Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Equity Bottom-Up

<ul>
<li>Coherent offers direct AI optics exposure, spanning indium phosphide lasers, pluggable transceivers, optical circuit switches and co-packaged optics, as industry demand scales rapidly</li>
<li>NVIDIA’s $2 billion investment, multiyear supply agreement, record bookings and backlog through 2028 materially improve revenue visibility and de-risk Coherent’s aggressive capacity expansion</li>
<li>At 18.6x 2028 earnings, Coherent trades below optical peers despite superior growth, creating an attractive entry point, albeit with meaningful hyperscaler concentration risk.</li>
</ul>


Coherent offers direct AI optics exposure, spanning indium phosphide lasers, pluggable transceivers, optical circuit switches and co-packaged optics, as industry demand scales rapidly
NVIDIA’s $2 billion investment, multiyear supply agreement, record bookings and backlog through 2028 materially improve revenue visibility and de-risk Coherent’s aggressive capacity expansion
At 18.6x 2028 earnings, Coherent trades below optical peers despite superior growth, creating an attractive entry point, albeit with meaningful hyperscaler concentration risk.


Coherent Corp (NYSE: COHR): AI Optics Selloff Offers an Entry Into a Structurally Improving Story

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>To make my content readable, this is an optics-only earnings update.</li><li>I will discuss everything together and put together a high-level overview.</li><li>The specific things I am interested in are Marvell’s ZR and custom silicon.</li></ul>

To make my content readable, this is an optics-only earnings update.I will discuss everything together and put together a high-level overview.The specific things I am interested in are Marvell’s ZR and custom silicon.

Optics Earnings (FN, ANET, COHR, LITE, AAOI)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Nikkei reported mid-day that <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> made a ¥1.3trln takeover proposal to <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> in February. That's big news. Last year Denso bought ~5%.</li>
<li>The goal would be to be dominant in power chips and to serve Toyota Group. There is a big Toshiba angle here too. Rohm bought into Toshiba, also has JVs.</li>
<li>Toshiba owns a big stake in Kioxia which trickles down to Rohm. Much will be made of the look-through valuation. It's complicated.</li>
</ul>


The Nikkei reported mid-day that Denso Corp (6902 JP) made a ¥1.3trln takeover proposal to ROHM Co Ltd (6963 JP) in February. That's big news. Last year Denso bought ~5%.
The goal would be to be dominant in power chips and to serve Toyota Group. There is a big Toshiba angle here too. Rohm bought into Toshiba, also has JVs.
Toshiba owns a big stake in Kioxia which trickles down to Rohm. Much will be made of the look-through valuation. It's complicated.


[Japan M&A] Denso (6902) Reportedly Made a ¥1.3trln Takeover Proposal to Rohm (6963). Light & Iffy.

<ul><li><a href="https://www.smartkarma.com/entities/entegris-inc" target="_blank" data-smartkarma-citation="entities:12493" rel="noopener">Entegris Inc (ENTG US)</a> - Memory spending is happening next year, but MSI remains weak.</li><li><a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921" rel="noopener">Astera Labs (ALAB US)</a> - This is now the second way to play a levered Trainium ramp, as they have extensive content with <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409" rel="noopener">Amazon.com Inc (AMZN US)</a>.</li><li><a href="https://www.smartkarma.com/entities/lattice-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:7855" rel="noopener">Lattice Semiconductor (LSCC US)</a> - Standard kitchen sink; I like the stock long-term.</li></ul>

Entegris Inc (ENTG US) - Memory spending is happening next year, but MSI remains weak.Astera Labs (ALAB US) - This is now the second way to play a levered Trainium ramp, as they have extensive content with Amazon.com Inc (AMZN US).Lattice Semiconductor (LSCC US) - Standard kitchen sink; I like the stock long-term.

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in Shariah compliant companies with superior sustainability features / initiatives.</li><li>These Shariah compliant companies may be: 1) screened by avoiding issuers with negative ESG; 2) uplifted due to their commitment to improve ESG</li><li>3) included as their business models may not only benefit from but also may drive long-term sustainability outcomes; and 4) committed to generating positive, measurable and additional sustainability outcomes.</li></ul>

The strategy seeks to invest in Shariah compliant companies with superior sustainability features / initiatives.These Shariah compliant companies may be: 1) screened by avoiding issuers with negative ESG; 2) uplifted due to their commitment to improve ESG3) included as their business models may not only benefit from but also may drive long-term sustainability outcomes; and 4) committed to generating positive, measurable and additional sustainability outcomes.

Global Sustainability (Shariah) Portfolio (18-Aug-2026)

United States

Coherent Corp. designs engineered materials and optoelectronic components. The Company offers products to industrial, optical communications, military, life sciences, semiconductor equipment, and consumer markets. Coherent also manufactures semiconductor lasers and optics for high power industrial lasers, optical communications systems, datacenter connectivity, and 3D sensing.

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Coherent (COHR US)

Coherent Corp (NYSE: COHR): AI Optics Selloff Offers an Entry Into a Structurally Improving Story

Coherent's AI optics exposure and partnership with NVIDIA position them for growth, offering an attractive entry point for investors despite...

GSBR Research

Optics Earnings (FN, ANET, COHR, LITE, AAOI)

To make my content readable, this is an optics-only earnings update. I will discuss everything together and put together a high-level overview.

Fabricated Knowledge

[Japan M&A] Denso (6902) Reportedly Made a ¥1.3trln Takeover Proposal to Rohm (6963). Light & Iffy.

Denso has proposed a (lowball) takeover to Rohm, currently in an investment/restructuring phase, highlighting Rohm's value. The register is wide...

Travis Lundy

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

What a week (I’m a bit late on this)! I wanted to give a quick overview of all the companies that reported last week. Lattice Semiconductor -...

Fabricated Knowledge

Global Sustainability (Shariah) Portfolio (18-Aug-2026)

The strategy seeks to invest in Shariah compliant companies with superior sustainability features / initiatives. These Shariah compliant companies...

Crea8

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Coherent Corp (NYSE: COHR): AI Optics Selloff Offers an Entry Into a Structurally Improving Story

​Coherent's AI optics exposure and partnership with NVIDIA position them for growth, offering an attractive entry point for investors despite...

GSBR Research

Optics Earnings (FN, ANET, COHR, LITE, AAOI)

To make my content readable, this is an optics-only earnings update. I will discuss everything together and put together a high-level overview.

Fabricated Knowledge

[Japan M&A] Denso (6902) Reportedly Made a ¥1.3trln Takeover Proposal to Rohm (6963). Light & Iffy.

Denso has proposed a (lowball) takeover to Rohm, currently in an investment/restructuring phase, highlighting Rohm's value. The register is wide...

Travis Lundy

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

What a week (I’m a bit late on this)! I wanted to give a quick overview of all the companies that reported last week. Lattice Semiconductor -...

Fabricated Knowledge

Global Sustainability (Shariah) Portfolio (18-Aug-2026)

The strategy seeks to invest in Shariah compliant companies with superior sustainability features / initiatives. These Shariah compliant companies...

Crea8

Coherent's AI optics exposure and partnership with NVIDIA position them for growth, offering an attractive entry point for investors despite...