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Tuesday, November 3, 2026

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@StableBread

Fajasy on X

The Tokyo Stock Exchange (TSE) delisted TOYO Co., Ltd’s $TOYO parent on September 26, partly over “deference” to the former chairman who still controls 59.8% of $TOYO. $TOYO’s governance traces back to Junsei Ryu, its Chairman and CEO until March 2026, who controlled 66.9% of $TOYO’s vote before the June offering, or 59.8% of today’s 42.7M shares by my count. He was also Representative Director, Chairman and CEO of Abalance until he gave up his representative role in March 2026. $TOYO’s 20-F calls Abalance its controlling shareholder and says Abalance’s board or president must approve $TOYO’s significant transactions, including investments above 5% of $TOYO’s total assets. As of June 30, that bar was $26.9M, which the $357M HJT cell plant $TOYO plans in Texas clears more than 13 times over. Abalance’s problems came to a head in 2026: → January 2026: The TSE fined Abalance ¥43.2M and, on January 31, designated its shares a “Security on Special Alert” over group governance and related-party controls. → July 31, 2026: The TSE moved Abalance to “Security Under Supervision.” → August 19, 2026: Abalance’s FY3/2026 results carried a going-concern warning, and its auditor disclaimed an opinion on its annual report. → September 26, 2026: The TSE delisted Abalance. The TSE’s stated reasons for the delisting say Abalance’s improvement plan didn’t address why its officers and employees stopped exercising independent judgment, which the exchange traced to “deference to the former Representative Director, Chairman and CEO and reluctance to challenge him.” That executive is Ryu, who held the title until March. The exchange also cited missing group-wide controls over deals where Abalance companies sold materials to outside processors and then bought the processed goods back. Put simply, some of Abalance’s overseas subsidiaries sold polysilicon to wafer makers and bought it back as wafers, and Abalance had to correct how it accounted for those deals in its FY3/2026 results. Abalance didn’t name those subsidiaries. $TOYO, for its part, buys polysilicon and gets its wafers from a “designated facility in Indonesia,” and neither company has said whether any of $TOYO’s transactions were among those corrected. So buying $TOYO means trusting Ryu, whose 59.8% stake outvotes all other holders combined, and a delisted parent with a going-concern warning to treat outside holders fairly.
@aleabitoreddit

Serenity on X

We've finally made it to November... holy crap October was brutal. Per Morgan Stanley data, the recent hedge fund de-grossing was the highest in the past 10 years. Exceeding the: - 2016 Chinese stock market crash - 2018 Volmageddon - March 2020 COVID crash - 2021 Archegos collapse / Evergrande crisis - 2022 bear market Goldman's prime brokerage desk reported on the 26th that it had also seen ~$20B of selling over 2 weeks vs. $23 billion during July's entire unwind. From $HOOD short interest data, from Sept -> Oct short float also increased from: $AAOI: 12.5% -> 19.84%+ $AEVA: 11% -> 25.64%+ $CBRS: 12.25% -> 20.12%+ $AEHR: 14.33% -> 17.93%+ $TSEM: 2.15% -> 4.73%+ $CIFR: 19.94% -> 25.39%+ $LWLG: 15.24% ->19.12%+ $OKLO: 17.72% ->22.93%+ $CRWV: 17.91% ->26.58%+ Substantial deleveraging coinciding with surging short interest, kinda looks like a July setup after Midterms? The recent rotation also kinda pushed names like $CRWD and cybersecurity to bubble valuations into hundreds of fwd P/E... Earnings on many AI capex + bottlenecks (not all like $INTC) looked strong: eg. $AXTI guided annualized Q4 = 23.7x P/E now, not including potential InP substrate hikes + capacity expansion that can compress it to single digits. - $SKHY (~$59B operating profit) casually making more than trillion dollar companies like Amazon ($28.1B operating profit), backed with 5Y LTAs. - No signs of $MSFT / $AMZN materially cutting capex, while $SPCX secures $40B more for GPU procurement. Slightly painful, but I think the AI capex trade (specifically photonics/memory) is a generational opportunity, with extreme volatility in between.

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TSOH Weekly Roundup (10/30/2026)

Markel spent $315 million repurchasing shares in Q3 as Thrive agreed to buy ADT for $7.6 billion and Hasbro cited rising adult toy demand.

BBW $363M
TSOH Investment Research 1 click

OSS Q3 FY12/26 Earnings Analysis

One Stop Systems grew Q3 continuing-operations revenue 36% to $12.6 million, raised FY2026 revenue guidance to $45 million, and used $11.8…

OSS $129M
Cestrian Capital Research 1 click
ONT · long

Onterris INC

Onterris, formerly Montrose Environmental Group, trades at 8.6x next-12-month EBITDA as an environmental consulting and response services…

ONT $553M
Value Investors Club 1 click

Unicycive (UNCY):

Unicycive’s oxylanthanum carbonate NDA earned a March 25, 2027 PDUFA date after two manufacturing-related rejections, with no FDA clinical…

UNCY $104M
Triple S Special Situations Investing 4 clicks
BMBL 2026-10-21

Bumble is being taken private

Bumble agreed to a $6.05-per-share cash sale to Ithaca Holdings, 136% above its October 2 share price.

BMBL $790M
Modern Value Investing 8 clicks

GLOO, part two

Gloo faces related-party deals, insider-heavy IPO ownership, acquisition losses and $84.5 million of CEO-backed puts as it burns cash and…

GLOO $268M
Guardian Research 4 clicks

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