In today’s briefing:
- [Japan Partial Tender] BASE (4477 JP) – Maki-San Bought, Will Buy More – Prepare For Launch
- Clarifying the Confusion Around Chey’s SK Holdings Stake Sale Disclosure
- BASE (4477 JP): Maki’s Return Leaves SBI to Bump Big or Bargain
- Quiddity Leaderboard Hang Seng Index Dec26: Z.AI, COSCO, 3SBIO Among Our Top Picks
- Leaked IPO Prospectus of Anthropic: “Risk to Humanity” + Altruistic Incentives Vs Shareholder Value
- Accenture Soars As New Bookings Accelerate. Q426 Earnings Review, Key Takeaways & Full Transcript
- U.S. IPO & Equity Capital Markets Recap 10/2/2026
- Top 10 Performing Stocks In KOSDAQ YTD – What Can We Learn From This?
- Micron’s FY26 Revenue Soars 3.5x YoY. FY27 Looks Even Better, Right? Key Takeaways & Full Transcript
- Nvidia paid Lumentum $2 billion for lasers, because silicon cannot make light
[Japan Partial Tender] BASE (4477 JP) – Maki-San Bought, Will Buy More – Prepare For Launch
- BASE Inc (4477 JP) released a statement during the lunch break on 5 October 2026.
- It says, in short, that Maki-san, who was wary of SBI/management, had not bought during the Tender Offer Period, but once extended, started to buy.
- He bought Friday and will try to get to 30%. He bought a chunk of that Friday. He’s in today. There’s more to buy.
Clarifying the Confusion Around Chey’s SK Holdings Stake Sale Disclosure
- These are all indicative numbers. Both the per share price and the total deal value can be adjusted on the actual execution date
- The November 2 to December 1 window reflects disclosure rules, not a 30 day sell down. Given the block plus PRS structure, base case is November 2.
- November 2 is the settlement date, implying October 29 execution via pre market block trade, with October 28 close as the pricing reference.
BASE (4477 JP): Maki’s Return Leaves SBI to Bump Big or Bargain
- BASE Inc (4477 JP) disclosed a “difference of views” with Maki-san, who says management ignored the cost of his trading restrictions; he would resume buying from 2 October, targeting over 30%.
- With Maki buying at JPY370+, shares trading above terms and the 25% listing floor limiting supply, SBI faces a shortfall at JPY340, and a bump looks inevitable.
- SBI likely needs about JPY420 to beat a potential Maki tender, but negotiating with Maki or accepting a small fill (SBI has no minimum) may make more sense.
Quiddity Leaderboard Hang Seng Index Dec26: Z.AI, COSCO, 3SBIO Among Our Top Picks
- The Hang Seng Index is the main benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to formulaically predict index changes.
- In this insight, we take a look at a group of names with reasonably high likelihood of getting added/deleted during the next review in December 2026.
- The results are expected to be confirmed publicly on 20th November 2026.
Leaked IPO Prospectus of Anthropic: “Risk to Humanity” + Altruistic Incentives Vs Shareholder Value
- In FY2025, Amazon and Google platforms directly generated 47% ($2.16 billion) of Anthropic’s total sales.
- The founders have also pledged 80% of their personal equity to charitable causes, with chunks directed toward organizations like UNICEF.
- There is a risk of the controlling shareholders potentially not acting in the best interests of all shareholders. Also, its management mentions its technology could be a “risk to humanity.”
Accenture Soars As New Bookings Accelerate. Q426 Earnings Review, Key Takeaways & Full Transcript
- Accenture last week reported Q4 FY26 revenues of $18.7 billion, up 7% YoY in local currency and above the top end of the guided range of $18.4 billion.
- New Bookings were $22.2 billion for the quarter, a 4% increase in U.S. dollars and 5% in local currency, with an overall book-to-bill of 1.2.
- Accenture’s top 10 ecosystem partners represented >60% of their revenue in FY26. Among their eight emerging AI and data partners, bookings more than tripled and revenue more than doubled YoY.
U.S. IPO & Equity Capital Markets Recap 10/2/2026
- One qualifying IPO priced and began trading this week.
- Accelevation raised $540 million after pricing at $18, below its $20–$24 range.
- The shares opened at $17.55 and closed the first day at $17.95, then fell to $16.59 on the second day before recovering to approximately $17.72 on Friday.
Top 10 Performing Stocks In KOSDAQ YTD – What Can We Learn From This?
- In this insight, I provide a list of top 10 performing stocks in KOSDAQ YTD (those with market caps of at least 100 billion won).
- These 10 stocks are up on average 521% YTD. All of these 10 companies could be considered turnarounds with their sales and profits improving much more in 2026 versus 2025.
- This is a clear example that shows that small cap turnarounds listed in KOSDAQ that are in the value-chain of Samsung Electronics and SK Hynix could pay off handsomely.
Micron’s FY26 Revenue Soars 3.5x YoY. FY27 Looks Even Better, Right? Key Takeaways & Full Transcript
- Micron last week reported Q4FY26 revenues of $54.23 billion versus $41.46 billion for the prior quarter (+31%) and $11.32 billion for the same period last year (+379%)
- Consolidated gross margin for fiscal Q4 was 87.0%, up 210 basis points sequentially. This improvement was driven primarily by higher pricing and strong execution, partially offset by mix.
- Looking ahead, the company expects F27Q1 revenue to be a (another) record $61.5 billion, plus or minus $1.5 billion with gross margin to be approximately 86.25%;
Nvidia paid Lumentum $2 billion for lasers, because silicon cannot make light
- Lumentum makes the tiny lasers that turn data into light, so AI chips can talk to each other across a data centre.
- Those lasers have to be grown on a fragile crystal that only a few factories in the world can work at volume, and demand is running well ahead of supply.
- That is why Nvidia, a chip company, paid $2 billion to make sure Lumentum builds more of them.
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