TMT/Internet

• Nearing the end of the review period for the September rebalance, there could be three changes for the iShares A50 China (2823 HK)/ CSOP China A50 (HKD) (2822 HK).
• WuXi AppTec, Zhongji Innolight and BeiGene could replace China United Network, NARI Technology and China National Nuclear Power in the ETF at the close on 19 September.
• Passives will need to trade 0.1-0.7x ADV in the forecast changes. The forecast adds have massively outperformed the forecast deletes over the last 4 months.

• Samsung Electronics (005930 KS) has been rallying for quite a while in the last few weeks, and we have been bullish on the stock since the start of the year. 
• At the moment the stock is very overbought according to our model, we see potential for a pullback, possibly something larger than a buy the dip.
• A 2 or even a 3 weeks correction should not be ruled out at this stage, 64700 is the limit support zone we are looking at, the short profit target.

• The most important reason for KT’s excellent results in 2Q 2025 was due to the major hacking incident at SK Telecom in May 2025.
• The company’s growing AI business and successful real estate sales also contributed to the company’s improving results in 2Q 2025. 
• KT is likely to benefit from higher profits and returns on capital in the next couple of years as the penetration of 5G service surpasses more than 80%.

• Foxconn Tech invests US$1bn in U.S. robotics, AI, and smart manufacturing over 10 years, expanding into service robotics via RoboTemi stake.
• Samsung to surpass US$50bn in U.S. chip investments, adding US$7bn for advanced packaging to compete with TSMC and capture AI/HPC integration opportunities.
• Intel faces leadership crisis as CEO Lip Bu Tan’s strategy is criticized; U.S. policy and competitive pressures may accelerate market gains for TSMC and Samsung.

• Taiwan Semiconductor (TSMC) – ADR (TSM US) disclosed Board of Directors meeting resolutions today.
• Taiwan Semiconductor (TSMC) – ADR (TSM US) 2nm technology manufacturing information leakage issue.
• Currently, only TSMC, Samsung, and Intel have achieved trial production at the 2nm node.

• Nanya last week announced that revenues for the month of July amounted to NT$5.3 billion, an increase of 31.4% MoM, and an increase of 95% YoY,
• Micron this week revised upwards its guidance for the current quarter with a roughly $500 million increase in revenue, attributable primarily price increases for DDR5
• Customisation of Micron’s HBM4E base logic die is transforming their key customer relationships from commodity vendor to strategic ASIC design-like partner. That’s good for Micron…   

• ACMR reported C2Q25 top line, non-GAAP operating profit and GAAP net income (14%), (35%) and (17%) vs. our estimate, and (3.9%), (16%) and (9.9%) vs. consensus. 
• However, company maintained full year revenue guidance of US$850-950 unchanged and raised long term revenue target by 33% to US$4bn;
• We keep rating and TP unchanged. ACMR is one of our TOP BUY’s.

• First Solar’s second-quarter results for 2025 showcase both achievements and challenges.
• The company reported module sales of 3.6 gigawatts, surpassing previous forecasts, and earnings per share of $3.18, exceeding guidance.
• This reflects an effective operational performance, with 4.2 gigawatts produced during the quarter, including 2.4 gigawatts from U.S. facilities, which highlights the benefits of the Inflation Reduction Act 2022 and related domestic policies.

• Revenue increased by 11.5% YoY to JPY8.8bn, with recurring revenue rising 7.6% YoY to JPY4.3bn.
• Operating profit surged 74.6% YoY to JPY990mn, with a cost of revenue ratio decline of 3.0pp YoY.
• Revenue growth driven by @rmsV6 deployment, price hikes, and Government Cloud segment’s regional disaster prevention systems.

• Unisound AI Technology, a founder-led AI solution provider with focus on conversational AI products and speech recognition technologies, completed its IPO in Hong Kong in June.
• Beijing based AI company priced an initial public offering at HK$205.00/share, raising ~HK$251M of net proceeds. The stock is up ~248% from its IPO price at Monday’s close.  
• Unisound AI’s market cap today is on a par with market cap of SenseTime and 2x bigger than Beijing Fourth Paradigm. All these companies have the similar growth profiles.

• Foreign room in SK Telecom (017670 KS) is over 21% now and increasing as foreign investors sell stock.
• Further foreign selling could take foreign room past 25% and that will result in passive inflows for the stock. Timing is dependent on when the 25% threshold is crossed.
• SK Telecom has underperformed its peers over the last 3 months and that has shrunk its valuation premium. Watch for a further increase in foreign room for an entry point.

• KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
• We expect up to 6 ADDs and 6 DELs for the December-2025 index rebal based on the latest available data. Same count as a month ago, but 5/12 name changes.
• We have new charts available for all expected ADDs/DELs showing a variety of data we think worthwhile in terms of judging trade opportunity and risk. And two recommended trades.

• Intel CEO Lip Bu Tan is reportedly headed to Washington today to meet with the US Administration and clear up any misunderstandings about his past investments in China etc.
• Meanwhile, former CEO Craig Barrett published his third opinion piece about Intel’s future and calls LBT’s strategy of not investing further in 14A without customer support a joke
• It’s challenging to deal with the US Administration from a position of strength. It’s a whole different ball game when both the CEO & the company are in crisis mode…

• Tuas Ltd (TUA AU)  is looking to raise around US$239m in its fully underwritten Australian placement.
• The company will use the proceeds to partially fund the acquisition of Singaporean digital network operator M1. 
• In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

• Political scrutiny and perception issues form a tense backdrop ahead of Tan’s Oval Office meeting.
• Strategic rifts over investment pace, 14A development, and fab build-outs are at the heart of the discussion.
• The meeting’s outcome may hinge on whether Tan can align Intel’s roadmap with Trump’s manufacturing agenda.

• A quick synoptic look at the tactical setups for the indices, stocks, commodities and bonds we cover, for the week August 11 – August 15.
• OVERBOUGHT at the WEEKLY Close: NVIDIA Corp (NVDA US), Meta (META US) , Samsung Electronics (005935 KS) , Softbank Group (9984 JP) ,
• OVERSOLD at the WEEKLY Close: BYD (1211 HK) , NIFTY Index (NIFTY INDEX) 

• Context:SoftBank’s (9984 JP) Q1 results on 7 August delivered a return to profitability and earnings beat, fueling one of the stock’s biggest post-results rallies in 15 years.
• Highlight: Shares jumped 10.4% on 8 August and nearly 20% week-on-week, with implied volatility staying elevated above 40% despite the surge.
• Why Read: Review price action and options market response, showing how SoftBank’s post-earnings volatility pattern echoes past announcements. Serves as a documented reference for the next earnings event.

• Mobvoi Inc., a Google-backed provider of AIGC software solutions and TicWatch maker, will announce interim results for the six months ended June 30, 2025, soon.
• The AI firm currently adjusts its business strategy, shifting to AIGC business model from traditional project-based revenue generating model.
• In April 2025, Mobvoi unveiled TicNote, a compact AI-powered voice recorder. It’s a separate device from smartphone, which gathered significant attention from media and users. 

• We initiated coverage on iFAST Corporation Limited (iFAST) a week ago.
• Though stock has risen 21% since our note, we see a further 20% upside.
• The market appears to be missing iFast’ s value in terms of P/AUM and EV/Revenue, in light of the AUM growth prospects. 2Q PAT was ahead of consensus expectations.

• Revenue increased 8.2% YoY to JPY9.2bn; operating profit rose 1.5% YoY to JPY1.3bn.
• Cognavi Staffing saw a 5.2% YoY increase in utilized engineers; hourly staffing rate rose 4.6% YoY.
• Cognavi India recorded JPY9mn revenue; operating loss was JPY81mn due to upfront investment.

• There are 3 potential changes for the HSIII Index in September. There are couple of names that are close to the inclusion/ deletion thresholds.
• The largest inflows will go to Horizon Robotics (9660 HK) following lock-up expiry that increases the Free-Float Adjusted Factor (FAF) by a factor of 7-8x.
• There are large capping changes too and the estimated one-way turnover is 9.8% resulting in a round-trip trade of HK$5.65bn (US$720m).

• TSMC: +22.8% Premium; ADR Spread Remains at Historically Extreme Levels
• UMC: -0.8% Discount; Wait for More Extreme Levels; Short Interest in ADRs Falling
• ASE: -0.1% Discount; Continued Opportunity to Go Long the ADR Spread

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: I have not covered anything notable this week.  
• Event-Driven developments:Shibaura Electronics (6957 JP), Toyo Construction (1890 JP), Technopro Holdings (6028 JP), Ashimori Industry (3526 JP), HKBN Ltd (1310 HK), Iress Ltd (IRE AU), Infomedia Ltd (IFM AU).

• Apple CEO Tim Cook visited the White House announcing an additional $100 billion investment in the US over the next four years, on top of the $500 billion already committed.
• He launched the American Manufacturing Program with nine initial members seven of which are already long terms partners and two of which have no direct relationship with Apple at all
• Samsung with its image sensor deal (presumably) and MP Materials with its rare earth magnets deal are two clear winners from the Apple announcement. Overall, successful mission by Mr. Cook.

• 2Q25 beat on margins, in-line on profit; automotive and non-driver ICs resilient despite macro headwinds; guidance points to weaker 3Q25 from seasonal bonus costs and softer demand.
• Automotive, OLED, WiseEye AI, and WLO/CPO remain multi-year growth drivers; CPO mass production targeted for 2026 with early-stage annualized revenue potential above US$100m.
• Shares likely fell on weak near-term outlook, but structural leadership in automotive display ICs, AI sensing, and optical technologies underpins long-term growth runway through 2028.

• Digital Growth & Guidance Up: 2Q25 revenue +11.2% YoY (LCY), EBITDA margin 47.8%; digital revenue share hits 16.5%; Group FY25 guidance raised to +13–15% revenue, 14–16% EBITDA growth (LCY).
• Uklon Boost: First consolidation of Uklon ridesharing acquisition added US$21.7m revenue, US$9.3m EBITDA to the quarter; expansion in Uzbekistan underway, Kazakhstan a likely future market.
• Fintech Momentum: JazzCash +47% revenue; Banglalink digital bank license pending; Ukraine fintech optionality via Kyivstar, Helsi, and Uklon integration. We maintain our Structural Long rating for the shares.

• After a protracted period towards securing the necessary regulatory approvals, this transaction has since accelerated.
• Just two days after the Offer Doc was issued, the Response Doc has now been dispatched.
• The IFA (Somerley) says China Mobile (941 HK)‘s terms are fair & reasonable. The First Close is the 3rd September. Expect the Offer to turn unconditional before that date. 

• President Trump wants Intel CEO Lip Bu Tan to resign immediately because he claims that he is “highly CONFLICTED”
• The President’s concerns likely relate to a recent DoJ case against Cadence as well an investigation by the Select Committee on the CCP into Walden International’s Chinese investments
• That both these topics weren’t comprehensively addressed and mitigated prior to Mr. Tan’s appointment beggars belief. Where was the due diligence Mr. Yeary?

• Q2 Holdings reported its financial results for the second quarter of 2025, demonstrating strong performance in several key areas.
• The company achieved revenue of $195 million, representing a 13% increase compared to the previous year.
• This growth was largely driven by subscription-based revenues, which saw a 16% year-overyear increase, contributing to 81% of the total revenue mix.

• Confluent’s second-quarter results for 2025 reveal a mix of growth opportunities and challenges, reflecting the dynamic nature of the data streaming market.
• The company reported a 21% increase in subscription revenue, driven by a 28% growth in Confluent Cloud revenue and a 12% rise in Confluent Platform revenue.
• The nonGAAP operating margin improved by 6 percentage points, reaching 6.3%.

• KLA Corporation reported strong results for the June 2025 quarter, performing at or above the high end of their guidance ranges.
• Revenue was reported at $3.175 billion, with non-GAAP diluted EPS at $9.38 and GAAP diluted EPS at $9.06.
• The company also achieved a record free cash flow of over $1 billion for the quarter.

• Littelfuse, Inc. delivered a robust performance in the second quarter of 2025, reporting a 10% revenue increase compared to the previous year.
• The results highlight strong execution in its growth strategies, with improved demand across its segments.
• The Electronics segment benefitted particularly from heightened demand for passive electronics and protection products.

• Mastercard Inc. delivered strong financial results for the second quarter of 2025, with net revenues increasing 16% and adjusted net income up 12% from the previous year on a non-GAAP currency-neutral basis.
• This growth underscores the effectiveness of Mastercard’s diversified business model and execution against strategic priorities.
• The company experienced continued growth in both its payment network and value-added services and solutions, with acquisitions contributing 1 percentage point to revenue growth.

• MicroStrategy’s Q2 2025 earnings report and the prevailing strategic focus provide a comprehensive picture of the company’s operations, financial outcomes, and the inherent risks and opportunities.
• MicroStrategy’s commitment to Bitcoin as a foundational component of its strategy is evident.
• By Q2 2025, the company held 628,791 Bitcoins, comprising about 3% of the world’s Bitcoin supply, which underscores its dominant position in the Bitcoin Treasury space.

• Monolithic Power Systems (MPS) reported solid financial performance for the second quarter of 2025, achieving record quarterly revenues of $664.6 million.
• This represents a 4.2% increase over the first quarter of 2025 and a robust 31.0% year-over-year growth from Q2 2024.
• The driving forces behind this performance include MPS’s diverse market strategy, sustained innovation, and enhanced execution focused on solving complex customer issues.

• Palantir Technologies has transformed from a scrappy Silicon Valley startup into a national-security powerhouse with remarkable speed.
• In Q2 2025, the company reported over $1 billion in revenue—its first billion-dollar quarter—driven by 68% year-over-year growth in its U.S. business and record-high contract bookings of $2.3 billion.
• Under CEO Alex Karp’s bold leadership, Palantir has leveraged its deep Washington connections and prescient AI bets—most notably its ontologypowered AIP platform—to secure a 10-year, up to $10 billion Army enterprise agreement, multiple Defense Department delivery orders, and rapid crisis-response deployments in Ukraine, Israel, and pandemic relief.

• Back in 2021, Swedish PE outfit EQT and Iress Ltd (IRE AU) were unable to firm a transaction. This was discussed in Iress (IRE AU) Accepts EQT’s Latest Proposal. 
• EQT was granted due diligence after bumping indictive terms to $15.91/share, up from an initial pitch of A$14.80/share. Its been crickets since EQT walked. 
• Now Blackstone has approached Iress, a trading and wealth management software provider. An indicative A$10.50/share cash Offer was tabled, but since withdrawn. Negotiations with Blackstone and Thoma Bravo are ongoing.

• Micro-Mechanics (Holdings) Limited is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools and parts for process-critical applications for the semiconductor and other high technology industries.
• The group operates across two segments: Consumable Tools, which are tiny, consumable precision tools used in the assembly and testing of semiconductor chips, and Wafer Fabrication Equipment (WFE) Parts, which are precision components used in semiconductor wafer fabrication equipment.
• By serving both back-end and front-end processes, Micro-Mechanics operates in a niche and essential segment of the semiconductor supply chain.

• Street chatter says Hynix’s HBM4 hike tops ~20%, not covering costs — and Nvidia’s pushing similar cuts on its flagship 12-Hi HBM3E.
• Yeouido’s watching “Blind” posts from Samsung engineers saying 1c 12-Hi HBM4 yields look strong — fueling bets Samsung will cut prices, ramp HBM3E now, and challenge Hynix in HBM4.
• In Yeouido, the Samsung long/Hynix short theme is seen as a structural trade through 1H next year amid Hynix’s contract uncertainty and Samsung’s supply entry potential.

• The company reported significant YoY growth in sales, operating profit, recurring profit, and net income, driven by AI semiconductor demand.
• FY06/25 orders and backlog decreased sharply YoY, with the company ceasing quarterly order disclosures and forecasting weaker future orders.
• The company plans increased R&D spending, reduced capital expenditures, and stable dividends, with a share repurchase program announced.

• US President Trump urged Intel Corp (INTC US) yesterday to replace its current CEO, Mr. Lip-Bu Tan.
• We believe Intel Foundry Services (IFS) could be a highly challenging — or even misguided — strategy
• Intel Corp’s share price has declined about 23% since Mr. Lip-Pu Tan took office.

• IAC reported its second-quarter results recently and sold off sharply. In my view, the market reaction was overly punitive. While results came in slightly below expectations, they were far from disastrous.
• The stock now looks exceptionally cheap, trading at just 3.4x EBITDA, and I see 43% to 78% upside.
• Over time, I’m confident that management will unlock value—most likely through strategic asset spin-offs.

• An innovative technology Company with three divisions and large market opportunities in Passive Fire Protection, Controlled Environment Agriculture, and Contract Electronics Manufacturing.
• Interims to May 2025 are due to be reported by the end of August.
• The Finals for the YE November 2024 reported record revenue with a 29.5% increase to £12.04m and improving gross profit margin to 30.3% from 23.4%. 

• Soliton reported 1H FY12/25 revenue of JPY8.7bn (+2.0% YoY), with operating profit up 22.6% YoY to JPY793mn.
• Revenue from cloud services rose 16.2% YoY to JPY1.3bn, while product sales declined 3.5% YoY to JPY3.0bn.
• Recurring profit declined 6.2% YoY to JPY781mn, affected by a JPY36mn foreign exchange loss due to yen appreciation.

• Q1 FY03/26 saw record-high orders and revenue, driven by increased IT investment and Solutions business growth.
• Operating profit rose 48.0% YoY, with improved project profitability and extraordinary income from investment securities sale.
• August 2025 revision forecasts 1H FY03/26 revenue at JPY11.8bn, operating profit at JPY3.0bn, reflecting strong Q1 performance.

• Revenue increased 4.6% YoY to JPY12.6bn, driven by strong demand in the Electronic Materials business.
• Operating profit declined 15.6% YoY to JPY903mn, impacted by inventory adjustments and product mix changes in Display Materials.
• Electronic Materials revenue rose 16.7% YoY, with operating profit surging 72.5% YoY due to smartphone and semiconductor demand.

• Quiddity’s “Who is Ready” series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
• GMO Financial Gate (4051 JP), Azoom (3496 JP) and Kitazato (368A JP) (recent IPO) were included in the TOPIX index at the end of July 2025.
• Our long-term pre-event candidate Core Concept Technologies Inc (4371 JP) is getting close to meeting the key Section Transfer requirements.

• There are 39 adds/34 deletes for the JPX Nikkei 400 Index to bring the number of index constituents back to 400. There are stocks with multiple days ADV to trade.
• Based on the adds, deletes and capping changes, we estimate one way turnover of 6.7% and a round-trip trade of JPY 946bn (US$6.4bn).
• The adds have outperformed the deletes over the last year and there has been a move higher in the last few days too.

• The AFR reports that Blackstone (BX US) is considering a privatisation bid which could value Iress Ltd (IRE AU) at about A$1.9 billion (more than A$10 per share).
• Iress is no stranger to privatisation interest. In 2021, EQT (EQT SS) bid against itself thrice to offer A$15.91, before failing to table a binding proposal.   
• The shareholder structure facilitates an offer. The rumoured offer is a good starting point, but it is far from a knockout bid.

• Samsung’s 12-high HBM3E qual at NVIDIA may slip to Oct–Nov. But tariff timing uncertainty still leaves room for a near-term demand spike.
• Samsung’s 1c-based HBM4 is yielding better than expected, but it’s 30% pricier than Hynix’s. Tariff treatment of the Taylor fab could make or break its HBM4 competitiveness.
• Too early to call HBM4, but Samsung’s HBM3E pricing plus tariff uncertainty could spark urgent NVIDIA buying — triggering a near-term volume spike before next-gen ramps.

• Despite the recent pullback, PCCW Ltd (8 HK) continues to trade at an unjustifiable premium to NAV.
• Preceding my comments on PCCW/ HKT Ltd (6823 HK) are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• Tencent approaches earnings with low volatility and steady outperformance versus HSI.
• Volatilities are historically low with an earnings release on tap.  
• Options market expects a modest move despite recent Tencent momentum.

• Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
• ICI had earlier sold around US$1bn in Feb 2025 while Singtel had sold around US$1bn via a 0.8% stake sale in Airtel in May 2025 as well.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Amagi Media Labs (1232899D IN)  is looking to raise US$400mn in its upcoming India IPO. The deal will be run by Citigroup, Goldman Sachs, Kotak Mahindra Capital and IIFL Capital.
• Amagi Media Labs is a global media technology company that provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.
• Its revenue is mostly driven by its Streaming Unification solutions, which have consistently been the largest contributor. In terms of geographical segmentation, the Americas have historically led AML’s revenue contribution.

• Check Point Software Technologies recently reported a solid quarter, with revenue and earnings per share (EPS) in line with expectations.
• The company’s revenues exceeded projections slightly, reaching $665 million, with a non-GAAP EPS of $2.37, representing a 9% growth year-over-year.
• This growth was driven primarily by strong customer demand for new appliances and a higher volume of product refreshes, particularly the Quantum Force AI-powered firewalls which posted a robust year-over-year growth of 12%.

• Capgemini has presented a mixed set of results for the first half of 2025.
• The company has demonstrated resilience in a volatile economic environment, reporting revenue growth slightly above expectations, with H1 revenue reaching EUR 1.107 billion, a 0.2% increase year-on-year.
• Bookings amounted to EUR 11.993 billion, representing a 2.1% year-on-year growth.

• There are 3 stocks in Korea that could be deleted from a global index in August and that will result in large selling from passive trackers.
• Short interest has increased in all 3 stocks since the resumption of short selling. Cumulative excess volume is higher in all stocks over the last couple of months.
• Given the increase in shorts and positioning, there could be short covering in two of the three stocks. The third could still drop over the next couple of weeks.

• Infomedia Ltd (IFM AU), a automotive software firm, has entered into a Scheme Implementation Deed with PE-outfit TPG.
• TPG is offering A$1.72/share, a 30% premium to last close. The transaction requires FIRB signing off. The Offer has the unanimous backing of Infomedia’s boards.
• As discussed in Infomedia (IFM AU): Now A Three-Way Hunt, Infomedia fielded various indicative Offers (including TA Associates/Viburnum, Battery Ventures, and Solera) in 2022, none of which went the distance.

• We believe game revenue will continue to recover in 2Q25, riding on the policy easing.
• We also believe the operating margin will improve slightly due to the usage of AI.
• We expect the stock has an upside of 23% for year end 2025.

• Infomedia Ltd (IFM AU) entered a scheme implementation deed with TPG Inc (TPG US) at A$1.72, a 30.3% premium to the undisturbed price of A$1.32 (5 August).
• The scheme is conditional on FIRB and shareholder approval. Shareholders should be supportive, given a reasonable offer and Infomedia’s history of non-binding bids. 
• At the last close and for an end-of-November payment, the gross/annualised spread is 2.4%/7.5%.

• Context: Tencent (700 HK) is set to release Q2 earnings on 13 April 2025. In the lead-up, options strategies on the Hong Kong Exchange showcase a variety of approaches.
• Highlights: Recent option trades show a mix of bullish and bearish sentiment. Calendar Spreads, Strangles, and Spreads using weekly options are explored.
• Why Read: This review offers real-market insight into how sophisticated participants are positioning around Tencent’s earnings — providing actionable reference points for structuring trades or assessing market expectations.

• Context: Tencent (700 HK)is set to release Q2 earnings on 13 August 2025, 8:00pm HK time. The stock is in a low-volatility phase, but options traders are watching closely.
• Highlight: Option prices imply a post-earnings move near the top of Tencent’s historical range.
• Why Read: Gain insight into how historic patterns and option pricing shape risk and opportunity ahead of Tencent’s earnings release.

• Expansion of Microsoft Research to Singapore as a regional research and development frontier
• Focus on AI research in Singapore, including foundational AI, embodied AI, and AI in health
• Importance of tapping into local talent and culture for AI development

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Microsoft reported a strong finish to fiscal year 2025, delivering financial results that surpassed Wall Street’s expectations and underscored its continued momentum in cloud and AI-driven services.
• For the fiscal fourth quarter, Microsoft posted adjusted earnings of $3.65 per share on revenue of $76.4 billion, handily beating the consensus estimates of $3.37 per share on $73.9 billion in revenue.
• This marked a notable improvement over the prior year’s fourth-quarter figures of $2.95 per share on $64.7 billion in revenue.

• Meta Platforms delivered a standout performance in the second quarter of 2025, with shares surging 12% to $779.70, just shy of its all-time high.
• The company significantly exceeded Wall Street expectations, reporting earnings per share of $7.14 versus the expected $5.88 and revenue of $47.5 billion, up 22% year-over-year.
• This strong financial showing was driven by growth in daily users, ad impressions, and price-per-ad across Meta’s platforms.

• An executive at Kuaishou Technology has identified Google as the No. 1 rival to its artificial intelligence (AI) video generator Kling AI, as the short-video specialist tries to capitalize on growing public interest in the tools.
• “Google is a very strong competitor to Kling AI in areas ranging from technology to AI infrastructure and talent, with co-founder Sergey Brin personally overseeing the research and development of its video generation models,” Wan Pengfei, head of Kuaishou’s visual generation and interaction center, said in an interview with Caixin on the sidelines of the World Artificial Intelligence Conference held in Shanghai from Saturday to Monday.
• Riding the AI video wave sparked by OpenAI’s text-to-video model Sora in early 2024, Kuaishou in June that year launched Kling AI, which can create short videos from written prompts and images.

• There should be big passive inflows to Horizon Robotics (9660 HK) over the next 6 weeks and that could take the stock higher in the short term.
• Southbound Stock Connect investors have bought more than 10% of the Class B shares outstanding since the stock was added to the link a couple of months ago.
• Short interest jumped following the Stock Connect inclusion but there has been covering over the last few weeks. Short-term direction for the stock price looks to be higher.

• From a trading view, no confirmed new ETFs under the National Growth Fund yet; market expects existing ETFs to be the main liquidity and sector play tools instead.
• Out of the KRW 150tn, ETF flows likely come from the 100tn private pool—conservative case: ~3% (KRW 4.5tn), base case: 5–7%, aggressive: up to 10% (KRW 15tn).
• Even conservatively, about KRW 3 trillion could flow into sector ETFs, a signficant AUM boost, mainly concentrated in AI, defense, aerospace, and biotech—driving notable inflow impact.

• Reuters reports that the Ministry of Finance of Japan reclassified Shibaura Electronics (6957 JP) from a Type 1 (non-designated business sector) to Type 3 (core designated company).
• Reportedly, Yageo’s application was made with a view to Shibaura’s businesses falling under the core category. A blocked deal would set back Prime Minister Ishiba’s goal to improve China relations. 
• The change to Shibaura’s designation to core helps explain the elongated approval process, as the Ministry of Finance and Yageo need time to agree on acceptable undertakings. 

• AEM (AEM SP) announced a new CEO, Samer Kabbani, would take over with immediate effect.
• The previous CEO, Amy Leong, had only been in the job for about a year. The rapid change of CEO does not instill confidence going into 2Q25 results next week.
• New CEO’s frequently kitchen sink upon their appointment, will Samer continue this trend?

• Microstrategy Inc Cl A (MSTR US) became eligible for inclusion in S&P500 following its quarterly earnings of $10bn on 31 July.
• Robinhood Markets (HOOD US), Microstrategy Inc Cl A (MSTR US), and AppLovin (APP US) are the main candidates for addition from TMI at the September 2025 review.
• Interactive Brokers Group, Inc (IBKR US) and Emcor Group Inc (EME US) are the main candidates for addition from MidCap at the September 2025 review.

• On the 1st August, HKBN Ltd (1310 HK) announced China Mobile (941 HK) had satisfied all pre-cons. The Offer Doc is now out.
• The First Close is the 3rd September with payment potentially on or around the 12th September – if the Offer turns unconditional on the First Close.
• There is no IFA opinion in this Doc. That will be present in the Response Doc, which is expected to be dispatched on or before the 20th August. 

• Softbank Group (9984 JP) is about to release its earnings on August 7th. 
• The stock pulled back last week but this week is rallying. The rally can easily reach Q2 (12416) and Q3 (13003) resistance zones, if the earnings are good.
• If the earnings are disappointing, look for initial support at 11145 (Q3).  If earnings are really disappointing, look at 10086 (outliers zone).

• Tesla & Samsung just inked an eight year, $16.5 billion foundry deal set to run from July 24, 2025 through December 31, 2033.
• Had Intel snagged this deal, it would have been a lifesaver for the company. Not getting it likely triggered the updated “Risk Factors” section in their latest 10K.
• This isn’t Intel playing politics, there’s no point. It’s LBT laying it on the line for investors. Continued investment in 14A is no longer a given. It’s that simple…

• KPIT reported a decent Q1FY26 considering the tough macro environment faced by its global auto OEM clients, who are struggling due to tariff uncertainty and intense competition from China OEMs.
• KPIT announced new deal wins worth $241mm vs typical run-rate of $170mm. Q1FY26 revenue grew 4.9% YoY and -3.2% QoQ in constant currency terms, led by Powertrain and Connected domains.
• A key highlight of Q1FY26 was KPIT announcing partnership with JSW for its new EV vehicle program. EBITDA margin stayed steady at 21% led by operational efficiency and currency gains.

• Q1 consolidated revenue reached JPY22.4bn, a 7.1% YoY increase, marking the 13th consecutive quarter of growth.
• Operating profit surged approximately 2.2x YoY to JPY1.1bn, with an OPM increase of 2.4pp to 4.8%.
• Orders increased by 8.9% YoY to JPY34.5bn, while the order backlog decreased by 3.0% YoY to JPY39.5bn.

• SoftBank Group (9984 JP) reports Q1 FY2025 earnings on 7 August at 15:30 JST, with a conference call at 16:30 JST.
• Highlights: SoftBank’s post-earnings moves are often sharp and unpredictable — with outliers above ±12%. Options markets flag the results day as a high-volatility event to watch.
• Why Read: Essential for investors or options traders focused on Japan: Understand how timing, historic patterns and current volatility pricing shape both opportunity and risk around SoftBank earnings.

• 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 have presented our final predictions for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.

• Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in Paytm (PAYTM IN).
• Antfin has been selling off its stake in PayTM since it pared around 12% in Nov 2021 IPO. It last sold a 4% stake to raise upto US$242m in May2025.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Taiyo Yuden underperformed its peers in electronic components by 29% over the past year, but its change in operating profit margin should outperform peers by 68% in the current year.
• Exposure to the U.S. is less than 7% of direct sales, but probably 25% including indirect exposure. Still, based on supply/demand analysis, we think Yuden is probably tariff proof.  
• While rivals have prioritized high-margin device modules to offset component sales declines, Yuden doubled down on its core capacitor and inductor strengths and appears to be coming out ahead.

• China Mobile (941 HK) / China Mobile (600941 CH) will release 2024 interim results on Thursday, 7 August 2025. The stock is a key constituent of the HSI and HSCEI.
• Highlights: Past earnings moves have been modest, but the options skew hints at potential for surprises. Dividend decision also due.
• Why Read: Helps time exposure and evaluate short-term risks ahead of results and dividend announcement for cash investors and option traders.

• U.S. 2nm Production May Begin Sooner Than Expected — Is TSMC Responding to Unprecedented N2 Demand?
• Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher 
• TechChain Insights: Taiwan’s Battery Cell Moment? USA & EU Supply Chain Under Strategic Pressure 

• ASE Technology Holding Co., Ltd. delivered a robust performance in the second quarter of 2025, with advancements in several key business segments contributing to the company’s overall growth.
• The company reported an unconsolidated revenue increase of 9% year-over-year and 2% on a sequential basis, expressed in new Taiwan dollars.
• On a U.S. dollar basis, revenues grew by 7% sequentially and 11% annually.

• WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
• Insiders are buying in this offering which adds to the bullish thesis.
• They expect revenue to come between $17.7m-$19.6m for Q2 2025 after posting revenue of $16.8m in Q1 2025. 

• Revenue reached JPY8.0bn (+32.3% YoY), with HENNGE One contributing JPY7.5bn (+34.3% YoY) and Professional Service JPY506mn (+8.1% YoY).
• Operating profit was JPY1.6bn (+72.3% YoY), with a margin of 19.7% (+4.6pp YoY); gross profit was JPY6.9bn (+35.7% YoY).
• SG&A expenses rose to JPY5.3bn (+27.6% YoY), including JPY618mn in advertising (+34.1% YoY) and JPY2.0bn in personnel (+21.9% YoY).

• Cellebrite is a quality business in digital forensics, a market leader in the industry
• Cellebrite has strong financials, including high margins, free cash flow conversion, and a bootstrap structure

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• TSMC: +23.9% Premium; Continued Opportunity to Short the ADR Premium
• UMC: -0.4% Discount; Wait for More Extreme Levels Before Going Long or Short
• ASE: -1.5% Discount; Historically Rare Discount Presents Opportunity to Long the ADR Spread

• Battery cells are the new chokepoint in the global clean energy supply chain, with China still controlling 75%+ of global capacity and exporting under increasingly restrictive terms.
• Taiwan is emerging as a high-trust, high-precision hub for advanced cell manufacturing, applying its semiconductor model to batteries.
• With pouch cells gaining traction across drones, robotics, and compact mobility, Taiwan’s lab-to-fab advantage positions it as a future anchor of the U.S. and European energy ecosystems.

• Teradyne, Inc. reported second-quarter results that showed a sequential and year-over-year improvement in its core business areas, led by strong demand in AI compute-related segments.
• The company posted secondquarter revenue of $652 million and non-GAAP EPS of $0.57, both above the midpoint of guidance.
• Semi Test revenue was $492 million, including $397 million from System-on-Chip (SOC) testing and $61 million from Memory.

• PayPal Holdings, Inc. delivered mixed results for the second quarter of 2025, displaying both strong growth in certain key segments as well as some challenges.
• The positive highlights from their results include continued profitability and expanding transaction volumes, driven by strategic initiatives across their platforms.
• PayPal’s transaction margin dollars increased by 8% excluding interest on customer balances, marking their sixth consecutive quarter of profitable growth, and non-GAAP earnings per share surged by 18% year-over-year.

• Seagate Technology reported a strong performance for the fiscal fourth quarter and the entire fiscal year 2025, characterized by significant year-over-year growth in key financial metrics.
• The company’s results highlighted a 30% year-over-year increase in quarterly revenue and record gross margins, marking the ninth consecutive quarter of gross margin improvement.
• This performance was attributed to increased adoption of Seagate’s heatassisted magnetic recording (HAMR) technology and a robust demand for nearline products in global cloud markets.

• LRCX reported FY 25Q4 revenues of $5.17 billion, + 10% QoQ, + 33% YoY and up $170 million from the guided midpoint.  
• For FY 2025 as a whole, revenue amounted to $18.44 billion, up 23% YoY and their highest ever annual revenue, exceeding the previous record by roughly $1 billion.
• China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That’s a concern..

• Figma Inc. has successfully completed its US IPO in July and sold ~36.9M Class A shares at $33.00 per share, above the marketed price range.
• The company’s partial early lock-up release to occur on the second trading day immediately following public release of earnings for the second quarter of FY25.
• I expect certain share price and other conditions will be satisfied for a lock-up release of some ~11.4M Class A shares held by Figma’s current employees and other service providers.  

• Corning Incorporated delivered solid results for the second quarter of 2025, showcasing both challenges and opportunities that suggest a nuanced outlook for investors.
• The company achieved record sales of $4 billion, representing a 12% growth year-over-year, and an earnings per share (EPS) increase of 28% to $0.60.
• The operating margin expanded by 160 basis points to 19%, contributing to a return on invested capital of 13.1%.

• Spotify’s recent performance demonstrated both progress and challenges, outlining a mixed yet strategic path forward.
• The company’s impressive growth metrics in user engagement and subscription numbers stood out, particularly in Europe, where Spotify surpassed 100 million subscribers.
• The total Monthly Active Users (MAUs) reached nearly 700 million, with the subscribers exceeding expectations by 3 million.

• GBL’s discount to NAV is compressing but remains wide versus peers — buybacks, portfolio moves, and dividends hint at a valuation shift.
• Rio Tinto’s Australia-UK dual listing still trades at a premium — mean reversion potential remains as unification chatter simmers beneath the surface.
• Vivendi’s looming mandatory offer from Bolloré reshapes stub trade dynamics — a narrowing discount points to accelerating corporate resolution.