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Research Reinvented

Equity Bottom-Up

Triple Flag Precious Metals  / Equity Bottom-Up

Triple Flag Precious Metals Corp. is a gold-focused streaming and royalty company offering bespoke financing solutions to the metals and mining industry. The Company's mission is to be a sought after, long term funding partner to mining companies throughout the commodity cycle while generating attractive returns for investors.

<ul>
 <li>
<a href="https://smartkarma.com/entities/triple-flag-precious-metals-co">Triple Flag Precious Metals </a>operates under a high-margin, lower-risk streaming and royalty business model, providing upfront financing to mining companies in exchange for a share of future production. This insulates it from direct operational and capital cost inflation.</li>
 <li>The company has demonstrated a strong growth trajectory, with a 3-year revenue CAGR of 25.02% and a 3-year operating cash flow CAGR of 25.68%. This growth is supported by a diversified portfolio of 235 assets, including 15 streams and 220 royalties.</li>
 <li>While revenue and cash flow growth are robust, net income has been volatile, showing a significant loss in 2024. Future profitability will be contingent on disciplined capital allocation for new accretive deals and the performance of its partners' mining operations.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Triple Flag Precious Metals operates under a high-margin, lower-risk streaming and royalty business model, providing upfront financing to mining companies in exchange for a share of future production. This insulates it from direct operational and capital cost inflation.
  The company has demonstrated a strong growth trajectory, with a 3-year revenue CAGR of 25.02% and a 3-year operating cash flow CAGR of 25.68%. This growth is supported by a diversified portfolio of 235 assets, including 15 streams and 220 royalties.
  While revenue and cash flow growth are robust, net income has been volatile, showing a significant loss in 2024. Future profitability will be contingent on disciplined capital allocation for new accretive deals and the performance of its partners' mining operations.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Triple Flag Precious Metals  (TFPM US) - Dec 2025

Equity Research Analyst - Long-Short

Raj S, CA, CFA

JOYY Inc. operates a global social media platform. The Company offers platform which enables users to interact with each other in real time through online live media by creating, sharing, and enjoying a vast range of entertainment content and activities. JOYY serves customers in China.

<ul>
<li>Net cash of ~$3.3bn equals market cap; ~$300mn of recurring FCFE funds ~10% shareholder yield via dividends and buybacks, while Ad-Tech provides incremental growth optionality.</li>
<li>Management is proactively engaging investors, returning capital, and building Ad-Tech scale, creating multiple levers for perception shift beyond legacy live-streaming framing with a global positioning.</li>
<li>This is a classic deep-value smallcap bet with Valuation asymmetry: Base-case valuation implies ~50% upside including cash; bull-case capitalisation of cash flows and Ad-Tech optionality supports ~100% upside.</li>
</ul>


Net cash of ~$3.3bn equals market cap; ~$300mn of recurring FCFE funds ~10% shareholder yield via dividends and buybacks, while Ad-Tech provides incremental growth optionality.
Management is proactively engaging investors, returning capital, and building Ad-Tech scale, creating multiple levers for perception shift beyond legacy live-streaming framing with a global positioning.
This is a classic deep-value smallcap bet with Valuation asymmetry: Base-case valuation implies ~50% upside including cash; bull-case capitalisation of cash flows and Ad-Tech optionality supports ~100% upside.


2026 High-Conviction: JOYY US: ZERO EV, Growth & Yield - Poised For Re-Rating (Deep-Value Smallcap)

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Pharma Foods International / Equity Bottom-Up

Pharma Foods International Co.,Ltd. produces and sells bioengineered foods for commercial use.  The Company researches and develops physiologically functional foods.

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


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


Pharma Foods International (2929 JP): 1Q Loss from Up-Front Advertising Expenses

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>Despite reasonable FY26 earnings expectations, a gradual recovery should continue to favor bottom-up stock picking.</li><li>While we still see upside for conglo/ index stocks, our fundamental view also favors Telco, Metals, Consumers, and Poultry sectors.</li><li>We set the FY26-end JCI target at 9,440; Our bottom-up total-return screen highlights BBCA, ISAT, JPFA, ASII, KLBF, AADI, NCKL, ICBP as key picks.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite reasonable FY26 earnings expectations, a gradual recovery should continue to favor bottom-up stock picking.While we still see upside for conglo/ index stocks, our fundamental view also favors Telco, Metals, Consumers, and Poultry sectors.We set the FY26-end JCI target at 9,440; Our bottom-up total-return screen highlights BBCA, ISAT, JPFA, ASII, KLBF, AADI, NCKL, ICBP as key picks.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Strategy: FY26 Outlook: Still a Stock Picker’s Market Amid Gradual Growth Recovery

IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

TEKKEN CORPORATION constructs railroads and related facilities.  The Company also performs civil engineering works for subways, tunnels, bridges, dams, roads, and water and sewage facilities.  Additionally, Tekken builds commercial, institutional, and residential buildings.  The Company operates land development businesses and manages sports and resort facilities.

<ul><li>On November 13, TEKKEN CORPORATION (hereinafter, the Company) announced its Q2 FY2026/3 consolidated financial results.</li><li>Net sales declined 7.3% YoY to JPY 42,858 mn, and operating profit increased 90% YoY to JPY 1,184 mn.</li><li>The sharp profit increase mainly resulted from higher profit margins in the architectural construction business, driven by compression of construction costs and a decline in low-profit projects. </li></ul>

On November 13, TEKKEN CORPORATION (hereinafter, the Company) announced its Q2 FY2026/3 consolidated financial results.Net sales declined 7.3% YoY to JPY 42,858 mn, and operating profit increased 90% YoY to JPY 1,184 mn.The sharp profit increase mainly resulted from higher profit margins in the architectural construction business, driven by compression of construction costs and a decline in low-profit projects. 

Q2 Follow-Up: TEKKEN CORPORATION (1815 JP) - December 5, 2025