Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Samsung doesn’t provide guidance when it reports, but gives revenue an operating profit guidance ~2 weeks before reporting. But we have an officially non-official preview in Korean media. </li>
<li>2Q25 operating profit will be “weaker than expected”, declining “by more than 15% from the first quarter” to KRW mid-5 trillion range. Consensus expects +1% QoQ. </li>
<li>Some positive news to counter balance this large disappointment – smartphone, HBM3E – I am skeptical any of these can lift profits in 2H25, revisit early 2026.</li>
</ul>


Samsung doesn’t provide guidance when it reports, but gives revenue an operating profit guidance ~2 weeks before reporting. But we have an officially non-official preview in Korean media. 
2Q25 operating profit will be “weaker than expected”, declining “by more than 15% from the first quarter” to KRW mid-5 trillion range. Consensus expects +1% QoQ. 
Some positive news to counter balance this large disappointment – smartphone, HBM3E – I am skeptical any of these can lift profits in 2H25, revisit early 2026.


Samsung 2Q25 Official Leaks: Sharp Decline in Operating Profits, but It’s the Bottom. Really?

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Micron Results Beat Across the Board, AI Product Mix Drives Gross Margin Upside</li>
<li>No Evidence Yet of Hyperscaler Pullback, But No Significant Increase in Outlook Either</li>
<li>Conclusion: AI-Driven Strength Continues, But Divergence Across the Memory Supply Chain Persists</li>
</ul>


Micron Results Beat Across the Board, AI Product Mix Drives Gross Margin Upside
No Evidence Yet of Hyperscaler Pullback, But No Significant Increase in Outlook Either
Conclusion: AI-Driven Strength Continues, But Divergence Across the Memory Supply Chain Persists


Memory Monitor: Micron Reinforces AI Memory Tailwinds, But Broader Supply Chain Recovery Gradual

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Kalpataru Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kalpataru-limited" target="_blank" data-smartkarma-citation="entities:43866:1" rel="noopener">Kalpataru Limited (KTARU IN)</a> is looking to raise about US$184m in its upcoming India IPO.</li>
<li>Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.</li>
<li>In this note, we take a quick look at the company’s past performance and the IPO valuations.</li>
</ul>



Kalpataru Limited (KTARU IN) is looking to raise about US$184m in its upcoming India IPO.
Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
In this note, we take a quick look at the company’s past performance and the IPO valuations.


Kalpataru Ltd IPO - Cemented by Debt Repayment

<ul>
<li>
1Q25 Smartphone Chipset Market Share Data -- Shows Growth Outperformance for Mediatek</li>
<li>
Nvidia Partnership Helping Mediatek Break Into PCs and Handheld Gaming Devices -- High End Graphics Performance for Small Form Factors</li>
<li>
Smartphones Expected to Rapidly Switch to Advanced Node Chipsets by 2026 -- This Plays to Mediatek's TSMC Advantage</li>
</ul>



1Q25 Smartphone Chipset Market Share Data -- Shows Growth Outperformance for Mediatek

Nvidia Partnership Helping Mediatek Break Into PCs and Handheld Gaming Devices -- High End Graphics Performance for Small Form Factors

Smartphones Expected to Rapidly Switch to Advanced Node Chipsets by 2026 -- This Plays to Mediatek's TSMC Advantage


Mediatek Rising in Smartphones and Beyond - Q1 Market Share, Nvidia Partnership, TSMC Node Advantage

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Over FY21–25, IBIDEN has delivered strong revenue and profit growth, with operating income rising ~44% and EPS growing ~34% despite cyclical pressures.</li>
<li>The company commands a dominant ~70–85% market share in AI/server IC substrates, led by Nvidia demand, and is expanding capacity at Ono and Gama plants to sustain leadership.</li>
<li>With a 17–21% EPS CAGR forecast and trading at ~26× P/E—well below high-growth peers—IBIDEN offers a compelling blend of quality growth and relative valuation comfort.</li>
</ul>


Over FY21–25, IBIDEN has delivered strong revenue and profit growth, with operating income rising ~44% and EPS growing ~34% despite cyclical pressures.
The company commands a dominant ~70–85% market share in AI/server IC substrates, led by Nvidia demand, and is expanding capacity at Ono and Gama plants to sustain leadership.
With a 17–21% EPS CAGR forecast and trading at ~26× P/E—well below high-growth peers—IBIDEN offers a compelling blend of quality growth and relative valuation comfort.


IBIDEN Co., Ltd.: AI Substrate Leader with Strong Growth, Expanding Moat, and Valuation Upside

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Samsung 2Q25 Official Leaks: Sharp Decline in Operating Profits, but It’s the Bottom. Really?

Samsung's 2Q25 operating profit to decline by over 15% from Q1, Consensus expects +1%. Some positive news but skepticism about profit lift in 2H25.

Nicolas Baratte

Memory Monitor: Micron Reinforces AI Memory Tailwinds, But Broader Supply Chain Recovery Gradual

Micron's strong results driven by AI products, but memory supply chain divergence persists with no significant outlook increase.

Vincent Fernando, CFA

Kalpataru Ltd IPO - Cemented by Debt Repayment

Kalpataru Limited (KL) is looking to raise about US$184m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

IBIDEN Co., Ltd.: AI Substrate Leader with Strong Growth, Expanding Moat, and Valuation Upside

IBIDEN shows strong revenue and profit growth, dominating AI/server IC substrate market with room for expansion, offering quality growth at a...

Rahul Jain

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Samsung 2Q25 Official Leaks: Sharp Decline in Operating Profits, but It’s the Bottom. Really?

​Samsung's 2Q25 operating profit to decline by over 15% from Q1, Consensus expects +1%. Some positive news but skepticism about profit lift in 2H25.

Nicolas Baratte

Memory Monitor: Micron Reinforces AI Memory Tailwinds, But Broader Supply Chain Recovery Gradual

​Micron's strong results driven by AI products, but memory supply chain divergence persists with no significant outlook increase.

Vincent Fernando, CFA

Kalpataru Ltd IPO - Cemented by Debt Repayment

Kalpataru Limited (KL) is looking to raise about US$184m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Mediatek Rising in Smartphones and Beyond - Q1 Market Share, Nvidia Partnership, TSMC Node Advantage

​Mediatek's growth outperformance in smartphone chipset market. Nvidia partnership delivering high-end graphics for Mediatek in PCs and handheld...

Vincent Fernando, CFA

IBIDEN Co., Ltd.: AI Substrate Leader with Strong Growth, Expanding Moat, and Valuation Upside

​IBIDEN shows strong revenue and profit growth, dominating AI/server IC substrate market with room for expansion, offering quality growth at a...

Rahul Jain

Samsung's 2Q25 operating profit to decline by over 15% from Q1, Consensus expects +1%. Some positive news but skepticism about profit lift in 2H25.

Micron's strong results driven by AI products, but memory supply chain divergence persists with no significant outlook increase.

Mediatek's growth outperformance in smartphone chipset market. Nvidia partnership delivering high-end graphics for Mediatek in PCs and handheld...

IBIDEN shows strong revenue and profit growth, dominating AI/server IC substrate market with room for expansion, offering quality growth at a...