TMT/Internet

Yageo Corporation (2327 TT) has extended the close of its offer for Shibaura Electronics (6957 JP) from July 15 to August 1, the end of the waiting period for FEFTA approval.
Yageo remains confident of securing FEFTA approval. Blocking an acquisition of a Type 1 (non-designated business sector) company by a Taiwanese company would set a bad precedent.
There is a medium to high probability that Yageo secures FEFTA approval. Minebea Mitsumi (6479 JP) is likely to walk as it signalled a limited appetite to match Yageo’s offer.

Quiddity Leaderboard STAR 50/100 Sep25: Reference Period Almost Complete; New Pair Trade Ideas

By Janaghan Jeyakumar, CFA

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

Taiwan Dual-Listings Monitor: TSMC Results Ahead; ASE Historically Rare Discount

TSMC: +20.6% Premium; FY2Q25 Results This Week a Key Catalyst
UMC: 0.0% Premium (Parity); Wait for More Extreme Levels Before Going Long or Short
ASE: -0.8% Discount; Historically Rare Discount, Long the ADR Spread

Starhub Ltd: An Analysis of the Returns to Shareholders and Governance

By Tan Yee Peng

We commend StarHub for putting shareholder returns as a key priority; it is front and centre in its annual reports, and a significant portion of the CEO’s compensation is tied to returns targets.
This is certainly not common among SGX listed companies, many of which do not even have Return on Equity (“ROE”) targets.
In fact, less than 20% of SGX companies have 5-year average ROE of more than 10%, which is approximately the cost of equity for most companies.

Money Forward (3994) | Mid-Sized Bets Start Paying Off

By Mark Chadwick

Core Business acceleration: Business segment sales +28% YoY, driven by Mid-sized corporate strength; ARR +32% YoY to ¥29.6bn.
Non-Core drag explains topline miss: Total sales +11.7% YoY to ¥11.5bn vs est. ¥12.1bn; ex-Hirac Fund, sales +18% YoY.
Margin strength: Record-high EBITDA of ¥0.8bn (7% margin), achieved without one-off gains; signals improving core profitability.

Netmarble Is Considering on Issuing EB Worth 250 Billion Won Backed by Its Stake in HYBE

According to the local media, Netmarble is considering on issuing exchangeable bonds (EB) worth about 250 billion won backed by its stake in HYBE.
The potential EB issue is likely to be slightly positive on Netmarble and slightly negative on HYBE (mainly due to additional shares that could be sold in the market).
We are Negative on BOTH Netmarble and HYBE. Their valuations are not attractive. Plus, HYBE could face a major negative issue of its founder Bang Si-hyuk who could be jailed.

Jensen Went to the White House, and to China

US – China: Restrictions on Semiconductors are relaxed. EDA tool (Cadence, Synopsys) already relaxed, Nvidia says export license will come, this implies that HBM can be sold to China.
It’s really hard to “guess” what comes next as US restrictions on technology export to China are just one bargaining tool in much broader negotiations (trade deficit, fentanyl, etc).
For Cadence and Synopsys, China is 12% of revenues. For Nvidia, China is US$ 30-35bn revenue in 2025 (15-17%). Positive to Samsung, supplying HBM3 (Nvidia’s H20), GDDR7 (RTX PRO).

Div Tax Intel Drop: Street Pivoting to Forward Yield Plays (Consensus Data Excel Attached)

This is MoEF’s first gov-led tax reform—not lawmaker-initiated—and unlike April’s DP bill, it carries broader scope and priority fast-track status, boosting passage odds.
Local chatter says MoEF is eyeing end-July to table its tax reform bill — that’s the base case making the rounds on the tape today.
Gov may go full-scope: 9–25% div tax on all firms plus tax credits. Traders are now rotating into high forward-yield names ahead of MoEF’s late-July package.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 15

Daily Brief TMT/Internet: Samsung Electronics, Intel Corp, McGraw Hill, Taiwan Semiconductor (TSMC) – ADR, Macquarie Telecom, Telenor ASA and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Samsung Daily Buyback Flow Compiled (Excel): Notable Flow/Price Sync Pattern Identified
Intel Layoffs Finally Kick Off With A Chaotic Start In Oregon
McGraw Hill, Inc. (MH): Legacy Education Company Sets Terms, Down-Round from 2021 Purchase
Taiwan Tech Weekly: Intel Tapes Out New Chips at TSMC – What It Means; PC Demand Growth in Focus
Macquarie Telecom Group Ltd – The Overnight Report: US-EU Talks Calm Nerves
Telenor ASA: Initiation of Coverage- How Strategic M&A Moves Could Reshape Europe’s Telecom Battlefield!

Samsung Daily Buyback Flow Compiled (Excel): Notable Flow/Price Sync Pattern Identified

Daily buyback flow data for Samsung (ord + pref) since last Nov compiled — Excel file attached below.
Started with ~1M/day (for ord), ramped up at 20–30%, then tapered post-60% — same playbook in both legs, with the second showing even more methodical, steady pacing.
Price action tracked buyback flow closely — especially in leg 2, where the mid-heavy-light volume pattern showed strong consistency.

Intel Layoffs Finally Kick Off With A Chaotic Start In Oregon

By William Keating

Despite initially WARNing of 529 job cuts in Oregon, the actual number turned out to be 2,392
Only 9% of the Oregon cuts are in management positions
Huge cuts in technical employees across the board with a total of thirty Principal Engineers losing their jobs in Oregon alone.

McGraw Hill, Inc. (MH): Legacy Education Company Sets Terms, Down-Round from 2021 Purchase

By IPO Boutique

McGraw Hill is offering 24.39mm shares at $19.00-$22.00 equating to a market cap of $3.6b-$4.2b and is scheduled to debut on July 24th.
The company is backed by Platinum Equity, a private equity firm that acquired the company from Apollo Global Management for approximately $4.5 billion in August 2021.
Private Equity IPOs are to be a theme in the 2H of 2025 and McGraw Hill will be a test for the market based on the financial profile.

Taiwan Tech Weekly: Intel Tapes Out New Chips at TSMC – What It Means; PC Demand Growth in Focus

Intel Tapes Out New PC Chips on TSMC 2nm — Dual-Node Nova Lake Strategy Shows Dependence on TSMC… and Value of UMC for INTC in the Long-Term
DRAM Memory Outlook — Nanya Results See Non-AI DRAM Demand Rebound; DDR4 Shortage Tightens, Expects Continued Strength in 2H25
PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year

Macquarie Telecom Group Ltd – The Overnight Report: US-EU Talks Calm Nerves

By FNArena

A global perspective on what happened overnight

Telenor ASA: Initiation of Coverage- How Strategic M&A Moves Could Reshape Europe’s Telecom Battlefield!

Telenor Group reported its first-quarter earnings with some notable results and strategic updates.
The Group, which operates in the telecom industry, emphasized its efforts in promoting stability amidst geopolitical turbulence.
Telenor continues to focus on enhancing its digital infrastructure to meet rising demands for sovereign and mission-critical solutions and has launched new services such as Splitt in the Nordics.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 14

Daily Brief TMT/Internet: Shibaura Electronics, Mediatek Inc, Kinatico and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Merger Arb Mondays (14 Jul) – Shibaura, Topcon, Nissin, OneConnect, Insignia, PointsBet, ENN Energy
MediaTek (2454.TT): 3Q25 Outlook Is Expected to Decline by Approximately 0–6%.
Kinatico RaaS Interview Transcript 14 July 2025
Kinatico Ltd – Q4 SaaS revenue surpasses 50%, RaaS forecasts beat

Merger Arb Mondays (14 Jul) – Shibaura, Topcon, Nissin, OneConnect, Insignia, PointsBet, ENN Energy

By Research as a Service (RaaS)

I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Yichang HEC Changjiang Pharma (1558 HK), ENN Energy (2688 HK), Insignia Financial (IFL AU), Seven & I Holdings (3382 JP), Santos Ltd (STO AU).
Lowest spreads: Bright Smart Securities (1428 HK), New World Resources (NWC AU), Humm Group (HUM AU), Hainan Meilan International Airport (357 HK), Avjennings Ltd (AVJ AU).

MediaTek (2454.TT): 3Q25 Outlook Is Expected to Decline by Approximately 0–6%.

By Patrick Liao

For Mediatek Inc (2454 TT)’s 3Q25 outlook, its revenue is expected to decline by approximately 0–6% quarter-over-quarter, reflecting a relative low seasonal factors and order adjustments.
Regarding Mediatek Inc (2454 TT)’s partnership with Alphabet (GOOGL US), the TPU v7e is expected to begin tape-out in September 2025.
Based on current project developments using TSMC’s 2nm process, MediaTek is highly likely to co-develop the next-generation MTIA v4 ASIC with Meta (META US).

Kinatico RaaS Interview Transcript 14 July 2025

Kinatico (ASX:KYP) CEO Michael Ivanchenko discusses the company’s Q4 trading update with RaaS director Finola Burke.

Kinatico Ltd – Q4 SaaS revenue surpasses 50%, RaaS forecasts beat

By Research as a Service (RaaS)

Kinatico Ltd (ASX:KYP) is a ‘Know Your People’ regtech company providing workforce compliance monitoring and management technology and services.
The company has announced that total revenue in Q4 increased 15% to $8.5m, with higher-margin SaaS (Software-as-a-Service) revenue making up 52% of the total, compared with 38% of total Q4 revenue in FY24.
SaaS revenue grew 57% in the quarter on the previous corresponding period (pcp) to $4.4m and is tracking at $17.5m on an annualised basis.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 13

Daily Brief TMT/Internet: Samsung Electronics, Alphabet , PTC Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Field-Checking Samsung HBM4 1c Yield Buzz & Samsung Life Law Play Inside Look
Alphabet’s Grip on Search Faces Its Greatest Test Yet: OpenAI’s Browser Threat EXPLAINED!
PTC + Autodesk? The $23 Billion Merger That Could Redefine Engineering Software

Field-Checking Samsung HBM4 1c Yield Buzz & Samsung Life Law Play Inside Look

Local intel says Samsung’s 1c-based 12-high HBM4 is basically locked in to sample to NVIDIA by end of this month or early next.
No hard proof Samsung hit 70% yield, but inside chatter’s bullish, internal mood’s upbeat, and that’s what’s driving the local market to chase the 1c HBM4 hype.
With the Samsung Life Law quietly sidelined in recent reform talks, Samsung seems to have read the room and is now going full throttle on the HBM push.

Alphabet’s Grip on Search Faces Its Greatest Test Yet: OpenAI’s Browser Threat EXPLAINED!

In a move that could redefine the future of web browsing and digital advertising, OpenAI is reportedly preparing to launch a new AI-powered browser that directly challenges Google Chrome—Alphabet’s flagship browser and a crucial pipeline for search traffic and user data.
While the browser is still under wraps, reports indicate that it will feature a ChatGPT-like interface where users complete tasks and search queries within the app, bypassing traditional website clicks altogether.
This launch follows similar innovations by AI search players like Perplexity, and represents OpenAI’s broader ambition to embed its AI across personal and professional user touchpoints.

PTC + Autodesk? The $23 Billion Merger That Could Redefine Engineering Software

The engineering software sector may be heading toward another major shake-up as Autodesk weighs a potential acquisition of Boston-based PTC Inc., according to multiple sources familiar with the discussions.
With PTC’s market value hovering around $23 billion, a deal of this magnitude could place Autodesk in a stronger competitive stance against industrial software giants like Siemens and Dassault Systèmes.
While Autodesk has yet to confirm the move publicly, it is reportedly evaluating a cash-and-stock deal, working with advisers to assess the strategic benefits and financial implications.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 12

Daily Brief TMT/Internet: Dowooinsys, Messe eSang, Yangtuo Technology Inc., Megatronix Inc., Usen-Next Holdings Co Ltd, Windar Photonics PLC, Palantir Technologies , Neos Corp, aka Brands Holding Corp, Reconova Technologies Co Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Dowoo Insys IPO Book Building Results Analysis
Korea Small Cap Gem #39: Messe ESANG
Yangtuo Technology Inc. Pre-IPO Tearsheet
Megatronix Inc. Pre-IPO Tearsheet
Usen-Next Holdings Co Ltd (9418 JP): Q3 FY08/25 flash update
Windar Photonics PLC – Friday Take Away: 4 July 2025
How Is Palantir Technologies Capitalizing On Expanding Use Cases for AI Platforms Across Diverse Sectors!
Neos Corp (3627 JP): Q1 FY02/26 flash update
AKA: 2H Signposts: The Ignored Growth Story; Reiterate Buy Rating and $30 PT
Reconova Technologies Co., Ltd. Pre-IPO Tearsheet

Dowoo Insys IPO Book Building Results Analysis

Dowooinsys (484120 KS) announced that it has confirmed its IPO price at 32,000 won, which is at the high end of the IPO price range.
The demand ratio among the institutional investors was 785.4 to 1 with a total of 2,180 domestic and foreign institutions participating.
Our base case valuation of Dowoo Insys is target price of 40,667 won per share, which is 27% higher than the IPO price (32,000 won).

Korea Small Cap Gem #39: Messe ESANG

We have found another gem in the Korean small cap industry. Messe ESANG is #39 in our Korea Small Cap Gem Series.
Messe ESANG (408920 KS) is the number one player in South Korea’s exhibition and convention industry.
The company has a combination of strong sales growth, excellent operating margins, improving ROE, sound balance sheet, and cheap valuations.

Yangtuo Technology Inc. Pre-IPO Tearsheet

By Troy Wong

Yangtuo Technology Inc. (YT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
The company is a leading commerce and service platform in China, specializing in family care and nutrition products.
YT was the largest commerce and service platform serving businesses in China’s family care and nutrition product industry in lower-tier markets in terms of GMV in 2024 (Frost & Sullivan).

Megatronix Inc. Pre-IPO Tearsheet

By Troy Wong

Megatronix Inc. (MI) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citi, CICC, and DB.
MI is a leading, innovation-driven automotive technology company. MI focuses on developing and delivering AI-powered integrated domain control solutions that enable automakers to build the next generation of software-defined vehicles.
It derives revenue primarily from sales of integrated domain control solutions, calculated based on the number of integrated smart domain controllers embedded with its solutions that are delivered to OEMs.

Usen-Next Holdings Co Ltd (9418 JP): Q3 FY08/25 flash update

Cumulative Q3 FY08/25 revenue rose 20.3% YoY, with operating profit up 2.9% YoY; no full-year forecast revision.
Segment revenue progress rates: Content Distribution 77.8%, Store & Facility Solutions 78.6%, Communications & Energy 79.4%, Finance 92.0%.
Full-year FY08/25 forecast: Revenue JPY360.0bn (+10.2% YoY), operating profit JPY31.0bn (+6.5% YoY), dividend JPY14.0/share.

Windar Photonics PLC – Friday Take Away: 4 July 2025

By Hybridan

4th July 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
Cautious expectations may prove the best policy for growth in the longer term ALT University Challenge WPHO Revenue Tacking Altitude Group 24.5p £17.9m (ALT.L) Financial Calendar: Year End March, Results are expected to be reported on 29 July, Interims to September, to be reported by end of December Top Three Shareholders: Mr. Simon Taylor 14.00%, Mr. Martin Varley (Director) 12.95%, Mr. Keith Wills 9.22% Key Investment Points: Scalable growth, Attractive University niche, Improved Operational Gearing The end-to-end solutions provider of branded merchandise to the promotions industry is expected to report Finals to March on 29 July.

How Is Palantir Technologies Capitalizing On Expanding Use Cases for AI Platforms Across Diverse Sectors!

Palantir Technologies recently reported an exceptionally robust third quarter for 2024, emphasizing the role of AI in its growth narrative.
The company’s revenue surged by 30% year-over-year, fueled primarily by its U.S. operations, where government and commercial sectors grew by 40% and 54%, respectively.On the positive side, Palantir achieved significant traction in both government and commercial sectors largely due to its prowess in deploying artificial intelligence (AI) solutions.
In the U.S. government sector, Palantir has significantly extended its capabilities, as highlighted by its success in enhancing targeting and operational efficiency for the Department of Defense (DoD) and other military branches.

Neos Corp (3627 JP): Q1 FY02/26 flash update

By Small Cap Consumer Research

In Q1 FY02/26, TECMIRA recorded revenue of JPY2.7bn (-4.3% YoY) and operating profit of JPY86mn.
IoT & Devices segment revenue increased 30.1% YoY, while Life Design segment revenue declined 43.6% YoY.
Adjusted EBITDA declined 76.4% YoY to JPY60mn, largely due to the absence of new game releases.

AKA: 2H Signposts: The Ignored Growth Story; Reiterate Buy Rating and $30 PT

We are reiterating our Buy rating, $30 price target and projections for a.k.a. Brands as we look at key trends for 2HFY25 and beyond.
We believe, perhaps due to tariff worries or limited trading volume or unfamiliarity with the company’s brands, investors are missing what is emerging as one of the few organic (and, in our view, compelling) growth stories in specialty apparel retailing.
a.k.a. Brands management has, via the launch of Princess Polly retail locations, material wholesale expansion for both the Petal & Pup and Princess Polly brands, a renaissance at Culture Kings with an emphasis on the “test and repeat” model and a return to economic growth in the material Australian market, positioned a.k.a. Brands for material top line growth (and upside) and the potential to capture material operating leverage; we view these catalysts as significant multi-year drivers.

Reconova Technologies Co., Ltd. Pre-IPO Tearsheet

By Troy Wong

Reconova Technologies Co., Ltd. (RT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by CCBI, Huatai, and ABCI.
RT is an AI company that provides visual AI technologies and products for enterprise clients.
RT is one of the first companies in the industry dedicated to full-stack visual AI technologies of computer vision algorithm, optical imaging optimisation, and computing power optimisation.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 11

Daily Brief TMT/Internet: SK Square , Taiwan Semiconductor (TSMC), Oneconnect Financial Technology, Lg Innotek, Lenovo, Indra Sistemas Sa, Shift Inc, TPG Telecom , WingArc1st Inc, Quartix Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

SK Square: Time to Take Profits + Why Are There Holdco Discounts in the First Place?
TSMC June Revenue Down 17.7% Mom. What Gives?
OneConnect (6638 HK/OCFT US): Ping An’s Offer Gets The Nod From SAMR
KOSPI Size Indices: Overlaps Between Active & Passive Flows
PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year
Indra Sistemas: Initiation of Coverage- Is This Underrated Tech Powerhouse Europe’s Next Big Defense Bet?
Shift Inc (3697 JP): Q3 FY08/25 flash update
TPG Telecom Ltd – The Overnight Report: Trump Cheers Record Highs
WingArc1st Inc (4432 JP): Q1 FY02/26 flash update
Quartix Holdings plc – Hybridan Small Cap Feast: 03/07/2025

SK Square: Time to Take Profits + Why Are There Holdco Discounts in the First Place?

We are changing our View on SK Square (402340 KS) to Negative.
The major reason for this change is due to the surge in its share price along with lack of upside relative to its NAV.
Regarding SK Square, our holdco discount remains 40%. However, if there are real, positive continued efforts to improve corporate governance, this holdco discount could be reduced further.

TSMC June Revenue Down 17.7% Mom. What Gives?

By William Keating

TSMC today reported June 2025 revenues of NT$263.71 billion, a decrease of 17.7 % MoM but an increase of 26.9% YoY
At the guided exchange rate of 32.5, TSMC’s Q225 revenue amounts to $28.7 billion, up 12.2% QoQ and up 37.6% YoY, but roughly $100 million below the guided midpoint
However, if we take today’s exchange rate of 29.24, Q225 revenue comes in at $31.9 billion, way above the guide. Take your pick & let’s see this day next week

OneConnect (6638 HK/OCFT US): Ping An’s Offer Gets The Nod From SAMR

By David Blennerhassett

On the 15th May, dual-listed Oneconnect (6638 HK/OFT US), a digital retail banking/commercial banking/digital insurance play, announced a firm Scheme Offer from Ping An, OneConnect’s controlling shareholder.
Ping An is offering HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. Net cash is, however, ~HK$1.83/share. The price is final.
SAMR has now signed off on the deal, satisfying the pre-condition. We await directions from the Cayman court on timing. I’m estimating late-September payment. Should the deal get up.

KOSPI Size Indices: Overlaps Between Active & Passive Flows

By Brian Freitas

The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
Nearing halfway in the review period, we forecast 53 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.
Two potential downward migrations could be deleted from a global index in August. The new listing that is a potential LargeCap add could be added to a globalindex in September.

PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year

Consumer demand remains slow but Enterprises are upgrading to Windows 11. Low risk of tariff distortion: 1Q was too high in the US but 2Q has slowed down.
2Q25 highest YoY growth: Apple (22%), Asus (17%), Lenovo (16%). Others are flat. Enterprise growth also implies higher ASP and margins for PC and CPU vendors.
On the CPU side, AMD share gains have slowed in PC, accelerated in Server. Given their roadmap, AMD should keep gaining slowly, Intel defending with difficulty.

Indra Sistemas: Initiation of Coverage- Is This Underrated Tech Powerhouse Europe’s Next Big Defense Bet?

Indra Sistemas S.A. showcased a mixed yet promising performance in its recent quarterly earnings report.
The company demonstrated resilience and growth in several strategic areas amidst a favorable market environment driven by increased defense budgets in Spain and broader Europe.
Key financial metrics such as backlog, order intake, and income displayed notable increases, signaling robust future order flow and operational momentum.

Shift Inc (3697 JP): Q3 FY08/25 flash update

In cumulative Q3 FY08/25, the company reported sales of JPY95.4bn, gross profit of JPY33.0bn, and operating profit of JPY11.9bn.
Software Testing Related Services segment sales reached JPY61.9bn, with gross profit at JPY22.8bn and operating profit at JPY16.2bn.
The revised full-year forecast for FY08/25 anticipates sales of JPY130.0bn and operating profit of JPY15.0bn.

TPG Telecom Ltd – The Overnight Report: Trump Cheers Record Highs

By FNArena

A global perspective on what happened overnight

WingArc1st Inc (4432 JP): Q1 FY02/26 flash update

FY02/26 revenue was JPY7.3bn (+2.7% YoY), with operating profit at JPY2.1bn (-13.1% YoY) and EBITDA JPY2.5bn (-10.6% YoY).
Q1 FY02/26 BDS sales revenue rose 3.1% YoY to JPY4.8bn, while DE business revenue increased 2.1% YoY to JPY2.5bn.
WingArc1st revised FY02/26 forecast projects revenue of JPY31.2bn (+8.7% YoY) and operating profit of JPY9.0bn (+8.9% YoY).

Quartix Holdings plc – Hybridan Small Cap Feast: 03/07/2025

By Hybridan

* A corporate client of Hybridan LLP.
** Potential means Intention to Float (ITF) or similar announcement has been made.
***Arranged by type of listing and date of announcement.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 10

Daily Brief TMT/Internet: Kokusai Electric , HYBE , Samsung Electronics, Meta, Oneconnect Financial Technology, Figma, Zhen Ding Technology Holding and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

[Japan ECM] Kokusai Elec (6525) Offering – Expect It Very Well Bid, and the Back End Squeezy
Kokusai Electric (6525 JP): Small Index Impact for Now, but Could Lead to Something Bigger
Kokusai Electric Placement – Well Flagged but past Deal Didn’t Do Well
Kokusai Electric (TSE: 6525) – KKR’s Secondary Sale Marks Typical PE Exit
A Pair Trade Between SM Entertainment (Long) Vs HYBE (Short)
Samsung 2Q25: It’s Even Worse than the Official Leak
Meta Just Bought into EssilorLuxottica.
OneConnect Financial (6638 HK/OCFT US): Precondition Satisfied for a Below Net Cash Offer
Figma Inc (FIG): Peeking at the Prospectus of the Next Software IPO
TechChain Insights: Zhen Ding – How Next Generation PCBs/Substrates Will Be Critical for AI Devices

[Japan ECM] Kokusai Elec (6525) Offering – Expect It Very Well Bid, and the Back End Squeezy

By Travis Lundy

After the close today, Kokusai Electric (6525 JP) announced that large holder (and original PE owner) KKR HKE Investment LP would sell down 30mm shares or 12.88% of shares out.
This is not expected, but also not unexpected – it’s exactly a year since the first selldown. There is a decent-sized short position, and it isn’t a huge offering.
This changes two aspects of the future supply/demand balance. Both are important for how this trades in coming months.

Kokusai Electric (6525 JP): Small Index Impact for Now, but Could Lead to Something Bigger

By Brian Freitas

KKR HKE Investment is offering 30m shares (12.86% of shares out) of Kokusai Electric (6525 JP) in a secondary offering that could raise up to JPY 91bn (US$620m).
Applied Materials (AMAT US) will become the largest shareholder in Kokusai Electric (6525 JP) after the placement.
There will not be a lot of buying from passive trackers following the placement, but it could ease the way for inclusion of the stock in the Nikkei 225 Index.

Kokusai Electric Placement – Well Flagged but past Deal Didn’t Do Well

By Sumeet Singh

KKR is looking to raise approximately US$620m through an accelerated secondary offering for around 13% of Kokusai Electric (6525 JP)‘s (KE) stock.
KKR had sold in the IPO and undertaken an extended selldown in July 2024 as well. Hence, this deal is somewhat well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.

Kokusai Electric (TSE: 6525) – KKR’s Secondary Sale Marks Typical PE Exit

By Rahul Jain

On July 9, 2025, KKR announced it would reduce its stake in Kokusai Electric from ~23.5% to ~10.6% through a ¥90 billion overnight secondary offering.
KKR’s move reflects a classic private equity monetization strategy following operational improvements and a successful IPO.
While the sale caused a modest short-term share reaction (~2% dip), such liquidity events rarely impact long-term value—fundamentals remain the key driver for patient investors.

A Pair Trade Between SM Entertainment (Long) Vs HYBE (Short)

In this insight, we discuss a pair trade between SM Entertainment Co (041510 KS) (long) vs HYBE (352820 KS) (short).
There is an increasing probability that HYBE’s founder Bang Si-hyuk could face some jail time in which case there could be some vacuum of management leadership at HYBE.
Despite its recent outperformance, SM Entertainment’s valuation is much more attractive than HYBE (SM is trading at 9.6x EV/EBITDA vs 18.5x for HYBE in 2026).

Samsung 2Q25: It’s Even Worse than the Official Leak

1st July the Korean media was “pre-announcing” 2Q25 operating profit to be “weaker than expected”, declining “by more than 15% from the first quarter” to KRW mid-5 trillion range.
Samsung official announcement is worse: operating profit KRW 4.6tn, down -56% YoY and -31% QoQ. This suggests a lower margins mix (less HBM, higher Foundry losses) and more Opex.
Last week, Consensus was expecting 2Q OP KRW 6.7tn, now down to 6.1tn. The reported 4.6tn is a nasty miss that implies that Consensus is way too high for 2H25.

Meta Just Bought into EssilorLuxottica.

By Fallacy Alarm

We won’t be generation heads-down forever. Handsets are impractical as our primary device to interact with information technology.
When we use them, we lose touch to the real world. Headsets are the obvious next step to allow for a more integrated experience.
Meta has been betting on the handset-to-headset transition for more than a decade. And they have been doing so with courage and determination.

OneConnect Financial (6638 HK/OCFT US): Precondition Satisfied for a Below Net Cash Offer

The precondition for Oneconnect Financial Technology (6638 HK)’s scheme offer from Ping An is satisfied. The offer is HK$2.068 per share (US$7.976 per ADS). The offer price is final.
Ping An Insurance (H) (2318 HK) is hoping that a dire 1Q25 and letters of support will nudge minorities to accept an offer that values OneConnect below net cash.
The high minority participation rate and protest votes at the recent AGM are warning signs that the vote is far from a done deal. Tread carefully.

Figma Inc (FIG): Peeking at the Prospectus of the Next Software IPO

By IPO Boutique

Figma (FIG US) filed for an IPO on the NYSE on July 1st for a debut later this month.
Their revenue was $749.0 million for the year ended December 31, 2024, representing 48% year-over-year growth.
Adobe’s acquisition of Figma collapsed in December 2023 after regulatory hurdles paving the way for this IPO.

TechChain Insights: Zhen Ding – How Next Generation PCBs/Substrates Will Be Critical for AI Devices

Zhen Ding Technology Holding (4958 TT) is leveraging its full-stack PCB and IC substrate portfolio to position itself as a critical enabler of AI hardware across cloud, channel, and edge applications.
AI-Linked hardware is expected to account for over 70% of Zhen Ding’s revenue in 2025, up sharply from 45% in 2024 and just 8% in 2023.
Zhen Ding shares remain substantially below their 52-week highs; we see the company well-placed in terms of long-term drivers. Well placed for an upcoming AI robotics boom.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 09

Daily Brief TMT/Internet: Renesas Electronics, Samsung Electronics, Samsung Electronics Pref Shares, Lens Technology , Lens Technology, Taiwan Semiconductor (TSMC) – ADR, Taiwan Semiconductor (TSMC), Kokusai Electric , McGraw Hill and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

[Quiddity Index] TOPIX July 2025 FFW Rebalance – $3bn+ a Side to Trade
Samsung Electronics: Share Buyback of 3.9 Trillion Won
Breaking Down the Moving Parts in Samsung’s Third-Leg Buyback Play
Samsung Electronics (005930 KS) Outlook After 3.9 Trillion Won Buyback Plan Announcement
Lens Technology A/H Trading – Decent Demand, Helped by A-Share Rally
Lens Technology H Share Listing (6613 HK): Trading Debut
TSMC (2330.TT; TSM.US): The 3Q25 Outlook Suggests Modest Growth, but FX Could Pose a Headwind.
Semi News: Power GaN, Samsung and Intel’s Foundry Margins (And Wafer Price), Chinese GPU IPO
Kokusai Electric (TSE: 6525): Niche Leader in Batch Deposition Tools
McGraw Hill, Inc. (MH): Peeking at the IPO Prospectus of PE-Backed Education Company

[Quiddity Index] TOPIX July 2025 FFW Rebalance – $3bn+ a Side to Trade

By Travis Lundy

Four times a year, the TSE reassesses free float weights for listed stocks. Indices run by the TSE adjust their index shares (shares out x FFW x coefficient) in Jan/Apr/Jul/October.
Yesterday, the TSE announced its changes for this quarter. Combined with other adjustments on 30 July at the close, we expect 190+ events.
For now, we expect the trade is about US$3.3bn a side. At the top of the buy side, 16 names with more than $30mm to buy, averaging 5x ADV.

Samsung Electronics: Share Buyback of 3.9 Trillion Won

Samsung Electronics announced today that it plans to conduct a large scale buyback worth 3.9 trillion won, of which 2.8 trillion won will be cancelled.
Samsung Electronics reported consolidated sales of 74 trillion won and operating profit of 4.6 trillion won in 2Q 2025, down 0.1% and 55.9% YoY, respectively.
The average daily trading volume (ADTV) of Samsung Electronics (005930 KS) (common shares) is 15.43 million. Therefore, the share buyback of 56.89 million (common shares) represents 3.7x of ADTV.

Breaking Down the Moving Parts in Samsung’s Third-Leg Buyback Play

If stock comp stays all in commons like last time, cancellation hits ~1.40% of SO in commons, 1.72% in prefs — setting up preferreds for relative outperformance.
If they cancel the full pool, Samsung Life + Fire’s stake hits 10.14%, forcing a ₩500B block — nearly 2x the ₩280B print back in Feb.
Again, odds are the overage hits the tape again — watch for a potential block print before the third leg wraps, like what played out in Feb.

Samsung Electronics (005930 KS) Outlook After 3.9 Trillion Won Buyback Plan Announcement

By Nico Rosti

Douglas Kim and Sanghyun Park have discussed Samsung Electronics (005930 KS)‘s 3.9 Trillion Won Share Buyback Plan announced on July 8th. Read the details in their insights.
Our latest insight maintained our BUY recommendation: the stock rallied during the following 2 weeks, reaching 64,700, then was marked as “very overbought” in our latest Global Tactical Weekly view.
The stock started to pull back last Friday, after reaching extremely overbought levels (64700). This insight presents a tactical view for Samsung Electronics direction, for the next 2-3 weeks.

Lens Technology A/H Trading – Decent Demand, Helped by A-Share Rally

By Sumeet Singh

Lens Technology (300433 CH), a precision manufacturing solution provider, raised around US$700m in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

Lens Technology H Share Listing (6613 HK): Trading Debut

Lens Technology (6613 HK) priced its H Share at HK$18.18 to raise HK$4,768 million (US$607 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Lens Technology H Share Listing (6613 HK): The Investment Case.
Lens had the fourth-highest international oversubscription rates among recent large AH listings. The AH discount is attractive in part due to the decent price momentum.

TSMC (2330.TT; TSM.US): The 3Q25 Outlook Suggests Modest Growth, but FX Could Pose a Headwind.

By Patrick Liao

Looking ahead to the third quarter, we estimate that TSMC’s revenue in U.S. dollars could grow by approximately 5–10% quarter-over-quarter.
Buoyed by the AI boom and the recent increase in U.S. semiconductor investment tax credits to 35%, TSMC will achieve its full-year target of 25% growth in U.S. dollar revenue.
In the second half of the year, as multiple brands launch flagship smartphone chips, TSMC’s N3P process is fully prepared for volume production.

Semi News: Power GaN, Samsung and Intel’s Foundry Margins (And Wafer Price), Chinese GPU IPO

Power GaN coming oversupply, an illustration. The fear is a repeat of the SiC situation (large capacity built in China, Wolfspeed filling for bankruptcy protection)
Samsung delays A14 to focus on 3-2nm. Samsung and Intel have the same problem: yields are too low to attract customers.
Chinese GPU are coming – or IPO are coming? Moore Threads and MetaX approved to list in Shanghai. Tiny revenues, lots of R&D. Biren Technology expected to file in HK.

Kokusai Electric (TSE: 6525): Niche Leader in Batch Deposition Tools

By Rahul Jain

Kokusai has delivered steady growth, with revenue rising from ¥181.8B in FY2021 to ¥238.9B in FY2025 and a strong rebound in profitability.
It plans to expand capacity, grow service revenue beyond 35%, and launch next-gen tools for GAA logic and 3D memory.
At ~22x P/E and 12.5x EV/EBITDA, valuations appear fair given its scale, but upside exists if GAA traction and service leverage play out.

McGraw Hill, Inc. (MH): Peeking at the IPO Prospectus of PE-Backed Education Company

By IPO Boutique

McGraw Hill is backed by Platinum Equity and is looking to potentially debut in July.
For the fiscal years ended March 31, 2025, 2024 and 2023, they generated revenue of $2,101.3 million $1,960.5 million and $1,947.8 million, respectively.
The education sector in which this company operates in is one that has “mixed feelings” amongst IPO investors.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 08

Daily Brief TMT/Internet: Tencent, Taiwan Semiconductor (TSMC) – ADR, Figma, ASML Holding NV, Wns Holdings Ltd Adr, Protean, aka Brands Holding Corp and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Asian Equities: Southbound Monthly – June Acceleration; Old Getting Sold, Dividends the New Darling
Taiwan Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday
Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market
ASML Downgrades, Semi Production Equipment Demand
Capgemini–WNS: A Strategic AI Play with Risk-Arb Clarity and Optionality
Protean EGov: Navigating the PAN 2.0 Headwind and Charting a Diversified Future
Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story
Taiwan Tech Weekly: US Targets Malaysia & Thailand; Wind Power Fuels Taiwan’s AI Infrastructure Push
AKA: Snapping the Store: Evolving & Advancing; Reiterate Buy, $30 Price Target

Asian Equities: Southbound Monthly – June Acceleration; Old Getting Sold, Dividends the New Darling

By Manishi Raychaudhuri

The US$10.23bn net inflow through the Southbound Stock Connect in June marked a near-doubling from the May slump (US$5.85 bn), though it’s still lower than the 15-month average (US$12.1 bn).
Investors bought high dividend yield SOEs heavily (e.g. China Construction Bank), and sold Tencent, Xiaomi, Alibaba. Healthcare companies – Innovent Biologics and CSPC Pharma were bought, underscoring investors’ defensive stance.
Investors’ dividend yield fascination seems unabated. Some technology stocks (Tencent) do not seem overbought. Despite large buying, EV and ecommerce heavyweights (Meituan) are declining. Investors’ appetite in them could slump.

Taiwan Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday

TSMC: +26.3% Premium; Near Record High After U.S. 4th of July Holiday
UMC: +4.7% Premium; One of the Highest Levels in History — Short
ASE: +4.6% Premium; Wait for More Extreme Level Before Going Long or Short

Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

By Andrei Zakharov

Figma Inc., a VC-backed collaborative design software maker, filed for long-awaited IPO. Morgan Stanley and Goldman Sachs are the lead bankers on the offering.
The San Francisco-based company was valued at $12.5B in a 2024 tender offer. Figma is well-positioned with a strong brand among designers and a growing footprint in enterprise segment.
With strong financial profile and network effects, driven by large scale and efficient GTM strategy, the company remains the leader in collaborative design software market.

ASML Downgrades, Semi Production Equipment Demand

ASML has been underperforming for 18 months. Recent downgrades are a delayed recognition of reality. ASML’s management goals for 2030 (10% revenue growth Cagr) are ok (plausible)
But growth is slowing fast in 2H25-1H26. Growth should re-accelerate in 2H26 as the impact of China and Mature node lower spending, multiple delays (Intel, Samsung) is fading away.
The stock is getting cheaper, but lacks catalysts for another 2-3 quarters. Trading at 25x forward PEx, that’s reasonable given the firm’s intrinsic qualities.

Capgemini–WNS: A Strategic AI Play with Risk-Arb Clarity and Optionality

By Jesus Rodriguez Aguilar

Capgemini to acquire WNS for $76.50 per share in cash; deal implies a 28% premium to VWAP and aims to create a global leader in AI-powered intelligent operations.
WNS traded at a discount to peers pre-offer; Capgemini expects meaningful synergies (~$8.63/share NPV), justifying the 16x P/E takeout. No termination fee is disclosed publicly.
Interloper risk is modest; deal certainty is high. With a 3.83% gross spread (pre-market) and 8.15% annualized return, the arbitrage setup is attractive barring regulatory or shareholder surprises.

Protean EGov: Navigating the PAN 2.0 Headwind and Charting a Diversified Future

By Sudarshan Bhandari

Protean’s exclusion from the PAN 2.0 project raises concerns about potential long-term revenue loss, especially as tax services contribute significantly to its current business.
Protean’s strategic diversification into pension services, digital identity solutions, and international markets positions it well for long-term growth, reducing reliance on tax services.
With INR800 crore in cash reserves and zero debt, Protean is financially resilient, allowing it to invest in new growth areas, making it attractive for long-term investors despite short-term volatility.

Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

By Andrei Zakharov

Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it’s likely to exceed $1B.
I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.
I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.

Taiwan Tech Weekly: US Targets Malaysia & Thailand; Wind Power Fuels Taiwan’s AI Infrastructure Push

By Small Cap Consumer Research

US Eyes New AI Chip Restrictions on Malaysia and Thailand
Chip and AI Boom Driving Taiwan’s Offshore Wind Expansion — Local Stocks to Watch
China Set to Become World’s Largest Semiconductor Foundry Hub by 2030 — But One Needs to Consider Leading Edge Capacity vs. Mature Capacity

AKA: Snapping the Store: Evolving & Advancing; Reiterate Buy, $30 Price Target

We are reiterating our Buy rating, projections and $30 price target for A.k.A. Brands after visiting Princess Polly stores in California and the Culture Kings flagship in Las Vegas.
We believe overall momentum in the brand has remained strong, with continued high demand and the Princess Polly customer quickly snapping up impressive fashion items at full prices.
The theme for Princess Polly remains expansion, from the opening of the newest store (in Glendale), to adding the potential to display 20%+ more units, increasing the level of newness even further and tying offerings close to their debut on the website.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 07

Daily Brief TMT/Internet: Horizon Robotics, Naver Corp, Lens Technology and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

HSTECH Index Rebalance Preview: Universe Expansion Could Lead to One Change
Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (4 to 18 July 2025)
Weekly Deals Digest (06 Jul) – Lens Tech, FWD, Geekplus, NTT DC REIT, Fengxiang, HKBN, Insignia

HSTECH Index Rebalance Preview: Universe Expansion Could Lead to One Change

By Brian Freitas

The review period for the September rebalance of the Hang Seng TECH Index ended on 30 June, the changes will be announced on 22 August and implemented on 5 September.
No constituent changes will result in a one-way turnover of 4.1% and that will mean a round-trip trade of HK$15.2bn (US$1.94bn).
An expansion of the index universe could lead to one constituent change and that increases the one-way turnover to 6.2% and the round-trip trade to HK$23.1bn (US$2.94bn).

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (4 to 18 July 2025)

In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (4 to 18 July 2025).
Korea Electric Power (KEPCO) (015760 KS) was the best performing stock among the top 100 stocks in KOSPI in the past two weeks.
The top 10 picks in this bi-weekly include LG Uplus, KCC, SK Hynix, Naver, Korea Kolmar, Korea Investment Holdings, Misto Holdings, Lotte Tour Development, LG Chem, and SK Inc.

Weekly Deals Digest (06 Jul) – Lens Tech, FWD, Geekplus, NTT DC REIT, Fengxiang, HKBN, Insignia