TMT/Internet

Gross SOUTHBOUND volumes over US$19+bn a day this past 5-day week. Net buying OK at just under +US$1bn/day. Significantly, there was huge net buying of ETFs.
Last week’s reco Guangzhou Automobile Group (2238 HK) was up 4.4% on the week, +3.1% from Monday’s close to Friday. +3.9% gain on the H/A pair.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there free for SK readers.

[Japan M&A] NTT Docomo and Dentsu Squeeze Out Minorities in Carta (3688 JP) Cheap. Tender Starts Now

On 16 June 2025, NTT (Nippon Telegraph & Telephone) (9432 JP) sub NTT Docomo and Dentsu Inc (4324 JP) announced Docomo would buy out minorities in Dentsu sub Carta Holdings.
The price for minorities is OK, not great. The Board talks up synergies not included in fair value considerations, and Dentsu+Docomo are actually buying it 15% cheaper.
That comes out to a net price below the bottom end of the DCF range. Aaargh. But Dentsu+irrevocables+ large individuals likely gets this over the line cleanly.

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (15 to 29 August 2025)

By Douglas Kim

In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (15 to 29 August 2025).
Shipbuilding and rechargeable battery were two of the best performing sectors in the past two weeks.
Top 10 picks in this bi-weekly include Samsung Electronics, LG Uplus, Hyundai Elevator, KT&G, KEPCO E&C, Dentium, NCsoft, JYP Entertainment, LG Chem, and Ecopro BM.

Coherent Sells $400 Million Unit To Advent—What Are They Hiding?

Coherent Corp has announced a strategic divestiture, selling its Aerospace and Defense (A&D) business unit to private equity firm Advent International for $400 million.
The transaction, disclosed on August 13, 2025, marks a critical pivot in Coherent’s broader portfolio optimization initiative.
As part of this deal, Coherent will relinquish approximately 550 employees and 10 global operational sites tied to the A&D division.

Taiwan Dual-Listings Monitor: TSMC ADR Premium Sees Small Breakdown; ASE Discount Long Opportunity

TSMC: +21.5% Premium; Historically High Short Interest in the Local Begins to Drop?
ASE: -0.4% Discount; Opportunity to Go Long the ADR Premium
UMC: +0.2% Premium; Wait for More Extreme Levels Before Going Long or Short the Spread

(Mostly) Asia-Pac M&A: Kangji Medical, Ashimori, Carenet, Rezil, HKBN, Toyo Cons., Shibaura Elect.

I tally 41 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
Four new deal was discussed on Smartkarma this week: Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK), Ashimori Industry (3526 JP), Rezil (176A JP), and Carenet Inc (2150 JP).
Key updates/news took place on HKBN Ltd (1310 HK), Toyo Construction (1890 JP), Shibaura Electronics (6957 JP), and Kolon Mobility Group (450140 KS).

Palantir Secures $10 Billion Army Deal and Shatters Revenue Records—Can the Rally Keep Going?

Palantir Technologies delivered a record-breaking performance in the second quarter of 2025, surpassing $1 billion in quarterly revenue for the first time and marking a 48% year-over-year increase.
The results were powered by exceptional growth in the U.S., which accounted for 68% of total revenue, reflecting the company’s deliberate focus on domestic markets.
The standout segment was U.S. commercial, which posted a staggering 93% revenue increase from a year earlier and a 20% sequential rise, driven by the rapid adoption of Palantir’s AIpowered platforms such as Ontology and Foundry.

EchoStar Corporation: Initiation Of Coverage- Betting Big on LEO Satellites – Will Direct-to-Device Services Capture the Market First?

EchoStar Corporation’s second quarter 2025 financial performance reflects a combination of strategic initiatives and significant challenges, particularly in its interaction with the Federal Communications Commission (FCC) and the communications market.
The company’s overarching ambition is to maintain leadership in global communications through spectrum rights and technological advances, yet it is navigating regulatory complexities that impact these plans.
The company’s primary setback stems from an FCC review of its spectrum licenses, including obligations related to 5G broadband service and its AWS-4 band rights.

TELUS Corporation: Initiation of Coverage- Reintroducing 5G To Koodo – Will Flanker Strategy Disrupt the Market?

TELUS Corporation’s Q2 2025 performance demonstrates a blend of strategic investments and operational execution, contributing to both growth and challenges amidst a competitive landscape.
The company’s notable achievements include incremental customer growth in mobile and fixed segments, as it added 198,000 net new customers overall.
This growth was driven by mobile phone and connected device additions totaling 167,000 and fixed customer additions of 31,000.

Chunghwa Telecom: Initiation of Coverage- Riding The AI

Chunghwa Telecom reported strong financial results for the second quarter of 2025, with a significant increase in revenue, operating income, net income, and earnings per share, all surpassing the upper end of their forecasts.
Revenue for the quarter reached a 10-year high, primarily driven by growth in the company’s core business and expanding ICT segment.
Notably, ICT revenue set a record for any second quarter since 2021, demonstrating Chunghwa Telecom’s commitment to innovation and operational excellence.

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Aug 16

Daily Brief TMT/Internet: Total Soft Bank, Applied Materials, Xiaomi, Hang Seng Index, Taiwan Semiconductor (TSMC), Asustek Computer, Elecom Co Ltd, Foxconn Industrial Internet, Base Co Ltd, Ferrotec Corp and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Korea Small Cap Gem #43: Total Soft Bank
AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes
Xiaomi (1810.HK) Q2 Earnings: Setup Features Low Volatility and Recent Underperformance
Hong Kong Single Stock Options Weekly (Aug 11 – 15): Market Breadth Expands, Options Activity Grows
TSMC’s Outlook After Trump’s 300% Semiconductor Tariff Bombshell
PC Monitor: ASUS’s Gaming & Commercial Strength Signal AI PC Cycle; Positive Read for Dell, HP
Elecom Co Ltd (6750 JP): Q1 FY03/26 flash update
Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.
Base Co Ltd (4481 JP): 1H FY12/25 flash update
Ferrotec Corp (6890 JP): Q1 FY03/26 flash update

Korea Small Cap Gem #43: Total Soft Bank

By Douglas Kim

Total Soft Bank (045340 KS) is a Korean software company focused on digital solutions (enterprise industrial software, SaaS) for the maritime shipping and port logistics value chain.
The company had best ever results in 2Q25. It had sales of 9.7 billion won (up 140.6% YoY) and operating profit of 5.1 billion won (up 947% YoY) in 2Q25.
Using a P/E ratio of 15x on the estimated net profit of 15.5 billion won (2027E), it would suggest market cap of 233 billion won (207% higher than current levels).

AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range
Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY
The China slump was not unexpected, but the leading edge logic drop was definitely a surprise

Xiaomi (1810.HK) Q2 Earnings: Setup Features Low Volatility and Recent Underperformance

By John Ley

The setup for this earnings release is interesting as Xiaomi has underperformed HSI since the end of June.
Xiaomi’s Q2 earnings setup features low vols a strong beat record and interesting Q2 dynamics.
Implied vol sits near historic lows despite the approaching earnings.

Hong Kong Single Stock Options Weekly (Aug 11 – 15): Market Breadth Expands, Options Activity Grows

By John Ley

Broad-Based strength across sectors pushed HSI higher despite late-week weakness.
Option trading accelerated into week’s end, with Calls showing a modest uptick.
The HKD pulled back from the top end of its trading range after prior interventions.

TSMC’s Outlook After Trump’s 300% Semiconductor Tariff Bombshell

By Nico Rosti

Our model recently signaled that Taiwan Semiconductor (TSMC) (2330 TT) is overbought. Strangely, it is overbought on the TIME model but not on the PRICE model, a bearish divergence.
On Friday Trump announced that next week he will slap 300% import tariffs on semiconductors imports. TSMC has factories in the United States so in theory it’s exempt.
South Korea, Malaysia and Philippines’ semiconductor industries are going to be affected the most, leaving TSMC in a very good position BUT TSMC IS OVERBOUGHT and will pulback soon.

PC Monitor: ASUS’s Gaming & Commercial Strength Signal AI PC Cycle; Positive Read for Dell, HP

ASUS experienced record 2Q25 revenue driven by 30–40% YoY growth in gaming and commercial PCs, supported by a new GPU sales strength and enterprise market expansion.
AI servers held mid-teens revenue share for ASUS; margin pressure from tariffs and FX expected to ease after 3Q.
Strong gaming and commercial PC momentum could signal PC upgrade activity in response to AI PCs, offering positive read-through for Dell and HPQ’s upcoming results end-August.

Elecom Co Ltd (6750 JP): Q1 FY03/26 flash update

Sales reached JPY28.6bn, a 3.7% YoY increase, with power supplies and I/O devices showing growth.
Operating profit increased by 18.8% YoY to JPY3.0bn, driven by higher gross profit despite rising SG&A expenses.
B2C sales were JPY19.4bn (+3.2% YoY), while B2B sales amounted to JPY9.2bn (+5.0% YoY).

Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

By Joe Jasper

We remain near-term bullish SPX and ACWI since 4/22/25, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We discussed in our July 31, 2025 Int’l Compass how $128, $125-$126, and $123-$123.50 were short-term supports to watch on ACWI-US, and ACWI-US found support at $128 the next day.
Europe (EURO STOXX 50) is the last of the major countries (from a global market cap perspective) to break out; we expect it to be next

Base Co Ltd (4481 JP): 1H FY12/25 flash update

Revenue reached JPY11.0bn, a 14.0% YoY increase, achieving 47.8% of the full-year forecast, with solid orders.
Operating profit rose to JPY2.9bn, a 21.6% YoY increase, with an operating profit margin up 1.7pp to 26.5%.
Net income attributable to owners was JPY2.0bn, a 23.3% YoY increase, achieving 47.3% of the full-year forecast.

Ferrotec Corp (6890 JP): Q1 FY03/26 flash update

Q1 FY03/26 sales increased by 12.7% YoY to JPY68.9bn, while operating profit decreased by 4.9% YoY to JPY6.7bn.
Semiconductor Equipment-related segment sales rose 3.6% YoY, but segment profit declined 31.5% YoY due to lower quartz crucible sales.
Automotive-related segment sales grew 53.5% YoY to JPY9.0bn, with segment operating profit increasing 79.2% YoY to JPY1.3bn.

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Aug 15

Daily Brief TMT/Internet: Shibaura Electronics, Appier Group, Softbank Group, Allegro MicroSystems , Sailpoint Technologies Holdings, Roku , Sun*, Itron Inc, Procore Technologies and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

[Japan M&A] Minebea Matches YAGEO for Shibaura Elec (6957) At ¥6,200. Presses on Early Cashout
Shibaura Electronics (6957 JP): Minebea Changes Tack and Matches Yageo’s JPY6,200 Offer
Appier (4180) | Sustained High-Growth Momentum with Expanding Margins
SoftBank Group (9984 JP): Our Last Review of Quarterly Data
Allegro MicroSystems: Fueling EV & ADAS Growth with Strategic Design Wins!
SailPoint, Inc. (SAIL) Six Month Summary: A Textbook Case of an IPO Overreach
Roku Boosts User Retention & Revenue With Subscription Bundling Strategy; Will It Work In The Long Term?
Sun* (4053 JP): 1H FY12/25 flash update
Itron’s Water Solutions Push – How Is It Tackling Global Scarcity & Winning New Contracts?
Procore Technologies: Initiation of Coverage- Could Helix Redefine the Future of Construction?

[Japan M&A] Minebea Matches YAGEO for Shibaura Elec (6957) At ¥6,200. Presses on Early Cashout

After three months of NOT matching YAGEO’s bid for Shibaura Electronics (6957 JP) at ¥6,w00 as YAGEO’s proposal continues its long plod through FEFTA review, Minebea-Mitsumi has now matched ¥6,200.
Key is that their bid closes before the indicative deadline for YAGEO to receive word on FEFTA approval. They are hoping this bid mollifies the irrevocables and everyone else.
But if YAGEO cares, it could bump to ¥6,300 tomorrow and extend its tender offer which closes on Monday. But the put option is now struck higher, which de-risks this.

Shibaura Electronics (6957 JP): Minebea Changes Tack and Matches Yageo’s JPY6,200 Offer

By Arun George

Despite its previous protestations, Minebea Mitsumi (6479 JP) has unexpectedly matched Yageo Corporation (2327 TT)’s JPY6,200 offer for Shibaura Electronics (6957 JP).
Minebea’s actions suggest that Yageo has a good chance of securing regulatory approval. Otherwise, Minebea could have kept its offer unchanged and patiently waited for the Yageo offer to fail.
Given the significant sunk costs, Yageo is likely to bump. Without increasing its offer, shareholders will have a greater inclination to tender and help Minebea meet its minimum tendering condition.

Appier (4180) | Sustained High-Growth Momentum with Expanding Margins

By Mark Chadwick

Revenue: JPY 10.3 billion compared to JPY 8.2 billion a year ago, +27% YoY; FX-neutral revenue of JPY 11.0 billion, +35% YoY – fastest growth in eight quarters.
Gross Margin: 56.1%, up 4.8 percentage points YoY, driven by high-margin products, organic margin improvements, and GenAI-enabled efficiencies.
Stock continues to offer compelling value at 3.2x revenue – a discount to US peer Braze

SoftBank Group (9984 JP): Our Last Review of Quarterly Data

By Victor Galliano

With this report, we terminate coverage of SoftBank group (SBG) shares; going forward, our coverage will be concentrated on financial and fintech stocks, with a bias towards Emerging Markets
SBG shares have rallied hard recently, driven by IPOs of portfolio companies, good IPO prospects for other private companies including PayPay and positive market sentiment towards AI investments
The group NAV’s discount has narrowed sharply to under 30%; we conclude our coverage with a neutral rating, but we stress that high expectations are baked into this narrow discount

Allegro MicroSystems: Fueling EV & ADAS Growth with Strategic Design Wins!

When we look at the broader performance of Allegro MicroSystems, the results indicate both positive and challenging aspects of the company’s current situation.
From a financial perspective, Allegro delivered a solid performance in its first quarter of fiscal year 2026.
The company reported sales of $203 million and a non-GAAP earnings per share of $0.09, which was above the midpoint of their guidance range.

SailPoint, Inc. (SAIL) Six Month Summary: A Textbook Case of an IPO Overreach

By IPO Boutique

The IPO priced 60.0 million shares (upsized from 50.0 million) at $23.00, the high end of the upwardly revised $19–$21 range, only to open flat and trade poorly.
Underwriters failed to properly assess book quality. While the order book was reportedly 20× covered, the aftermarket behavior revealed that much of this “demand” lacked conviction.
The stock’s underperformance will likely keep momentum buyers on the sidelines until the company strings together multiple quarters of beats and raises.

Roku Boosts User Retention & Revenue With Subscription Bundling Strategy; Will It Work In The Long Term?

Roku’s second quarter 2025 earnings call reflected a nuanced picture of both progress and ongoing challenges for the company.
On the positive side, the quarter was highlighted by an 18% year-over-year growth in platform revenue, driven largely by the expansion and diversification of advertising demand, and a robust performance from the newly launched Roku Ads Manager.
This growth was fueled by significant gains in video advertising, which outpaced the overall U.S. OTT and digital ad markets, pointing to successful integration strategies and product innovations.

Sun* (4053 JP): 1H FY12/25 flash update

Revenue increased by 8.3% YoY to JPY7.1bn, while operating profit decreased by 42.9% YoY to JPY415mn.
Number of unique customers grew 10.7% YoY to 228, with enterprise customers at 96 and SMB customers at 132.
Monthly ARPU rose 2.7% YoY to JPY4,980,000, with enterprise ARPU down 5.1% and SMB ARPU up 2.1%.

Itron’s Water Solutions Push – How Is It Tackling Global Scarcity & Winning New Contracts?

Itron, Inc. reported its second quarter results for 2025, revealing a mixed set of outcomes that reflect both strengths and challenges facing the company.
For this period, Itron generated $607 million in revenue, aligning with the projected estimates.
Impressively, the company set quarterly records for gross margin, operating income, and free cash flow, particularly noting an adjusted EBITDA margin of 14.8% which reflects operational efficiency improvements and a favorable product mix.

Procore Technologies: Initiation of Coverage- Could Helix Redefine the Future of Construction?

Procore Technologies, Inc. reported its fiscal 2025 Q2 earnings, showcasing a mix of positive performance metrics and ongoing strategic efforts to position itself for future growth in the construction technology industry.
The company’s revenue grew by 14% year-over-year, reaching $324 million, accompanied by a 13% non-GAAP operating margin.
This demonstrates solid top-line growth and improvement in efficiency.

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Aug 14

Daily Brief TMT/Internet: Tyro Payments, Sea Ltd, Tencent, Sumitomo Forestry, Western Union Co, Micronics Japan, Data Applications, Yappli Inc, Cerberus Cyber Sentinel, Rumble and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Tyro Payment (TYR AU) Fielding Offers. Again.
Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?
Tencent (700 HK): 2Q25, Game Revenue Up by 22%, FinTech Back to 2 Digits
Super Dovish Comments From Bessent Fuels Home Builder Strength
Western Union’s $500 Million Intermex Deal: The High-Stakes Bet On Corridor Dominance!
Micronics Japan (6871 JP): 1H FY12/25 flash update
Data Applications (3848 JP): Q1 FY03/26 flash update
Yappli Inc (4168 JP): 1H FY12/25 flash update
CISO: Leading cybersecurity provider entering new growth phase with high margin
Rumble’s Northern Data Deal Is A $1.17 Billion AI Power Grab—What’s At Stake

Tyro Payment (TYR AU) Fielding Offers. Again.

Back in January 2023, point-of-sale payments play Tyro (TYR AU) provided Potentia with due diligence to “enable Potentia to develop a significantly improved proposal“. Potentia walked away from talks in May.
Then crickets. Yesterday (12th August), Tyro’s shares gained 10.6%. After announcing this morning it has received unsolicited NBIOs, shares gained a further 8.6% (as I type), touching a 17-month high.
At A$1.17/share, Tyro is ~27% adrift of Potentia’s last confirmed indicative Offer.

Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?

By Devi Subhakesan

Sea Ltd’s stock surged nearly 20% yesterday after it reported 2Q 2025 results that beat street expectations across key metrics.
During the investor call, Management sounded confident in sustaining growth while improving profitability, citing a vast addressable market and an emerging logistics cost advantage.
Full-Year gaming guidance was raised on the back of Free Fire’s strong momentum across performance metrics.

Tencent (700 HK): 2Q25, Game Revenue Up by 22%, FinTech Back to 2 Digits

By Ming Lu

In 2Q25, game revenue increased by 22% YoY and FinTech revenue growth reached two digits.
The operating margin improved to 34.5% in 2Q25 compared to 30.6% in 2Q24.
The 10-year P/E band suggests an upside of 22.5% and a target price of HK$718 for year end 2025.

Super Dovish Comments From Bessent Fuels Home Builder Strength

By Andrew Jackson

Sentiment for Sumitomo Forestry will continues to rise with pressure on US rates increasing.
Coreweave fails to live up to the hype dropping -20% on profit miss, but topline growth remains strong
Cisco Systems reporting their AI infrastructure orders were double initial expectations for 2025

Western Union’s $500 Million Intermex Deal: The High-Stakes Bet On Corridor Dominance!

Western Union is making strategic headlines with its agreement to acquire International Money Express for $16 per share in cash, valuing the deal at roughly $500 million.
The acquisition price reflects a 50% premium to Intermex’s 90-day volume-weighted average price and signals Western Union’s intent to strengthen its U.S. retail footprint while expanding into high-potential geographies.
The move comes amid a challenging macro backdrop for Western Union, which recently reported Q2 2025 revenues of $1.026 billion, down 1% year-over-year (excluding Iraq), with ongoing headwinds in U.S. outbound corridors due to heightened immigration enforcement.

Micronics Japan (6871 JP): 1H FY12/25 flash update

1H FY12/25 sales increased 26.6% YoY to JPY33.1bn, with operating profit rising 31.3% YoY to JPY7.6bn.
The company revised its Q3 earnings forecast, lowering sales to JPY50.0bn and operating profit to JPY11.1bn.
Full-year FY12/25 sales forecast is JPY68.9bn (+23.8% YoY), with capital expenditures planned at JPY17.8bn (+15.3% YoY).

Data Applications (3848 JP): Q1 FY03/26 flash update

In Q1 FY03/26, Data Applications reported revenue of JPY947mn, with an operating loss of JPY37mn and net loss of JPY12mn.
Software Development revenue was JPY546mn with a segment loss of JPY10mn; recurring revenue ratio was 89.4%.
System Integration and AI businesses reported revenues of JPY274mn and JPY127mn, with segment losses of JPY17mn and JPY11mn, respectively.

Yappli Inc (4168 JP): 1H FY12/25 flash update

In 1H FY12/25, the company reported revenue of JPY2.9bn, operating profit of JPY449mn, and net income of JPY446mn.
Revenue progress rate was 47.0%, with operating profit at 59.9%, and recurring profit at 61.6% versus full-year forecast.
The company maintained its full-year forecast, with revenue aligning with expectations and profits showing strong performance.

CISO: Leading cybersecurity provider entering new growth phase with high margin

By Zacks Small Cap Research

Zacks Small-Cap Research Note for CISO Global, Inc. (CISO)

Rumble’s Northern Data Deal Is A $1.17 Billion AI Power Grab—What’s At Stake

Rumble Inc.’s second quarter 2025 earnings call showcased both opportunities and challenges for the company, reflecting its ongoing efforts to grow and diversify its business model.
The company’s activity in mergers and acquisitions (M&A) has been notable, with a potential acquisition of Northern Data, an AI and high-performance computing solutions provider.
Although the transaction is not finalized, it is intended to bolster Rumble’s growth and its existing cloud business by leveraging GPU-as-a-Service and data center power.

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Aug 13

Daily Brief TMT/Internet: Zhongji Innolight , Samsung Electronics, KT Corp, Taiwan Semiconductor (TSMC) – ADR, Micron Technology, ACM Research, First Solar Inc, Cyberlinks, Unisound AI Technology and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

China A50 ETFs Rebalance Preview: Three Changes in September
Samsung Electronics (005930 KS) Tactical Outlook : New Rally After Large Pullback?
KT Corp: Excellent 2Q 2025 Earnings Driven by Market Share Gain and Improving AI/Cloud Businesses
Taiwan Tech Weekly: Foxconn US$1bn USA Robotics Push; Samsung Doubles Down on US Fabs; Intel Crisis
TSMC (2330.TT; TSM.US): Board Meeting Resolutions; 2nm Technology Information Leakage Issue.
Nanya July Revenue Soars 31% MoM As Micron Revises Current Quarter Guide Up >5%
[ACMR(ACMR US, BUY, TP US$30) Review]: 2Q25 Review: Missing Two Quarters but We Still Love It
First Solar Raises International Module Guidance – But Is the Risk Worth the Reward?
Cyberlinks (3683 JP): 1H FY12/25 flash update
Unisound AI (9678.HK): ~US$6.5B Market Cap, ADTV ~US$6M, Is Secondary Share Sale On The Deck?

China A50 ETFs Rebalance Preview: Three Changes in September

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) Tactical Outlook : New Rally After Large Pullback?

By Nico Rosti

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.

KT Corp: Excellent 2Q 2025 Earnings Driven by Market Share Gain and Improving AI/Cloud Businesses

By Douglas Kim

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%.

Taiwan Tech Weekly: Foxconn US$1bn USA Robotics Push; Samsung Doubles Down on US Fabs; Intel Crisis

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.

TSMC (2330.TT; TSM.US): Board Meeting Resolutions; 2nm Technology Information Leakage Issue.

By Patrick Liao

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 July Revenue Soars 31% MoM As Micron Revises Current Quarter Guide Up >5%

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(ACMR US, BUY, TP US$30) Review]: 2Q25 Review: Missing Two Quarters but We Still Love It

By Eric Wen

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 Raises International Module Guidance – But Is the Risk Worth the Reward?

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.

Cyberlinks (3683 JP): 1H FY12/25 flash update

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 (9678.HK): ~US$6.5B Market Cap, ADTV ~US$6M, Is Secondary Share Sale On The Deck?

By Andrei Zakharov

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.

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Aug 12

Daily Brief TMT/Internet: SK Telecom, Hyundai Autoever , Intel Corp, Tuas Ltd, Samsung Electronics, Softbank Group, Mobvoi , iFAST, Forum Engineering Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

SK Telecom (017670 KS): Increasing Foreign Room & Passive Buying
[Quiddity Index Aug25] KOSPI 200 Leaderboard for Dec25 Rebal: 6 ADDs, 6 DELs, Two Recommended Trades
Intel CEO Heads To DC To Save His Job As Former CEO Calls His Leading Edge Strategy A Joke
Tuas Ltd Placement: Cheap Acquisition Funded by Expensive Currency
What’s Trump After in Lip-Bu Tan’s Oval Office Meeting?
Global Markets Tactical Outlook WEEKLY: August 11 – August 15
SoftBank (9984 JP): Earnings Beat and the Missing Volatility Crush
Mobvoi Inc. Revenue From AIGC Solutions Continues To Post Hyper Growth, TicNote Debuted in April
IFAST Corporation Limited: Undervalued for Its Prospects
Forum Engineering Inc (7088 JP): Q1 FY03/26 flash update

SK Telecom (017670 KS): Increasing Foreign Room & Passive Buying

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.

[Quiddity Index Aug25] KOSPI 200 Leaderboard for Dec25 Rebal: 6 ADDs, 6 DELs, Two Recommended Trades

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 Heads To DC To Save His Job As Former CEO Calls His Leading Edge Strategy A Joke

By GEMS Research – Aletheia Capital

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 Placement: Cheap Acquisition Funded by Expensive Currency

By Nicholas Tan

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.

What’s Trump After in Lip-Bu Tan’s Oval Office Meeting?

By Raghav Vashisht

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.

Global Markets Tactical Outlook WEEKLY: August 11 – August 15

By Nico Rosti

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)

SoftBank (9984 JP): Earnings Beat and the Missing Volatility Crush

By Gaudenz Schneider

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. Revenue From AIGC Solutions Continues To Post Hyper Growth, TicNote Debuted in April

By Andrei Zakharov

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.

IFAST Corporation Limited: Undervalued for Its Prospects

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.

Forum Engineering Inc (7088 JP): Q1 FY03/26 flash update

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.

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Aug 11

Daily Brief TMT/Internet: Horizon Robotics, Taiwan Semiconductor (TSMC) – ADR, Shibaura Electronics, Apple , Himax Technologies Inc Adr, VEON and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Constituent, FAF & Capping Changes
Taiwan Dual-Listings Monitor: TSMC Spread Remains Extreme; UMC ADR Short Interest Falling
Weekly Deals Digest (10 Aug) – Shibaura, Toyo Construction, Technopro, Ashimori, HKBN, Iress
Apple. A Master Class On How To Win Friends & Influence People
Himax (HIMX US) – Share Drop: Near-Term Weakness Offset by Structural Automotive & AI Growth Drivers
VEON 2Q25: Solid Digital Non-Telco Products Uplift, Kyivstar Listing in Focus

Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Constituent, FAF & Capping Changes

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).

Taiwan Dual-Listings Monitor: TSMC Spread Remains Extreme; UMC ADR Short Interest Falling

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

Weekly Deals Digest (10 Aug) – Shibaura, Toyo Construction, Technopro, Ashimori, HKBN, Iress

By Arun George

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. A Master Class On How To Win Friends & Influence People

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.

Himax (HIMX US) – Share Drop: Near-Term Weakness Offset by Structural Automotive & AI Growth Drivers

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.

VEON 2Q25: Solid Digital Non-Telco Products Uplift, Kyivstar Listing in Focus

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.

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Aug 10

Daily Brief TMT/Internet: HKBN Ltd, Intel Corp, Q2 Holdings Inc, Confluent, KLA-Tencor Corp, Littelfuse Inc, Mastercard, Microstrategy Inc Cl A, Monolithic Power Systems, Inc, Palantir Technologies and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

HKBN (1310 HK): Response Doc Out. IFA Says Fair
Intel. Crisis Mode All Over Again
Q2 Holdings: Innovation Studio Adoption As A Significant Contributor To Growth!
Confluent Secures Massive Multiyear Deals—Enterprise Clients Go All In!
KLAC US – KLA Corporation: Seizing The Advanced Packaging Surge With 100% Defect Inspection Power!
Littelfuse Is Moving Forward In Renewables & Grid Storage—Is This the Industrial Play Wall Street Missed?
Mastercard Is Battling FX Turbulence But Can Its Value-Added Services Keep The Cash Flowing?
MicroStrategy’s Bitcoin-Backed Securities Promise High Yields–Can They Outshine Traditional Investments?
Monolithic Power Systems: Expanding Market Share Through Enterprise Data, AI, & Robotics Synergy!
Palantir’s 600% Rally: Can 100x Revenue Valuation Ever Be Justified?

HKBN (1310 HK): Response Doc Out. IFA Says Fair

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.

Intel. Crisis Mode All Over Again

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: Innovation Studio Adoption As A Significant Contributor To Growth!

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 Secures Massive Multiyear Deals—Enterprise Clients Go All In!

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%.

KLAC US – KLA Corporation: Seizing The Advanced Packaging Surge With 100% Defect Inspection Power!

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 Is Moving Forward In Renewables & Grid Storage—Is This the Industrial Play Wall Street Missed?

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 Is Battling FX Turbulence But Can Its Value-Added Services Keep The Cash Flowing?

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 Bitcoin-Backed Securities Promise High Yields–Can They Outshine Traditional Investments?

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: Expanding Market Share Through Enterprise Data, AI, & Robotics Synergy!

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’s 600% Rally: Can 100x Revenue Valuation Ever Be Justified?

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.

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Aug 09

Daily Brief TMT/Internet: Iress Ltd, Micro Mechanics (Holdings), SK Hynix, Lasertec Corp, Intel Corp, IAC , Light Science Technologies Holdings, Soliton Systems Kk, Toyo Business Engineering, Arisawa Mfg and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle
Micro-Mechanics (Holdings) Limited – Next Generation Supplier of the Semicon Industry
Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26
Lasertec Corp (6920 JP): Full-year FY06/25 flash update
Intel (INTC.US): Changing the CEO Could Save This Company? Probably the Wrong Direction.
IAC: Reviewing Q2 and Updating My Valuation
Friday Take Away: 1 August 2025
Soliton Systems Kk (3040 JP): 1H FY12/25 flash update
Toyo Business Engineering (4828 JP): Q1 FY03/26 flash update
Arisawa Mfg (5208 JP): Q1 FY03/26 flash update

Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle

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 – Next Generation Supplier of the Semicon Industry

By SAC Capital

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.

Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26

By Sanghyun Park

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.

Lasertec Corp (6920 JP): Full-year FY06/25 flash update

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.

Intel (INTC.US): Changing the CEO Could Save This Company? Probably the Wrong Direction.

By Patrick Liao

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: Reviewing Q2 and Updating My Valuation

By Richard Howe

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.

Friday Take Away: 1 August 2025

By Hybridan

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 Systems Kk (3040 JP): 1H FY12/25 flash update

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.

Toyo Business Engineering (4828 JP): Q1 FY03/26 flash update

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.

Arisawa Mfg (5208 JP): Q1 FY03/26 flash update

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.

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Aug 08

Daily Brief TMT/Internet: Core Concept Technologies Inc, Softbank Group, Iress Ltd, Samsung Electronics, PCCW Ltd, Tencent, Bharti Airtel, Amagi Media Labs, Check Point Software Tech, Capgemini and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

TOPIX Inclusions: Who Is Ready (Aug 2025)
JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up
Iress (IRE AU): Blackstone Mulling a Privatisation Bid
How Chip Tariffs Shake up Samsung’s HBM Pricing Play Based on Fresh Local Intel
StubWorld: PCCW’s Tenacious NAV Premium
Tencent (700.HK) Q2 Earnings: Rally Into Earnings on Historically Low Volatility
Bharti Airtel Placement – Third US$1bn Deal in the Year, Stock Up a Lot
Amagi Media Labs Limited Pre-IPO Tearsheet
Check Point Software: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!
Capgemini’s Bold Growth Formula: Can Strategic Acquisitions & APAC Momentum Outpace the Competition?

TOPIX Inclusions: Who Is Ready (Aug 2025)

By Janaghan Jeyakumar, CFA

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.

JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up

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.

Iress (IRE AU): Blackstone Mulling a Privatisation Bid

By Arun George

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.

How Chip Tariffs Shake up Samsung’s HBM Pricing Play Based on Fresh Local Intel

By Sanghyun Park

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.

StubWorld: PCCW’s Tenacious NAV Premium

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 (700.HK) Q2 Earnings: Rally Into Earnings on Historically Low Volatility

By John Ley

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.

Bharti Airtel Placement – Third US$1bn Deal in the Year, Stock Up a Lot

By Akshat Shah

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 Limited Pre-IPO Tearsheet

By Hong Jie Seow

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: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!

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’s Bold Growth Formula: Can Strategic Acquisitions & APAC Momentum Outpace the Competition?