Daily Brief TMT/Internet: AAC Technologies, Marvell Technology , Manycore Tech, Gpixel, DataCanvas, SAP , Yaskawa Electric, Fusemachines, NTT Docomo Inc, Kaspi.kz and more

• The HSTECH Index tracks the performance of the top technology companies listed in Hong Kong that have high business exposure to certain technology themes.
• The market consultation results have been announced. All proposed changes will be adopted in full with two additional requirements to avoid low-liquidity and low-revenue names.
• We expect 20 ADDs and no DELs in December 2026. We estimate one-way flow of around US$4bn with 11 expected ADDs having more than 3x ADV to buy.

• Marvell set a long-term revenue target of $70B to $90B for FY31 ($80B at the midpoint), representing a 55%–60% CAGR and a 10x expansion over FY26 ($8.2B).
• Newly installed CFO Dan Dern introduced the “30 in 30” milestone, projecting non-GAAP EPS of greater than $30 per share in calendar 2030 (FY31).
• Marvell claims it can achieve these new financial targets  without needing any new home run design winds or any new sockets. Apparently, they have what they need today.

• Manycore Tech (68 HK) raised ~US$150m in its Hong Kong IPO, with the primary offering being offered at HKD 7.62/share.
• Manycore Tech is China’s largest provider of cloud-native spatial design software, offering its flagship platform Kujiale domestically and Coohom internationally.
• In this note, we will talk about the lockup dynamics and possible placement.

• Transitioning to High-Volume Industrial: Gpixel is rapidly shifting its revenue mix toward industrial imaging, which contributed RMB 531.02 million (82.8% of total revenue) in H1 2026, growing 101.7% year-on-year. However, this high-volume transition poses significant margin-dilution risks as they venture into more commoditized areas of factory automation.
• Gross Margin Sustainability Questioned: Gpixel’s impressive gross profit margin of 68.7% in H1 2026 is driven by its dominant positioning in premium, high-value niches (such as lithium-ion battery and PCB advanced optical inspection) and custom solutions. Competing head-to-head with Sony’s Pregius S platform in standard machine vision will inevitably pressure ASPs and compress margins toward the low-to-mid 50s.
• Geopolitical Dual-Footprint Balancing Act: Operating through Gpixel NV in Belgium for high-end scientific design while manufacturing via foundries like Tower Semiconductor and TSMC exposes the company to severe regulatory risks. As dual-use export controls tighten in 2026, their ability to transfer advanced scientific sCMOS technology between Europe, Japan, and mainland China remains a fragile vulnerability.

• DataCanvas (DTCVS HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by China Galaxy International.
• DataCanvas (DC) is a leading AI computing service provider in China purpose-built to support compute-intensive artificial intelligence (AI) workloads spanning large-scale model training and inference.
• DC builds, operates, and monetizes AI computing capacity, providing turnkey AI data center  infrastructure solutions and delivering on-demand cloud computing services powered by its proprietary computing operating system.

• SAP is advancing agentic AI through Joule, Business Data Cloud and Knowledge Graph, strengthening its application and cloud proposition, accelerating migration and deepening customer stickiness.
• TechWolf enhances SuccessFactors with workforce skills and activity insights, enabling AI-driven planning, reskilling and work redesign, with limited near-term financial impact.
• AI offers monetisation through premium agents, cloud migration, SAP Pay and AI-enabled services. Despite initial inference costs, SAP seems well positioned for long-term AI-driven growth.

• 2QFY2/27 OP of ¥13.6bn beat our ¥12.9bn on Robotics and System Engineering; revenue of ¥146.6bn missed by 2% as servo supply capped Motion Control.
• Orders hit a record ¥185.4bn (+38% YoY), 10% above our forecast. FY2/27 OP guidance of ¥57.5bn sits in line with consensus.
• We lift FY2/27–28 OP to ¥60.4bn / ¥81.6bn (+4–5%); DCF ¥6,007 (+26%). We remain bullish.

• Critical Liquidity and Going-Concern Distress: Fusemachines is operating on a highly depleted balance sheet with only $368,000 in cash as of June 30, 2026. Against a six-month operating cash burn of $3.51 million (translating to a monthly burn of roughly $585,000), the company’s organic cash runway is less than a month, rendering its going-concern warning highly acute.
• Nasdaq Delisting and Valuation Collapse: The company received a formal Nasdaq delisting notice on September 24, 2026, after failing to maintain the $50,000,000 minimum Market Value of Listed Securities (MVLS) requirement under Listing Rule 5450(b)(2)(A). Trading at approximately $0.50 per share with a market capitalization of $15.41 million, the stock has lost over 90% of its initial $200 million SPAC merger valuation.
• Structural Unscalability of the “AI Fellows” Model: While the proprietary “AI Fellows” recruitment pipeline yields low-cost talent in Nepal and South Asia, it suffers from significant attrition and “brain drain” to Western markets. Additionally, specialized AI consultancies are losing high-value production contracts to legacy IT integrators because enterprises are moving past isolated PoCs toward workflow redesigns that require robust, legacy-integrated data pipelines.

• Dominant Market Leadership: NTT Docomo maintains the leading position in Japan’s mobile telecommunications sector with over 89 million subscriptions (~41% market share), backed by superior network quality, expansive nationwide infrastructure, and deep brand equity.
• Strategic Group Integration: Following its full privatization by parent Nippon Telegraph & Telephone (NTT) and the consolidation of NTT Communications and NTT Comware, Docomo has transformed from a pure-play consumer mobile carrier into an integrated enterprise ICT, cloud, and digital solutions powerhouse.
• Defensive Cash Engine Offsetting Tariff Headwinds: While government-prompted mobile tariff reductions (e.g., ahamo) have diluted blended ARPU, expanding high-margin Smart Life operations (d-Barai, d-Card, marketing) and group-wide operational synergies support resilient operating cash flows and disciplined capital reinvestment.

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• Since our July 2021 Top Pick, Kaspi.kz more than tripled net income in US dollars and deepened engagement, confirming our view of the franchise.
• Shareholders earned only about 1% a year because the multiple fell from 34x to 7.4x, a valuation risk our 2021 piece never quantified.
• At today’s price, our base case returns about 16% a year in dollars, our tenge-risk hurdle; if Türkiye works, rates fall and the tenge holds, returns could exceed 30%.