Category

TMT/Internet

Daily Brief TMT/Internet: Tencent, NVIDIA Corp, Hang Seng Index, NetEase , Unisound AI Technology and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Tencent/Netease: One Approval for Tencent in June
  • NVIDIA (NVDA US) At All-Time High Acquires CentML: Weekly Tactical Outlook (June 30 – July 4)
  • Hong Kong Single Stock Options Weekly (June 23 – 27): Breadth Snaps Back and Option Volumes Surge
  • Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding
  • Unisound AI IPO (9678.HK): Pricing and Hong Kong Debut, Low Float and High Valuation


Tencent/Netease: One Approval for Tencent in June

By Ke Yan, CFA, FRM

  • China announced game approval for the June batch. The number of games approved remained at a higher level than 2023.
  • The pace of China game approval appears to have accelerated to the same level as pre-tightening.
  • In June, Tencent received approval for a domestic game. The company, with Netease and Kingsoft, also received approval for one imported game each.

NVIDIA (NVDA US) At All-Time High Acquires CentML: Weekly Tactical Outlook (June 30 – July 4)

By Nico Rosti

  • NVIDIA Corp (NVDA US)  stock keeps climbing towards an hypothetical 5 trillion $ market cap, as the artificial intelligence (AI) trade accelerates.
  • Unconfirmed rumors say NVIDIA has acquired CentML, a machine learning startup that provides an optimization platform to enhance the efficiency and cost-effectiveness of AI model training and deployment.
  • After 5 weeks up in a row and a furious, vertical rally, the stock begins to appear OVERBOUGHT, according to our model.

Hong Kong Single Stock Options Weekly (June 23 – 27): Breadth Snaps Back and Option Volumes Surge

By John Ley

  • Breadth rebounded sharply after last week’s weakness, with most single stocks posting gains.
  • Single stock option volumes surged, reaching the highest levels seen since early April.
  • Xiaomi stood out this week across multiple contract and volume statistics.

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

By Joe Jasper

  • We discussed in last week’s June 19 report how bullish price and RS trends on Israel’s TA-125 was our tell that global equities were looking past Israel-Iran tensions.
  • Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.
  • As a result, 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).

Unisound AI IPO (9678.HK): Pricing and Hong Kong Debut, Low Float and High Valuation

By Andrei Zakharov

  • Unisound AI Technology, Chinese AI startup with focus on intelligent voice and speech processing technologies, priced its IPO at HK$205.00 per share, top of a range.
  • Beijing based AI company raised ~HK$320M in this offering, of which cornerstone investors acquired ~HK$95M worth of shares or ~30% of the total offer H shares.
  • The claw-back was triggered due to strong retail demand. The HK offering was ~92 times oversubscribed, and the allocation was increased to 624,400 H shares.

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Daily Brief TMT/Internet: Square Enix Holdings, Apple , Micron Technology, Anthropic, Renesas Electronics, NTT (Nippon Telegraph & Telephone), Startia Holdings, Appian Corp and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Japan Activist Watch | Square Enix, DaitoTrust, Iriso & INES
  • How Apple Accidentally Built China’s Tech Superpower and Can’t Escape with Patrick McGee
  • Micron Q325 Earnings: NAND’s Surprising Rebound While HBM Already @$6 Billion Annual Run Rate.
  • Memory Monitor: Micron Reinforces AI Memory Tailwinds, But Broader Supply Chain Recovery Gradual
  • Anthropic’s to Every One of Us
  • Successful US-China Trade Deal and Risk-On Mood Remains
  • Micron 3Q25 Beats by 13%, 4Q Guidance Beats by 14%. Consensus Forecasts for FY27 Too Low by 25-30%
  • NTT Corp (9432): IT Growth Shines, Full Data Buyout, But Buybacks Over Debt Raise Concerns
  • Q4 Follow-Up – Startia Holdings (3393 JP) – June 16, 2025
  • Appian Corporation: Process Infrastructure & Data Fabric Integration For A Significant Competitive Advantage In The Marketplace!


Japan Activist Watch | Square Enix, DaitoTrust, Iriso & INES

By Mark Chadwick

  • Activist investors 3D Investment Partners and Dalton Investments have both taken meaningful stakes in Square Enix – highlights capital inefficiency and poor margin profile
  • Daito Trust sits on over ¥100bn in net cash, an arguably excessive cushion for a mature operator with steady cash flows. Silchester have taken note
  • Iriso Electronic and INES both trade below book value. Attractive value plays for small cap funds.

How Apple Accidentally Built China’s Tech Superpower and Can’t Escape with Patrick McGee

By Analyse Asia with Bernard Leong

  • ndia does not have a top-down method for executing a five year plan like China does
  • hina’s supply chain is vast and highly competitive, with India unlikely to replicate its success
  • hina wants technology transfer to be one-way gate, inhibiting India’s ability to compete
  • atrick Magee studied religion before becoming a financial journalist and eventually writing about Apple’s dependence on China

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


Micron Q325 Earnings: NAND’s Surprising Rebound While HBM Already @$6 Billion Annual Run Rate.

By William Keating

  • Q325 revenues of $9.3 billion, up 15% QoQ and up 37% YoY and $500 million above the guided midpoint. This represented a new quarterly revenue record for the company
  • Micron forecasted current quarter revenues of $10.7 billion, up 15% QoQ, with gross margin of 42%, up 300 basis points sequentially
  • HBM negotiations for 2026 supply & pricing still ongoing. Could Micron be holding out for a better deal?

Memory Monitor: Micron Reinforces AI Memory Tailwinds, But Broader Supply Chain Recovery Gradual

By Vincent Fernando, CFA

  • Micron Results Beat Across the Board, AI Product Mix Drives Gross Margin Upside
  • No Evidence Yet of Hyperscaler Pullback, But No Significant Increase in Outlook Either
  • Conclusion: AI-Driven Strength Continues, But Divergence Across the Memory Supply Chain Persists

Anthropic’s to Every One of Us

By Fallacy Alarm

  • Anthropic is a reckless and entitled AI start-up, symbolic of a tech industry that is completely out of control and drunk on its own success.

  • A judge in California just ruled that they can use copyrighted data without permission to train their models.

  • This allows them to make money of other people’s works without compensating them adequately.


Successful US-China Trade Deal and Risk-On Mood Remains

By Andrew Jackson

  • Micron gave up earlier gains despite solid numbers as NAND sluggishness overshadowed DRAM strength 
  • This was reflected in Kioxia and Kokusai Electric yesterday, but this may be short lived as scramble for QTR-end gains drives laggards 
  • Renesas -12% after management changes direction – negative for the share price yesterday but ultimately the right call. 

Micron 3Q25 Beats by 13%, 4Q Guidance Beats by 14%. Consensus Forecasts for FY27 Too Low by 25-30%

By Nicolas Baratte

  • Results and Guidance beat, driven by HBM very fast growth. HBM also generates higher margins and sucks up DRAM capacity, a secondary benefit. 
  • HBM is still in year-2 of a 5-year journey. Industry revenues double in 2025 and Micron HBM revenue increase 5x in FY25. Expect Micron HBM to double in FY26. 
  • Consensus is a tad too low for FY26, likely 10% too low. Consensus is very low for FY27, likely 25-30% too low. It’s hard for the sell-side to forecast hyper-growth.

NTT Corp (9432): IT Growth Shines, Full Data Buyout, But Buybacks Over Debt Raise Concerns

By Rahul Jain

  • Revenue rose from ¥11.7T to ¥13.7T in 5 years, but profit growth was sluggish, with FY24 profit down 21.8% YoY.
  • IT services profit grew at 20.2% CAGR, now ~49% of group EBITDA, driving full buyout of NTT DATA at 20x earnings.
  • Buybacks totaled ¥1.8T despite rising debt, suggesting capital prioritization favors EPS optics over long-term balance sheet strength.

Q4 Follow-Up – Startia Holdings (3393 JP) – June 16, 2025

By Sessa Investment Research

  • Startia Holdings, Inc. (hereafter, the Company) announced its full-year FY2025/3 results on May 14.
  • The Company reported net sales of JPY 22,211 mn (+13.5% YoY), operating profit of JPY 2,737 mn (+19.9% YoY), ordinary profit of JPY 2,784 mn (+23.6% YoY), and net profit of JPY 1,960 mn (+26.8% YoY).
  • This surpassed the revised full-year forecast announced at its H1 results announcement. 

Appian Corporation: Process Infrastructure & Data Fabric Integration For A Significant Competitive Advantage In The Marketplace!

By Baptista Research

  • Appian Corporation reported its financial results for the first quarter of 2025, presenting an optimistic yet complex picture of its ongoing performance.
  • The company’s cloud subscription revenue demonstrated a significant increase of 15% year-over-year, amounting to $99.8 million.
  • Total subscription revenue rose by 14% to $134.4 million, contributing to an overall revenue growth of 11% year-over-year to $166.4 million.

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Daily Brief TMT/Internet: Xero Ltd, SK Eternix, LG CNS, Ibiden Co Ltd, Taiwan Semiconductor (TSMC) – ADR, Pvr Inox, Bumble, Samsung Electronics and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Xero (XRO AU): Index Flows Following the Capital Raise
  • Xero US1.2bn Placement – Trying to Jump Start US, Again. Might Not Be a Game Changer.
  • Block Deal Sale of 82 Billion Won of SK Eternix by Hahn & Co
  • Key Trading Angles from Nextrade’s First Quarterly Reshuffle: Full List with Tickers (Excel)
  • IBIDEN Co., Ltd.: AI Substrate Leader with Strong Growth, Expanding Moat, and Valuation Upside
  • TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC’s 2nm Market? We Think It’s Too Early to Say (II)
  • PVRINOX IN: Tactical Bet – Strong Content Pipeline Can Translate to near Term Outperformance
  • Taiwan Tech Weekly: 1.4nm Slips from Samsung’s Grip? Why Intel May Be TSMCs Sole Next Gen Competitor
  • Bumble Inc. Is Improving Its AI Matchmaking Capabilities—Can It Help Consumers Get Past The Swiping Fatigue?
  • US Tightening the Screws on Sales of Semi Production Equipment to Foreign-Owned Fabs in China


Xero (XRO AU): Index Flows Following the Capital Raise

By Brian Freitas

  • 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 US1.2bn Placement – Trying to Jump Start US, Again. Might Not Be a Game Changer.

By Sumeet Singh

  • 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.

Block Deal Sale of 82 Billion Won of SK Eternix by Hahn & Co

By Douglas Kim

  • 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.

Key Trading Angles from Nextrade’s First Quarterly Reshuffle: Full List with Tickers (Excel)

By Sanghyun Park

  • 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.

IBIDEN Co., Ltd.: AI Substrate Leader with Strong Growth, Expanding Moat, and Valuation Upside

By Rahul Jain

  • 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.

TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC’s 2nm Market? We Think It’s Too Early to Say (II)

By Patrick Liao

  • 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

PVRINOX IN: Tactical Bet – Strong Content Pipeline Can Translate to near Term Outperformance

By Himanshu Dugar

  • 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.

Taiwan Tech Weekly: 1.4nm Slips from Samsung’s Grip? Why Intel May Be TSMCs Sole Next Gen Competitor

By Vincent Fernando, CFA

  • 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. Is Improving Its AI Matchmaking Capabilities—Can It Help Consumers Get Past The Swiping Fatigue?

By Baptista Research

  • 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 Sales of Semi Production Equipment to Foreign-Owned Fabs in China

By Nicolas Baratte

  • 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. 

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Daily Brief TMT/Internet: ROHM Co Ltd, Korea Stock Exchange KOSPI 200, Huawei Technology, Unisound AI Technology, SK Hynix, Softbank Group, Bilibili , ASML Holding NV and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Rohm (6964): Is the Wait Finally Over?
  • Kospi200: Where Implied Vol Stands After 33% Surge
  • The Chinese Chip Giant That Could Be Nvidia’s Biggest Threat
  • Rohm Co Ltd(6963 JP): Wake-Up Call After a Difficult Year, Reforms to Improve Profitability Ahead
  • Unisound AI Technology (9678 HK): Unambitious IPO & Global Index Inclusion
  • HBM Should Be as Attractive an Investment as Nvidia or TSMC but the Stocks Don’t Show That
  • SoftBank (9984 JP) Is Flying High, But It May Be Time to Take Some Off the Table
  • Unisound AI IPO (9678.HK): Premium Multiple Is Not Justified, Small Scale and High Cash Burn
  • [Bilibili (BILI US, BUY, TP US$22) Company Update]: Revenue Deceleration Is Still Likely to Happen
  • 20-Day MA Supports Holding on SPX, QQQ, IWM; Bullish Outlook Intact


Rohm (6964): Is the Wait Finally Over?

By Michael Allen

  • 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: Where Implied Vol Stands After 33% Surge

By John Ley

  • 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.

The Chinese Chip Giant That Could Be Nvidia’s Biggest Threat

By Odd Lots

  • 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

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


Rohm Co Ltd(6963 JP): Wake-Up Call After a Difficult Year, Reforms to Improve Profitability Ahead

By Sreemant Dudhoria,CFA

  • 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): Unambitious IPO & Global Index Inclusion

By Dimitris Ioannidis

  • 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.

HBM Should Be as Attractive an Investment as Nvidia or TSMC but the Stocks Don’t Show That

By Nicolas Baratte

  • 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 (9984 JP) Is Flying High, But It May Be Time to Take Some Off the Table

By Nico Rosti

  • 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 IPO (9678.HK): Premium Multiple Is Not Justified, Small Scale and High Cash Burn

By Andrei Zakharov

  • 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.

[Bilibili (BILI US, BUY, TP US$22) Company Update]: Revenue Deceleration Is Still Likely to Happen

By Ying Pan

  • 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.

20-Day MA Supports Holding on SPX, QQQ, IWM; Bullish Outlook Intact

By Joe Jasper

  • 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.

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Daily Brief TMT/Internet: LG CNS, Smartpay Holdings, Tencent, Hanmi Semiconductor, Taiwan Semiconductor (TSMC) – ADR, Advantest Corp, SK Hynix, Salesforce.Com Inc, Deutsche Telekom , Microsoft Corp and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Why Is LG CNS One of the Hottest Stocks in Korea in the Past One Month? Answer: Stablecoin Platform
  • Smartpay (SPY NZ/SMP AU): Shift4’s Binding Proposal at NZ$1.20
  • Tencent (700 HK): Top Trades and Strategy Insights from Options Trading
  • Latest Borrow (Net Short Interest) To Float Ratios — Screening a Starter Basket for Short Flow
  • Taiwan Dual-Listings Monitor: TSMC Historically High Spread Persisting; UMC High Premium
  • Advantest – High-Performance Chip Boom & Share Buybacks Make This A Stock To Watch!
  • Lucror Analytics – Morning Views Asia
  • Salesforce.Com Inc – Salesforce’s AI Bet Is Getting Bigger—But Can It Outrun Its Own Margins?
  • Deutsche Telekom: Initiation of Coverage- Could Mobile ARPU Strategy Shield Profits in a Saturated Market?
  • Microsoft’s OpenAI Divorce Could Trigger a Tech Earthquake: Here’s What The Tech Behemoth Stands to Lose!


Why Is LG CNS One of the Hottest Stocks in Korea in the Past One Month? Answer: Stablecoin Platform

By Douglas Kim

  • 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 (SPY NZ/SMP AU): Shift4’s Binding Proposal at NZ$1.20

By Arun George

  • 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.

Tencent (700 HK): Top Trades and Strategy Insights from Options Trading

By Gaudenz Schneider

  • 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,

Latest Borrow (Net Short Interest) To Float Ratios — Screening a Starter Basket for Short Flow

By Sanghyun Park

  • 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.

Taiwan Dual-Listings Monitor: TSMC Historically High Spread Persisting; UMC High Premium

By Vincent Fernando, CFA

  • 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 – High-Performance Chip Boom & Share Buybacks Make This A Stock To Watch!

By Baptista Research

  • 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.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • 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.Com Inc – Salesforce’s AI Bet Is Getting Bigger—But Can It Outrun Its Own Margins?

By Baptista Research

  • 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: Initiation of Coverage- Could Mobile ARPU Strategy Shield Profits in a Saturated Market?

By Baptista Research

  • 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 OpenAI Divorce Could Trigger a Tech Earthquake: Here’s What The Tech Behemoth Stands to Lose!

By Baptista Research

  • 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.

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Daily Brief TMT/Internet: ROHM Co Ltd, Hygon Information Technology C, SK Inc, Smartpay Holdings, Himax Technologies Inc Adr, Apple and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • [Quiddity Index] Nikkei 225 Sep25 Rebal: One ADD/DEL, Less Certain Than Before
  • Hygon/Sugon Merger: BIG Index Flows on Completion
  • Korea Holdco Rerating Pullback Risk: No Retroactive Treasury Cancellation
  • Smartpay (SPY NZ/SMP AU) Enters Into Scheme With Shift4
  • TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot
  • Apple Intelligence. What’s Another Year?


[Quiddity Index] Nikkei 225 Sep25 Rebal: One ADD/DEL, Less Certain Than Before

By Travis Lundy

  • 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. 

Hygon/Sugon Merger: BIG Index Flows on Completion

By Brian Freitas


Korea Holdco Rerating Pullback Risk: No Retroactive Treasury Cancellation

By Sanghyun Park

  • 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.

Smartpay (SPY NZ/SMP AU) Enters Into Scheme With Shift4

By David Blennerhassett

  • 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. 

TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot

By Vincent Fernando, CFA

  • 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 Intelligence. What’s Another Year?

By William Keating

  • 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.

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Daily Brief TMT/Internet: ROHM Co Ltd, NTT Data Corp, Okta , Asana , Digital Turbine, Nanometrics Inc, Warner Bros Discovery and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Nikkei 225 Index Rebalance: Rohm (6963) To Replace NTT Data Group (9613)
  • [Quiddity Index] Nikkei 225 Boots NTT Data (9613) Early, Rohm (6963) IN 3 July; $3.8bn a Side
  • Last Week in Event SPACE: Shin Kong/Taishin, Santos, NTT Data, ENN Energy, Mitsui Matsushima
  • Okta Inc.: Its Strength In the Public Sector Is One Of Its Biggest Catalysts!
  • Asana Inc.: AI Studio Expansion & Customer Adoption to Potentially Converting AI Into A Substantial Revenue Source!
  • Digital Turbine: Expansion of Device Footprint
  • Onto Innovation: Is The Advanced Packaging & AI Compute Growth Here To Stay?
  • Warner Bros. Discovery’s Bold Split Could Be a Game-Changer—Streaming


Nikkei 225 Index Rebalance: Rohm (6963) To Replace NTT Data Group (9613)

By Brian Freitas


[Quiddity Index] Nikkei 225 Boots NTT Data (9613) Early, Rohm (6963) IN 3 July; $3.8bn a Side

By Travis Lundy

  • 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.

Last Week in Event SPACE: Shin Kong/Taishin, Santos, NTT Data, ENN Energy, Mitsui Matsushima

By David Blennerhassett


Okta Inc.: Its Strength In the Public Sector Is One Of Its Biggest Catalysts!

By Baptista Research

  • 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 Inc.: AI Studio Expansion & Customer Adoption to Potentially Converting AI Into A Substantial Revenue Source!

By Baptista Research

  • 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: Expansion of Device Footprint

By Baptista Research

  • 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: Is The Advanced Packaging & AI Compute Growth Here To Stay?

By Baptista Research

  • 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’s Bold Split Could Be a Game-Changer—Streaming

By Baptista Research

  • 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.

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Daily Brief TMT/Internet: Samsung Electronics, Nationz Technologies Inc A, Japan Business Systems , Vanguard Intl Semiconductor, Blackline Inc, CyberArk Software Ltd, Cargurus , Cap-XX, Blackbaud Inc and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Fresh Intel on Samsung’s Foundry Spin-Off Plan
  • Samsung Electronics (005930 KS) Outlook as Foundry Spin-Off Gains Momentum
  • Quiddity Leaderboard CSI All Share Semiconductors Dec25: Early Preview; Multiple Changes Possible
  • Japan Business System (5036 JP) – Cloud Integration Profitability Recovering Sharply
  • Vanguard (5347.TT): The 3Q25 Outlook Is Expected to Improve by Around 5% QoQ.
  • BlackLine Inc.: Can Its New Platform Pricing Model & Its AI Agents Become Key Growth Catalysts?
  • CyberArk Software Doubles Down on Machine Identity—Is This the Next Big Cybersecurity Goldmine?
  • CarGurus Triples Dealer Conversions—Is This the Future of Auto Sales?
  • Friday Take Away: 13 June 2025
  • Blackbaud Transforms Revenue Model with Game-Changing 3-Year Contracts; What’s The Revenue Impact?


Fresh Intel on Samsung’s Foundry Spin-Off Plan

By Sanghyun Park

  • 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.

Samsung Electronics (005930 KS) Outlook as Foundry Spin-Off Gains Momentum

By Nico Rosti

  • 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.

Quiddity Leaderboard CSI All Share Semiconductors Dec25: Early Preview; Multiple Changes Possible

By Janaghan Jeyakumar, CFA

  • 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.

Japan Business System (5036 JP) – Cloud Integration Profitability Recovering Sharply

By Sessa Investment Research

  • 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 (5347.TT): The 3Q25 Outlook Is Expected to Improve by Around 5% QoQ.

By Patrick Liao

  • 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 Inc.: Can Its New Platform Pricing Model & Its AI Agents Become Key Growth Catalysts?

By Baptista Research

  • 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 Doubles Down on Machine Identity—Is This the Next Big Cybersecurity Goldmine?

By Baptista Research

  • 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 Triples Dealer Conversions—Is This the Future of Auto Sales?

By Baptista Research

  • 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.

Friday Take Away: 13 June 2025

By Hybridan

  • 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 Transforms Revenue Model with Game-Changing 3-Year Contracts; What’s The Revenue Impact?

By Baptista Research

  • 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.

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Daily Brief TMT/Internet: NTT Data Corp, LG CNS, KPIT Technologies, Allegro MicroSystems , ARM Holdings, Taiwan Semiconductor (TSMC), Intapp , Rubrik , Vishay Intertechnology, Western Union Co and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • [Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way
  • Aug 5 LG CNS Lockup Comes Off: Street Heating Up on Macquarie Exit Odds Surging
  • KPIT Tech: Strong Deal Wins Despite Tough Environment Attests Strong Competitive Positioning
  • Allegro MicroSystems: China-for-China Strategy to Harness Growth In One Of The World’s Largest Semiconductor Markets!
  • ARM Ignites Growth with Armv9 CPUs, AI Partnerships, & Data Center Infiltration; What Lies Ahead?
  • Taiwan Semiconductor (TSMC) Sees AI Demand Exploding While Margins Slip — Can It Deliver Both Growth and Returns?
  • Intapp Inc.: An Insight into Its Strategic Client Upsell & Cross-Sell Initiatives & Other Major Drivers
  • Rubrik Inc.: Increasing Adoption of Rubrik’s Security Cloud
  • Vishay Intertechnology Expands Smart Grid & AI Footprint: Is It the Next Big Semiconductor Player?
  • Western Union Accelerates Digital Surge with 14% Growth & Loyalty-Driven Engagement; What’s Next?


[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way

By Travis Lundy

  • 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. 

Aug 5 LG CNS Lockup Comes Off: Street Heating Up on Macquarie Exit Odds Surging

By Sanghyun Park

  • 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 Tech: Strong Deal Wins Despite Tough Environment Attests Strong Competitive Positioning

By Ankit Agrawal, CFA

  • 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: China-for-China Strategy to Harness Growth In One Of The World’s Largest Semiconductor Markets!

By Baptista Research

  • 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.

ARM Ignites Growth with Armv9 CPUs, AI Partnerships, & Data Center Infiltration; What Lies Ahead?

By Baptista Research

  • 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 (TSMC) Sees AI Demand Exploding While Margins Slip — Can It Deliver Both Growth and Returns?

By Baptista Research

  • 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 Inc.: An Insight into Its Strategic Client Upsell & Cross-Sell Initiatives & Other Major Drivers

By Baptista Research

  • 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 Inc.: Increasing Adoption of Rubrik’s Security Cloud

By Baptista Research

  • 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 Expands Smart Grid & AI Footprint: Is It the Next Big Semiconductor Player?

By Baptista Research

  • 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 Accelerates Digital Surge with 14% Growth & Loyalty-Driven Engagement; What’s Next?

By Baptista Research

  • 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.

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Daily Brief TMT/Internet: Qi An Xin Technology Group , Kakao Mobility, NVIDIA Corp, Advanced Micro Devices, Marvell Technology , SK Hynix, BlackBerry Ltd, nCino, Integral Ad Science Holding , FS.COM and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Quiddity Leaderboard STAR 50/100 Sep25: Some High-Impact Names; New Sector-Neutral Pair Trade Ideas
  • Tencent to Acquire Kakao Mobility?
  • NVIDIA CORPORATION Common Stock – June 4, 2025
  • AMD Advancing AI 2025: Key Takeaways
  • Marvell Expects Hyper-Growth in Data Center Custom Chips (ASIC) With a Higher Earnings Risk
  • Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now
  • BlackBerry: QNX’s Growing Role & Backlog In Automotive & Beyond to Up Their Game!
  • nCino Inc.: Is The Robust Consumer Lending Momentum Here To Stay?
  • Integral Ad Science (IAS) Is Doubling Down on Innovation: Will Publica & AI Tools Fuel the Next Revenue Surge?
  • FS.COM Limited Pre-IPO – Positioned to Capture Structural Demand in Networking


Quiddity Leaderboard STAR 50/100 Sep25: Some High-Impact Names; New Sector-Neutral 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.

Tencent to Acquire Kakao Mobility?

By Douglas Kim

  • 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 Common Stock – June 4, 2025

By VRS (Valuation & Research Specialists)

  • 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 Advancing AI 2025: Key Takeaways

By William Keating

  • 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 Expects Hyper-Growth in Data Center Custom Chips (ASIC) With a Higher Earnings Risk

By Nicolas Baratte

  • 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.

Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now

By Manishi Raychaudhuri

  • 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: QNX’s Growing Role & Backlog In Automotive & Beyond to Up Their Game!

By Baptista Research

  • 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.

nCino Inc.: Is The Robust Consumer Lending Momentum Here To Stay?

By Baptista Research

  • 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) Is Doubling Down on Innovation: Will Publica & AI Tools Fuel the Next Revenue Surge?

By Baptista Research

  • 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 Pre-IPO – Positioned to Capture Structural Demand in Networking

By Troy Wong

  • 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.

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