Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Figma Inc. reported a strong quarter pushing shares up over 5% after-hours as billings growth saw a significant acceleration and management raised guidance for FY25.</li>
<li>Revenue increased 38% YoY and growth of paid customers with ˃$100K in ARR accelerated to 44% YoY due to the adoption of new Figma products.</li>
<li>I think the stock could find a bottom above $40/shr. as valuation fell closer to Adobe’s ~$20B bid. Figma is one of the fastest growing SaaS companies with best-in-class metrics.</li>
</ul>


Figma Inc. reported a strong quarter pushing shares up over 5% after-hours as billings growth saw a significant acceleration and management raised guidance for FY25.
Revenue increased 38% YoY and growth of paid customers with ˃$100K in ARR accelerated to 44% YoY due to the adoption of new Figma products.
I think the stock could find a bottom above $40/shr. as valuation fell closer to Adobe’s ~$20B bid. Figma is one of the fastest growing SaaS companies with best-in-class metrics.


Figma Inc.(FIG.US): Quarterly Update. Billings Jumped, Valuation Fell Closer To Adobe’s ~$20B Bid

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>In Q126, Microsoft recorded $4.1 billion in net losses from investments in OpenAI, up from $688 million in the year ago quarter.</li>
<li>The newly updated partnership between Microsoft and OpenAI has many clauses contingent on when (not if) AGI gets declared. Since AGI has no actual definition, an expert panel will decide. </li>
<li>Sam Altman dreams of an OpenAI IPO so that detractors can be lured into shorting the stock and getting burned in the process. Revenue growth is a touchy subject, apparently</li>
</ul>


In Q126, Microsoft recorded $4.1 billion in net losses from investments in OpenAI, up from $688 million in the year ago quarter.
The newly updated partnership between Microsoft and OpenAI has many clauses contingent on when (not if) AGI gets declared. Since AGI has no actual definition, an expert panel will decide. 
Sam Altman dreams of an OpenAI IPO so that detractors can be lured into shorting the stock and getting burned in the process. Revenue growth is a touchy subject, apparently


Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,313/1,322 and the support at 1,300/1,280.</li><li>The M7 group rose 1.18%, led by Amazon (+4%) after announcing a USD38bn cloud service deal with OpenAI.</li><li>Thailand's S&amp;P Global Manufacturing PMI for October rose to 56.6, the highest level in 29 months and above expectations of 54.1, supported by continued recovery in new orders and production.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,313/1,322 and the support at 1,300/1,280.The M7 group rose 1.18%, led by Amazon (+4%) after announcing a USD38bn cloud service deal with OpenAI.Thailand's S&amp;P Global Manufacturing PMI for October rose to 56.6, the highest level in 29 months and above expectations of 54.1, supported by continued recovery in new orders and production.

Krungthai XSpring Zoom Eng. November 4, 2025

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>Infratil (IFT) has announced it is acquiring TECT's 4.9% stake in Contact Energy (CEN) for NZ$438m.</li><li>We expect this deal to contribute positively to parent-level free cashflow over the medium term (~+NZ$5m by FY30) as CEN's dividend grows.</li><li>CDC indicated it is in 'constant dialogue' with OpenAI.</li></ul>

Infratil (IFT) has announced it is acquiring TECT's 4.9% stake in Contact Energy (CEN) for NZ$438m.We expect this deal to contribute positively to parent-level free cashflow over the medium term (~+NZ$5m by FY30) as CEN's dividend grows.CDC indicated it is in 'constant dialogue' with OpenAI.

<ul><li>The SET Index is expected to move sideways today, with the support at 1,285/1,268 and the resistance at 1,300/1,313.</li><li>Thailand’s headline inflation fell -0.72% YoY in September, below market expectations of –0.6% YoY, marking the sixth consecutive month of decline.</li><li>The program is expected to boost 4Q25 GDP by 0.3–0.4%.</li></ul>

The SET Index is expected to move sideways today, with the support at 1,285/1,268 and the resistance at 1,300/1,313.Thailand’s headline inflation fell -0.72% YoY in September, below market expectations of –0.6% YoY, marking the sixth consecutive month of decline.The program is expected to boost 4Q25 GDP by 0.3–0.4%.

Krungthai XSpring Zoom Eng. October 7, 2025

United States

OpenAI, L.P. operates as a software company. The Company specializes in AI research and deployment that aims to ensure that artificial general intelligence benefits all of humanity. OpenAI serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

OpenAI (2193707D US)

Figma Inc.(FIG.US): Quarterly Update. Billings Jumped, Valuation Fell Closer To Adobe’s ~$20B Bid

Figma Inc. reported strong quarterly results. The design software maker raised revenue guidance for FY25. i believe the stock could find a bottom...

Andrei Zakharov

Microsoft's OpenAI Conundrum

Sam Altman dreams of an OpenAI IPO so that detractors can be lured into shorting the stock and getting burned in the process. Revenue growth is a...

William Keating

Krungthai XSpring Zoom Eng. November 4, 2025

Thailand's S&P Global Manufacturing PMI for October rose to 56.6, the highest level in 29 months and above expectations of 54.1, supported by...

Krungthai XSpring

Infratil - Contacting OpenAI

We expect this deal to contribute positively to parent-level free cashflow over the medium term (~+NZ$5m by FY30) as CEN's dividend grows.

Forsyth Barr

Krungthai XSpring Zoom Eng. October 7, 2025

Thailand’s headline inflation fell -0.72% YoY in September, below market expectations of –0.6% YoY, marking the sixth consecutive month of decline.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)