Daily Briefs

Nippon Steel has acquired U.S. Steel for $14.2 billion in cash, adding 23 Mt of crude steel capacity and a full U.S. and EU footprint.
The acquisition marks a bold step toward NS’s “100 MT Vision,” diversifying earnings beyond Japan and strengthening presence in a geopolitically stable market.
U.S. Steel remains heavily BF–based and tied to a structurally flat demand market; long-term steel consumption in the U.S. has declined, making returns dependent on aggressive modernization & macro tailwinds.

Cameco (TSX: CCO) – Strong Earnings, Westinghouse Expansion, Long-Term Tailwinds in Nuclear Cycle

Cameco’s earnings have rebounded strongly with operating leverage from higher uranium prices and conversion margins.
The company is scaling its uranium volumes, upgrading fuel assets, and leveraging its 49% stake in Westinghouse to gain downstream exposure to SMRs and nuclear services.
While valuations appear stretched in the near term, Cameco’s integrated nuclear platform offers attractive long-term optionality, albeit with execution and geopolitical risks.

[IO Fundamentals 2025/24] Retail Revival Vs. Real Estate Rut: Uneven China Recovery Tempers Outlook

By Umang Agrawal

China’s May retail sales surged 6.4% YoY, driven by holiday spending and trade-in programs, though fading property prices may dampen future consumer sentiment.
China’s new home prices fell 3.5% YoY in May, marking a 23-month decline streak, though policy support shows signs of easing the prolonged property downturn.
Iron ore port inventories rose in mid-June as weaker steel margins cut pig iron output, reducing pick-up volumes and softening near-term demand despite steady arrivals.

PPG Industries: Will Its Strategic Focus on Organic Growth & Share Gains Be A Potential Game Changer?

PPG Industries recently released its first-quarter financial results for 2025, which highlighted some key taking points for potential investors.
The company’s reported sales amounted to $3.7 billion, reflecting a 4% year-over year decrease attributed primarily to unfavorable foreign currency translations and business divestitures, such as its Silicas business.
Although these components adversely affected overall sales figures, PPG reported positive organic sales growth, driven by increased sales volumes and selling prices, notably in Asia, with strong performances in nations like China, India, and Vietnam.

Tire Trade At Tipping Point After US Q1 Import Shifts

By Vinod Nedumudy

Truck tire imports from Thailand fell 41% YoY in Jan-Feb 2025
Q1 2025 tire imports rise 3–4% year-on-year
Vietnam, Japan, Cambodia gain as China, Thailand falter

Coterra Energy: The 7 Most Significant Forces Steering Its Performance into 2025 & Beyond!

Coterra Energy’s recent earnings present a mixed picture of the company’s financial and operational standing.
On the positive side, Coterra exceeded its oil production guidance, with natural gas production surpassing expectations.
Additionally, capital expenditures were kept near the low end of projections, reflecting disciplined financial management.

Oil Surges, Volatility Explodes: Is the Market Overpricing Risk

By John Ley

Oil prices and volatility have surged sharply following renewed geopolitical tensions.
Implied volatility has spiked to multi-year extremes on both short- and medium-term horizons.
We examine whether the move in implied volatility is overdone using a range of historical and model-based metrics

Boliden AB: Initiation of Coverage- High-Impact Acquisitions & Financial Firepower Fuel Growth Surge!

Boliden AB’s Q1 2025 results offer a mixed view of the company’s current standing and future prospects.
The highlights for the quarter indicate an operating profit of SEK 2.6 billion, which was impacted by Finnish strikes, resulting in a negative impact of approximately SEK 100 million.
On the balance sheet, free cash flow was noted to be negative SEK 1.9 billion, attributed to a rebuild of working capital that was initially worked down effectively in the previous quarter.

W&T Offshore, Inc: Estimate Update

By Water Tower Research

W&T’s total production is expected to rise in 2H25 with the resumption of output from two fields that had remained shut in since they were acquired in the January 2024 Cox acquisition.
The West Delta 73 and Main Pass 108/109 fields returned to production in late March/early April and are expected to ramp up during 2Q25.
2Q25 total production guidance is 32.7-36.2 Mboe/d, compared with 1Q25 total production of 30.5 Mboe/d. t.

Centrus Energy (LEU): Rebuilding America’s Enrichment Capability with HALEU Tailwinds

Revenue has scaled meaningfully over the last few years, driven by resurgence in SWU demand and U.S. enrichment contracting.
With exclusive U.S. HALEU production, Centrus is positioned to serve next-gen reactors in a market projected to require tens of tons annually by 2030.
While the stock has rerated sharply, valuation remains reasonable given its strategic role, early mover status, and long-duration growth runway.

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Jun 19

Daily Brief Australia: Mayne Pharma, Kilcoy Global Foods, Telix Pharmaceuticals and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

Mayne Pharma (MYX AU): Entering Uncharted Territory as the Scheme Vote Passes
Mayne Pharma (MYX AU): The Vote Gets Up. Now What?
Kilcoy Global Foods (KGF): China Based Protein Provider Readying for July IPO
Telix Pharmaceuticals (TLX AU): New Product Launch In US; More to Follow; Illuccix on Strong Footing

Mayne Pharma (MYX AU): Entering Uncharted Territory as the Scheme Vote Passes

By Arun George

To no one’s surprise, the Mayne Pharma (MYX AU) scheme vote comfortably passed. The scheme remains conditional on FIRB approval and no material adverse change (which Cosette alleges).
The Mayne/Cosette court case wades into uncharted territory as it brings many firsts, such as the first MAC-related dispute to be heard in Australian courts with a qualified MAC threshold.
While Western case law burdens the buyer with establishing a MAC breach, it is unclear whether Mayne will get a favourable ruling, as Cosette could have a case. Tread carefully.

Mayne Pharma (MYX AU): The Vote Gets Up. Now What?

By David Blennerhassett

I have no clue. Given this is unchartered territory, in Australia, I don’t believe anyone has a perfect handle on the situation
What do we know? The Second Court meeting has been pushed out to the 18th September from 20th June initially, to “enable the dispute with Cosette“.
This date may be further delayed as a court hearing will commence on the 9th September to hear the validity of Cosette’s termination notice.

Kilcoy Global Foods (KGF): China Based Protein Provider Readying for July IPO

By IPO Boutique

They provide tasty, fresh, natural, healthy and convenient food products to customers across over 40 countries worldwide.
For the year ended December 31, 2024, they recorded a total revenue of US$2,195.0 million, increasing by 17.3% from US$1,870.7 million for the year ended December 31, 2023.
The area in which this company operates in is one that is not traditionally attractive to IPO investors as the margins are low and the competition is high.

Telix Pharmaceuticals (TLX AU): New Product Launch In US; More to Follow; Illuccix on Strong Footing

By Tina Banerjee

Telix Pharmaceuticals (TLX AU) has launched next-generation prostate cancer imaging agent, Gozellix in the U.S. With two FDA-approved commercial products, current U.S. addressable market opportunity is $2.5B+.
The FDA is expected to communicate its decision regarding the approval of Zircaix, kidney cancer imaging candidate, on August 27. Telix estimates initial U.S. market opportunity for Zircaix is $500M+.
Illuccix continued its momentum through gaining market share and maintaining price stability in a competitive landscape. In 1Q25, Illuccix revenue increased 35% YoY and 9% QoQ to $151M.

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Jun 19

Daily Brief TMT/Internet: Qi An Xin Technology Group , Kakao Mobility, NVIDIA Corp, Advanced Micro Devices, Marvell Technology , SK Hynix, BlackBerry Ltd, nCino, Integral Ad Science Holding , FS.COM and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Quiddity Leaderboard STAR 50/100 Sep25: Some High-Impact Names; New Sector-Neutral Pair Trade Ideas
Tencent to Acquire Kakao Mobility?
NVIDIA CORPORATION Common Stock – June 4, 2025
AMD Advancing AI 2025: Key Takeaways
Marvell Expects Hyper-Growth in Data Center Custom Chips (ASIC) With a Higher Earnings Risk
Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now
BlackBerry: QNX’s Growing Role & Backlog In Automotive & Beyond to Up Their Game!
nCino Inc.: Is The Robust Consumer Lending Momentum Here To Stay?
Integral Ad Science (IAS) Is Doubling Down on Innovation: Will Publica & AI Tools Fuel the Next Revenue Surge?
FS.COM Limited Pre-IPO – Positioned to Capture Structural Demand in Networking

Quiddity Leaderboard STAR 50/100 Sep25: Some High-Impact Names; New Sector-Neutral Pair Trade Ideas

By Janaghan Jeyakumar, CFA

STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.

Tencent to Acquire Kakao Mobility?

By VRS (Valuation & Research Specialists)

Tencent (700 HK) has emerged as a major contender to acquire about 40% stake in Kakao Mobility which operates Korea’ leading ride hailing app Kakao T.
Tencent’s investment stakes in the nine major Korean companies are worth 6.9 trillion won ($5.0 billion). Most of the investments are in the games and entertainment/K-Pop related sectors.
The VIG consortium has reportedly valued Kakao Mobility at about 6 trillion won ($4.4 billion).

NVIDIA CORPORATION Common Stock – June 4, 2025

NVIDIA Corporation is a computing infrastructure company that provides graphics, computing, and networking solutions across the United States, Singapore, Taiwan, China, Hong Kong, and other in- ternational markets.
The Company’s shares have been listed in the Nasdaq Composite stock market index since January 22, 1999, and are included among the companies with the highest market capitalization globally.
Additionally, Nvidia’s shares are included in several national indices, such as S&P 500, Dow Jones, NASDAQ-100, and DJ Semiconductors. In May 2024, Nvidia Corporation announced a ten-for-one stock split.

AMD Advancing AI 2025: Key Takeaways

By William Keating

AMD snagged Sam Altman as a guest speaker and advocate for the company’s next generation MI450 accelerator product
Oracle announced their intention to create a zetascale AI cluster based on AMD’s MI355X GPUs
Marvell announced its custom Ultra Accelerator Link (UALink) scale-up offering. Astera Labs will be next in line.

Marvell Expects Hyper-Growth in Data Center Custom Chips (ASIC) With a Higher Earnings Risk

By Nicolas Baratte

Marvell AI event yesterday, good efforts to explain its Data Center / Accelerators roadmap, growth opportunity: ~50% Cagr to 2028, a bit higher than TSMC (45%), lower than AMD (60%).
CEO suggests that data center revenues can increase 4.4x to 2028, total revenue to ~triple to CY28. That’s possible but Marvell’s fragility is margins and lower scalability than AMD, Nvidia.
The nature of custom-designed ASICs is a lot of R&D for a single customer. Marvell GAAP margins are thin and therefore a binary bet on operating leverage.

Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now

By Manishi Raychaudhuri

From 15th may to 17th June our Asia-ex-Japan Model Portfolio returned 3.37% vs MSCI Asia-ex-Japan’s 2.62%. Overweight on Korea and stock selection in HK/China, Taiwan and Philippines helped.
Top 5 performers were Digiplus (+31.9%), SK Hynix (+27.1%), Hana Financials (+23.8%), Netease (+21%), CCB (+9.8%). The worst 5: Alibaba (-11.4%), BYD (-8.5%), Trip.Com (-7.4%), Titan (-7.2%), M&M (-5.1%).
Our themes – tech investment momentum, Chinese consumption revival, cyclical recovery in India and dividend yield across the region – are working fine. We make no changes to our portfolio.

BlackBerry: QNX’s Growing Role & Backlog In Automotive & Beyond to Up Their Game!

BlackBerry’s fourth quarter and full fiscal year 2025 results demonstrate a combination of positive achievements and areas of uncertainty.
The company posted total revenue of $141.7 million for the quarter, surpassing the upper limit of its guidance range.
Specifically, revenues from the QNX and Secure Communications divisions also exceeded their respective expectations at $65.8 million and $67.3 million.

nCino Inc.: Is The Robust Consumer Lending Momentum Here To Stay?

In the first quarter of fiscal year 2026, nCino, Inc. reported financial results that provide insights into both its strengths and areas for improvement.
Total revenues reached $144.1 million, marking a 13% year-over-year increase.
This growth was primarily driven by robust subscription revenues, which grew by 14% to $125.6 million.

Integral Ad Science (IAS) Is Doubling Down on Innovation: Will Publica & AI Tools Fuel the Next Revenue Surge?

By VRS (Valuation & Research Specialists)

Integral Ad Science (IAS) presented a mixed but notably strong performance in their Q1 2025 financial results.
The company displayed an impressive 17% growth in revenue to $134.1 million, surpassing their prior guidance.
Growth was largely driven by a 24% increase in their optimization segment, buoyed by the financial services and retail verticals.

FS.COM Limited Pre-IPO – Positioned to Capture Structural Demand in Networking

By Troy Wong

FS.COM Limited (FS) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
FS presents a compelling growth story rooted in structural demand for enterprise-grade networking and a differentiated DTC model that delivers both scale and customer proximity.
Its dominant SKU breadth, global Fortune 500 penetration, and aggressive shift toward high-performance solutions support sustained revenue expansion.

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Jun 19

Daily Brief Crypto: Bitcoin & Ethereum – June 10 and more

By Smartkarma Daily Briefs | Crypto, Daily Briefs

In today’s briefing:

Bitcoin & Ethereum – June 10, 2025

Bitcoin & Ethereum – June 10, 2025

Alongside the technological development in our era in almost every aspect of our daily lives, one could argue that it would be inevitable such digital emergence to make also its appearance on financial services as is the case with digital coins.
More specifically, Bitcoin and Ethereum, which both capture on a significant scale the meaning of digitalized finance not only on monetary value but also on a historical perspective through their developmental process since their initial issue, could be considered the epitome of financial-technological innovation.
Both respectively, should be analyzed on a financial basis through the course of their history to achieve a deepest comprehension of their functionality and usage by examining the main factors contributing to Bitcoin and Ethereum’s rise and general fluctuation over the past.

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Jun 19

Daily Brief Event-Driven: Kolmar Group Chairman Yoon: A Rare Case Of “I Want My Shares Back” and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Kolmar Group Chairman Yoon: A Rare Case Of “I Want My Shares Back”
[Japan Activism] Mitsui Matsushima (1518) Ups Buyback Tender to 35.8%, Murakami-San Group To Sell
Mayne Pharma (MYX AU): Entering Uncharted Territory as the Scheme Vote Passes
Mayne Pharma (MYX AU): The Vote Gets Up. Now What?
Tencent to Acquire Kakao Mobility?
Liquid Universe of European Ordinary and Preferred Shares: June ’25 Report

Kolmar Group Chairman Yoon: A Rare Case Of “I Want My Shares Back”

Chairman Yoon Dong-han, founder of the Kolmar Group, has filed a lawsuit against his eldest son, Vice Chairman Yoon Sang-hyun of Kolmar Holdings, demanding the return of Kolmar Holdings shares.
This is a rare case of a chairman demanding his shares back from his son.
A key question is can there be an M&A fight for Kolmar Holdings even without the father getting his shares back? And the answer would be yes.

[Japan Activism] Mitsui Matsushima (1518) Ups Buyback Tender to 35.8%, Murakami-San Group To Sell

By Travis Lundy

Today after the close, Mitsui Matsushima (1518 JP) announced it would increase its buyback from 3.5mm shares to 4.0mm shares (31.3% to 35.8%). It also announced a Tender Offer Buyback.
The tender offer starts tomorrow and goes til mid-July, paid 8 August. Murakami Group will tender a minimum of 3.3mm shares (more likely 4.2mm).
This is not a huge immediate win, but it’s OK. And it changes the structure of the company’s balance sheet, ROE, effective ROE, and possibly its dividend.

Mayne Pharma (MYX AU): Entering Uncharted Territory as the Scheme Vote Passes

By Arun George

To no one’s surprise, the Mayne Pharma (MYX AU) scheme vote comfortably passed. The scheme remains conditional on FIRB approval and no material adverse change (which Cosette alleges).
The Mayne/Cosette court case wades into uncharted territory as it brings many firsts, such as the first MAC-related dispute to be heard in Australian courts with a qualified MAC threshold.
While Western case law burdens the buyer with establishing a MAC breach, it is unclear whether Mayne will get a favourable ruling, as Cosette could have a case. Tread carefully.

Mayne Pharma (MYX AU): The Vote Gets Up. Now What?

By David Blennerhassett

I have no clue. Given this is unchartered territory, in Australia, I don’t believe anyone has a perfect handle on the situation
What do we know? The Second Court meeting has been pushed out to the 18th September from 20th June initially, to “enable the dispute with Cosette“.
This date may be further delayed as a court hearing will commence on the 9th September to hear the validity of Cosette’s termination notice.

Tencent to Acquire Kakao Mobility?

Tencent (700 HK) has emerged as a major contender to acquire about 40% stake in Kakao Mobility which operates Korea’ leading ride hailing app Kakao T.
Tencent’s investment stakes in the nine major Korean companies are worth 6.9 trillion won ($5.0 billion). Most of the investments are in the games and entertainment/K-Pop related sectors.
The VIG consortium has reportedly valued Kakao Mobility at about 6 trillion won ($4.4 billion).

Liquid Universe of European Ordinary and Preferred Shares: June ’25 Report

By Jesus Rodriguez Aguilar

Since mid-May, share price spreads have generally tightened across the European liquid universe of ordinary and preferred shares, with 10 tightening and 9 widening.
The premium of non-voting, less liquid Handelsbanken B shares vs. A has tightened to 50.8%; the discount of Grifols B has widened (Brookfield’s approach remains tentative and non-committal.).
Recommended trades long preferred/short ords: Atlas Copco, Grifols, MFE Media-for-Europe. Recommended trades long ordinary / short preferred shares: Handelsbanken, Henkel, SSAB Svenska Stal.

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Jun 19

Daily Brief Thailand: SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

Tire Trade At Tipping Point After US Q1 Import Shifts

Tire Trade At Tipping Point After US Q1 Import Shifts

By Vinod Nedumudy

Truck tire imports from Thailand fell 41% YoY in Jan-Feb 2025
Q1 2025 tire imports rise 3–4% year-on-year
Vietnam, Japan, Cambodia gain as China, Thailand falter

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Jun 19

Daily Brief South Korea: Kolmar Korea Holdings , Kakao Mobility, SK Hynix, Samsung Heavy Industries and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Kolmar Group Chairman Yoon: A Rare Case Of “I Want My Shares Back”
Tencent to Acquire Kakao Mobility?
Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now
Samsung Heavy (010140) Ends $3.5B Zvezda Deal; Arbitration On, Order Book Unaffected

Kolmar Group Chairman Yoon: A Rare Case Of “I Want My Shares Back”

Chairman Yoon Dong-han, founder of the Kolmar Group, has filed a lawsuit against his eldest son, Vice Chairman Yoon Sang-hyun of Kolmar Holdings, demanding the return of Kolmar Holdings shares.
This is a rare case of a chairman demanding his shares back from his son.
A key question is can there be an M&A fight for Kolmar Holdings even without the father getting his shares back? And the answer would be yes.

Tencent to Acquire Kakao Mobility?

Tencent (700 HK) has emerged as a major contender to acquire about 40% stake in Kakao Mobility which operates Korea’ leading ride hailing app Kakao T.
Tencent’s investment stakes in the nine major Korean companies are worth 6.9 trillion won ($5.0 billion). Most of the investments are in the games and entertainment/K-Pop related sectors.
The VIG consortium has reportedly valued Kakao Mobility at about 6 trillion won ($4.4 billion).

Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now

By Manishi Raychaudhuri

From 15th may to 17th June our Asia-ex-Japan Model Portfolio returned 3.37% vs MSCI Asia-ex-Japan’s 2.62%. Overweight on Korea and stock selection in HK/China, Taiwan and Philippines helped.
Top 5 performers were Digiplus (+31.9%), SK Hynix (+27.1%), Hana Financials (+23.8%), Netease (+21%), CCB (+9.8%). The worst 5: Alibaba (-11.4%), BYD (-8.5%), Trip.Com (-7.4%), Titan (-7.2%), M&M (-5.1%).
Our themes – tech investment momentum, Chinese consumption revival, cyclical recovery in India and dividend yield across the region – are working fine. We make no changes to our portfolio.

Samsung Heavy (010140) Ends $3.5B Zvezda Deal; Arbitration On, Order Book Unaffected

By VRS (Valuation & Research Specialists)

SHI officially terminated $3.54B worth of Russian contracts on June 18, citing prolonged non-performance by Zvezda.
The company is pursuing arbitration in Singapore, aiming to retain $800M in advances and seek additional damages. Most such cases have favoured shipbuilders.
With no production initiated and a strong $28–30B backlog, the impact on operations and FY25 guidance is expected to be minimal.

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Jun 19

Daily Brief Equity Bottom-Up: NVIDIA CORPORATION Common Stock – June 4 and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

NVIDIA CORPORATION Common Stock – June 4, 2025
Nippon Steel (5401) – $14.2B U.S. Steel Bet Targets Growth, Faces U.S. Market Maturity Risks
AMD Advancing AI 2025: Key Takeaways
Marvell Expects Hyper-Growth in Data Center Custom Chips (ASIC) With a Higher Earnings Risk
Under Armour Working On A Bold Restructuring Move; Will It Result In A Retail Rebound?
Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now
BlackBerry: QNX’s Growing Role & Backlog In Automotive & Beyond to Up Their Game!
Bajaj Finance: Decent FY25, All Set for a Strong FY26
nCino Inc.: Is The Robust Consumer Lending Momentum Here To Stay?
Integral Ad Science (IAS) Is Doubling Down on Innovation: Will Publica & AI Tools Fuel the Next Revenue Surge?

NVIDIA CORPORATION Common Stock – June 4, 2025

NVIDIA Corporation is a computing infrastructure company that provides graphics, computing, and networking solutions across the United States, Singapore, Taiwan, China, Hong Kong, and other in- ternational markets.
The Company’s shares have been listed in the Nasdaq Composite stock market index since January 22, 1999, and are included among the companies with the highest market capitalization globally.
Additionally, Nvidia’s shares are included in several national indices, such as S&P 500, Dow Jones, NASDAQ-100, and DJ Semiconductors. In May 2024, Nvidia Corporation announced a ten-for-one stock split.

Nippon Steel (5401) – $14.2B U.S. Steel Bet Targets Growth, Faces U.S. Market Maturity Risks

Nippon Steel has acquired U.S. Steel for $14.2 billion in cash, adding 23 Mt of crude steel capacity and a full U.S. and EU footprint.
The acquisition marks a bold step toward NS’s “100 MT Vision,” diversifying earnings beyond Japan and strengthening presence in a geopolitically stable market.
U.S. Steel remains heavily BF–based and tied to a structurally flat demand market; long-term steel consumption in the U.S. has declined, making returns dependent on aggressive modernization & macro tailwinds.

AMD Advancing AI 2025: Key Takeaways

By William Keating

AMD snagged Sam Altman as a guest speaker and advocate for the company’s next generation MI450 accelerator product
Oracle announced their intention to create a zetascale AI cluster based on AMD’s MI355X GPUs
Marvell announced its custom Ultra Accelerator Link (UALink) scale-up offering. Astera Labs will be next in line.

Marvell Expects Hyper-Growth in Data Center Custom Chips (ASIC) With a Higher Earnings Risk

By Nicolas Baratte

Marvell AI event yesterday, good efforts to explain its Data Center / Accelerators roadmap, growth opportunity: ~50% Cagr to 2028, a bit higher than TSMC (45%), lower than AMD (60%).
CEO suggests that data center revenues can increase 4.4x to 2028, total revenue to ~triple to CY28. That’s possible but Marvell’s fragility is margins and lower scalability than AMD, Nvidia.
The nature of custom-designed ASICs is a lot of R&D for a single customer. Marvell GAAP margins are thin and therefore a binary bet on operating leverage.

Under Armour Working On A Bold Restructuring Move; Will It Result In A Retail Rebound?

Under Armour’s fourth-quarter fiscal 2025 earnings report reveals a complex narrative, reflecting both strides in strategic realignment and significant challenges in market execution and financial performance.
On the positive side, Under Armour demonstrated notable progress in several areas, including gross margin improvement, strategic streamlining, and brand repositioning efforts.
The company increased its gross margin by 170 basis points to 46.7%, driven by reductions in product and freight costs, a decrease in promotional activities, and strategic pricing benefits.

Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now

By Manishi Raychaudhuri

From 15th may to 17th June our Asia-ex-Japan Model Portfolio returned 3.37% vs MSCI Asia-ex-Japan’s 2.62%. Overweight on Korea and stock selection in HK/China, Taiwan and Philippines helped.
Top 5 performers were Digiplus (+31.9%), SK Hynix (+27.1%), Hana Financials (+23.8%), Netease (+21%), CCB (+9.8%). The worst 5: Alibaba (-11.4%), BYD (-8.5%), Trip.Com (-7.4%), Titan (-7.2%), M&M (-5.1%).
Our themes – tech investment momentum, Chinese consumption revival, cyclical recovery in India and dividend yield across the region – are working fine. We make no changes to our portfolio.

BlackBerry: QNX’s Growing Role & Backlog In Automotive & Beyond to Up Their Game!

BlackBerry’s fourth quarter and full fiscal year 2025 results demonstrate a combination of positive achievements and areas of uncertainty.
The company posted total revenue of $141.7 million for the quarter, surpassing the upper limit of its guidance range.
Specifically, revenues from the QNX and Secure Communications divisions also exceeded their respective expectations at $65.8 million and $67.3 million.

Bajaj Finance: Decent FY25, All Set for a Strong FY26

By Ankit Agrawal, CFA

Bajaj Finance Ltd (“BAF”) reported a healthy Q4FY25, thus closing the full-year FY25 on a strong note. AUM ended FY25 at INR 416,661cr, a growth of 26% YoY.
Customer franchise had crossed 100mm and is now close to 102mm. Notably, Bajaj Finserv App now has 70mm+ customers. FinAI transformation is also progressing well.
While FY25 had some challenges due to higher credit cost and NIM compression, BAF is all set to post a strong FY26 led by stable asset quality and NIM.

nCino Inc.: Is The Robust Consumer Lending Momentum Here To Stay?

In the first quarter of fiscal year 2026, nCino, Inc. reported financial results that provide insights into both its strengths and areas for improvement.
Total revenues reached $144.1 million, marking a 13% year-over-year increase.
This growth was primarily driven by robust subscription revenues, which grew by 14% to $125.6 million.

Integral Ad Science (IAS) Is Doubling Down on Innovation: Will Publica & AI Tools Fuel the Next Revenue Surge?