TMT/Internet

• Xero Ltd (XRO AU) has entered into a binding agreement to acquire Melio Limited for an upfront cash consideration of US$2.5bn in cash and Xero Ltd (XRO AU) stock.
• The cash consideration is being funded mainly through a fully underwritten A$1.85bn (US$1.2bn) institutional placement. There is also a non-underwritten Share Purchase Plan to raise around A$200m.
• Given the large size of the institutional placement, there will be an increase in index shares and the passive buying that follows should mop up over 20% of the placement.

• Xero Ltd (XRO AU)  plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.
• The US market has been a growth dampener for Xero for a while. The acquisition is large but might not be a game changer.
• In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

• On 25 June, Hahn & Co completed a block deal sale of about 9% stake in SK Eternix at 25,634 won (approximately 11% discount to the previous day’s closing price).
• Despite the expected sharp growth in the company’s sales and profits next year, its valuations have reached very high levels. 
• Combined with the recent block deal sales at significant market discount, we believe this is likely to put a break on its share price in the next 3-6 months.

• NextTrade’s Q3 reshuffle: 105 adds, 112 cuts, net -7. Total tradable names drop to 791. Turnover was more aggressive than expected.
• Key NXT additions could see liquidity surge and short-term vol spike, especially with NXT still grabbing ~30% of turnover and no hard cap enforcement yet in place.
• LG CNS, GS P&L, and SAMG Ent. are catching strong local trader interest, with setups building fast around these newly added NXT plays.

• Over FY21–25, IBIDEN has delivered strong revenue and profit growth, with operating income rising ~44% and EPS growing ~34% despite cyclical pressures.
• The company commands a dominant ~70–85% market share in AI/server IC substrates, led by Nvidia demand, and is expanding capacity at Ono and Gama plants to sustain leadership.
• With a 17–21% EPS CAGR forecast and trading at ~26× P/E—well below high-growth peers—IBIDEN offers a compelling blend of quality growth and relative valuation comfort.

• Japan’s Fujitsu Ltd (6702 JP) is currently developing a 2nm CPU named “MONAKA” (link). The CPU is planned to be manufactured by Taiwan Semiconductor (TSMC) – ADR (TSM US).  
• Rapidus has to deal with high technical barriers, tight timelines, heavy R&D costs, market and profitability challenges.
• Talent shortage in Japan: A lingering pain for the Semiconductor industry

• FY25 was Indian boxoffice’s worst performance ever (ex-covid). FY26 has started strong with multiple hits and June-Dec lineup boasts multiple action-oriented and sequel movies; genres that are witnessing high occupancy.
• Company has strengthened its balance sheet post ‘INOX’ acquisition despite the revenue slump. fixed cost/screen is flat vs FY20 at 2cr while average ticket prices have grown at 5% CAGR
• Comfortable entry level valuation (10.5x TTM EBITDA vs global peers CNK/AMC at 12/35x) supported by improved operational execution position the stock as a near term re-rating candidate.

• Samsung’s 1.4nm Technology Delay Highlights Potential That Intel Could End Up the Only Viable Alternative to TSMC — Maintain Structural Long for TSMC
• Micron Results Today Will Provide Insight Into Resilience of AI/HPC Equipment Demand
• TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot 

• Bumble Inc.’s recent financial performance and strategic direction provide an intricate picture of potential future opportunities and challenges.
• The earnings call highlighted several key themes.
• Bumble is actively working to transition its focus from expansion via performance marketing to enhancing user experience and match quality.

• US tightening the screws on Foreign-owned Semi production in China: Samsung, SK Hynix, TSMC were exempted from import license. The risk of US removing Equipment license is known since 2022.
• What’s the point? Negotiating tool in the ongoing US-China discussions? Increase uncertainty? Or maybe US unhappy about further Korean investments in China?   
• Samsung has 35% of DRAM production in China, SK Hynix 40% of DRAM and NAND, TSMC a negligible 3% of total revenues. Samsung has kept upgrading capacity in China. 

• Rohm’s relative share price is trading above the 200-day moving average for the first time since August 2023.
• Inventory de-stocking for SiC-based semiconductor suppliers is nearing its end, paving the way for order replenishment 
• Analysts expect Rohm’s margins to lag those of rivals in the recovery, but Rohm has done more to cut inventories than any other. 

• Kospi200 posted a strong weekly gain, advancing every day and extending a powerful rally off the April lows.
• The percentage of positive trading days since early April reflects strong momentum.
• A divergence is emerging, with implied volatility no longer reacting to spot moves as before.

• Huawei is a major player in the AI chip industry, challenging Nvidia’s dominance
• The company’s European-style headquarters and aggressive sales tactics raise questions about its true nature
• Ren Zhengfei’s rare interview with People’s Daily highlights Huawei’s central role in China’s tech industry and diplomatic relations

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• Undergoing a multi-year transformation:After a very challenging FY2024, ROHM Co Ltd (6963 JP) is reassessing its capital strategy, production footprint, and depreciation methodologies, forming the core of the structural reforms.
• ROHM targets a return to operating profitability in FY26, supported by cost optimization, analog IC growth, and a disciplined capital expenditure strategy.
• It is available at significantly cheaper valuation versus peers of just 0.8x price to book. Also, it has been added to the Nikkei 225 Index recently

• Unisound AI Technology (9678 HK) is set to debut on the HKEX on 30 June 2025, at a market cap of ~$1.9bn, raising just ~$40m.
• Current shareholders and cornerstone investors are locked for twelve months keeping the free float below the minimum threshold of Global Indices until 30 June 2026.
• The security is forecasted to be added to Global indices at the August and September 2026 reviews following the 12-month lock-up expiry.

• Nvidia, AMD launch a new GPU every 2 years. At each generation, higher performance manufacturing (TSMC) and HBM (higher density, higher speed, thinner layers). Hence, cost increase at each generation. 
• Price and volumes are negotiated 1 year ahead. TSMC, SK Hynix expect AI / HBM revenues to double in 2025. Expect another 50-60% in 2026. 
• Why HBM attracts less interest than Foundry (TSMC) or Design (AMD, AVGO, Nvidia)? Mostly, investor still think this is a cyclical business – HBM isn’t.

• Softbank Group (9984 JP) is seeing solid short-term momentum, bolstered by asset sales and AI-led strategic narratives. Key triggers to monitor: deleveraging moves, AI investment updates, and broader macro sentiment.
• The stock is very overbought according to our WEEKLY model, there could be a pullback soon.
• Another perspective: what if this is just a bold rebound rally—and the next move takes SoftBank back down toward the 5,000 level? Just an hypothesis worth considering.

• Unisound AI Technology, a Beijing-based AI solution provider with focus on conversational AI products, healthcare and daily life related application scenarios, is expected to IPO next week.
• The offering is expected to be between HK$165.00 and HK$205.00, implying a market cap of ~HK$13B or ~$1.7B at the midpoint of price range.  
• Unisound AI Technology IPO valuation implies a premium relative to SenseTime, iFlytek and 4Paradigm. I would consider becoming more constructive on the name if its valuation came down.

• With our strong endorsement of BILI’s traffic and advertising story, we are constantly watching the development of its game pipeline, which is a near term drag. 
• The popularity of extraction shooter game <Escape from Duckov> on STEAM is unlikely to generate meaningful tractions. 
• The acceleration of game code approval still leaves the question of what kind of game BILI will be launching;  We maintain BUY on BILI at TP of US$22.

• The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) continue to hold above short-term support at their respective 20-day MAs (currently 5966 on SPX, $526.50 on QQQ, $208.75 on IWM)
• As long as 20-day MA supports hold, our near-term bullish outlook that we have had since our 4/22/25 Compass remains intact.
• We will need to see breakdowns below 20-day MA supports in order to expect any meaningful near-term downside.

• LG CNS has been one of the hottest stocks in the Korean stocks market in the past one month (up 87%), sharply outperforming KOSPI.
• The biggest driver of LG CNS’s share price in the past month has been that this company has the potential to become a leading stablecoin platform in Korea. 
• Many investors believe that LG CNS has the expertise in blockchain/AI/cryptocurrency backend solutions to become one of the leading Won based stablecoin platforms in Korea.

• Smartpay Holdings (SPY NZ) has entered a scheme implementation deed with Shift4 Payments (FOUR US) at NZ$1.20 (A$1.12), a 19.4% premium to the last close price of NZ$1.005.
• The scheme is subject to shareholder and OIO approval. In the absence of a competing proposal, the offer is the best and final offer.   
• Microequities has provided an irrevocable, and the other substantial shareholders should be supportive as the offer is attractive.

• Context: Over the past five trading days, Tencent (700 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
• Highlights: With 20% of all strategies traded being Diagonal or Calendar Spreads, this remains a popular strategy. Directional positioning does not exhibit a bullish or bearish bias.
• Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,

• Dropped an Excel below with all names showing borrow as of today’s close — includes short interest and borrow-to-float using latest float data.
• Tables below flag names with borrow-to-float >4% (>3% for small caps) and plenty of unused borrow — solid candidates for potential short flow.
• Not auto-shorts — still need basic checks. But with borrow rising, this set looks like a solid starter basket to watch for short flow.

• TSMC: +22.1% Premium; Consider Shorting ADR Spread at Current Level
• UMC: +3.5% Premium; Extreme vs. History, Consider Shorting ADR Spread
• ASE: +2.4% Premium; Approaching Level to Long the ADR Spread

• Advantest Corporation delivered a robust performance in FY 2024, with record-high sales, operating income, and net income, primarily driven by sustained demand for AI-related high-performance semiconductor testing.
• The company effectively addressed the increased complexity in semiconductors through strategic procurement, supply chain diversification, and long-term agreements.
• This allowed Advantest to meet the elevated demand, particularly in SoC and memory tester sales.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: SK Hynix
• Front-end UST yields declined on Friday, on the back of Fed Governor Christopher Waller’s comments that a rate cut could come as early as July. The UST curve bull steepened, with the yield on the 2Y UST falling 3 bps to 3.91%, while that on the 10Y UST declined 1 bp to 4.38%.
• Equities retreated amid escalating tensions in the Middle East. In addition, semiconductor stocks fell after WSJ reported that the US could revoke export waivers for Western chipmakers to manufacture in China.

• Salesforce reported revenue of $9.83 billion for the quarter, representing 8% year-over-year growth in both nominal and constant currency terms.
• Subscription and support revenue grew by 9% in constant currency, while operating cash flow totaled $6.5 billion, a 4% increase over the prior year.
• Remaining performance obligations rose to $60.9 billion, up 13% year-over-year, and current RPO increased 12% in nominal terms and 11% in constant currency.

• Deutsche Telekom reported a solid first quarter for 2025, revealing a strong financial and strategic start to the year.
• The company reaffirmed its midterm targets and bold financials indicate significant growth across various segments.
• However, the results encapsulate both positive and challenging aspects of the company’s current business environment.

• Microsoft’s long-standing alliance with OpenAI, once hailed as one of the most successful partnerships in tech, appears to be nearing a dramatic and possibly messy end.
• The tensions have come to a head in recent weeks amid reports of OpenAI considering antitrust action against Microsoft, internal disagreements over IP access and corporate restructuring, and mounting competitive overlap in AI services.
• Simultaneously, Microsoft is preparing for another round of layoffs, this time targeting its massive sales workforce, in a bid to contain costs associated with its multibillion-dollar AI infrastructure investments.

• I published a Sep25 Nikkei 225 prediction list last Wednesday. By Friday, we had a new paradigm due to an ad hoc change. That new paradigm informs the September selection. 
• As it is, I expect one (1) ADD (Shift Inc (3697 JP)) and one (1) DELETE (Tokuyama Corp (4043 JP)) – a prediction which change on a corporate announcement.
• My confidence on the ADD is a little lower due to the implications of the choice of Rohm. And the interesting ECM trade for September remains Sony Financial. 

• On 26 May, Hygon Information Technology (688041 CH) and Dawning Information Industry (603019 CH) announced a merger in a sign of consolidation in China’s chipmaking industry.
• For each share of Dawning held, shareholders will receive 0.5525 shares of Hygon. With uncertainty on the timeline for merger completion, Dawning is trading at a 10% discount.
• On completion of the merger, passive trackers will need to buy over US$1.1bn of Hygon Information Technology C (688041 CH) with nearly of that from local index trackers.

• Mandatory treasury cancellation isn’t in the current bill, but FSC and MOJ have started internal reviews; enforcement decree could drop as early as Q4.
• An internal policy paper suggests mandatory cancellation will apply only to newly acquired treasury shares, with tight limits on existing ones to curb owner control abuse.
• Lack of retroactive cancellation weakens the bull case, and while holdco sentiment stays upbeat, momentum may fade, opening the door to a tactical pullback.

• Eftpos terminal provider Smartpay Holdings (SPY NZ/SMP AU) has now entered into a Scheme Implementation Deed with Shift4 Payments (FOUR US).
• Shift4 is offering NZ$1.20, the same price as that under the NBIO announced early last month. It’s a 46.05% premium to the 90-day VWAP, and 14.2x normalised FY25 EBITDA. 
• The Offer has the unanimous backing of both boards, and also has the backing from Microequities holding 13.3% of shares out. Implementation expected in 4Q25. 

• China’s push for 100% auto chip localization by 2027 poses risk to Himax, which derived 75% of 1Q25 revenue from China. We engaged the company for comments./
• Himax may avoid direct targeting due to Taiwanese roots and local production via CN Nexchip, and we believe is less vulnerable than Western firms like NXP, TI, and Wolfspeed.
• Copackaged Optics (CPO) industry momentum continues to build as Himax continues role alongside TSMC and FOCI; industry moves from Nvidia, AMD validate long-term optical interconnect opportunity Himax is positioned for.

• Apple failed to deliver on the highly anticipated Siri makeover, noting that it didn’t meet their quality standards and effectively pushing it out for another full year 
• Internal rivalries, divided opinions on the direction AI should take, organizational restructuring, unwillingness to do meaningful acquisitions would all appear to be contributing to Apple’s AI woes
• Apple’s peers are advancing their AI ambitions at warp speed, investing heavily, taking bold risks and mostly delivering on their promises. Apple is the polar opposite. What’s another year? Failure.

• Following the results of NTT (9432 JP)‘s tender offer for NTT Data Corp (9613 JP), NTT Data will be deleted from the Nikkei 225 (NKY INDEX).
• ROHM Co Ltd (6963 JP) will be added to the Nikkei 225 (NKY INDEX) at the close on 3 July. The stock is up a fair bit from its lows.
• Nearly all the NTT Data Corp shares not tendered will be held by passives and there will be selling in the stock as index providers move the float lower/delete.

• Today the results of the NTT Data Corp (9613 JP) Tender Offer came out. NTT has 81.75%. I warned of lack of liquidity at that level yesterday here. 
• Yesterday I proposed that ROHM Co Ltd (6963 JP) would replace NTT Data in the Nikkei 225 and that the likely timing was the last couple of days of August.
• Today, the Nikkei used the June 2020 rule change to announce NTT Data’s near-term deletion. Rohm goes in 3 July. 7.5x ADV to buy. $3.8bn a side to trade.

• Taishin Financial (2887 TT) is cheap to peers. Shin Kong Financial (2888 TT) is cheap vs Taishin. Long Shin Kong. Long Taishin vs Peers. Long Shin Kong vs Taishin Peers.
• Abu Dhabi makes a big, bold bet on Santos Ltd (STO AU). However FIRB will have the last word on whether the deal goes through. 
• If the results show NTT owns >80% of NTT Data (9613 JP), buy a lot for a potential squeeze. If the results show NTT owns 68-70%, you can probably ignore. 

• Okta, Inc. has provided a mixed yet insightful picture of its progress and challenges from its latest earnings results.
• On the positive side, the company has reported robust financial indicators for the first quarter of fiscal year 2026, including record operating profitability and strong cash flows.
• These financials showcase Okta’s capability to efficiently manage costs and drive profitability despite a generally cautious economic environment.

• Asana’s latest financial results for the first quarter of fiscal year 2026 illustrate a mix of achievements and challenges.
• The company has achieved a significant milestone by reaching non-GAAP profitability for the first time, boasting a non-GAAP operating margin of 4%, an improvement from a 9% operating loss margin in the prior year.
• This was facilitated by stronger-than-expected revenue of $187.3 million, which represents a 9% yearover-year increase, surpassing initial guidance.

• Digital Turbine, Inc.’s latest financial results demonstrate a blend of positive developments and ongoing challenges.
• For the fiscal fourth quarter ending March 2025, the company returned to year-over-year growth, generating $119.1 million in revenue and $20.5 million in EBITDA, with a non-GAAP earnings per share of $0.10.
• This marks a 6% increase in revenue compared to the previous year and a significant 66% rise in year-over-year EBITDA.

• Onto Innovation recently announced its financial results for the first quarter of 2025, marking a significant revenue record of $267 million, driven by advancements in AI compute engines and increased investments in cloud and enterprise servers.
• However, the company is grappling with tariff impacts due to policies enacted by the U.S. administration.
• Nearly all Onto’s products are manufactured in the United States, exposing the company to higher costs from tariffs and potential retaliatory tariffs from other countries.

• Warner Bros. Discovery (WBD) reported first quarter financial results for 2025, highlighting significant strides in its streaming and content services as well as providing insight into its strategic vision for growth.
• The company emphasized its commitment to high-quality storytelling and global reach, which it sees as key drivers in its business growth.
• For the period, Warner Bros. Discovery continued its momentum in the streaming domain, adding more than 5 million subscribers, resulting in a total of over 22 million new subscribers over the past year.

• Insiders say Google’s fast-growing phone biz now overlaps Samsung’s, sparking serious rivalry fears. This “Google shock” has become a major topic among Samsung’s top execs lately.
• Sammy’s crisis plan involves carving out System LSI from foundry, with a likely spin-off of the foundry biz as a separate entity—insiders say that’s the favored move now.
• Samsung’s restructuring sparks a tug-of-war between shareholder value erosion and foundry re-rating. A spin-off looks likely, with recent stock moves showing investor optimism.

• Sanghyun Park has reported in detail about what seems to be going on behind closed doors at Samsung in regard to the foundry spin-off: read his insight – highly recommended.
• We maintain our BUY recommendation for Samsung Electronics (005930 KS) and although we have not yet seen a strong rally, we see the stock slowly drifting upward from its bottom.
• Our short-term tactical perspective covering the next 2–3 weeks is presented in this insight.

• CSI All Share Semiconductors & Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
• In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
• We expect up to six ADDs and two DELs for the CSI All Share Semiconductors index during this index review event based on the latest available data.

• In Q2 FY24/9 financial results reported exactly one year ago, profit attributable to owners of parent declined -74.1% due to recording an impairment loss of JPY 1,720mn in the 2Q as an extraordinary loss for the entire unamortized balance of goodwill associated with the acquisition of consolidated subsidiary NEXTSCAPE Inc.
• In SIR’s follow-up report, we wrote “management promptly recognizing the impairment and withdrawing the FY25/9 OP MTP target effectively minimizes future down-side risk.
• In the meantime, core business performance continues to grow at double-digits. ”

• Vanguard Intl Semiconductor (5347 TT)’s 3Q25 outlook shows slight improvement over 2Q25, potentially around +5%.  
• Vanguard Intl Semiconductor (5347 TT) overall utilization expected to reach around 75–80% in 3Q25, with 0.18µm loading is nearly full.
• Progress on Vanguard’s Singapore 12” fab is still in early stages, with the main constraint being the equipment move-in schedule.  

• BlackLine, a leader in financial automation solutions, recently announced its Q1 2025 earnings results, highlighting both opportunities and challenges as the company navigates its ongoing journey towards growth and market expansion.
• The company reported a total revenue increase of 6% year-over-year, reaching $167 million, with strong subscription and services revenue performance.
• However, the financial results are a mix of positives and certain areas that might require attention.

• CyberArk Software Ltd has reported its first quarter 2025 earnings, demonstrating a strong financial performance that exceeded the company’s guided metrics.
• The company achieved an Annual Recurring Revenue (ARR) of $1.215 billion, with total revenue amounting to $318 million.
• An operating margin of 18% was recorded, alongside a free cash flow generation of $96 million.

• CarGurus, Inc. demonstrated solid performance in the first quarter of 2025, characterized by significant growth in its Marketplace revenue and strategic advancements across its product offerings.
• The company focused on three key value creation drivers: expanding data-driven solutions for dealers, refining consumer experiences, and enhancing online transaction capabilities.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• CapXX’s high-power density and high energy storage capacity superconductors are used in portable and smallscale electronic devices, as well as in larger applications such as automotive and renewable energy.
• This is a $1bn market and forecast to grow at 18% per annum between 2023 and 2030. The recent Trading Update reported on the restructuring progress over the last five months to May 2o25.
• CapXX’s cash remained robust at AUD$4.2m (£2m) compared to AUD$5m as a result of cost-saving initiatives, an ongoing emphasis on efficient operational performance and a slowing rate of cash use.

• Blackbaud, Inc. recently reported its first-quarter 2025 financial results, demonstrating a measured performance.
• Revenue for the quarter was $271 million, marking 5.8% organic growth.
• The company achieved a non-GAAP adjusted EBITDA margin of 34.3% and non-GAAP diluted earnings per share of $0.96.

• The NTT Data Corp (9613 JP) Tender Offer closed today. Results will come out tomorrow. I expect it will have been successful. 
• That will mean some US$8bn+ of passive tracking flows to sell and $8bn+ to buy related to this event alone in the next 3 months. 
• And there are some very interesting dynamics to consider in the meantime. 

• Macquarie might fast-track its 21.5% LG CNS stake sale, shifting from patience to action — weighing staggered sell-down vs. OTC block to limit price impact.
• Macquarie’s well in the money — even with a deal discount, they can offload the stake, cover remaining debt, and still lock in solid upside.
• LG CNS is flying on AI hype, but Macquarie’s post-August 5 exit risk could flip the tape fast — overhang setup worth watching vs. other local AI plays.

• KPIT Technologies (“KPIT”) reported $280mm worth of deal wins in Q4Y25, well beyond the typical run-rate of $150mm+, despite the tough demand environment, which demonstrates KPIT’s strong competitive positioning.
• KPIT’s Q4FY25 PAT excluding one-time income grew 18%+ YoY in INR and 15% YoY in constant currency (CC) terms. Revenue growth was 15% YoY and 3% QoQ in CC terms.
• Margins continued to be strong with Q4FY25 EBITDA margin at 21.1%. With this, the full-year FY25 EBITDA margin ended at 21%, in line with the upgraded guidance.

• Allegro MicroSystems has reported its financial results for the fourth quarter and the full fiscal year 2025.
• The company is focused on strengthening its market position through innovation and operational efficiencies.
• President and CEO Mike Doogue, who ascended from being the company’s first Chief Technology Officer, emphasized a strategic focus on expanding product capabilities and extending Allegro’s footprint in lucrative markets such as automotive, industrial, and emerging sectors like medical and robotics.

• The latest financial results for Arm Holdings reflect a strong finish for their fiscal year ended March 31, 2025, marked by record-breaking revenue milestones.
• Arm’s performance was driven by growing demand for power efficient compute solutions, particularly in artificial intelligence (AI) from cloud to edge.
• The company achieved quarterly revenue exceeding $1 billion for the first time, with fiscal year revenue surpassing $4 billion.

• Taiwan Semiconductor Manufacturing Company Limited’s earnings presentation for the first quarter of 2025 outlines both opportunities and challenges faced by the company.
• The semiconductor giant reported a sequential decrease of 5.1% in revenue in U.S. dollars, attributed to weaker smartphone demand despite strong growth in sectors like AI.
• Operational disruptions from an earthquake in January and overseas operations’ initial costs slightly impacted profit margins; gross margin decreased by 0.2% sequentially to 58.8%, and operating margin fell by 0.5% to 48.5%.

• Intapp delivered a strong financial performance in its fiscal third quarter of 2025, driven mainly by its cloud and AI capabilities, alongside strategic business expansions.
• The company’s Cloud Annual Recurring Revenue (ARR) reached $352 million, representing a year-over-year increase of 28%.
• This growth underscored the importance of cloud solutions, which now account for 77% of Intapp’s total ARR of $455 million.

• Rubrik recently reported strong financial performance in its first-quarter fiscal year 2026, showcasing robust growth and an enhanced market position within the cyber resilience space.
• The company’s subscription ARR reached approximately $1.2 billion, marking a 38% year-over-year increase.
• Net new subscription ARR also saw significant growth at $89 million for the quarter.

• Vishay Intertechnology, a company specializing in semiconductors and passive electronic components, recently reported its first-quarter financial results for 2025.
• Here’s a detailed assessment of the quarter’s outcomes and the investment considerations that arise from them.
• Revenue for the first quarter stood at $715 million, slightly above the midpoint of their guidance.

• Western Union’s first quarter 2025 results reflect a company in transition, grappling with a challenging macroeconomic environment while pursuing its Evolve 2025 strategy to reinvigorate growth.
• The company reported revenue of $984 million, marking a 2% decline when adjusted for geopolitical impacts in countries like Iraq, Russia, and Belarus.
• Despite these challenges, transaction growth continued at 3%, a positive indicator in the broader context of the financial services market.

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

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

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

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

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

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

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

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

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

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

• Makemytrip Ltd (MMYT US) is looking to raise upto US$2.66bn via an equity combo of a 14m share selldown, which could raise around US$1.41bn and US$1.25bn five-year put-three convertible bonds.
• The company plans to use the proceeds to buy back Class B shares from Trip.com to lower Trip.com’s voting power in MakeMyTrip to 19.99%.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Over the past five trading days, Xiaomi Corp (1810 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
• Popular Strategies: Diagonal Spreads account for 27%of all strategies. This versatile strategy allows for many different profiles in terms of upfront premium (positive or negative), and time horizon.
• This Insight of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies.

• TSMC’s Next Generation 2nm Node Gathers Momentum as Intel Lags Behind
• TSMC’s Arizona Plant Ships First AI Chips — But Taiwan Remains Core to Packaging
• MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026. 

• Warner Bros. Discovery (WBD) announced on June 9, 2025, its plan to split into two independent, publicly traded companies by mid-2026.

• Global Networks will be the entity that is spun-off. It will consist of legacy cable TV and digital networks, such as: CNN, TBS, TNT (including TNT Sports)…

• CFO Gunnar Wiedenfels will become CEO of this spun‑off entity.

• In this edition: • ASM International – ASML Holding – BE Semiconductor Industries | US wants further export restrictions of high-end semiconductor technology to China • PostNL | opens up its APM network for FedEx for drop-offs and returns

• On May 14, 2025, Geechs Inc. (hereafter, “the Company”) announced its full-year FY2025/3 earnings results.
• Net sales rose 6% YoY to JPY 25,162 mn, EBITDA rose 73% YoY to JPY 625 mn, and operating profit rose 445% YoY to JPY 495 mn.
• The IT Human Resources Matching Business, Overseas (hereafter, “Overseas IT HRM Biz”) continued to face challenges owing to local market conditions, but the core IT Human Resources Matching Business, Japan (hereafter, “Japan IT HRM Biz”) expanded steadily and profitability continued to improve in the Seed Tech business.

• We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
• We will maintain our bullish view as long as market dynamics remain healthy and the S&P 500 (SPX) is above 5700-5785 (up from 5500).
• We continue to be buyers in the 5700-5785 range, and we would also be buyers at 5804-5854 gap support. We are expecting all-time highs soon on SPX.

• Telcoware (078000 KS) and Shinsung Tongsang (005390 KS) are two recent tender offers in Korea where the minority shareholders are demanding higher tender offer prices.
• The actual subscription rate of the Telcoware tender offer was only 10.44%, far below the 25.24% targeted by the CEO Keum Han-Tae.
• The Shinsung Tongsang owner family may acquire an additional 7–10% stake via this tender offer, though it remains unclear if they can secure full 95% ownership at this stage.

• In line with forecasts, there will be 4 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the close on 30 June.
• Capping changes for Delta Electronics Thailand (DELTA TB) will result in big passive selling in the stock and funding inflows for the other index constituents.
• Positioning appears to be a lot smaller in the adds compared to the deletes. There could be buying in the deletes on a drop in the stock price.

• Ascentech KK (3565 JP) has recommended a tender offer from Orix Corp (8591 JP) at JPY1,680, a 14.6% premium to the last close price.
• Despite the lack of an auction, the offer is reasonable compared to historical trading ranges and aligns with the midpoint of the IFA DCF valuation range.
• Minimum tendering is set at a 66.67% ownership ratio, with irrevocables representing a 27.81% ownership ratio. Management’s significant stakes aid in deal completion.

• 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.
• It’s an OK price, not a great price. But while they are not calculated by advisors, at least the Target Board talks about the value of synergies to minorities.
• The price is light, but the combined irrevocables and large individual shareholders not brought over the wall get this over the line.

• Carta Holdings, Inc. (3688 JP) has recommended a preconditional tender offer from NTT (Nippon Telegraph & Telephone) (9432 JP) at JPY2,100, a 37.2% premium to the last close price.
• The offer is preconditional on several regulatory approvals, expected to commence in late August, and aligns with the midpoint of the IFA DCF valuation range.
• Due to irrevocables from the controlling shareholder and key management, the required minority tendering rate is 11.2%. This low rate points to a done deal. 

• Ciena Corporation’s financial results for the fiscal second quarter of 2025 reflect robust performance and strategic positioning within the dynamic networking and telecommunications industry.
• The company reported revenue of $1.13 billion, marking alignment with the high end of their guidance, an indicator of successful strategy execution and market demand.
• This strong revenue performance is underscored by substantial growth in cloud provider revenue, which represented 38% of total revenue and grew by 85% year-over-year to over $400 million in the quarter.

• Intel layoffs now extending to production in US, Israel. Intel’s revenue/employee is half that of AMD, TSMC. An AMD or TSMC employee generates 2x more revenue than an Intel employee. 
• Intel shareloss in PC, Server continues. Over the past 4 years Intel lost 6 percentage points PC market share (down to 76%), 13 percentage points in server (down to 73%).   
• Intel is now without an AI / GPU roadmap. It looks bad but the twist is it helps Intel requalify with Nvidia DGX, replacing AMD. Weakness breeds strength.   

• Keysight Technologies reported its fiscal second quarter 2025 earnings, highlighting several key aspects that investors may find noteworthy.
• The company delivered a robust performance, with revenues at $1.3 billion and earnings per share of $1.70, both exceeding the high-end of guidance.
• This performance marks continued revenue growth, driven by strong demand in the Communications Solutions Group (CSG) and a return to growth in the Electronics Industrial Solutions Group (EISG).

• ReadCloud Limited (ASX:RCL) services the education sector through the provision of digital learning content, proprietary interactive technology, and support for students and educators.
• The company has released its H1 FY25 interim result (September year-end), illustrating a continuation of strong momentum in the core schools-focussed businesses.
• Group sales and fee revenue grew 13% to $9.2m, underlying EBITDA strengthened 73% to $1.8m, with strong cash conversion delivering operating cash flow of $1.9m for the half, leaving the company with $3.5m cash and no debt at period end.

• Samsara Inc. reported its financial results for the first quarter of fiscal year 2026, showing notable performance in various aspects of its business.
• The company achieved a strong start to the fiscal year, surpassing $1.5 billion in Annual Recurring Revenue (ARR), reaching $1.54 billion by the end of the quarter.
• This represented a 31% year-over-year growth, adjusting for constant currency.