI products and solutions, completed an initial public offering at HK$205/share in June.
• The company raised HK$251M in its Hong Kong IPO, including additional net proceeds from the over-allotment shares issued upon the full exercise of the over-allotment option.
• The stock peaked at HK$879.00 in September and fell ~41% over the next two months. The company’s early IPO lockup will expire on December 29, 2025.

• The recent quarter’s performance by NVIDIA Corporation reflects strong financial outcomes and strategic initiatives in the AI and computing domains.
• Garnering revenue of $57 billion, a 62% year-over-year increase, NVIDIA continues to benefit from burgeoning demand in the accelerated computing and AI sectors, setting a new record with a $10 billion sequential revenue growth.
• Such figures underscore the company’s position within the rapidly evolving AI infrastructure landscape.

• Aequs has a strong integrated aerospace ecosystem and deep OEM ties, but consolidated margins remain weak due to low overseas utilisation and losses in the consumer vertical.
• A robust ₹4,200–4,500 Cr aerospace backlog and India cluster scale provide visibility, but working-capital stretch and customer concentration elevate execution risk.
• View: Operating-Leverage story; valuation upside (₹180–200) requires utilisation lift and margin recovery. OFS-heavy structure and promoter dilution temper near-term sentiment.

• In evaluating FirstEnergy Corp.’s third-quarter 2025 results, several key aspects inform an investment thesis.
• On the positive side, the company reported increases in both GAAP and core earnings per share, underscoring strong operational performance.
• Specifically, FirstEnergy’s core earnings saw a rise to $0.83 per share from $0.76 the previous year, while year-to-date core earnings jumped 15% to $2.02 per share, driven by effective execution of customer-focused investments and base rate adjustments in Pennsylvania.

• Shopify’s third-quarter results for 2025 highlight several strategic themes that underlie its current performance and future prospects, balanced by some challenges and considerations that investors should weigh.
• On the positive side, Shopify reported a significant 32% growth in gross merchandise volume (GMV) and revenue, with a notable 38% increase in Merchant Solutions revenue.
• This was largely driven by the rising adoption of Shopify Payments, which has reached a penetration rate of 65%.

• Hanyang Eng is a key enabler of the high-tech industry, specializing in the construction of facilities for semiconductor and display manufacturers, which positions it to benefit from the ongoing global investment in chip production.
• The company demonstrates strong financial health, characterized by consistent revenue growth, robust profitability, and a strong dividend profile, making it an attractive value and income investment.
• While heavily exposed to the cyclical nature of the semiconductor industry, Hanyang Eng is diversifying its business into bio-pharmaceuticals, aerospace, and green energy, potentially mitigating long-term risks and opening new growth avenues.

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• During the third quarter of 2025, Moderna Inc. reported $1 billion in revenue, primarily driven by sales of their approved vaccines: Spikevax, mNEXSPIKE, and mRESVIA.
• However, the company reported a net loss of $200 million, contrasting with a profit of $13 million in the same period the previous year.
• The decline in revenue, by 45% year-over-year, was mainly due to reduced demand for COVID vaccines.

• Datadog is a market-leading observability platform for cloud-scale applications, providing a unified, real-time view of a company’s entire technology stack. Its strong growth is driven by secular tailwinds of cloud migration and digital transformation.
• The company exhibits a powerful financial profile, characterized by high revenue growth, a recurring subscription-based model, and improving profitability and free cash flow. The ‘land-and-expand’ strategy has proven highly effective, with a strong net revenue retention rate.
• While the company’s strategic position and growth are compelling, its shares trade at a significant premium valuation. Key risks include intense competition from both specialized vendors and large cloud providers, and the stock’s sensitivity to macroeconomic shifts impacting IT spending.

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• PC Partner (1263 HK) announced it was completing its delisting from HK and moving to Singapore
• The move to Singapore was a “life or death” situation for the company, as staying in HK precluded it from having access to Nvidia’s latest chips
• 2026 will be a crucial year to determine PC Partner’s future outlook

• Mitra Adiperkasa stands out as Indonesia’s leading retailers, with an impressive portfolio of brands across segments, a dominant presence in major malls across Indonesia, and a strong online presence. 
• MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active outperforming. Digital, F&B, and fashion are improving  
• The company’s international business is seeing better performance, especially in Thailand and the Philippines, with expansion remaining on track, and management expressing a more optimistic view for 4Q2025 and beyond.

• Dominant Market Leader: As Indonesia’s largest state-owned telecommunications provider, Telkom holds a commanding market share in both mobile (through its subsidiary Telkomsel) and fixed broadband services, providing a strong foundation for stable revenue generation.
• Strategic Asset Monetization: The company is pursuing a value-unlocking strategy by spinning off its fiber assets. This move, coupled with plans to bring in a strategic partner, aims to improve capital efficiency and potentially lead to a significant re-rating of the company’s valuation.
• Attractive Shareholder Returns: Telkom consistently delivers strong returns to shareholders, evidenced by a high dividend yield and a formal commitment to dividend payouts. The company’s strong cash flow generation supports this policy.

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• Indofood is a vertically integrated food solutions giant in Indonesia, poised to benefit from the country’s favorable demographics and rising consumer spending.
• The Agribusiness segment, particularly palm oil, is a significant growth driver, supported by strong commodity prices and government biodiesel mandates.
• While the company exhibits strong top-line growth and market leadership, it faces risks from commodity price volatility, currency fluctuations, and margin pressures in its consumer branded products segment.

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• ReadCloud Limited (ASX:RCL) services the education and training sectors through the provision of digital learning content, proprietary interactive technology and support for students and educators.
• The company released its FY25 full-year result (30 September year-end) but many of the data points had been pre-released so there were no real surprises.
• The core strategic Australian schools-facing businesses in eBooks and VET-in-Schools (collectively 85% of FY25 group sales revenue) delivered strong results, with VET-in-Schools the standout growing revenue at 26% to $5.7m and continuing to deliver gross margins exceeding 90%.

• Fair Isaac Corporation (FICO) presented an earnings report for the fourth quarter of 2025 that highlights both the strengths and challenges facing the company.
• Revenues for the quarter reached $516 million, a 14% increase compared to the previous year, and for the full fiscal year, revenues totaled $1.991 billion, up 16% year-over-year.
• In their software segment, revenues were $204 million, with a mixed outlook.

• KakaoBank is a dominant digital-only bank in South Korea, leveraging the vast user base of the KakaoTalk messenger platform to achieve significant market penetration and rapid growth. Its branchless model provides a structural cost advantage over traditional incumbents.
• The bank is pursuing an aggressive growth strategy focused on expanding its customer base to 30 million and total assets to KRW 100 trillion by 2027. Key initiatives include diversifying into new loan products, enhancing platform services (e.g., advertising, loan comparison), and expanding internationally into markets like Indonesia and Thailand.
• While growth has been robust, the company faces significant risks from intense competition from other digital banks (K-Bank, Toss Bank) and traditional banks’ digital offerings. Furthermore, regulatory uncertainty, particularly concerning its largest shareholder, Kakao Corp., and potential government measures to manage household debt, presents a material headwind.

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• Public ad-tech equities are trading at historically low multiples, especially in Canada, despite consistent positive revenue growth and a pivot toward margin expansion.
• Regulatory disruption and cookie deprecation are accelerating the shift to first-party data, contextual targeting, and AI-driven personalization.
• Emerging channels like Connected TV and Retail Media are expanding monetization potential, creating asymmetric upside for nimble, vertically focused platforms.

• APA Corporation’s third quarter results highlight a period of operational success and financial prudence, balanced with the backdrop of a challenging global environment.
• They demonstrated strong operational performance across all key regions, with production exceeding guidance, while maintaining lower-than-expected capital investment and operating costs.
• In the Permian Basin, APA Corporation saw oil production surpass guidance due to efficient operations, while the capital costs stayed in line with the expectations, demonstrating a well-managed portfolio and resilient strategies.

• Apple (AAPL US) may outsource iPad CPU production to Intel in 2027.
• U.S. semiconductor reshoring faces fundamental structural barriers, and Trump is trying to blame this by pushing TSMC to move advanced manufacturing technology to the U.S. 
• The key variable remains Intel’s 18A execution. However, Intel’s current CEO, Lip-Bu Tan, has not demonstrated an aggressive stance so far.