M&A & Partnerships

Several brokers have issued research notes recommending a buy on Gunkul Engineering, or GUNKUL, after it signed a partnership agreement with Gulf Development, or GULF, to set up a joint venture for renewable energy projects. Bualuang Securities said GUNKUL signed power purchase agreements, or PPAs, for an additional 261.8 megawatts in phase 2 renewable energy projects, and sold a 50 percent stake in seven project companies, or SPVs, with total capacity of 673.4 megawatts to GULF for 467 million baht. The deal helps keep 26 billion baht of project debt off GUNKUL's balance sheet and opens the door to EPC backlog not yet included in estimates. It maintained its buy rating with a target price of 6.50 baht. Krungsri Securities upgraded the stock to Buy from Neutral with a 2027 target price of 6.30 baht per share based on a sum-of-the-parts method, split into 4.05 baht per share for the power business and 2.24 baht per share for the EPC and trading business. It also raised its 2026 to 2028 profit forecasts by an average of 8 percent, putting profit at 2.1 billion, 2.1 billion and 3.3 billion baht, an average growth rate of about 25 percent a year, with clear growth expected in 2028 after commercial operation, or COD, of large renewable energy projects in the Philippines. Asia Plus Securities kept its estimates and 2027 fair value at 6.40 baht per share, saying the restructuring does not significantly affect long-term project returns, and recommended gradually accumulating the stock for the long term. GUNKUL shares closed the morning session at 5.15 baht, up 0.10 baht or 1.98 percent.

Honda and Taisei announced on the 5th that they have developed the foundational technology for a magnetic-field-coupling wireless power supply road system that delivers power contactlessly to electric vehicles while they are driving. Three companies took part in the development: Honda R&D, Honda's research and development subsidiary, and Taisei together with its subsidiary Taisei Rotec, which handles road and paving work. The system supplies power from transmission equipment buried in the road to receiving devices on the vehicle side, and is designed to handle up to the typical maximum speed of expressways. With an eye toward large commercial vehicles, the companies aim first for practical application in the logistics and transport sectors, where adoption benefits are expected, and plan to conduct demonstration tests on expressways from fiscal 2027 onward. Honda began work on the technology in 2021, and the three-company joint research started in 2025. East Nippon Expressway plans to begin demonstrations of in-motion power supply over roughly 300 meters on the main line near the Kimitsu parking area of the Tateyama Expressway from fiscal 2027 onward, with teams from Honda R&D and Taisei as well as teams from Toyota, Denso, and Obayashi taking part.

Ithaca Energy has agreed to buy Suncor Energy's offshore Canadian assets for $860 million in cash, its first acquisition outside the UK, sending shares in the North Sea oil producer up 3%. Suncor could receive a further $250 million depending on average Brent crude prices over a 27-month period starting July 1, 2026, with any additional payment funded from Ithaca's free cash flow. The deal, expected to close in the first half of 2027, gives Ithaca a 48% operated stake in Terra Nova, a 40% non-operated stake in White Rose Existing Lands and a 38.6% stake in White Rose Growth Lands, including the West White Rose development. Ithaca said the assets add 103 million barrels of oil equivalent of proven and probable reserves at an acquisition cost of about $8 per barrel of oil equivalent, and should contribute average production of about 30,000 barrels of oil equivalent per day between 2027 and 2031, rising to 35,000-40,000 barrels per day in 2029 as West White Rose ramps up. The assets generated about $235 million of adjusted EBITDAX in the 12 months to June 30, 2026, and Ithaca plans to fund the upfront payment with cash, its existing borrowing facility and secured financing in Canada, while assuming all decommissioning obligations; the transaction needs approval under Canada's Competition Act and carries a $50 million break fee in certain circumstances.

Seacon Square and Seacon Bang Khae have announced a partnership with BUZZEBEES as a technology ally to upgrade the SeaconPlus platform from a points-based membership system into a Loyalty Lifestyle model. Surachai Charoenpong, Deputy Managing Director of Seacon Development Public Company Limited, or Seacon, said that hosting events at shopping centres today must go beyond driving foot traffic and must create experiences that make customers want to spread the word. The company has therefore shifted its approach from looking only at attendee numbers to consolidating customer data into a single view, covering event data, in-store usage data, member data and promotional campaigns, in order to analyse behaviour in depth and offer personalised privileges. Michael Chen, Chief Executive Officer and co-founder of BUZZEBEES, said the collaboration reflects the potential of a flexible technology infrastructure that is ready to scale for future marketing models. It will also be piloted with Harudot Thonburi, a new landmark cafe on the Thonburi side, which has officially opened at Seacon Bang Khae shopping centre on a location next to the MRT at Phasi Charoen station, where customers can access benefits immediately through the SeaconPlus application.

Redwire Corporation has been awarded a follow-on contract by Axiom Space to develop and deliver two Roll-Out Solar Array wings for Axiom Station's second space station module. The award follows Redwire's previously announced work building the ROSA wings for Axiom Space's first space station module. Mike Gold, President of Redwire Space, said ROSA's track record supporting the International Space Station in low-Earth orbit makes it the ideal system to power Axiom Station, citing its 100-percent success rate across environments from LEO to GEO and beyond. Axiom Space CEO and President Dr. Jonathan Cirtain said Redwire's Roll-Out Solar Array hardware is a crucial component for building a sustainable commercial presence in LEO. Axiom Station's first module is undergoing final assembly at Thales Alenia Space in Turin, Italy, before transfer to Houston for integration and testing and then to the Kennedy Space Center in Florida, with launch planned for 2028; the second module is preparing for final assembly at Thales Alenia Space and is planned to launch less than a year after the first, with the two modules together forming a four crew-capable, operational free-flying space station.

Italy's largest bank, Intesa Sanpaolo, has moved closer to acquiring its rival Monte dei Paschi di Siena after MPS's largest shareholder accepted its improved takeover offer. Delfin, the financial holding company that owns 17.6 percent of MPS, has committed to selling its stake on the basis of Intesa's 35 billion euro stock-and-cash offer, equivalent to 39 billion dollars, Intesa announced on the evening of the 4th. Facing a challenge from MPS chief executive Luigi Lovaglio, who unveiled a complex defence plan in August, Intesa said on the 3rd that it would pay an additional 800 million euros in cash if MPS shareholders rejected that defence plan. The improved terms raise the 3 billion euro cash portion by 25 percent, but based on the closing price on the 2nd, the overall improvement amounts to just 2.3 percent. Intesa said on the evening of the 3rd that it would withdraw its takeover proposal if MPS shareholders approved the defence plan on the 29th, meaning shareholders must vote down the plan if they want the improved offer. According to Intesa, Delfin, the financial holding company of the Del Vecchio family that controls EssilorLuxottica, the world's largest eyewear maker, has committed to opposing Lovaglio's plan on the 29th.

KCLIMATE 1.5 Co., Ltd., part of the financial business group of Kasikornbank Public Company Limited, or KBANK, together with Siam Michelin Co., Ltd. and the Thailand Climate Business Network, or ThaiCBN, announced a partnership to drive the upgrading of Thailand's transport sector toward a low-carbon transport system. The collaboration was launched at the MICHELIN FLEET PARTNER RECOGNITION 2026 at the Talent Campus of the Michelin plant in Laem Chabang, an event held to honour freight and passenger transport operators committed to raising operational efficiency alongside safety and environmental responsibility. Thekking Ausirichaiwate, Managing Director of KCLIMATE 1.5 Co., Ltd., said the partnership aims to support transport and logistics operators in calculating, analysing and systematically managing greenhouse gas emissions in line with international standards, and in using that data to plan fleet efficiency improvements, cut fuel use and reduce operating costs, through the transfer of the Decarbonize 3D Model. Natchanon Manprasat, Director of the Commercial Tyre Business Group for Thailand at Siam Michelin Co., Ltd., said the push for the Green Freight concept under the ThaiCBN network focuses on raising operational efficiency alongside safety, through a comprehensive approach spanning improved load efficiency, fewer empty runs and route planning, as well as tyre and vehicle management. Michelin is offering tyre solutions including its Energy range, the Multi-life approach and Tire Check services to cut costs, enhance safety and reduce vehicle downtime. In addition, Phumrapee Tangjakkrawaranan, a representative of the ThaiCBN network secretariat, exchanged views with representatives from the Department of Land Transport, Thairath Logistics Co., Ltd. and Mon Transport Co., Ltd. The key takeaway reflected the Power of Partnership concept, which helps turn sustainability goals into tangible business results, including lower costs, higher efficiency, greater safety and reduced greenhouse gas emissions. The ThaiCBN network will continue to promote Green Freight through building collaborative networks and scaling up good practices in the transport sector.

Krungsri Credit Card has set a target of 1 billion baht in card spending in the pet category this year. Somwang Toraktrakul, Managing Director of Krungsri Ayudhya Card Company Limited, part of Bank of Ayudhya Public Company Limited, or BAY, said the number of pet lovers has grown, giving rise to a trend of raising pets as family members. This is reflected in card spending in the pet category in the first half of 2026, which grew 8% from the previous year, while average monthly spending per primary card account in the category rose 10% and the frequency of spending per primary card account per month increased 2%. The company has therefore partnered with more than 50 leading partners covering over 140 branches nationwide, ranging from pet hospitals and clinics, pet food shops, and hotels and resorts that board pets, to pet insurance. It is also offering benefits including discounts, cash back, and 0% installment plans. The company plans to keep pushing into the market through three approaches: building brand awareness through pet-related events and activities, building customer engagement through campaigns and community activities both offline and online, and expanding its partner network to cover a full range of pet-related products and services.

Coinbase Global CEO Brian Armstrong said Citigroup has partnered with Coinbase to enable stablecoin payments for large institutional clients, calling the tie-up proof the crypto giant "has come a long way" since 2012. Under the partnership, Citi's institutional clients, including multinational corporations, will be able to accept stablecoin payments from customers at checkout through the bank's merchant-processing services, while Coinbase customers can use Citi's banking capabilities and automatically convert incoming cash into stablecoins. Armstrong recalled that getting a bank to work with Coinbase at its founding was "nearly impossible," and thanked Citi for the arrangement. Stablecoins are a key and rapidly growing revenue component for Coinbase, which shares interest income on reserve assets backing USDC with Circle Internet Group and monetizes customer balances on its platform; USDC held in Coinbase products hit an all-time high of $20 billion in the second quarter, more than 30% of all USDC in circulation. Coinbase shares finished Friday down 3.32% at $183.

Siam Commercial Bank, or SCB, as selling agent and unit repurchaser, is preparing to offer the initial public offering, or IPO, of the SCB Global Multi-Asset Core Portfolio Heavy open-ended fund, or SCBGMHEAVY, a level 6 or high-risk fund, between October 6 and 12, 2026, with a minimum investment of 1,000 baht. The fund is the result of a collaboration between SCB WEALTH, SCB Asset Management Company Limited, or SCBAM, and BlackRock to develop investment solutions for investors who can accept high risk and want appropriate diversification. Sorachai Suneeta, Deputy Head of High Net Worth and Affluent Banking at SCB, said the launch of SCBGMHEAVY will complete the Investment Shelf under the three-party collaboration to cover the needs of customers across all risk levels, following the quality bond fund SCBGOFIX at risk level 4, the mixed fund SCBGMLITE at risk level 5, and SCBGMCORE at risk level 5. Narongsak Plodmechai, Chief Executive Officer of SCBAM, said the fund uses an Aggressive Allocation portfolio management strategy, dividing investment into three parts: multi-dimensional active portfolio management at approximately 85%, investment through alternative liquid assets at approximately 15%, and a volatility control strategy that is exclusive to BlackRock. The fund is actively managed by fund managers from BlackRock Multi-Asset Strategies and Solutions, or MASS, which has more than 20 years of experience and more than 2.5 trillion US dollars in assets under management.

Home Product Center Public Company Limited, or HMPRO, has announced a partnership with Tata Tiscon to bring EF steel bars, a low-carbon steel bar produced using electric arc furnace technology from 100% recycled scrap steel, to MegaHome stores nationwide. Part of the scrap steel comes from HomePro customers' electrical appliances through the Trade Old for a New World program. Mr. Theerapong Samphan, Assistant Managing Director of the Construction Procurement Group at HomePro, said that offering EF steel bars this time helps technicians, contractors, and consumers access low-carbon construction materials more easily at an affordable price. Mr. Chaichalerm Bunyanuwat, Senior Assistant Managing Director of Marketing and Sales at Tata Steel (Thailand) Public Company Limited, said the project shows that the circular economy can truly happen in everyday life, when scrap metal from products consumers no longer use returns to the production process through Tata Steel Thailand's EAF technology and is turned back into standard-quality steel bars sold again through MegaHome. Using one ton of steel bars produced with an EAF furnace reduces carbon dioxide emissions by the equivalent of planting more than 180 trees, and cuts carbon dioxide emissions by about three to four times compared with the BF-BOF steelmaking process. The products carry verifiable environmental information, including EPD, CFP, and the Green Label. Tata Tiscon's product range also includes SD50 high-strength steel bars, which help reduce the amount of reinforcement steel used by up to 20%, and CUT & BEND prefabricated cut-and-bent steel, which helps reduce steel waste at job sites by 10-15%. Tata Tiscon EF steel bars are available today at MegaHome stores nationwide.

Qualcomm Inc. has agreed to license patents underpinning Huawei Technologies Co.'s LogicFolding chipmaking technique as part of a multiyear cross-license agreement between the two chipmakers. A Huawei spokesperson said Monday that the deal spans technologies related to 5G devices, AI services, near- and co-packaged optics and networks. The agreement helps validate the Shenzhen-based company's chipmaking capabilities, with Huawei viewing its new architecture as a breakthrough that boosts semiconductor performance and narrows the gap with industry leaders such as Taiwan Semiconductor Manufacturing Co. Huawei did not disclose the value of the cross-license agreement, which is subject to US Federal Trade Commission review under the Hart-Scott-Rodino Antitrust Improvements Act, applying to deals valued at more than $133.9 million. The spokesperson said Huawei expects the overall contract value of all its patent licensing agreements to exceed $6.9 billion following the deal with Qualcomm.

AkzoNobel said on Monday it has agreed to sell its Southeast Asian decorative paints business to Nippon Paint for $1.35 billion, concluding its strategic review of its Asian decorative paints portfolio. The sale covers decorative paints operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea, and Australia, the Dutch paints maker said, adding that it expects net cash proceeds of about $1 billion after tax and payments to minority partners. The Dulux paintmaker earlier divested its decorative paints operations in India and Pakistan for $1.6 billion and 50 million euros, respectively. The Indonesia deal is expected to close separately in late 2026, while the remaining transactions are expected to close around mid-2027. AkzoNobel said it will now focus on the successful closing of its merger with US coatings maker Axalta, which was announced last November.

Singha Estate Public Company Limited, or S, has signed a lease agreement for more than 3,000 square metres with World Gym (Thailand) Co., Ltd. to develop a new World Gym location in Thailand within the S-OASIS office building. Knight Frank Thailand acted as advisor on the deal, and the facility will officially open for service in the first quarter of 2027. Chairat Sivapornpun, Chief Executive Officer of Singha Estate, is leading the effort to add value to the S-OASIS office building through this partnership with a global brand. Meanwhile, Ornanee Poolkhwan, Chief Executive Officer of the Retail and Commercial Business Development line, said World Gym will become a strategic tenant that strengthens the S-OASIS ecosystem and forms an important part of the tenant mix strategy, with the wellness space of more than 3,000 square metres filling out S-OASIS as a work-life destination. John Caraccio, Chief Executive Officer of World Gym International, said Thailand is a high-potential market for the fitness and wellness industry and that S-OASIS is an extremely suitable location. Panya Jenkitwattanalert, Partner and Head of Office Advisory at Knight Frank Thailand, said the non-CBD market continues to show positive trends, with Knight Frank reporting an occupancy rate of 80%.

Firmus Grid plans to allocate about half of the shares in its initial public offering to existing shareholders, potentially allowing Nvidia and Blackstone to increase their stakes, Bloomberg News reported on Monday, citing people familiar with the matter. The Australian data centre operator has received investor indications well above the offer size and is seeking to raise as much as A$5.5 billion, or $3.8 billion, including a greenshoe option. The bookbuilding deadline has been brought forward to Thursday from Friday. Firmus priced the IPO at A$11 a share, implying a valuation of about A$43.7 billion, or $30.3 billion, a listing that could rank among Australia's largest IPOs, comparable with Medibank's 2014 offering, which raised just under $5 billion. Firmus has secured commitments from investors including Nvidia and Blackstone as it expands data-centre capacity to meet demand for artificial intelligence computing, with proceeds helping fund GPUs for its first data centre in Batam, Indonesia.

Advanced Gold Exploration Inc. has executed a non-binding memorandum of understanding with Ameerex Corporation to assume Ameerex's rights to acquire 100% of North American Silver Corporation and, indirectly, Centennial Mining, which together own the Corcoran Canyon Silver-Gold Property and the Belmont Properties in Nye County, Nevada. The Corcoran Canyon Silver Reef Zone carries a historical inferred mineral resource estimate, prepared for Electric Metals (USA) Limited with an effective date of October 12, 2020, of 31.5 million tonnes at 39 g/t AgEq in a pit-constrained estimate at a 20 g/t AgEq cut-off plus 175,000 tonnes at 122 g/t AgEq underground at a 100 g/t AgEq cut-off, for a combined total of approximately 39.7 million ounces AgEq. Advanced Gold expects to assume remaining cash obligations of approximately US$3.4 million payable to the underlying vendor, including approximately US$1.2 million due on or before October 31, 2026, and a further approximately US$2.2 million thereafter, and to issue 4,045,500 common shares to Ameerex at a deemed price of $0.12 per share. The company is in discussions with an arm's-length Qatari investment group on a proposed non-brokered private placement of approximately US$1.2 million at CDN$0.15 per share with one warrant exercisable at $0.20 for two years, and the group has indicated an intention to invest up to a further US$2.5 million. Completion of the transaction remains subject to definitive agreements, the payments described, CSE acceptance and other customary conditions, and the company has also terminated its arrangements relating to the Muriel Marr project in Ontario.

MedX Health Corp. has appointed Monaderm, the Monaco-based skin measurement specialist, as a key European sales agent for SkinSecure, expanding the commercial reach of its non-invasive biological skin measurement technology across the European cosmetics and skin research market. SkinSecure is a cloud-based SaaS platform that links MedX's native SIAscope multi-spectral imaging devices directly to research workflows, mapping collagen, melanin and hemoglobin in living skin in a single 30-second capture. Launched in July 2026, SkinSecure has already secured its first clients, and the same core SIAscopy technology has been used by more than 29 CROs and sponsors worldwide. Monaderm, which has represented MedX's SIAscope technology for many years and brings more than 30 years of experience, will display SkinSecure alongside MedX's SIAscope V-CRE technology at its stand LD08 at Cosmetic 360 on October 14 to 15 at the Carrousel du Louvre in Paris. MedX also plans to introduce a new addition to its skin research portfolio in conjunction with Cosmetic 360, with additional details to be announced separately.

Finansia Securities said GULF is well positioned to link energy infrastructure and ICT businesses with AI, with a strong financial position and capacity to take on an additional 200-300 billion baht in debt. It estimates that added capacity under PDP 2026 could create roughly 10 baht per share of upside for GULF, assuming EGAT opens bidding for about 10GW of new renewable energy projects next year and GULF secures a 40% share, or roughly 4GW of solar projects, under power purchase agreements at a feed-in tariff of 2.16 baht per kWh. Investment is expected to require about 25-30 million baht per MW, with an IRR of approximately 12%. On the AI megatrend, electricity demand is expected to grow faster than GDP, especially demand for clean power from data centers, which are more power-intensive than general industry. Key catalysts include the new PDP, Direct PPAs for 2GW of data centers, and opportunities to invest in renewable energy projects in Europe over the next year. The research team maintained its Buy recommendation and raised its target price to 89.50 baht per share to reflect the opportunity to add capacity from bidding under the new PDP, as well as the acquisition of a 50% stake in solar and wind projects from GUNKUL, representing total capacity of 339.5MW on a proportional ownership basis. The acquired projects are estimated to have a combined NPV of about 9.7 billion baht based on a DCF valuation with a WACC of 5.5%, adding roughly 0.5 baht per share, with net IBD/E of only 1.06 times.

Redwire announced new collaborations with Sophia Space on orbital computing infrastructure and with American Honda Motor on integrated robotics for future commercial space stations, while also being named one of 15 vendors on Space Systems Command's more than US$980 million NITE-STAR IDIQ contract, which carries no guaranteed revenue. The agreements, disclosed in late September and early October 2026, extend Redwire's push into space-based infrastructure, automation and US national security programs and could broaden its revenue mix across commercial, research and defense customers. The company's investment narrative projects $714.6 million in revenue and $66.1 million in earnings by 2029, requiring 24.4% yearly revenue growth and a $410.0 million earnings increase from -$343.9 million today. Before the news, the most optimistic analysts assumed revenue could reach about US$782.1 million by 2029 with earnings of roughly US$72.8 million, a view that sits in tension with concerns about heavy equity issuance and integration risk. Redwire's biggest risks remain exposure to complex contracts, cost overruns on fixed price work, uneven profitability and reliance on external funding to support its growth plans.

Interlink Telecom Public Company Limited, or ITEL, has been selected by the Provincial Electricity Authority, or PEA, to carry out the project to tidy communication cables on power poles for the year 2026. The project is divided into two parts: work in the central region worth 148,774,493.70 baht, and work in the southern region worth 117,830,798.25 baht, for a total value of 266,605,291.95 baht. Dr. Nattanai Anantarumporn, Chief Executive Officer of ITEL, said the company is pleased to have earned PEA's trust and is committed to completing the work efficiently and on target. The two projects, with a combined value of more than 266 million baht, will help strengthen the company's telecommunications infrastructure revenue base, with revenue recognition proceeding in line with the operating plan and contract conditions after signing.

K WEALTH, Kasikornbank, has launched the K-ALLROADS Series, combining the expertise of KBank Private Banking with global know-how from Lombard Odier, a leading Swiss private banking partner, to elevate wealth management for high-net-worth individual clients under the concept Prepare, Don't Predict. Dr. Triphon Phumiwasana, Chief Investment Officer of K WEALTH at Kasikornbank, said the goal is not to beat the market at certain moments, but to preserve and build wealth so it grows continuously through every economic cycle. Mr. Marc Giesbrecht, Deputy Global CIO and Head of Investment Management at Lombard Odier, noted that diversifying investments by asset class alone may no longer be sufficient. Mr. Panotphol Tantawichian, CFA, Chief Investment Officer of Kasikorn Asset Management Co., Ltd., said the K-ALLROADS Series uses the ALL ROADS strategy developed by Lombard Odier, based on asset allocation by risk level, to serve as a Core Portfolio, or main investment portfolio. The fund group offers three options: K-ALLRD-UI-A(A) for those seeking a balance between returns and risk, K-ALLGR-UI-A(A) for those looking to enhance the portfolio's growth potential, and K-ALLEN-UI-A(A) for those seeking additional return opportunities within a clear risk management framework.

Airship AI Holdings has announced $29 million of firm-fixed-price awards from an agency within the Department of Homeland Security, a sum larger than its approximately $18.2 million of trailing revenue. The awards carry a six-month performance period and cover software integration, edge and server-side AI products, and hardware. BigBear.ai, by contrast, ended June with $409.8 million in cash and investments and approximately $16.6 million of debt, alongside a $269.6 million backlog. BigBear's June-quarter revenue grew 13% to $36.7 million with gross margin of 32.8%, but its adjusted EBITDA loss widened to $11.6 million from $8.5 million. At October 2 prices, BigBear traded at about 9.7 times trailing revenue versus roughly 4.0 times for Airship, while Airship reported $12.4 million in cash and used only about $235,000 in operating cash during the June quarter.

Viasat Inc., through its subsidiary Inmarsat Government, Inc., was awarded the U.S. Space Force's MECS2 contract in September 2026, securing an initial US$42 million task order under a seven-year Indefinite Delivery/Indefinite Quantity agreement with a ceiling of up to US$307 million to provide fully managed global SATCOM services for the U.S. Marine Corps. The award deepens Viasat's role in secure, multi-orbit government communications and highlights the importance of its ViaSat-3-enabled Ka-band network and 24x7 managed services capabilities. The company's narrative projects $5.5 billion revenue and $626.3 million earnings by 2029, with forecasts yielding a $103.94 fair value, a 44% upside to its current price. Some of the lowest ranked analysts were far more cautious, assuming only about 3.9 percent annual revenue growth and continued losses. The MECS2 award looks incrementally positive for the investment thesis, reinforcing defense demand and multi-orbit capabilities, but it does not by itself resolve near term pressure from high ViaSat-3 and Inmarsat capex or the risk that broadband subscriber declines keep weighing on revenue quality.

Grab Holdings Limited reported record second-quarter results, with revenue rising 22% year-over-year to $997 million and On-Demand gross merchandise volume up 21% to $6.5 billion. Monthly transacting users increased 17% to 53.9 million, adjusted EBITDA climbed 54% to $168 million with margin expanding to 16.9% from 13.3%, and operating profit rose to $19 million from $7 million. Management raised its full-year 2026 guidance to revenue of $4.1 billion to $4.15 billion and adjusted EBITDA of $720 million to $740 million, and authorized another $750 million share repurchase program, bringing cumulative repurchase authorization since 2024 to $1.75 billion. Financial Services revenue grew 59% to $134 million while its gross loan portfolio reached $2.3 billion, up 197%, though the segment posted negative adjusted EBITDA of $15 million, and total incentives reached $706 million in the quarter. On September 15, the company agreed to acquire a 60% controlling stake in Atome Financial for $1.49 billion in cash, with the deal expected to close by the third quarter of 2027, and it raised its 2028 targets to $1.7 billion in adjusted EBITDA and more than 30% annual revenue growth from 2025 to 2028.

Bybit announced a collaboration with Franklin Templeton that lets eligible traders use Benji-issued money market fund shares as off-exchange collateral on the crypto platform, extending the asset manager's push into tokenized finance. Franklin Templeton shares trade at US$32.81, with a year to date share price return of 37.86% and a 1-year total shareholder return of 44.68%, while shorter-term momentum has faded with the 30-day share price return down 5.53% and the 90-day share price return down 4.73%. The company is building on its earlier tokenized funds and blockchain enabled products, including the BENJI tokenized money fund, by adding 3.2b of digital asset AUM and acquiring 250 Digital, and by embedding tokenized funds into partner wallets such as MoonPay and Payward. A widely followed narrative pegs fair value at $35.50, above the last close of $32.81, while the stock trades at 22x earnings, below the US Capital Markets industry on 39.7x and peers at 35.9x but above the fair ratio of 12.8x. Franklin Templeton's story could still shift if fee pressure from large platforms intensifies or if integration across its expanded credit and digital franchises stumbles.

Delfin has committed to tender its entire 17.6% stake in Banca Monte dei Paschi di Siena into Intesa Sanpaolo's voluntary takeover offer, Intesa said on Sunday. The Luxembourg-registered shareholder holds 534.68 million MPS shares, all of which are covered by the undertaking, Intesa said on Oct. 4. Delfin has also committed to attend MPS' shareholder meeting and vote in line with the terms of Intesa's offer. Intesa's offer covers up to 3.04 billion MPS shares, excluding the 1.02 million shares it already owns, and that number could increase by up to 272.01 million shares if MPS' planned merger with Mediobanca takes effect before the offer period closes.

Adobe announced in late September 2026 a partnership making it the National Hockey League's Official Creative, Marketing and AI Partner, alongside a multi-year AI-powered customer experience collaboration with Jet2 to personalise holiday planning and travel content. The two alliances place Adobe's CX Enterprise, Firefly and GenStudio tools at the centre of large-scale customer engagement programs spanning sport and travel, with the Jet2 deal serving as a concrete proof point for CX Enterprise Coworker and agentic AI in a high-volume consumer setting. Adobe's investment narrative projects $33.4 billion in revenue and $9.5 billion in earnings by 2029, requiring 8.7% yearly revenue growth and roughly a $2.2 billion earnings increase from $7.3 billion today, and yields a $275.06 fair value representing 16% upside to the current price. More cautious analysts assume only about US$32.6 billion of revenue and US$9.3 billion of earnings by 2029, citing AI pricing pressure and ARR growth risk. The deals do not on their own remove near-term pressure around slowing net new ARR or the risk that AI pricing competition and the upcoming CEO transition unsettle earnings and sentiment.

PTT Oil and Retail Business Public Company Limited, or OR, has unveiled plans to develop a first phase of six budget hotels together with Central Plaza Hotel Public Company Limited, or CENTEL. OR will hold a 49% stake and CENTEL 51%. Five of the sites are at service stations and one is outside a service station. The first three branches, already under construction, are in Kanchanaburi, Phra Nakhon Si Ayutthaya and Songkhla, and are expected to open in the third quarter of next year. The other three, in Bangkok, Chonburi and Phuket, are undergoing environmental reports and will open in the second quarter of 2028. The six hotels use a combined investment budget of 700 million baht, with construction costs capped at no more than 1 million baht per room. Funding will be split 50% equity and 50% debt. The buildings will be five to six storeys tall, with average room sizes of 18 to 20 square metres and 79 rooms. The company targets a first-year occupancy rate of about 60%, rising to 60–70% in the second year, with a long-term goal of 75–80%. It estimates a gross profit margin of about 50%, an EBITDA margin of 40–45%, an EBIT margin of about 20%, and a net profit margin of no less than 10%. Room rates will range from 800 to 1,300 baht, with a loyalty programme linking Blue Plus Points and The ONE Points. Ratchasuda Rangsiyakul, Senior Executive Vice President of Special Business 1 at OR, said entering the hotel business will help lift traffic at its service stations from 3.9 million users per day to 5 million per day. The first six branches will serve as a pilot to test the system before expanding to a full 50 locations in 2031, and once the model proves successful the company will scale up through franchising. The joint venture will provide management services to a standard, and dealers in the group have already approached the company seeking to open hotels.

Advanced Micro Devices has entered a definitive agreement to acquire World Labs, the AI model and research lab led by AI pioneer Dr. Fei-Fei Li, in an all-stock transaction valued at $8.2 billion that is expected to close by the end of 2026. Rosenblatt reiterated its Buy rating and $700 price target on AMD following the announcement, saying the deal could expand the chipmaker's AI software, modeling and simulation capabilities and accelerate its development of system-level AI platforms while opening opportunities in markets such as robotics. As part of the transaction, Dr. Fei-Fei Li will join AMD as executive vice president and chief scientist. The acquisition carries risks: because AMD will pay the full $8.2 billion purchase price in stock, existing shareholders will be diluted, and the deal does not immediately translate into chip revenue or earnings. The transaction also adds execution and integration risk at a time when AMD's valuation already reflects substantial AI growth expectations, with the stock up more than 180% year-to-date as of October 2 and the company valued at more than $1 trillion. Hedge fund interest rose in the second quarter, with 164 hedge funds holding AMD at the end of the period, up from 134 in the first quarter, while the stock trades at a P/E ratio of 156.79; in Q2 2026 AMD's revenue rose 50% year-over-year to $11.5 billion and diluted EPS jumped 156% to $1.38, and management expects Q3 revenue of approximately $13 billion, about 41% year-over-year growth.

The Yamagata Bank, Ltd. and Daiwa Securities Co. Ltd. agreed on 1 October 2026 to a memorandum of understanding for a comprehensive business alliance covering the integration of securities accounts, expanded intermediary services, and advanced consulting capabilities for customers in Yamagata Prefecture and nearby regions. Under the plan, Daiwa Securities will transfer and integrate most local securities accounts while seconding specialists into Yamagata Bank, a move that could reshape how full-service investment and inheritance advice is delivered in the region. The impact will depend on the eventual 2027 agreement and 2028 roll out, with the alliance potentially acting as a short term catalyst if investors factor in higher fee income, stickier customer relationships, or better use of Daiwa's product shelf. At the same time, transferring most securities accounts and relying on an intermediary model introduces execution and relationship risks alongside existing concerns about low return on equity, volatile shares and an inexperienced board. A single Simply Wall St Community fair value estimate for Yamagata Bank clusters at ¥1,348.60 per share, well below the current market price.

Alignment Healthcare announced that its Alignment Health Plan will add Hoag, a large Orange County health system, to its network for Medicare members starting January 1, 2027. The agreement comes as Alignment Healthcare's share price sits under pressure, with the stock down 41.36% on a 30 day share price return basis and 60.73% year to date, while the 3 year total shareholder return remains positive at 8.47% and the 1 year total shareholder return has declined 52.23%. Analysts following the company see a wide gap between their narrative fair value of about $22.23 and the last close at $7.94, with 14 investors viewing Alignment Healthcare as 64% undervalued. On simple P/E math the stock screens as expensive, trading at about 40.5x earnings versus 24.3x for the wider US Healthcare industry and roughly 34.5x for peers, even though the fair ratio is estimated at 43x. The bull case rests on a technology-enabled care model, administrative automation and expansion into existing counties and new states, but it depends on stable Medicare Advantage funding and clean accounting, and any adverse regulatory or legal outcome could quickly challenge those assumptions.