Smartkarma Daily Briefs

FET’s Beat-the-Market strategy is geared to position the company to gain share with customers during cyclical troughs that can support accelerated growth as the cycle turns higher.
The strategy is underpinned by the company’s focus on developing specialized technological solutions that allow its customers to develop their assets cost-efficiently and safely.
Increased drilling and completion intensity as operators push the limits of lateral lengths and stimulation intensity drives demand for the consumable products that account for ~80% of FET’s revenue.

DRX: In Line Q1 Financials; Tariff Impact Less than Expected

By Atrium Research

What you need to know: • ADF reported Q1 financials that were in line with our expectations, reflecting a large decline due to the disruption caused by the tariffs.
• Revenue came in at $55.5M (-48% YoY) vs. our estimate of $58.5M and EBITDA came in at $10.4M (19% margin) vs. our estimate of $8.9M.
• Management highlighted that its products are exempt from tariffs as its steel is purchased from U.S. mills, and as such, financials will improve in H2.

CUU: Copper Optionality in Tier-1 Jurisdictions

By Atrium Research

What you need to know: • Copper Fox owns 25% of Schaft Creek, a PEA-stage (after-tax NPV8% $842M and 13% IRR) copper-gold-molybdenum asset, funded by Teck (75% owner) to production.
• CUU also owns 100% of the PEA-stage Van Dyke ISCR Project which boasts a highly profitable project (after-tax NPV7.5% $645M & 43% IRR).
• The Company holds a portfolio of three other copper exploration assets, all showing early signs of being legitimate projects.

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Jun 11

Daily Brief Utilities: B Grimm Power and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

B.grimm Power – BGRIM-Digital Edge Joint Venture for 96MW Data Center

B.grimm Power – BGRIM-Digital Edge Joint Venture for 96MW Data Center

By Waraporn Wiboonkanarak

BGRIM has announced a partnership with Digital Edge (Singapore) to jointly develop a 96MW data center project, with a medium-term target of 300MW by 2030E.
This is expected to generate positive sentiment for the share price, as the project offers stable revenue and attractive returns (with an estimated equity IRR of around 12-13%).
It is also expected to serve as a profit buffer in the medium term, with a full-MW and full-year profit contribution anticipated by 2029E, representing upside risk of around 10-14%.

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Jun 11

Daily Brief Industrials: TRYT , Austal Ltd, Virgin Australia Holdings, SK Inc, Porr Ag, Randstad Holding Nv, Spectris PLC, Chemring Group PLC and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

[Japan M&A] Carlyle Deal for TRYT (9164) – Great Exit for Speculators as HR Co Targets Are Desirable
Austal (ASB AU): A Hanwha Bid Is Back In Play
Virgin Australia (VGN AU): Touch & Go for Index Inclusion
Tryt (9164 JP): Carlyle’s JPY880 Tender Offer Is a Done Deal
Preferred Shares of Five Major Korean Holdcos – Likely to Close the Gap Further With Common Shares
PORR Group — The niche high-end contractor that delivers
What’s News in Amsterdam – 10 June (Randstad Holding | PostNL | Dutch politics)
Calibrating Value: Spectris in Advent’s Crosshair
Chemring Group — Record order book driving confidence

[Japan M&A] Carlyle Deal for TRYT (9164) – Great Exit for Speculators as HR Co Targets Are Desirable

By Travis Lundy

In early February, articles suggesting the PE owner of TRYT (9164 JP) wanted to cash out. Performance post-IPO had been bad. Catching up to the IPO price would be tough.
But a second round of bidding came about, so the stock went limit up. Then it settled in the ¥480 range for three weeks. Then started to climb.
Now the company and its PE firm owner have announced a sale to a new PE Firm at ¥880/share. This is below IPO Price but it will get done.

Austal (ASB AU): A Hanwha Bid Is Back In Play

The Hanwha Group has received approval from the US’ CFIUS to acquire up to a 100% stake in Aussie-based shipbuilding and defense firm Austal Ltd (ASB AU).
Hanwha currently holds 9.9% and a further 9.9% via a cash settled total return swap. Apparently Hanwha had initially filed with CFIUS to approve a 19.9% stake acquisition.
Hanwha has also applied to FIRB to lift its position to 19.9%. It’s unlikely the local regulator would block Hanwha subsequent to CFIUS’ nod. Note: Austal “disputes” CFIUS’ approval.

Virgin Australia (VGN AU): Touch & Go for Index Inclusion

Virgin Australia Holdings (VGN AU) is looking to raise A$685m in a secondary offering, valuing the company at A$2.27bn. The stock is expected to start trading on 24 June.
Bain Capital and management are escrowed on their shares till early 2026. There is no escrow for Qatar Airways, but they have indicated that their shareholding is strategic.
Virgin Australia Holdings (VGN AU) could be added to the S&P/ASX 300 Index in September and there could be global index inclusions in November and December.

Tryt (9164 JP): Carlyle’s JPY880 Tender Offer Is a Done Deal

By Arun George

TRYT (9164 JP) has recommended a tender offer from Carlyle Group / (CG US) at JPY880, a 34.6% premium to last close and a 135.3% premium to the undisturbed price.
Despite 26.7% below the IPO price, the offer is attractive compared to peer multiples and is above the mid-point of the IFA DCF valuation range.
The chance of a competing proposal is low, as Carlyle’s offer was the highest in the auction. EQT has provided an irrevocable (60.00% ownership ratio), which ensures a done deal.

Preferred Shares of Five Major Korean Holdcos – Likely to Close the Gap Further With Common Shares

By Douglas Kim

In this insight, we discuss the preferred shares of five major holding companies and how the share price gap relative to their common counterparts could decrease.
There is a relatively easy way to improve shareholder value of these holding companies which is to cancel the entire preferred shares that trade at discount to their common counterparts.
The common shares of these five companies have experienced an average share price appreciation of 33.2% YTD versus 28.7% appreciation for their preferred shares counterparts.

PORR Group — The niche high-end contractor that delivers

By Edison Investment Research

PORR Group is domiciled in Austria with a business focused on solid-margin, niche markets such as data centres, infrastructure and specialist applications. Geographically, it targets markets with strong contractor protections, reliable customers and local resources that enable it to complete projects on time and to the highest standards. Over the past 20 years, PORR has delivered a stable EBIT margin of 2.0–3.3% in all but four years and a top-line CAGR of 7.2%.

What’s News in Amsterdam – 10 June (Randstad Holding | PostNL | Dutch politics)

By The IDEA!

In this edition: • Randstad Holding | CareerBuilder + Monster weighing sale of firm • PostNL | the fall of the Dutch coalition government as a potential trigger for D+3?
• Dutch politics | VVD rules our new collaboration with Geert Wilders’ Freedom Party (PVV)

Calibrating Value: Spectris in Advent’s Crosshair

By Jesus Rodriguez Aguilar

High-Conviction setup: Advent’s £37.63/share proposal offers an 85% premium; Spectris’ board is supportive, PUSU deadline is July 7 under UK Takeover Code.
Attractive arbitrage: current spread offers ~17.5% gross upside; limited antitrust concerns and supportive FX backdrop enhance deal certainty. Interloper risk is modest but non-zero.
Valuation re-rating: offer implies 14.1x EV/NTM EBITDA vs. 10.1x peer median, justified by control premium, margin uplift potential, and depressed pre-deal valuation (~6.1x).

Chemring Group — Record order book driving confidence

By Edison Investment Research

Chemring’s H125 results showcase solid momentum in a transformed defence landscape, with order intake surging 42% to £488m and the order book reaching a record £1.3bn. Revenue grew 5% y-o-y to £234.3m, while the underlying operating margin improved modestly to 11.6%. Order book strength provides 85% visibility for FY25 revenue. With EU defence spending set to rise by more than €100bn by 2027 and the UK targeting 2.5% of GDP, Chemring’s positioning in niche market areas including energetics and electronic warfare creates a potentially solid investment case for the multi-decade rearmament cycle.

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Jun 11

Daily Brief ECM: Keymed Bioscience Placement – Track Record Isn’t Great but Recent Performance Has Been Better and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Keymed Bioscience Placement – Track Record Isn’t Great but Recent Performance Has Been Better
Saint Bella Pre-IPO: A Few Things to like but Still Unprofitable
Kitazato IPO – Isn’t Particularly Enticing Apart from the Dividend Yield
Pre-IPO Zhou Liu Fu Jewellery (PHIP Updates) – Some Points Worth the Attention

Keymed Bioscience Placement – Track Record Isn’t Great but Recent Performance Has Been Better

Keymed Biosciences (2162 HK), along with its controlling shareholder, is looking to raise around US$112m to fund its R&D requirements.
Keymed Biosciences, a China-based biotech company which focuses on therapeutic areas of autoimmune and oncology
In this note, we will talk about the placement and run the deal through our ECM framework.

Saint Bella Pre-IPO: A Few Things to like but Still Unprofitable

By Nicholas Tan

Saint Bella (SAINT HK) is looking to raise $US200m in its upcoming Hong Kong IPO.
It operates the second largest and fastest growing postpartum care and recovery service in China, as per Frost & Sullivan report.
In this note, we provide updates on the firm’s past performance.

Kitazato IPO – Isn’t Particularly Enticing Apart from the Dividend Yield

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
In our previous note, we looked at its past performance and other deal dynamics that might impact the listing. In this note, look at the firm’s valuation.

Pre-IPO Zhou Liu Fu Jewellery (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

The performance slowdown and decrease in number of newly opened stores from 2023 to 2024 was due to the rapid surge in gold prices,which would put franchise model at risk.
Future performance of Zhou Liu Fu may not be benefit from the high gold prices, but could be under pressure due to rising raw material costs and reduced customer demand.
Valuation of Zhou Liu Fu could be lower than peers and the industry average. A comfortable P/E range could be 10-15x if based on 2025 net profit.

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Jun 11

Daily Brief Event-Driven: [Japan M&A] Carlyle Deal for TRYT (9164) – Great Exit for Speculators as HR Co Targets Are Desirable and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

[Japan M&A] Carlyle Deal for TRYT (9164) – Great Exit for Speculators as HR Co Targets Are Desirable
Austal (ASB AU): A Hanwha Bid Is Back In Play
The Straight-Up Timelines on Three Big Econ Policy Bills Rattling Korea’s Local Market Right Now
Jollibee Foods Close to Acquiring Norang Tongdak in Korea
Virgin Australia (VGN AU): Touch & Go for Index Inclusion
Foshan Haitian Flavouring & Food (3288 HK): Offering Details & Index Inclusion
Samsung Insider’s Flawed Premise on the Samsung C&T Forced Holdco Conversion Issue
Tryt (9164 JP): Carlyle’s JPY880 Tender Offer Is a Done Deal
Miniso: TOP TOY Spin-Off – Early Stage Pop Mart. Valuation Upside
Kioxia IPO Lockup Expiry – US$6.7bn Release, with Shareholders Eager to Sell

[Japan M&A] Carlyle Deal for TRYT (9164) – Great Exit for Speculators as HR Co Targets Are Desirable

By Travis Lundy

In early February, articles suggesting the PE owner of TRYT (9164 JP) wanted to cash out. Performance post-IPO had been bad. Catching up to the IPO price would be tough.
But a second round of bidding came about, so the stock went limit up. Then it settled in the ¥480 range for three weeks. Then started to climb.
Now the company and its PE firm owner have announced a sale to a new PE Firm at ¥880/share. This is below IPO Price but it will get done.

Austal (ASB AU): A Hanwha Bid Is Back In Play

The Hanwha Group has received approval from the US’ CFIUS to acquire up to a 100% stake in Aussie-based shipbuilding and defense firm Austal Ltd (ASB AU).
Hanwha currently holds 9.9% and a further 9.9% via a cash settled total return swap. Apparently Hanwha had initially filed with CFIUS to approve a 19.9% stake acquisition.
Hanwha has also applied to FIRB to lift its position to 19.9%. It’s unlikely the local regulator would block Hanwha subsequent to CFIUS’ nod. Note: Austal “disputes” CFIUS’ approval.

The Straight-Up Timelines on Three Big Econ Policy Bills Rattling Korea’s Local Market Right Now

By Sanghyun Park

The Commercial Act passed committee but the floor vote set for the 12th was postponed unexpectedly today; inheritance tax and Samsung Life bills remain stuck at proposal stage.
Presidential Office is pushing the Commercial Act reform hard; vote likely after new floor leader’s election. Passage is almost guaranteed, with enactment expected by early to late August.
Inheritance tax bills face heavy backlog, delaying progress; the Samsung Life Law, proposed by another party, is pushed further back as the new government prioritizes easier wins.

Jollibee Foods Close to Acquiring Norang Tongdak in Korea

By Douglas Kim

It was reported in Chosun Business Daily that the Phillippine food giant Jollibee Foods (JFC PM) is close to acquiring Norang Tongdak.
The entity to be sold is a 100% stake in Norang Food, the operator of Norang Tongdak. The sales price is expected to be around 150 billion won.
EV/EBITDA multiple ranges from 7.2x to 9.3x if we assume equity value range from 130 billion won to 160 billion won.

Virgin Australia (VGN AU): Touch & Go for Index Inclusion

Virgin Australia Holdings (VGN AU) is looking to raise A$685m in a secondary offering, valuing the company at A$2.27bn. The stock is expected to start trading on 24 June.
Bain Capital and management are escrowed on their shares till early 2026. There is no escrow for Qatar Airways, but they have indicated that their shareholding is strategic.
Virgin Australia Holdings (VGN AU) could be added to the S&P/ASX 300 Index in September and there could be global index inclusions in November and December.

Foshan Haitian Flavouring & Food (3288 HK): Offering Details & Index Inclusion

Foshan Haitian Flavouring & Food (603288 CH)‘s global offering opens today and the raise could reach up to US$1.5bn if the offer-size adjustment option and the overallotment option are exercised.
There is a large allocation to cornerstone investors. The discount of around 22% to the A-shares is attractive given the recent trend for Midea (300 HK) and CATL (3750 HK).
The H-shares could be added to a global index and the FXI ETF in December. Inclusion in the HSCI should be in September and Southbound Stock Connect in July.

Samsung Insider’s Flawed Premise on the Samsung C&T Forced Holdco Conversion Issue

By Sanghyun Park

The FTC uses acquisition cost, not market value, so Samsung C&T’s existing 5.05% Samsung Elec stake is booked at KRW 400B
Samsung Life only needs to sell ~5.5% of Samsung Elec, not the full 8.51%, leaving Samsung C&T with a ~KRW 10T buffer before hitting the 50% holdco threshold.
The holdco risk is overblown—unlikely without rule changes. The Bio spin-off looks like prep for Samsung C&T to buy Samsung Elec stake, driving re-rating upside for C&T and Life.

Tryt (9164 JP): Carlyle’s JPY880 Tender Offer Is a Done Deal

By Arun George

TRYT (9164 JP) has recommended a tender offer from Carlyle Group / (CG US) at JPY880, a 34.6% premium to last close and a 135.3% premium to the undisturbed price.
Despite 26.7% below the IPO price, the offer is attractive compared to peer multiples and is above the mid-point of the IFA DCF valuation range.
The chance of a competing proposal is low, as Carlyle’s offer was the highest in the auction. EQT has provided an irrevocable (60.00% ownership ratio), which ensures a done deal.

Miniso: TOP TOY Spin-Off – Early Stage Pop Mart. Valuation Upside

By Devi Subhakesan

MINISO has confirmed that it is considering a possible spin-off listing of TOP TOY, its pop toy division, signalling its intent to unlock value from its collectible toy business.
Pop Mart International Group L (9992 HK), the leading player in the pop toy retail segment, is trading at nearly 50x forward earnings compared to Miniso’s 13.5x forward P/E.
TOP TOY is in an early stage of its growth curve compared to Pop Mart and could be valued at a discount given notably lower operating margins.

Kioxia IPO Lockup Expiry – US$6.7bn Release, with Shareholders Eager to Sell

Kioxia Holdings (285A JP) raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about the lock-up dynamics and updates since our last note.

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Jun 11

Daily Brief Thematic (Sector/Industry): No and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

No, Hong Kong Won’t Abandon The Peg
Ohayo Japan | Wall Street Rises on Trade Optimism
Charted Insights: Capex Revival in India Inc; Which Sectors Are Leading the Investment Cycle?
Japan Morning Connection: Trump Signals End to Biden Greenhouse Gas Emission Restrictions
Biopharma Week in Review Large M&A and Licensing Deals Provide a Boost
Furniture/Furnishings Weekly – GenAI Adoption Rates
Sustainable Investing Surveyor Focus on Aemetis (AMTX)

No, Hong Kong Won’t Abandon The Peg

A Bloomberg op-ed piece on the 5th June concludes it is time to move on from “from an archaic currency regime“. That conclusion appears presumptuous. And uninformed.
A key tenent of this piece is that HK’s benchmark interest rates are (or were) significantly – and stubbornly – lower than US rates. Yet this “anomaly” is easily explained.
The article fails to discuss the impact from CATL (3750 HK)‘s IPO on the peg; and even what would replace the peg (IF it were replaced).

Ohayo Japan | Wall Street Rises on Trade Optimism

By Mark Chadwick

Stocks rose Tuesday as optimism over U.S.-China trade talks; S&P 500 advanced 0.55% and the Nasdaq climbed 0.63%
Toyota and Daimler Truck have signed a business integration agreement for their subsidiaries Hino Motors and Mitsubishi Fuso Truck and Bus Corporation.
Honda will invest in Rapidus to secure domestically produced cutting-edge semiconductors for next-generation vehicles

Charted Insights: Capex Revival in India Inc; Which Sectors Are Leading the Investment Cycle?

By Nimish Maheshwari

Corporate India’s capex momentum is showing a healthy revival, marking a significant shift from the risk-averse investment behavior seen post-COVID.
Based on FY25 data from 1,393 listed companies (excluding banks and NBFCs), total gross fixed assets rose 7.6% year-on-year to ₹28.5 lakh crore – the strongest expansion in recent years.
This increase signals renewed investment intent across infrastructure, manufacturing, and select consumption-facing sectors

Japan Morning Connection: Trump Signals End to Biden Greenhouse Gas Emission Restrictions

By Andrew Jackson

Hydrocarbon related names traded well with Trump set to remove limits on carbon and mercury emissions…watch MHI, Yokogawa and Chiyoda.
Intel +7.8% may help Ibiden, Micron +2.9% positive for Micronics, while semi-cap and power-semi’s continued to move up.
Lock-Up expiry for Kioxia fast approaching could see shorts increase in a Kokusai Elec type situation.

Biopharma Week in Review Large M&A and Licensing Deals Provide a Boost

M&A and deal activity provided a much-needed tailwind for biotech last week.
Exiting a positive, but mostly expected, ASCO weekend, we witnessed the second-largest biotech acquisition in 2025, with SNY buying BPMC for $9.1 billion, and a mega-licensing deal, as BMY will pay up to $11.1 billion for co- rights to BNTX’s PD-1/VEGF (read-across to TIL, SMMT, PFE, MRK).
Gene and cell therapy (NTLA, BEAM, CRSP) got a boost, as the heads of the HHS, FDA, CBER, NIH, and CDC expressed support for faster rare disease approvals at an FDA roundtable.

Furniture/Furnishings Weekly – GenAI Adoption Rates

Risk on as markets anticipate progress on trade deals.
The WTR Commercial/Contract Furniture Index gained 1.8%, the Residential Manufacturers & Suppliers Index was up 3.1%, and the Home Goods Retailers Index increased 2.5%, while the large- cap indices gained 1.1% and the R2K was up 3.0%.
GenAI discussions on quarterly earnings calls are taking off as the technology (and adoption rates) continues to advance at a rapid clip (1), at least for the S&P 500 (Figure 1).

Sustainable Investing Surveyor Focus on Aemetis (AMTX)

The WTR Sustainable Index was up 1.8% W/W versus the S&P 500 Index (up 1.5%), the Russell 2000 Index (up 3.2%), and the Nasdaq Index (up 2.0%).
Energy Technology (12.8% of the index) was up 5.2%, while Industrial Climate and Ag Technology (47.9% of the index) was up 1.9%, ClimateTech Mining was up 0.1%, and Advanced Transportation Solutions (21.0% of the index) was up 1.3%.
Top 10 Performers: LEV, SPWR, BNRG, LOOP, VVPR, IRBT, FCEL, TGEN, FNI, ZAPP

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Jun 11

Daily Brief Thailand: B Grimm Power and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

B.grimm Power – BGRIM-Digital Edge Joint Venture for 96MW Data Center

B.grimm Power – BGRIM-Digital Edge Joint Venture for 96MW Data Center

By Waraporn Wiboonkanarak

BGRIM has announced a partnership with Digital Edge (Singapore) to jointly develop a 96MW data center project, with a medium-term target of 300MW by 2030E.
This is expected to generate positive sentiment for the share price, as the project offers stable revenue and attractive returns (with an estimated equity IRR of around 12-13%).
It is also expected to serve as a profit buffer in the medium term, with a full-MW and full-year profit contribution anticipated by 2029E, representing upside risk of around 10-14%.

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Jun 11

Daily Brief Australia: Austal Ltd, Virgin Australia Holdings and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

Austal (ASB AU): A Hanwha Bid Is Back In Play
Virgin Australia (VGN AU): Touch & Go for Index Inclusion

Austal (ASB AU): A Hanwha Bid Is Back In Play

The Hanwha Group has received approval from the US’ CFIUS to acquire up to a 100% stake in Aussie-based shipbuilding and defense firm Austal Ltd (ASB AU).
Hanwha currently holds 9.9% and a further 9.9% via a cash settled total return swap. Apparently Hanwha had initially filed with CFIUS to approve a 19.9% stake acquisition.
Hanwha has also applied to FIRB to lift its position to 19.9%. It’s unlikely the local regulator would block Hanwha subsequent to CFIUS’ nod. Note: Austal “disputes” CFIUS’ approval.

Virgin Australia (VGN AU): Touch & Go for Index Inclusion

Virgin Australia Holdings (VGN AU) is looking to raise A$685m in a secondary offering, valuing the company at A$2.27bn. The stock is expected to start trading on 24 June.
Bain Capital and management are escrowed on their shares till early 2026. There is no escrow for Qatar Airways, but they have indicated that their shareholding is strategic.
Virgin Australia Holdings (VGN AU) could be added to the S&P/ASX 300 Index in September and there could be global index inclusions in November and December.

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Jun 11

Daily Brief TMT/Internet: Advanced Micro Devices, Taiwan Semiconductor (TSMC), GB Group PLC, reAlpha Tech, Telefonica Brasil , Unusual Machines, Kioxia Holdings , Poletowin Pitcrew Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Semiconductor Shopping Season Is Now
TSMC, UMC Monthly Sales: A Tale of 2 Worlds
GB Group — FY25 focuses on fundamentals over growth
reAlpha Tech – With only a partial contribution from recently acquired mortgage brokerage company
Telefonica Brasil: Moving On
Unusual Machines, Inc. – CEO Discusses Ukraine’s Historic Drone Attack…
Kioxia IPO Lockup Expiry – US$6.7bn Release, with Shareholders Eager to Sell
Poletowin Pitcrew Holdings (3657 JP): Q1 FY01/26 flash update

Semiconductor Shopping Season Is Now

By Nicolas Baratte

Qualcomm acquired Alphawave, a UK firm that specializes in chip design IP, especially silicon photonics and chiplets.
AMD acquired 3 firms. Untether AI, an AI edge / inference chip designer. Brium, an AI software and compiler firm. Enosemi, a silicon photonics and co-packaged optics firm.
4 acquisitions in 2 weeks. AMD and Qualcomm are putting their money where their mouth is: the future is AI. This also illustrates how far ahead Nvidia is.

TSMC, UMC Monthly Sales: A Tale of 2 Worlds

By Nicolas Baratte

TSMC is on its way to beat its 2Q revenue guidance, Apr + May represent 72% of 2Q guide. YTD revenue growth 43% YoY, Consensus at 26% (NT$). Upgrade coming?
UMC is on its way to miss its 2Q revenue guidance, Apr + May represent 63% of 2Q guide. YTD revenue growth 4% YoY . No recovery in legacy semiconductor.
This confirms, again, that AI is the only growing segment in semiconductors. The rest is lackluster (computers, smartphone, automotive, industrial, you name it).

GB Group — FY25 focuses on fundamentals over growth

By Edison Investment Research

GB Group’s CEO Dev Dhiman’s first full year has seen initiatives addressing the company’s foundations rather than its short-term growth. This is a necessary step if management are to optimise longer-term shareholder value. Accordingly, any share price disappointment regarding H225 and H126 growth rates needs to be set against the group’s increasing optionality around capital allocation and the reassurance of an unchanged FY26 financial outlook.

reAlpha Tech – With only a partial contribution from recently acquired mortgage brokerage company

By Zacks Small Cap Research

With only a partial contribution from recently acquired mortgage brokerage company, GTG Financial, and before peak homebuying season had begun, 1Q25 revenue reached $925.6k vs $20.4k in 1Q24.
As competition intensifies during the peak homebuying spring-summer season, we expect the company to record further revenue ramp as homebuying activity climbs.
We also believe the GTG acquisition underscores AIRE’s focus on offering mortgage brokerage, title and home insurance services, which are also expected to lead to recurring revenue opportunities & potentially help smooth out the seasonality of homebuying trends.

Telefonica Brasil: Moving On

By Superfluous Value

Long-term readers will know I have held Telefonica Brasil (Vivo) for four years and been loudly bullish on the company at times.
But the thesis hasn’t played out as hoped and the time has come to make way for better opportunities.
It’s the good type of mistake, where you scrape away with a modest gain (20% + some nice dividends), but an analytical error all the same.

Unusual Machines, Inc. – CEO Discusses Ukraine’s Historic Drone Attack…

According to the WSJ, Ukraine’s drone strike on June 1 damaged as many as 40 aircraft deep inside Russia as strategic bombers sat outside in the open on military bases.
Ukraine was able to secretly place numerous cheap drones near Russian military installations all over the massive country.
The order was then given, and the drones were flown out of trucks and remotely piloted directly into exposed expensive bombers.

Kioxia IPO Lockup Expiry – US$6.7bn Release, with Shareholders Eager to Sell