Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.</li>
<li>The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.</li>
<li>With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.</li>
</ul>


Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.
The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.
With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.


Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>SoftBank widens its AI bet with a $2B stake in Intel, suffers a 12% dip over two consecutive days.</li>
<li>Nvidia’s dominance has hyperscalers wary of lock-in. With Amazon and Microsoft building their chips, SoftBank’s move lands right as the market searches for alternatives.</li>
<li>Can Son replicate Intel’s historic design-fab alignment in AI, or would execution risk outweigh his ecosystem-diversification logic?</li>
</ul>


SoftBank widens its AI bet with a $2B stake in Intel, suffers a 12% dip over two consecutive days.
Nvidia’s dominance has hyperscalers wary of lock-in. With Amazon and Microsoft building their chips, SoftBank’s move lands right as the market searches for alternatives.
Can Son replicate Intel’s historic design-fab alignment in AI, or would execution risk outweigh his ecosystem-diversification logic?


Masa’s AI Double Down: Masterstroke or Misstep?

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>There have been a lot of deals in the last 5 years, including M&amp;A between Japanese companies, distribution deals/licenses, foreign companies buying into Japan and Japanese buying foreign brands. </li>
<li>Consolidation is a key motivation but so are category expansion, rationalisation and buying in expertise. All these reasons and more suggest more deals to come in the next few years.</li>
<li>Here we provide a comprehensive list of deals between 2019-2025 as well as a map showing who owns who and, as important, who influences who without any paperwork at all.</li>
</ul>


There have been a lot of deals in the last 5 years, including M&amp;A between Japanese companies, distribution deals/licenses, foreign companies buying into Japan and Japanese buying foreign brands. 
Consolidation is a key motivation but so are category expansion, rationalisation and buying in expertise. All these reasons and more suggest more deals to come in the next few years.
Here we provide a comprehensive list of deals between 2019-2025 as well as a map showing who owns who and, as important, who influences who without any paperwork at all.


[Japan M&A] Who Owns Who in Fashion & Lifestyle Markets

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>Sea Ltd’s stock surged nearly 20% yesterday after it reported 2Q 2025 results that beat street expectations across key metrics.</li>
<li>During the investor call, Management sounded confident in sustaining growth while improving profitability, citing a vast addressable market and an emerging logistics cost advantage.</li>
<li>Full-Year gaming guidance was raised on the back of Free Fire’s strong momentum across performance metrics.</li>
</ul>


Sea Ltd’s stock surged nearly 20% yesterday after it reported 2Q 2025 results that beat street expectations across key metrics.
During the investor call, Management sounded confident in sustaining growth while improving profitability, citing a vast addressable market and an emerging logistics cost advantage.
Full-Year gaming guidance was raised on the back of Free Fire’s strong momentum across performance metrics.


Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?

<ul>
<li>Record royalties now make up over half of Arm’s revenue, with Compute Subsystems (CSS) earning nearly 2x more than conventional designs.</li>
<li>Hyperscaler CPU share jumps to ~50%, as Neoverse powers AI infrastructure at NVIDIA, AWS, Google, and Microsoft.</li>
<li>Custom silicon stickiness deepens, with multigenerational GPU deals and CSS design wins spanning cloud, PC, and automotive verticals.</li>
</ul>


Record royalties now make up over half of Arm’s revenue, with Compute Subsystems (CSS) earning nearly 2x more than conventional designs.
Hyperscaler CPU share jumps to ~50%, as Neoverse powers AI infrastructure at NVIDIA, AWS, Google, and Microsoft.
Custom silicon stickiness deepens, with multigenerational GPU deals and CSS design wins spanning cloud, PC, and automotive verticals.


[Earnings Review] Arm’s AI Royalty Engine Powers Through Cloud and Edge Tailwinds

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...

Andrei Zakharov

Masa’s AI Double Down: Masterstroke or Misstep?

SoftBank invests $2B in Intel for AI, faces stock drop. While the market seems to look for alternatives to Nvidia, Son's strategy is still...

Mint Finance

[Japan M&A] Who Owns Who in Fashion & Lifestyle Markets

Recent years have seen a surge in deals between Japanese and foreign companies in lifestyle/fashion, driven by consolidation and category...

Michael Causton

Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?

Sustained strong growth momentum for key metrics and profitability across business segments seems to have taken the street by surprise. Expect...

Devi Subhakesan

[Earnings Review] Arm’s AI Royalty Engine Powers Through Cloud and Edge Tailwinds

Record Q1 royalties, surging Neoverse share, and premium CSS adoption reinforce Arm’s AI platform strategy, even as the quarter missed revenue...

Mint Finance

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

​VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...

Andrei Zakharov

Masa’s AI Double Down: Masterstroke or Misstep?

​SoftBank invests $2B in Intel for AI, faces stock drop. While the market seems to look for alternatives to Nvidia, Son's strategy is still...

Mint Finance

[Japan M&A] Who Owns Who in Fashion & Lifestyle Markets

​Recent years have seen a surge in deals between Japanese and foreign companies in lifestyle/fashion, driven by consolidation and category...

Michael Causton

Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?

Sustained strong growth momentum for key metrics and profitability across business segments seems to have taken the street by surprise. Expect...

Devi Subhakesan

[Earnings Review] Arm’s AI Royalty Engine Powers Through Cloud and Edge Tailwinds

Record Q1 royalties, surging Neoverse share, and premium CSS adoption reinforce Arm’s AI platform strategy, even as the quarter missed revenue...

Mint Finance

VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...

SoftBank invests $2B in Intel for AI, faces stock drop. While the market seems to look for alternatives to Nvidia, Son's strategy is still...

Recent years have seen a surge in deals between Japanese and foreign companies in lifestyle/fashion, driven by consolidation and category...