Daily BriefsEquity Bottom-Up

Daily Brief Equity Bottom-Up: A Deeper Look into Mamaearth’s Inventory Saga: Unpacking the Red Flags and Forensic Insights and more

In today’s briefing:

  • A Deeper Look into Mamaearth’s Inventory Saga: Unpacking the Red Flags and Forensic Insights
  • 2025 High Conviction: Tencent Music Entertainment (TME) – Music as Promising Future
  • Korea Value Up Index Rebalance on 20 December
  • Ionis Pharmaceuticals: Launch & Market Penetration of Olezarsen Driving Our Optimism! – Major Drivers
  • Tech Supply Chain Tracker (19-Nov-2024): Nvidia Blackwell rack design overheats, delays shipments.
  • Celsius Holdings Inc.: Expanding Distribution Partnerships For A Competitive Edge! – Major Drivers
  • Fortinet Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! – Major Drivers
  • Ave Maria Focused Fund’s Chadd Garcia on misreading waste-focused $SES.TO as energy services
  • IBJ (6071 JP) – Raising the Quality of Earnings
  • BUY/SELL/HOLD: Hong Kong Stock Updates (NOVEMBER 18)


A Deeper Look into Mamaearth’s Inventory Saga: Unpacking the Red Flags and Forensic Insights

By Nimish Maheshwari

  • Mamaearth’s journey to the stock market has been marred by allegations of channel stuffing, inventory mismanagement, and inconsistent communication from management. 
  • The company’s struggles in Q2 FY25 have raised concerns about their financial health and transparency. 
  • The forensic analysis is a deeper look into the allegations, redflags and bigger problems that require investor’s attention

2025 High Conviction: Tencent Music Entertainment (TME) – Music as Promising Future

By Ming Lu

  • Our 2024 High Conviction, the stock of Meituan has risen by 87% in one year.
  • We believe the market ignores TME because of its flat revenue.
  • However, we expect TME will significantly benefit from its dominant position in the Chinese music market.

Korea Value Up Index Rebalance on 20 December

By Douglas Kim

  • Korea Exchange (KRX) plans to make special changes to the Korea Value-Up Index constituents on 20 December.
  • We believe that following five stocks are likely inclusions in the Korea Value Up index rebalance on 20 December (KB Financial, Hana Financial, SK Telecom, KT Corp, and LG Electronics).
  • The new companies that will be included in the Korea Value-Up Index include companies that provide detailed corporate value up plans by 6 December.

Ionis Pharmaceuticals: Launch & Market Penetration of Olezarsen Driving Our Optimism! – Major Drivers

By Baptista Research

  • Ionis Pharmaceuticals recently reported their third-quarter financial results for 2024, presenting a comprehensive view of its current position in the biotechnology sector.
  • The company’s focal points include imminent product launches, ongoing clinical trials, and strategic pipeline developments—all set within the context of their financial performance and future outlook.
  • The company is on the verge of launching its first independently marketed product, Olezarsen, for familial chylomicronemia syndrome (FCS), with an anticipated FDA action next month.

Tech Supply Chain Tracker (19-Nov-2024): Nvidia Blackwell rack design overheats, delays shipments.

By Tech Supply Chain Tracker

  • Nvidia’s Blackwell rack design overheating issues causing potential shipment delays
  • AMD leading server market in 3Q24, Intel fighting back in PC market
  • Trump’s tariff changes impacting Chinese EV makers, with 4 strategies to navigate the changes. Huawei and Xiaomi dominate China’s AI smartphone market with over 50% market share.

Celsius Holdings Inc.: Expanding Distribution Partnerships For A Competitive Edge! – Major Drivers

By Baptista Research

  • Celsius Holdings Inc.’s third-quarter 2024 earnings reveal a mixture of growth opportunities and challenges.
  • The energy drink company has managed to maintain robust consumer demand and retail sales growth despite a dip in total revenue compared to the previous year.
  • The company recorded a modest 7.1% increase in retail sales year-over-year for the quarter, with unit sales rising by 7.3%.

Fortinet Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! – Major Drivers

By Baptista Research

  • Fortinet’s third-quarter financial results for 2024 showcase robust performance and a strategic focus on growth markets in the cybersecurity landscape.
  • The company’s total revenue grew by 13%, a return to product revenue growth bolstered by strong service revenue expansion.
  • Fortinet’s strong execution led to record gross and operating margins, with the latter increasing by 830 basis points to over 36%.

Ave Maria Focused Fund’s Chadd Garcia on misreading waste-focused $SES.TO as energy services

By Yet Another Value Podcast

  • Secure Energy Services (SES) operates in the waste management and energy services industry, focusing on recurring revenue and pipeline businesses.
  • The company has potential for growth through acquisitions, with a strong focus on tuck-in acquisitions in the metals recycling sector.
  • Despite potential risks such as safety concerns and regulatory changes, Secure Energy Services has a strong dividend yield, free cash flow yield, and growth prospects, making it an attractive investment opportunity.

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


IBJ (6071 JP) – Raising the Quality of Earnings

By Astris Advisory Japan

  • Positive results from core activities – Driven by sustained growth at the core matchmaking business, Q1-3 FY12/24 results were stronger than expected which was a positive surprise.
  • The company has maintained FY12/24 guidance, but has telegraphed stronger OP expectations and has announced an FY DPS of ¥8 (+33.3% YoY), indicating a more progressive shareholder returns policy.
  • With affiliate franchisee numbers on an uptrend and membership numbers continuing to rise at the Directly-Managed Lounge Business, we believe this demonstrates the company’s core business activities are growing, with improvement in the quality of earnings.

BUY/SELL/HOLD: Hong Kong Stock Updates (NOVEMBER 18)

By David Mudd

  • Hong Kong market sectors outperforming since the stimulus in September are Consumer Discretionary and Healthcare as Utilities, Telecom and Energy lag.
  • CRRC Corp Ltd H (1766 HK) gets BUY recommendations as its results point to continued strength in the rail equipment sector with passenger volume surging.
  • Tencent Music Entertainment Group (1698 HK) reported solid results as it shifts to a pay-to-stream subscription model. Xiaomi Corp (1810 HK) had a blowout quarter with EV sales surging.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars