TMT/Internet

• The September 2025 index review results for F100 and F250 indices were announced yesterday after LSE market close.
• There will be two ADDs and two DELS for the F100 index. Separately, there will be five ADDs and six DELs for the F250 index.
• As a consequence of new transfers and the relaxation of trading currency requirements, some F100 and F250 ADDs will also be added to the F-All Share index simultaneously.

• Advantest (6857 JP) enjoys a near-monopoly in advanced SoC and memory testing, entrenched at TSMC, Samsung, and SK Hynix, making it the structural gatekeeper of the AI supply chain.
• The company is scaling capacity by 70% in FY25 and investing in next-gen chiplet and system-level test platforms to capture future AI/HBM growth.
• At ~35× P/E and ~23× EV/EBITDA, the stock trades at a premium that reflects record margins and 25%+ CAGR, risks include AI capex cyclicality, Taiwan/Korea dependence, China restrictions, and FX.

• Tencent Holdings Limited delivered a robust financial performance for the second quarter of 2025, driven by significant growth across its business segments.
• The company reported a 15% year-on-year increase in total revenue, reaching RMB 185 billion.
• This growth was supported by a 22% surge in gross profit to RMB 105 billion and an 18% increase in non-IFRS operating profit to RMB 69 billion.

• Keysight Technologies reported its fiscal third-quarter results for 2025, demonstrating strong execution and resilience in its operations.
• The company achieved a robust 11% year-over-year revenue increase, reaching $1.4 billion, with earnings per share at $1.72, surpassing previous guidance.
• Order growth was also positive, with a 7% increase, supported by growth across both the Communications Solutions Group (CSG) and Electronic Industrial Solutions Group (EISG).

• NCino’s latest financial results for the second quarter of fiscal year 2026 present a nuanced picture of the company’s performance and strategic direction.
• The company, which offers cloud-based solutions for financial institutions, reported total revenues of $148.8 million, representing a 12% increase year-over-year.
• Subscription revenues showed a notable 15% rise, reaching $130.8 million.

• Zoom Video Communications Inc. reported its second quarter fiscal year 2026 earnings, demonstrating a blend of strengths and areas of caution for investors.
• The company achieved a relatively robust revenue growth of 4.7% year-over-year, totaling $1.217 billion, exceeding the upper range of their projections by $17 million.
• A significant contributor to this performance was the 7% growth in the enterprise segment, which now comprises 60% of total revenue.

• Analog Devices, Inc. (ADI) recently reported a strong third quarter for fiscal year 2025, exceeding its revenue and earnings expectations and reflecting double-digit growth across all major end markets.
• The company’s performance illustrates the resilience and diversity of its business model amid ongoing geopolitical and macroeconomic uncertainties.
• A notable highlight is the accelerated recovery in ADI’s industrial sector, which saw robust performance.

• Box, Inc.’s latest earnings for Q2 FY 2026 highlight a blend of growth and strategic transformation through AIdriven offerings.
• The company reported revenue of $294 million, which reflects a year-over-year growth of 9%, or 7% in constant currency, surpassing their guidance.
• This growth is attributed to an uptick in customer adoption of Box’s AI and advanced workflow solutions.

• MongoDB’s recent financial performance in the second quarter of fiscal year 2026 illustrates a robust growth trajectory balanced by strategic challenges and opportunities.
• The company reported total revenue of $591 million, up 24% year-over-year, surpassing guidance expectations.
• The growth is majorly driven by Atlas, MongoDB’s cloud database service, which saw a 29% increase in revenue year-over-year, comprising 74% of total revenues.

• Macro assets reveal shifting volatility landscapes, with inexpensive implied vols, seasonal headwinds, and notable divergences across key markets.
• Seasonal pressures are turning negative, with September historically weaker, while risk-reward spreads highlight CSI300 strength and SPASX200 vulnerability.
• Implied vols remain inexpensive across most assets, with NKY, Nifty, and SPASX200 near historic lows despite shifting market dynamics.

• On the 15th November 2024, personal computer parts and accessories play PC Partner (1263 HK)‘s secondary listing, by way of introduction, was effected.
• The SGX also granted in-principle approval for the conversion of its secondary listing status to a primary listing. This dual-listing status (SGX + HKEx) took effect on the 20th August.  
• In tandem with a SGX free float waiver, PCP will now seek a HKEx delisting. This listing/delisting construct is to ensure the uninterrupted supply of NVIDIAs GPUs.

• Nvidia’s performance in the industry show was okay, with the stock being slightly off and mixed reactions from analysts.
• The company is continuing to grow at a significant rate, but there are concerns about AI market trends and China relations.
• Questions surround Nvidia’s potential deal with China, with uncertainties about revenue sharing and government involvement.

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• Nvidia’s operating cash fell to $15.4B from $27.4B last quarter, even as net income climbed to $26.4B.
• Receivables jumped to $5.7B with Days Sales Outstanding at 54 days, while accrued liabilities flipped to a $4B drag.
• The balance sheet shows a company pushing more product out than cash is coming in; the predicament arising from Nvidia’s revenue booking model.

Key points (machine generated)

• Dell’s ISG recorded $38.4 billion in FY2023 but faced a 12% revenue decline to $33.9 billion in FY2024 due to macroeconomic challenges.
• In FY2025, ISG rebounded with a 29% revenue increase to $43.6 billion, fueled by demand for AI-optimized servers and storage solutions.
• ISG is integral to Dell’s AI infrastructure strategy, collaborating with partners like NVIDIA and Nokia to enhance AI offerings and maintain low-teens operating margins.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Ligent Technologies (LGT HK) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citibank and CITIC Securities
• Ligent Technologies is a global provider of optical communication and connectivity products that support the high-speed data needs of AI computing networks, cloud services, and telecom infrastructure. 
• Its main offerings include optical transceivers (including datacom and telecom solutions), optical chips, and optical network terminals. These solutions power applications for data centers, telecom operators and computing systems.

• Via Transportation will offer 10.7 million shares at $40-$44 and is scheduled to debut on Friday, September 12th.
• Wellington Management has indicated an interest in purchasing up to $100 million in shares of Class A common stock in this offering.
• With a large addressable market and solid revenue numbers, the company is positioned nicely for growth in the future. 

• Japan System Techniques (hereafter, the Company) announced its Q1 FY2026/3 results: Key consolidated figures included net sales of JPY 7,039 mn (+11.8% YoY), operating profit of JPY 493 mn (+73.8% YoY), ordinary profit of JPY 509 mn (+59.9% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 321 mn (+77.8% YoY).
• The DX & SI business, the package business, and the medical big data business all achieved double-digit increases in both net sales and profit YoY.
• A record high is expected to continue, with net sales forecast at JPY 32,000 mn (+9.1% YoY), operating profit at JPY 3,590 mn (+12.6% YoY), ordinary profit at JPY 3,660 mn (+12.1% YoY), and net profit for the year at JPY 2,770 mn (+13.4% YoY).

• We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&P 500 (SPX) is above 6028-6059.
• Shorter-Term, the SPX violated its 3.5-month uptrend yesterday, but managed to rally back to the breakdown level by yesterday’s close. 
• We would not yet call this a decisive breakdown, and we are on the lookout for a potential reclaim back above this uptrend at the 6425-3430 level. Or consolidation?

• Full transcript of post results interview with Pureprofile’s CEO Martin Filz and COO/CFO Melinda Sheppard.

DUG Technology has been awarded a significant contract with Petronas to provide software and HPCaaS services for a minimum three-year term. After paying a managed services partner to undertake part of the contract, the net minimum contract value of $18.2m is equivalent to c $6m revenue per annum. We have upgraded our forecasts factoring in a small contribution in FY26 before run-rate revenue is reached in FY27.

• In December 2021, Koei Tecmo Holdings (3635 JP) announced a complex but lower-impact move to increase float share count in order to stay listed on TSE Prime.
• Scheme: buyback from two holders plus CB issuance. Unfortunately, shares did not rise enough to convert the CBs so as of March 2025, the tradable share criteria was not met.
• So now the two main holders are selling more shares and the company is diluting holders with new issuance to get float/tradable shares up with a US$280mm offering.

• Koei Tecmo Holdings (3635 JP) is looking to raise around US$270m from a primary and secondary placement.
• The deal is a large one to digest, representing 37.6 days of the stock’s three month ADV and 6.1% of the shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Yageo Corporation (2327 TT) has finally secured FEFTA approval for its JPY7,130 offer for Shibaura Electronics (6957 JP). The close of the tender offer has been extended to 18 September.
• The Board has opposed the Yageo offer due to synergies, dis-synergies and cultural differences. However, on 29 August, the Board’s update suggested a possible pathway to recommend Yageo’s offer.
• Despite Minebea Mitsumi (6479 JP)’s tendency to go against its declarations and increase its offer on several occasions, this time it is different. Minebea is likely to exit.

• In 2Q25, total revenue grew strongly by 30% YoY and the operating margin continued to improve.
• The market focuses on car deliveries, but IoT is the largest contributor to gross profits.
• We believe the stock has an upside of 45% for the year end 2026. Buy.

• In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in July and August 2025.
• We provide a list of 29 companies in the Korean stock market that have announced share buyback programs in July and August 2025.
• There were three companies with more than 1 trillion won in market cap that announced share buybacks in the past two months with at least 1% of outstanding shares.

Key points (machine generated)

• SmartRent, Inc. specializes in smart home automation for the rental housing industry and went public in August 2021 through a $2.2 billion merger.
• The company has expanded its product offerings and serves 15 of the top 20 multifamily property owners in the U.S.
• Despite growth, SmartRent’s stock has declined approximately 75% since a critical analysis published on January 30, 2024.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Raising guidance (however modest the amount) during a CEO interregnum is not a common occurrence. It is testament not only to the strength of everplay group’s current management team, but also to the resilience of its strategy in what is still a challenging games market. The spread of risk across the title portfolio and across the group’s three distinct divisions should be of interest to investors looking to take advantage of the continued recovery in the games market.

Team Internet’s H1 results reflect transitions in all three of its divisions, which should start to come through in an improved mix and margins from H2. Strong customer wins in DIS, international expansion in Comparison and cost reductions should drive growth and further margin improvements from H2, strengthening into FY26. Our gross profit, EBITDA and EPS estimates are essentially unchanged, despite bringing back FY25 gross revenues by 26%. Our SOTP indicates a fair value of around 110p.

• HKBN Ltd (1310 HK)’s offer from China Mobile (941 HK) is HK$5.075 with a 50% minimum acceptance condition. The first closing date is September 3.
• Based on CCASS data, including acceptances, China Mobile’s shareholding was 48.93% of outstanding shares as of September 1.
• Therefore, the offer should be declared unconditional by the first closing date. At the last close and for a September 12 payment, the gross/annualised spread is 0.5%/15.7%.

• The September 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 29th August 2025.
• There will be one change for the STAR 50 index and five changes for the STAR 100 index.
• We expect one-way flows of approximately US$2.1bn and US$239mn for the STAR 50 and STAR 100 index rebal events respectively.

• AppFolio offers software for real estate managers to help run their businesses, including leasing, rent collection, accounting, and maintenance requests
• The company reported a 19% growth in both core services and value-added services, with 8.9 million units under management
• AppFolio’s pricing model charges based on a unit basis, incentivizing all members of an organization to use the software and increasing customer retention. Total customers increased by 6% to 21,400.

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

• China Mobile (941 HK)‘s Offer for HKBN Ltd (1310 HK) will be declared unconditional tomorrow (3rd September), the first closing date. 
• As I type, 19.03% of shares out have tendered, lifting Mobile’s stake to 48.9%. Additional shares will tip in today and tomorrow, as per your typical last minute flurry. 
• It is not Mobile’s intention to delist HKBN. There will be investors playing the backend on the expectation of a higher Offer down the track.

• Kinatico Ltd (ASX:KYP) is a ‘Know Your People’ regtech company providing workforce compliance monitoring and management technology and services.
• The company has reported a 50% increase in FY25 adjusted NPAT to $1.5m, almost 30% ahead of our forecast for the year.
• Adjusted EBITDA for the year was $4.7m, up 21% on the previous corresponding period (pcp) on the previously reported 12% increase in revenue to $32.1m.

• Quest Holdings S.A. along with its subsidiaries engages in the distribution of information technology and telecommunications products mainly in Greece but also on an international level especially in Europe.
• It operates through four segments: (1) Commercial Activities focusing on the distribution of technological and related products, (2) IT Services that provide solutions and products in software-related projects through strategic partnerships with institutions, organizations and companies,
• (3) Courier and Postal Ser- vices whereas (4) the Group is also engaged in the Renewable Energy Sources field.

• Samsung’s potential Intel stake highlights need for packaging know-how, not customers, and provides a hedge if its 2nm yields or production slip.
• TSMC extends lead with stable N3, on-track N2, AI packaging dominance, and customer migrations, while Samsung’s foundry share declines below 8%.
• Implications: Positive for TSMC (2330 TT), negative signal for Samsung (005930 KS), validating for Intel (INTC US) though regulatory and governance constraints remain important.

• Alphabet Inc. Class A is a leading global technology conglomerate headquartered in the United States, best known as the parent company of Google.
• The company maintains a dominant international presence across key sectors such as online search, digital advertising, cloud computing, and artificial intelligence.
• The Company’s shares are listed οn the Nasdaq Composite stock market Ιndex since August 19, 2004 and are included among the companies with the higher market capitalization globally.

• Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work.
• ART has reported its FY25 result, which was largely flagged in the recent Q4 FY25 cash flow update.
• Further disclosure reveals a monetisation rate of 21.6% for FY25, up from 20% in FY24 and above our forecast.

• The transitioning and rebranded provider of advanced network infrastructure, cybersecurity, and diagnostic technologies reported interims to end June on the 18 August.
• The business is concentrating on three core businesses: BATM Networks, BATM Cyber and BATM Diagnostics.
• Substantial operational changes have been implemented, and non-core activities are being sold with three disposals made in the first half of 2025.

• JFrog reported their financial results for the second quarter of 2025, highlighting continued growth and strategic execution.
• Total revenue for the quarter was $127.2 million, marking a 23% increase year-over-year, with cloud revenue growing by 45% to $57.1 million.
• This growth highlights JFrog’s successful strategy of converting customers with usage above minimum commitments into annual contracts, reinforcing the predictability of revenue streams and strategic focus on cloud services.

• Tencent’s recent investment in Uzum marks the first investment by a Chinese tech giant in a local Central Asian startup, signaling a fundamental strategic pivot in the region.
• Central Asia now presents potential markets for Chinese tech companies, beyond just infrastructure or commodity-focused opportunities, following the execution of the earlier phases of the Belt & Road Initiative.
• Given Uzbekistan’s larger population and more diversified economy, it is generally seen as better fitted for tech companies’ growth, esp. B2C platforms, compared to Kazakhstan (a raw materials giant).

• There is 1 constituent change for the STAR50 INDEX and 5 changes for the STAR100 Index at the next rebalance that will be implemented at the close on 12 September.
• We estimate one-way turnover of 6.1% for the SSE STAR50 (STAR50 INDEX) resulting in a round-trip trade of CNY 23.8bn (US$3.3bn).
• There will be huge capping outflows for Cambricon Technologies Lt (688256 CH) following the massive rally in the stock over the last couple of months.

• Q225 saw solid growth & improving margins, driven by strength in China business
• Lawsuit settlement hit net result in Q225, but investors shrugged off the news
• We still think Didi could pursue a new listing later in 2025, probably in HK

• SoundHound exhibited a noteworthy performance in the second quarter of 2025, recording its strongest ever quarterly revenue of $42.7 million, a significant surge of 217% compared to the previous year.
• This growth was primarily driven by substantial advancements in their diverse business verticals: automotive, AI customer service for enterprises, and AI solutions for the restaurant industry.
• The company highlighted its strategic acquisition initiatives, which have effectively enhanced growth trajectories and solidified its position as a key player in the conversational AI sector.

• TSMC: +21.8% Premium; Wait for Higher Premium Before Fresh Short of the Spread
• UMC: -0.6% Discount; Wait for More Extreme ADR Spread Level
• ASE: +0.4% Premium; Good Level to Go Long the ADR Spread

• Ondas Holdings, Inc. reported significant revenue growth in the second quarter of 2025, demonstrating both progress and operational success across its business segments.
• The company recorded a 500% increase in quarterly revenue, reaching $6.3 million, driven largely by advancements in its Ondas Autonomous Systems (OAS) division.
• This growth was attributed to successful execution of existing programs and new customer acquisitions in global markets, particularly in defense and homeland security sectors.

• Maximus reported strong results for its fiscal year 2025 third quarter.
• The company’s performance was marked by a significant increase in adjusted diluted earnings per share, which rose 24% year-over-year to $2.16, and a 15% growth in adjusted EBITDA.
• Revenue for the quarter amounted to $1.35 billion, reflecting a 4.3% organic growth compared to the same period last year.

• Coherent Inc.’s fourth quarter and full fiscal year 2025 results reflect both strong performance and some areas of challenges.
• The company experienced a robust fiscal year with revenue hitting a record $5.81 billion, marking a 23% year-over-year increase.
• This growth was propelled significantly by the company’s data center and communications business, with data center revenue alone increasing by 61% from the previous year.

• Lumentum Holdings recently shared its fourth-quarter and full fiscal year 2025 results, showcasing both strengths and a few areas to monitor.
• The company, which operates at the forefront of the cloud and AI sector through its advanced photonics solutions, reported a strong performance driven by increased demand for optical components and cloud modules.
• Significant positives include a noteworthy revenue increase, particularly from the Cloud & Networking segment, which saw a year-over-year growth of 67%.

• KKR’s £41.75/share cash-and-dividend offer for Spectris has secured overwhelming shareholder approval, with scheme completion likely in Q1 2026 pending court sanction and regulatory clearances under the UK Takeover Code.
• The deal implies a 105% premium to the undisturbed price and 15.6x EV/EBITDA multiple, with KKR already beginning to take control of governance and management direction at Spectris.
• At 4,040p close, the spread looks attractive; outcome is binary, but timing is the critical swing factor for returns as settlement drifts between January and March 2026.

• Nvidia beat revenue expectations by 1.5% with $46.7 billion in revenue; data centre growth underwhelmed, with compute slipping sequentially.
• Blackwell is ramping at full speed, while Rubin’s six chips have already taped out at TSMC, keeping Nvidia’s annual launch cadence intact.
• Inventory jumped to $15B, and China licenses remain uncertain, leaving little margin for error.

• Brian Kim’s 15-year sentence request looks set to hit Kakao and affiliates — founder risk has always sparked volatility on Kakao, so the sharp market reaction is no surprise.
• But locals see odds of lighter or suspended time — if Kakao dumps on headline risk, it could be more entry window than pure downside.
• Event-Driven setup: short Kakao vs long Naver for relative value, but into sentencing, odds of lighter time suggest fading any overdone Kakao dump could be the cleaner trade.

• Apple Secures Over Half of TSMC’s Cutting-Edge 2nm Capacity; How TSMC Anchors Apple’s Product Leadership Strategy
• NVIDIA Results Key Take-Away: Long-Reasoning AI Models Driving Massive Compute Demand
• Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective 

• We compile our picks across Japan, China and India based on bottom-up triggers in each company.Our top picks in China Chow Tai Fook Jewellery (1929 HK) and Midea Group (300 HK)
• Post our insight Dongfeng Motor(489HK)-Abandoned Restructuring,Cash > MCap : Can It Be A Dark Horse In Coming Future? , Dongfeng Motor (489 HK) is up 150% driven by delisting offer.
• Our top picks in Japan areDenso Corp (6902 JP),ROHM Co Ltd (6963 JP) and in India,it is Mahindra & Mahindra (MM IN),Ashok Leyland (AL IN) and TVS Motor (TVSL IN) 

• Warner Music Group (WMG) recently reported its fiscal third-quarter results, highlighting a return to revenue growth alongside strategic initiatives aimed at maintaining momentum and capturing further market share.
• The results showed a 7% increase in total revenue, with particular strength in its Recorded Music and Music Publishing segments.
• Notably, the company achieved an 8.5% growth in Recorded Music subscription streaming revenue, adjusted for notable items.

• GoDaddy’s second quarter results for 2025 present a distinct mixture of outcomes reflective of the company’s focused execution and challenges within the broader business landscape.
• Notably, the company’s adoption and integration of AI, specifically their Agentic AI, have been highlighted as significant growth levers.
• Nevertheless, as with all financial assessments, understanding both the positives and potential headwinds is crucial for painting a comprehensive picture.

• 3Q25: Revenue flat to slightly up QoQ; GM stable at 52–54%. FY25: Prior 20%+ growth target unlikely to be achieved; weaker demand due to trade war & customer conservatism.
• No evidence of significant market share loss; instead, delayed demand.  
• Automotive Ssegment continues to trend upward with new EV-related products. Competition in China is intense, especially EVs, but pricing remains rational.

• Twilio reported a robust second quarter for 2025, achieving significant milestones in both revenue and operational efficiency.
• The company generated $1.228 billion in revenue, marking a 13% year-over-year increase on both reported and organic bases.
• This performance underscores Twilio’s capacity for double-digit growth and signals a continued upward trajectory following several quarters of acceleration.

• LG plans to cancel its remaining 3.02M treasury shares by next year, effectively wiping out all treasury stock—a clear preemptive move ahead of mandatory cancellation rules.
• Local pension funds are betting SK Inc will do a partial treasury burn before Q4, front-running the 3rd Commercial Act and sending a pro-policy signal.
• The SK treasury burn story offers multiple plays: holdco rerate, SK Inc momentum, and subsidiary rollover as NAV discounts tighten—definitely a multi-layered setup worth active monitoring.

• On 28 August, Robotis (108490 KS) announced a rights offering capital increase of 100 billion won.
• Rights offering plan is to allocate 1,349,528 new shares (10% of outstanding shares) to existing shareholders, and then conduct a public offering for general investors once forfeited shares are issued. 
• The expected rights offering price is 74,100 won per share (12.8% lower than current price). We are Negative on this rights offering.

• AI is becoming more integrated into daily life, including potential use for planning holidays and making payments
• Visa is focusing on innovation to redefine the future of payments, with a history of adapting to new technologies and consumer expectations
• Visa’s chief Product officer discusses the company’s vision for the future of consumer payments and the opportunities they see in the market

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• Palo Alto Networks (PANW US) is acquiring CyberArk Software Ltd (CYBR US) in a $25B stock-and-cash deal, with shareholders receiving $45 plus 2.2005 PANW shares per CYBR share.
• The transaction is expected to close in the second half of Palo Alto’s fiscal 2026 (February–July 2026), subject to customary regulatory approvals and CyberArk shareholder consent.
• Upon completion, the deal will trigger significant passive flows, with an upweight of Palo Alto Networks (PANW US) and the removal of CyberArk Software Ltd (CYBR US) from relevant indices.

• Shares of Chinese AI chipmaker Cambricon Technologies Corp. Ltd. (688256.SH +3.24%) surged Monday, bringing the company to the brink of unseating Kweichow Moutai Co. Ltd. (600519.SH -2.27%) as the most expensive stock on China’s A-share market.
• Cambricon’s stock closed up 11.4% on Monday at 1,384.93 yuan ($191.07) per share, just shy of the fiery liquor-maker Kweichow Moutai, which closed at 1,490.33 yuan.
• The chip company’s shares have more than doubled since mid-July and have climbed over 562% since September 2024. The rally has pushed Cambricon’s price-to-earnings ratio to 4,463 times, far exceeding Moutai’s 20 times.

• LY is finally moving to integrate LINE and Yahoo more effectively. It has taken too long.
• LINE has 100 million users in Japan and yet until now, there has not been a decent shopping tab within the LINE app to encourage cross-use.
• This is finally happening next month and, along with some AI-based UI and search improvements should help LY maintain parity with Rakuten if not surpass on growth rates.

• Doximity, a professional network for physicians, recently reported its fiscal 2026 first-quarter results.
• The company posted a revenue of $146 million, marking a 15% year-over-year increase, exceeding its guidance by 4%.
• The adjusted EBITDA was $80 million, translating to a 55% margin, which was above the guidance range, reflecting a 21% year-on-year growth.

• EPAM Systems, Inc. reported robust results for the second quarter of 2025, delivering significant growth across multiple dimensions.
• Key highlights of the report include a solid year-over-year revenue increase of 18% to $1.353 billion, with organic constant currency growth of 5.3%.
• This marks the third consecutive quarter of positive organic growth amidst a challenging macroeconomic environment.

• Despite tariffs and geopolitics reshaping global supply chains, the cyclical recovery in the semiconductor market is continuing, while customer inventories remain at low levels.
• This coincides with a full-fledged recovery in PC demand driven by the October Windows 10 end-of-service PC replacement, and rapid diffusion of AI PCs (equipped with dedicated AI accelerators designed to optimize and accelerate AI tasks, providing improved performance and efficiency in handling GenAI workloads without relying on external servers or cloud services).
• Q1 2025 Gartner worldwide PC shipments increased +4.8% YoY, with Q2 +4.4% (the US slowed to flat after frontloading ahead of tariffs), for 1H 2025 +4.7%, entering a full-fledged recovery. 

• Genpact Limited’s financial performance in the second quarter of 2025 presented a mix of strengths and potential challenges for investors to consider.
• The company reported a revenue of $1.25 billion, marking a 7% year-over-year increase, showing robust growth across its business segments.
• Profitability also improved, with gross margin expanding by 50 basis points and adjusted operating income margin increasing by 40 basis points over the previous year.

• Last weekend then post-close Monday, Yageo Corporation (2327 TT) raised its TOB Price for Shibaura Electronics (6957 JP) to ¥7,130 – a full 15% through Minebea’s proposed ¥6,200/share terms.
• Minebea was playing chicken with the result, closing its tender on 28 August, before Japan’s Foreign Direct Investment approval (FEFTA approval) was cleared, expected 1 Sep or later.
• Today post-close, YAGEO announced it had concluded discussions with METI, would make all required regulatory submissions today, and expects to obtain approval “no later than 10 September”

• A day before the close of Minebea Mitsumi (6479 JP)’s offer, Yageo Corporation (2327 TT) has strategically stated that it expects to receive FEFTA approval by 10 September. 
• Minebea had tried to convince shareholders that its lower offer provides an opportunity to monetise their shares quickly and with certainty. This line of reasoning is no longer credible. 
• As Minebea will not increase its offer or extend the closing date, Shibaura Electronics (6957 JP)‘s Board will have to recommend Yageo’s offer.  

• Shibaura Electronics (6590 JP) is at the center of a takeover battle between MinebeaMitsumi and Taiwan’s YAGEO.
• Minebea has bid ¥6,200/share with 23% locked in and management support, while YAGEO counters at ¥7,130/share, pending FEFTA clearance.
• Financial investors may wait for FEFTA clarity and lean YAGEO for price, while risk‑averse or aligned holders favor Minebea’s certainty.

• Xiaomi (1810 HK) reported 2Q25 results on 19 Aug, beating expectations. This Insight analyzes price reactions in Hong Kong and two overseas markets.
• Highlights: Implied volatility dropped sharply post-earnings, both across the term structure and skew.
• Why it matters: With Xiaomi’s implied volatility now at historically cheap levels, investors may find opportunities in long-volatility strategies ahead of the next earnings in November.

• 2Q26 (Jul-25) revenue growth 56% YoY, despite a sharp decline in China revenue (-24% YoY). No H20 revenues from China. H20 charges normalize, margins improve, Net Income 5% above Consensus. 
• 3Q26 revenue growth stable at 54% YoY, not including any H20 revenues from China. Upside from H20 at $2-5bn, max revenue growth 68% YoY. 3Q guidance ~3% above Consensus.   
• The stock is not expensive. Trading at its average 47x trailing PEx, 33x forward. Very little risk to Consensus expectations over FY26-28. 

• The company built a unified, cloud-native platform to solve the challenge of securing and accelerating the digital interactions of enterprises filed for its IPO on August 22nd. 
• . As of July 31, 2025, they had 4,317 customers, a 21% year-over-year increase from 3,571 customers as of July 31, 2024.
• The company’s revenue jumped 30.7% from the 1H of 2025 versus 1H of 2024. 

DUG Technology’s FY25 results confirmed that order intake stepped up in H225, with intake of $45.7m 131% higher half-on-half, resulting in a record order book of $52m at the end of the year. While revenue came in marginally below our forecasts, EBITDA was stronger, with the margin down only 0.7pp y-o-y despite investment in international expansion during FY25. We have revised our forecasts to reflect the better-than-expected order intake, lifting revenue by 1.2% in FY26 and FY27 and EBITDA by 11.9% and 10.8% respectively.

• Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.
• The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.  
• Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.  

• Soluna recently announced it has passed the major milestone of 1 GW of clean energy generation.
• The company is accelerating its mission to make clean computing the standard for AI and Bitcoin by expanding its data center platform with a 2.8-GW power pipeline.
• Soluna has reached a 1-GW milestone with the launch of two new projects in Texas: Project Fei and Project Gladys. 

• Tuya reported another solid quarter in a challenging environment, with revenue of $80.1 million, up 9% Y/Y. Gross margin increased Y/Y by 40 bps to 48.4%, while PaaS revenue increased 7% Y/Y to $58.1 million.
• Cash and equivalents decreased to $1,006 million due to a cash dividend and the company has no debt.
• Management had noted that the rollercoaster of 1Q25 could continue, and it seems to have done just that.

• SKT foreign room rising ahead of PIPC sanction decision today; fine confirmation could trigger ESG fund exits.
• Large ESG money still in SKT; post-sanction exits could push foreign room past 25% sooner than expected — a key factor for trading setup.
• Nov review momentum could hit early; post-fine, a foreign room surge toward 25% signals our entry, with the pullback setting up the SKT Nov inclusion trade.

• On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Internet and IT Index for the September 2025 rebalance.
• There are 3 ADDs and 3 DELs. We predicted 2/3 ADDs and 3/3 DELs correctly. But Funding and FAF Re-weight/Capping flows are bigger than the ADD/DEL flows.
• Then on Monday 25 August, the index provider announced a capping methodology change. Not much changes, but flows increase from US$850mm to US$1bn+. Tables and spreadsheets amended.

• Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.
• MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• PC Partner reported 1H25 results, which showed strong revenue growth and flat net margins.
• The company is confident it can delist from HK before the end of the year, as it only needs 50% of shareholders to approve the transaction. SGX only listing remaining.
• The company is now part of the Nvidia Partnership Network, which could accelerate growth in FY26.

• China announced game approval for the August batch. The number of games approved remained at a higher level than 2023.
• The number of game approval in August marked the record high level since the resumption post tightening.
• Of the companies that we are monitoring, Netease and Bilibili got approval for one game each.

• Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.
• Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.
• Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.

• Amazon has officially stepped into the online used-car market through a high-profile partnership with Hertz, potentially disrupting an industry already in flux.
• After quietly testing car listings through its Amazon Autos vertical for over a year, Amazon is now allowing customers in select U.S. states to browse Hertz’s used vehicle inventory and complete much of the transaction through its platform — a move designed to provide a more convenient and digital car-buying experience.
• Delivery or pick-up logistics are handled by Hertz, while Amazon facilitates discovery, payments, and logistics support.

• Take-Two Interactive Software reported strong financial results for the first quarter of fiscal year 2026, ending June 30, 2025.
• The company reported net bookings of $1.42 billion, significantly surpassing its guidance range of $1.25 to $1.3 billion, indicating robust demand across its portfolio.
• Take-Two’s core franchises, particularly NBA 2K and the Grand Theft Auto series, continue to perform exceptionally, which has supported an upward revision of the company’s net bookings outlook for fiscal year 2026 to a range of $6.05 to $6.15 billion.

• As geopolitical tensions intensify, Nvidia is walking a tightrope between U.S. export controls and China’s increasingly assertive push for self-reliance in critical technologies.
• The chipmaker’s position as the dominant provider of AI semiconductors has forced it into delicate strategic maneuvers, especially in China, where demand remains strong but political scrutiny is mounting.
• To preserve a foothold in this crucial market, Nvidia has introduced weakened chip designs to comply with U.S. restrictions, explored revenue-sharing deals with local partners, and restructured its supply chain to insulate operations from further shocks.

• Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range (9,100 won).
• Nota’s technology enables efficient operation of high-performance AI models. It has been able to develop one of the first commercially available generative AI-based intelligent video surveillance solution in Korea.
• We estimate Nota to generate revenue of 13.8 billion won (up 65% YoY) in 2025 and 21.7 billion won (up 57% YoY) in 2026.