TMT/Internet

Apparently, on news of this new Huawei chip in WSJ, Nvidia’s stock decline -2% yesterday. That’s strange – not new news, the real issue is new US export license requirements.
Nvidia’s problem is not Huawei, but US restrictions on selling GPU to China. Nvidia announced writing off US$5.5bn on 9 April 2025 (for H20). AMD estimates US$800m (for MI308).
Assume that Nvidia and AMD will not sell any AI chips to China. Same for HBM memory.

Huawei New AI Processor Ascend 910C and the Long History Behind It (Part 1)

China was ahead of the US in AI semiconductor and applications in 2015-20. Huawei had a complete AI processor and software platform. Losing access to TSMC froze Huawei’s progress.
Most likely, Huawei new AI processor Ascend 910C is made by SMIC on 6nm. Power Efficiency of Ascend 910C is poor versus the latest Nvidia GPU, but similar to N-2.
Semiconductor Manufacturing International Corp (SMIC) (981 HK) 7-6nm and access to HBM memory are major limiting factor to the chip volumes and performance.

Samsung Electronics: Global Funds Hit Rock Bottom

By Steven Holden

Global equity fund ownership in Samsung Electronics has dropped to the bottom of its 10-year range.
The percentage of global funds invested has fallen from 32.6% to 23.5% over the past 12-months.
Key Growth investors from Schroders to Templeton exit the stock, leaving an investor base largely comprised of Value oriented funds.

United Microelectronics: Heavy Exodus

By Steven Holden

Collapse in EM fund positioning as ownership levels approach record lows.
Over the past six months, there has been a heavy sell-side bias, with Fisher, BNP, and Quilter among those exiting the stock.
UMC falls to the 13th most widely owned company in the Semiconductor sector.

PERF: Perfect Corp. Reports a Solid Quarter

By Zacks Small Cap Research

Perfect Corp. provides an AI and machine learning based B2B SaaS platform for virtual try on and marketing of beauty and fashion products as well as seven mobile apps sold B2C for makeup suggestions, try-on, tutorials, photo and video editing, Gen AI creation and editing and AI Chat.
It is expanding its offering to new verticals and has strong IP as well as the largest database for AI training in the industry.
This year it bought the leading fashion tryon provider to expand to that vertical.

Memory Monitor: SK Hynix Signals Resilient AI Demand Ahead; Nanya More Exposed to Global Downturn

SK Hynix expects continued AI/server memory strength despite global uncertainty — Expects 2025E HBM revenue to double YoY.
PC and smartphone memory demand experienced moderate recovery — Supported by China stimulus and AI-featured product cycles.
Continue to view SK Hynix shares in more favorable position vs. Nana Tech shares — Especially in a scenario of global economic weakness.

NVX: CEO Transition Expected to be Smooth

By Zacks Small Cap Research

Zacks Small-Cap Research Note for Novonix Ltd (NVX)

Krafton: Acquisition of Controlling Stake in Neptune from Kakao Games

On 29 April, Krafton announced that it plans to acquire a 39.37% controlling stake in Neptune Company from Kakao Games for 165 billion won ($114.9 million).
Prior to this deal, Krafton owned a 3.2% stake in Neptune. After this deal is completed, Krafton will own a 42.53% stake (19.86 million shares) of Neptune.
Krafton reported excellent results in 1Q 2025. The company beat its sales, operating profit, and net profit by 10.1%, 18.3%, and 13.8%, respectively in 1Q 2025.

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Apr 29

Daily Brief TMT/Internet: SK Inc, Taiwan Semiconductor (TSMC) – ADR, WYSIWYG Studios, Tencent, International Business Machines, Lam Research, Delta Electronics Thailand , PT Metrodata Electronics, Texas Instruments and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Next Target After Hanwha for Regime Change Momentum Play: SK Inc’s Share Cancellation
Taiwan Dual-Listings Monitor: TSMC ADR Short Interest New Highs; Chunghwa Telecom Short Spike
Indirect Beneficiaries of the Smash Hit Movie “King of Kings” In the Korean Stock Market
Tencent (700 HK): Volatility Smile Signals Strategic Opportunities in Options Trading
Is IBM the Dark Horse of AI? $6 Billion in Bookings Signal a New Era!
Lam Research Is Dominating Advanced Packaging & NAND Upgrades But Does This Create A Prime Buy Opportunity?
Delta Taiwan Vs. Thailand Monitor: Delta Thai Rally Looks Overdone; Taiwan Remains Better Value
Taiwan Tech Weekly: Taiwan’s Big Earnings Week and Apple’s High-Stakes Shift to India
PT Metrodata Electronics (MTDL IJ) – Cybersecurity and AI to Be Future Drivers
Texas Instruments: Expansion of Industrial And Automotive Markets & Key Forces Driving Growth!

Next Target After Hanwha for Regime Change Momentum Play: SK Inc’s Share Cancellation

By Sanghyun Park

Local traders are betting SK Inc will preemptively announce a treasury share cancellation before the June election, positioning it as the center of the regime change momentum play.
From a trading perspective, SK Inc could rally as a “buyback stock” and offer NAV gap trading opportunities.
Another option could be an event-driven hedge strategy: go long on SK and short index futures post-election. If Lee Jae-myung wins, SK could outperform, but the broader market may drop.

Taiwan Dual-Listings Monitor: TSMC ADR Short Interest New Highs; Chunghwa Telecom Short Spike

TSMC: +19.5% Premium; Short Interest in ADRs Jumps to New Highs; Open Fresh Short of Spread at 20% or Higher
ASE: +3.8% Premium; Wait for Higher Premium Before Opening New Short
CHT: -1.0% Discount; Consider Going Long the Spread; ADR Short Interest Rises to New Highs

Indirect Beneficiaries of the Smash Hit Movie “King of Kings” In the Korean Stock Market

In this insight, we discuss the indirect beneficiaries of the global hit movie “King of Kings” in the Korean stock market.
The King of Kings is a 3D animation movie produced by a Korean company called Mofac Studio (unlisted). This film made $45mn in N. American box office in 10 days.
Dexter Studios, Wysiwyg Studios, and GiantStep (listed competitors to Mofac Studios) are up on average 17% in the past one month.

Tencent (700 HK): Volatility Smile Signals Strategic Opportunities in Options Trading

By Gaudenz Schneider

Implied Volatility Trends: One-month implied volatility for Tencent (700 HK) has declined from recent peaks, aligning near its 3-year median, indicating a potential stabilization in market expectations.
Skew and Term Structure Dynamics: The term structure is largely flat with a slight uplift due to the upcoming earnings on 14 May 2025. A pronounced volatility smile favors spreads.
Open Interest Distribution: Liquidity is concentrated in near-term (April, May) and quarterly expiries, with call open interest slightly outweighing puts (48-60%).

Is IBM the Dark Horse of AI? $6 Billion in Bookings Signal a New Era!

International Business Machines Corporation (IBM) delivered solid performance in its first-quarter 2025 results, exhibiting a combination of strengths and challenges as it continues to pursue its strategic focus on hybrid cloud and artificial intelligence (AI).
IBM reported a total revenue of $14.5 billion for the quarter, marking a 2% increase at constant currency from the previous year.
This growth was primarily driven by robust performance in the Software segment which rose by 9% thanks to advancements across Red Hat, Automation, Data, and Transaction Processing.

Lam Research Is Dominating Advanced Packaging & NAND Upgrades But Does This Create A Prime Buy Opportunity?

Lam Research reported a strong performance in the March 2025 quarter, exceeding the midpoint of guidance across key financial metrics such as revenue, gross margin, operating margin, and EPS.
The company achieved record foundry revenues, attributing much of this success to robust execution and strategic investments in manufacturing and operations, leading to improved gross margins post-Novellus merger.
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.

Delta Taiwan Vs. Thailand Monitor: Delta Thai Rally Looks Overdone; Taiwan Remains Better Value

Delta Thailand’s rally looks sentiment-driven, not fundamental: 1Q25 results were decent but not a major beat.
Valuation gap widened to unjustifiable levels: Delta Thailand trades at 52x trailing PER vs. Delta Taiwan at 25x.
Delta Taiwan remains the structurally stronger,cheaper exposure to the group’s long-term growth themes.

Taiwan Tech Weekly: Taiwan’s Big Earnings Week and Apple’s High-Stakes Shift to India

Major earnings week ahead: Taiwan names like Macronix, Lite-On, Delta, Mediatek report, while global tech giants Microsoft, Meta, Amazon, and Apple headline a critical week of results.
Apple’s India shift faces hurdles: Apple plans to move most U.S. iPhone assembly to India by 2026E, but analysts caution full supply chain relocation from China will be difficult.
UMC and Intel: Strategy and Uncertainty in Focus: Recent updates from UMC and Intel reveal supply chain adaptations and market visibility challenges for 2025E and beyond.

PT Metrodata Electronics (MTDL IJ) – Cybersecurity and AI to Be Future Drivers

By Angus Mackintosh

PT Metrodata Electronics finished FY2024 on a high note, booking a record net profit, driven by growth in its ICT distribution business and increased profitability in Solutions & Consulting.
The distribution segment was driven by rapid growth from telco products, especially the Infinix brand, as well as networking and storage hardware for the corporate segment.
Solutions&Consulting saw strong performance from financial services, and with 52% of revenues coming from recurrent income from areas like cloud services and software. AI and Cybersecurity are becoming key drivers.

Texas Instruments: Expansion of Industrial And Automotive Markets & Key Forces Driving Growth!

Texas Instruments (TI) reported its first-quarter 2025 results, showcasing a moderate revenue growth trajectory, yet in an environment fraught with external challenges.
Revenue for the quarter was $4.1 billion, marking a 2% sequential increase and an 11% increase year-over-year.
This growth was primarily driven by a 13% year-overyear increase in Analog revenue, while Embedded Processing remained relatively unchanged.

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Apr 28

Daily Brief TMT/Internet: Shibaura Electronics, Intel Corp, AppLovin , Kakao Corp and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Weekly Deals Digest (27 Apr) – Shibaura, Fujitsu General, Gunma/DHFG, Bright Smart, DN Solutions
Intel Q125 Earnings. Outlook Disappoints As LBT Shows Senior Executives The Door
S&P500: Additions In May & June 2025 Following Capital One’s Approved Acquisition
ECM Weekly (28 Apr 2025) – Ather, DN Solutions, Lotte, BenQ, Dorf-Ketal, Hi-Think, Kakao, Waaree

Weekly Deals Digest (27 Apr) – Shibaura, Fujitsu General, Gunma/DHFG, Bright Smart, DN Solutions

By Arun George

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: DN Solutions (298440 KS) seeks to raise US$1.1 billion in a KRX IPO.
Event-Driven developments: Shibaura Electronics (6957 JP), Fujitsu General (6755 JP), Gunma Bank (8334 JP), Bright Smart Securities And (1428 HK), Dickson Concepts Intl (113 HK), Dada Nexus (DADA US).

Intel Q125 Earnings. Outlook Disappoints As LBT Shows Senior Executives The Door

By William Keating

Intel reported Q125 revenues of $12.7 billion, down 0.4% YoY, down 11% QoQ but still $500 million above the guided midpoint, precisely the same beat as in the prior quarter.
Looking ahead, Intel forecasted current quarter revenues of $11.8 billion at the midpoint, this time extending the range from $1 billion in the prior quarter to $1.2 billion
LBT is in the process of undertaking sweeping changes to his ELT, flattening its structure, taking on multiple additional reports and showing many senior executives the door. That’s good.

S&P500: Additions In May & June 2025 Following Capital One’s Approved Acquisition

By Dimitris Ioannidis

AppLovin (APP US) is forecasted to replace Discover Financial Services (DFS US) in S&P500 on 19 May following Capital One’s approved acquisition.
CRH (CRH US) and Coinbase Global (COIN US) are forecasted to be added by June-July following the expected acquisitions of Kellogg Co (K US) and Ansys Inc (ANSS US).
Zero changes are forecasted for S&P500 at the June 2025 review due to limited strong addition candidates which will be selected as replacements of upcoming acquisitions.

ECM Weekly (28 Apr 2025) – Ather, DN Solutions, Lotte, BenQ, Dorf-Ketal, Hi-Think, Kakao, Waaree

By Sumeet Singh

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Ather Energy, DN Solutions (298440 KS) and Lotte Global Logistics were live this week, with few other gearing up for launches in Hong Kong.
On the placements front, Kakao Corp (035720 KS) was the only sizable placement over the past week. We did look at a few more IPO linked lockup expiries.

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Apr 27

Daily Brief TMT/Internet: Renesas Electronics, Tencent, Sage Group, Taiwan Semiconductor (TSMC), Auto Trader, Verizon Communications, Etoro Group, Pegasystems Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Renesas 1Q25: Cheap Stock That’s Bottoming Out
HK Connect SOUTHBOUND Flows (To 25 Apr 2025); First Net Sell in Ages, Led by Heavy SOE Selling
Sage Group Plc: Initiation of Coverage- Network Services and Automation Expansion Can Fuel A Revenue Surge Across Regions!
Inside TSMC’s Explosive Growth: AI Demand Soars, Tariffs Loom, and a $165 Billion U.S. Gamble!
Auto Trader Group: Initiation of Coverage- 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!
Verizon Communications: Expanding Fixed Wireless Access (FWA) Solutions To Change The Game!
EToro IPO Preview: High Crypto Exposure, CopyTrader Technology Is Not “Deep Tech”
Pegasystems Incorporated: Is The Pega Cloud ACV Growth Here To Stay?

Renesas 1Q25: Cheap Stock That’s Bottoming Out

Revenues are still declining by ~teens% YoY but margins shows signs of improvements as end-demand improves and utilization is low.
Renesas doesn’t have an inventory problem and increasing revenues will lead to higher utilization and higher margins.
As Renesas is showing signs of a bottom, the stock is very cheap, trading at -2 standard deviations or 11x 2025 EPS, 9x 2026 EPS.

HK Connect SOUTHBOUND Flows (To 25 Apr 2025); First Net Sell in Ages, Led by Heavy SOE Selling

By Travis Lundy

Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous record of Q1 2021 by more than HK$100bn. The first three weeks in April were HK$168bn.
The fourth week (this past week) saw net outflows on low volume as SOUTHBOUND investors sold SOEs quite heavily.
9 of the top 10 Net Sells as % of Volume this past week had China, Beijing, or Shanghai as the first word in their name.

Sage Group Plc: Initiation of Coverage- Network Services and Automation Expansion Can Fuel A Revenue Surge Across Regions!

Sage Group PLC recently reported a successful year, demonstrating notable growth and a solid financial performance.
The company’s annual recurring revenue (ARR) increased for the third consecutive year, with a 11% rise to GBP 2.3 billion.
This growth was balanced between new and existing customers, reflecting effective customer retention strategies and upsell accomplishments.

Inside TSMC’s Explosive Growth: AI Demand Soars, Tariffs Loom, and a $165 Billion U.S. Gamble!

Taiwan Semiconductor Manufacturing Company (TSMC) posted a strong set of first-quarter 2025 results, reinforcing its leadership position despite an increasingly complex global backdrop.
The company reported a 60% surge in profit to NT$361.56 billion ($11.12 billion), comfortably beating analyst forecasts.
Revenue rose 42% year-over-year to NT$839.25 billion ($25.53 billion), although it marked a sequential decline of 5.1% in U.S. dollar terms due to seasonal softness in smartphone demand.

Auto Trader Group: Initiation of Coverage- 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

Auto Trader Group reported its half-year results for the period ending September 30, 2024, demonstrating a mix of robust performance indicators and notable challenges.
During this period, the company attained record levels of platform engagement, significantly surpassing nearest competitors in consumer involvement.
Moreover, Auto Trader made a promising start in monetising its Deal Builder product, although hurdles in translating market engagement into higher stock levels impacted overall revenue performance.

Verizon Communications: Expanding Fixed Wireless Access (FWA) Solutions To Change The Game!

Verizon Communications Inc. presented its first-quarter results for 2025, indicating a strong start to the year with robust financial performance.
The company recorded a 2.7% increase in wireless service revenue, meeting the high end of its guidance range, and reported an all-time high adjusted EBITDA of $12.6 billion, marking a 4% growth.
Free cash flow improved by over $900 million, which supports its capital allocation priorities, including debt reduction and dividend growth, setting a positive tone as Verizon navigates a complex economic environment.

EToro IPO Preview: High Crypto Exposure, CopyTrader Technology Is Not “Deep Tech”

By Andrei Zakharov

EToro Group Ltd., a social investment network and trading-app provider, plans to raise up to $400M in upcoming US IPO.
Israeli social trading platform was valued at ~$10B during a planned merger with a publicly-listed SPAC in 2022. However, the SPAC deal collapsed.
EToro launched copy trading services in 2010 and made a big bet on crypto segment. Revenue from cryptoassets accounted for ~96% of total revenue and income in 2024.

Pegasystems Incorporated: Is The Pega Cloud ACV Growth Here To Stay?

Pegasystems Inc. delivered a strong performance in the first quarter of 2025, highlighted by significant growth in annual contract value (ACV) and impressive cash flow results.
ACV increased by $74 million, marking over 13% year-over-year growth.
This was largely driven by robust adoption of the Pega GenAI Blueprint, which has revolutionized how the company engages with clients and partners by allowing rapid demonstration of Pega’s platform capabilities.

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Apr 26

Daily Brief TMT/Internet: Shibaura Electronics, SK Telecom, China Mobile, Capgemini, Deepexi Technology, STMicroelectronics NV, Synopsys Inc, Alphabet, Sopra Steria and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

YAGEO and Shibaura Still Fighting, Minebea Likely to Bid Up, The Question Is Another YAGEO Overbid
SK Telecom’s Block Deal Sale of 10.8 Million Shares of Kakao Corp
China Mobile (941 HK) Tactical Outlook Following Q1 2025 Results
Capgemini: Initiation of Coverage- Strategic Acquisitions & 4 Pivotal Growth Levers!
Deepexi Technology Pre-IPO Tearsheet
STMicroelectronics: Initiation of Coverage- An Insight Into Its Cost-Saving Initiatives & Financial Resilience!
Synopsys: Harnessing Complexity
STMicro: Ugly but Mngt Says 1Q25 Is the Bottom. Restructuring Has to Start, Horrendous Inventories.
Alphabet 1Q’25 Update
Sopra Steria Group SA: Initiation of Coverage- Why Its Shift towards Digital Services & Consulting Is Driving Our Optimism?

YAGEO and Shibaura Still Fighting, Minebea Likely to Bid Up, The Question Is Another YAGEO Overbid

By Travis Lundy

Yageo Corporation (2327 TT) bid ¥4,300 for Shibaura Electronics (6957 JP). Minebea Mitsumi (6479 JP) overbid at ¥4,500. YAGEO overbid Minebea at ¥5,400 on 17 April (expected to start 7-May)
Apparently, YAGEO was a bit upset by the public comments by Shibaura regarding custom/mass-market/online different ways of doing business. YAGEO responded with receipts. Shibaura will respond later.
On the 22nd, Minebea noted they would delay their intended 23rd start date. Now they have more irrevocables. In the end, I expect YAGEO’s, not Minebea’s, top price defines this.

SK Telecom’s Block Deal Sale of 10.8 Million Shares of Kakao Corp

Prior to market open on 25 April, SK Telecom announced that it plans to sell 10.8 million shares of Kakao, representing 2.4% of outstanding shares in a block deal sale.
The sale of Kakao Corp shares and using the proceeds to further acquire shares in SK Broadband and invest in AI businesses is a solid move by SK Telecom.
We believe that this trading down gap of Kakao Corp is likely to be covered soon in the next several days/weeks so it represents a short term buying opportunity.

China Mobile (941 HK) Tactical Outlook Following Q1 2025 Results

By Nico Rosti

On April 22, 2025, China Mobile (941 HK) reported its Q1 2025 financial results, revenues substantially unchanged, but increase in net income and subscriber growth indicates resilience in its operations.
The initial market reaction suggests mild disappointment, the stock retreated to a low <80 intra-week, then closed the week down at 80.85.
Our price model shows an oversold state, while the time model indicates there is room for another week down, possibly a buy-the-dip opportunity (3 weeks down should be the limit).

Capgemini: Initiation of Coverage- Strategic Acquisitions & 4 Pivotal Growth Levers!

Capgemini’s full-year 2024 results reflect a mixed performance against a backdrop of continued market challenges.
The company’s revenues saw a decline of 2% at constant currency to EUR 22,096 million, evidencing the broader economic pressures and restrained client spending, especially in sectors like Manufacturing and regions such as France.
This drop was somewhat mitigated by resilience in segments such as Financial Services and Public Sector, and geographic improvement in North America, the U.K., Asia Pacific, and Latin America.

Deepexi Technology Pre-IPO Tearsheet

By Akshat Shah

Deepexi Technology (1843779D CH) (DT) is looking to raise atleast US$100m in its upcoming Hong Kong IPO. The deal will be run by CITIC, CMBC, Guotai, Bocom International and SPDB International.
The firm specializes in delivering AI solutions to enterprises to integrate their data, decisions and operations efficiently at scale.
DT ranked first among specialized providers of large model AI application solutions in China’s enterprise large model AI application solution market in terms of revenue in 2024, according to F&S.

STMicroelectronics: Initiation of Coverage- An Insight Into Its Cost-Saving Initiatives & Financial Resilience!

STMicroelectronics reported its financial results for the fourth quarter and the fiscal year 2024, showcasing notable operational challenges within a volatile market environment.
The company experienced significant revenue declines amidst broader industry downturns particularly in its Industrial and Automotive segments.
For the fourth quarter, STMicroelectronics saw a year-over-year decline in net revenues by 22.4%, landing at $3.32 billion, but managed a slight sequential increase of 2.2%.

Synopsys: Harnessing Complexity

By MBI Deep Dives

Chip design has long been a paradoxical craft.
On one hand, engineers must trust sophisticated software to help them craft circuits of mind-boggling complexity; on the other, they maintain a healthy skepticism, knowing a single flaw can doom a chip.
The old mantra “trust, but verify” could well have been coined for this process.

STMicro: Ugly but Mngt Says 1Q25 Is the Bottom. Restructuring Has to Start, Horrendous Inventories.

Very poor 1Q25, operating profit close to zero. 2Q a bit better with lower revenue decline, but OP still close to zero.
Management claims 1Q is the bottom for revenues, its possible, but 2 large risks: restructuring costs and very high inventories.
Consensus expects a slow recovery into 2026, the stock looks cheap at 11x 2026 EPS. However, given the firm’s track record and the risks mentioned, lets wait 1 more quarter.

Alphabet 1Q’25 Update

By MBI Deep Dives

On an FX adjusted basis, Alphabet increased its revenue by 14% in 1Q’25 (~200 bps headwind from FX).
For the 11th consecutive quarters, Google network’s revenue went down.
Just when regulators are lambasting Google for their network business in court, it keeps dwindling to oblivion.

Sopra Steria Group SA: Initiation of Coverage- Why Its Shift towards Digital Services & Consulting Is Driving Our Optimism?

Sopra Steria, a European leader in digital services and consulting, reported mixed outcomes in its 2024 financial results.
Despite an overall challenging market environment, the company delivered notable achievements and faced several obstacles that could shape its future trajectory.
Positively, the company witnessed a sturdy operating margin, reaching 9.8%, a milestone marking the highest since 2007.

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Apr 25

Daily Brief TMT/Internet: Fujitsu Ltd, Kakao Corp, SK Hynix, Texas Instruments, United Microelectronics Corp, Intel Corp, United Microelectron Sp Adr, Koninklijke KPN, Ono Sokki and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Fujitsu (6702) – Earnings/Guidance OK, Margins Better, But New Quiddity Buyback Data Tool 🥳
Kakao Corp Placement – Momentum Isn’t Great but It Is a Small Deal
SK Hynix Earnings Highlights Strong AI Dependence and Tariff Concerns
Texas Instruments: Surprisingly Good 1Q25, Good 2Q Guidance. End-Markets Are Back to YoY Growth.
UMC 1Q25 Is the Bottom, Consensus Is Low but the Stock at Average Valuations
Intel 1Q25: Work in Progress, More Unknowns than Clarity
SK Hynix: Record-High Profits, the Stock Gets Cheaper.
UMC Sees Broad Rebound in Demand Ahead But Is Demand Being Pulled Forward by Tariffs?
What’s News in Amsterdam – 24 April (ABN Amro | ASML | KPN | Fugro | SBM Offshore | Triodos Bank)
Ono Sokki (6858 JP): Q1 FY12/25 flash update

Fujitsu (6702) – Earnings/Guidance OK, Margins Better, But New Quiddity Buyback Data Tool 🥳

By Travis Lundy

Fujitsu Earnings. Revenues +2.1%, OP +77.5%, Pretax +65.1%, Net -13.0% (basis effect from FY23 one-offs). Forecast? Revs -2.8%, OP/adj +35.8%/+17.2%, Net/adj +77.4%/+3.7%. All guided measures shy vs the Street consensus.
The company presented a progress update on its Medium-Term Management Plan. Core profits are better. Things are improving.
The company also announced a big 11-month ¥170bn buyback. Last year’s was ¥180bn (completed 24 March). Worth checking out the details (and our brand-new buyback tool)

Kakao Corp Placement – Momentum Isn’t Great but It Is a Small Deal

By Sumeet Singh

SK Telecom (017670 KS) plans to raise around US$280m via selling its 2%+ stake in Kakao Corp (035720 KS).
Kakao’s recent performance hasn’t been particularly great and the stock has been suffering even since the Kakao Pay management scandal in 2021.
In this note, we will run the deal through our ECM framework and talk about the recent updates.

SK Hynix Earnings Highlights Strong AI Dependence and Tariff Concerns

By Jim Handy

SK hynix announced their second-highest revenue and operating profit for the first quarter of 2025
Much of the company’s performance is the result of its first-mover advantage and excellent execution in the HBM market
Two issues threaten the company: AI growth may stall, and tariff changes could interfere with the company’s global supply chain

Texas Instruments: Surprisingly Good 1Q25, Good 2Q Guidance. End-Markets Are Back to YoY Growth.

Demand for Auto & Industrial Semis was weak in 2024, Semi inventories remain high. But TXN beats 1Q guidance handsomely, 2Q is above expectations. TXN is back to YoY growth.
Critically, the Industrial market is recovering rapidly, Auto is back to modest growth. Management has some concerns that there could be re-stocking ahead of US import tariffs.
Consensus is too low but the stock is not cheap, has deflated from bubble levels but still not cheap.

UMC 1Q25 Is the Bottom, Consensus Is Low but the Stock at Average Valuations

1Q miss on non-ops and it’s the bottom for margins. Strong 2Q guidance but very low visibility into 2H: tariff uncertainty.
The JV with Intel for 12nm is proceeding well and demand is strong for Made in US 12nm. Some upside here for 2027
Consensus is probably a tad too low but the stock trading at average PEx ~12x. No arbitrage here.

Intel 1Q25: Work in Progress, More Unknowns than Clarity

1Q better than guided, 2Q a bit better but margins and net income remain very low. Reiteration that 1Q25 is the trough. Mngt mentions concerns about “the macro” and “tariffs”.
CEO emphasizes “it won’t be easy” to fix products, manufacturing, culture. Re-org is coming but no details. Lower Opex but “we have not yet identified what that means for headcount”.
Consensus continues to expect a swift runaround into 2026. Based on this optimistic forecast, the stock trades at 18x 2026 EPS. Too many unknowns.

SK Hynix: Record-High Profits, the Stock Gets Cheaper.

Same as last quarter: very strong AI / Server demand, capacity sold out for 12 months, HBM3E 12Hi becomes majority in 2Q25. HBM is the only driver.
Everything else remains weak. The conundrum remains: there is only 1 driver: AI / HBM. SK Hynix is the leading vendor, 12-18 months ahead of competitors. Is it sustainable?
The market thinks not sustainable and the stock is very cheap at 5x 2025 4x 2026 EPS. SK Hynix still trades like a cyclical stock – is it?

UMC Sees Broad Rebound in Demand Ahead But Is Demand Being Pulled Forward by Tariffs?

UMC guides for 2Q25 rebound, expecting 5–7% QoQ wafer shipment growth and margin recovery to ~30%, though 2H25 visibility remains low due to tariff and inventory uncertainty.
Intel Corp (INTC US) 12nm project progressing; Initial client orders planned for 2026E, with management leaving the door open to future partnerships—including rumored GLOBALFOUNDRIES (GFS US) collaboration—amid strategic diversification efforts.
Tariff-Driven pull-forward of orders IS happening but impact reportedly limited so far, with UMC noting mixed customer behavior; near-term demand strength appears broad-based. We have a Neutral rating for UMC.

What’s News in Amsterdam – 24 April (ABN Amro | ASML | KPN | Fugro | SBM Offshore | Triodos Bank)

By The IDEA!

In this edition: • ABN Amro | new CEO will focus on costs and the risk management model • ASML | wants free passage for machine parts; no evidence that China cracked the EUV puzzle • KPN | continued to deliver on its promises in 1Q25 • Fugro | 1Q25 trading update does not really contain much news • SBM Offshore | completes EUR 130m share buyback; starts new program of EUR 141m • Triodos Bank | facing new setback in its attempts to settle claims

Ono Sokki (6858 JP): Q1 FY12/25 flash update

By Shared Research

Ono Sokki’s FY12/24 sales rose 23.2% YoY, with operating profit up 266.7% YoY, despite a 12.0% YoY order decline.
Measuring Equipment segment’s operating profit dropped 74.4% YoY due to increased personnel expenses for overseas sales expansion.
Custom Order Test Equipment and Service segment’s operating profit surged 555.1% YoY, driven by increased sales and fixed cost absorption.

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Apr 24

Daily Brief TMT/Internet: SK Inc, Xiaomi Corp, FUJIFILM Holdings, Wistron Corp, United Microelectron Sp Adr, VEON, Circle Internet Group and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Lee Jae-Myung’s Campaign Pledge – Cancellation of Treasury Shares
Xiaomi Corp (1810 HK): Top Trades and Strategic Insights from HKEX Options Trading
Fujifilm: Bio CDMO – A Success in the Making
Xiaomi Corp (1810 HK): Volatility Insights and Analysis Identify Spread Opportunities
Wistron GDR Early Look – Riding the AI Server Boom Amid Macroeconomic Headwinds
UMC (2303.TT; UMC.US): 2Q25 Guidance Beat; Tariff Affection Unknown; No GF Merger Plan Right Now.
VEON (VEON US): Frontier Markets Digital Leader, Ukraine Spin-Out to Unlock Value
Circle Internet Group (CRCL): Peeking at the IPO Prospectus of Stablecoin Powerhouse Company

Lee Jae-Myung’s Campaign Pledge – Cancellation of Treasury Shares

By Shifara Samsudeen, FCMA, CGMA

Lee Jae-Myung (who is leading in most election polls) has mentioned cancellation of treasury shares as one of the key campaign pledges to improve the corporate governance in Korea.
If the cancellation of these shares becomes mandatory, the SK Group and Lotte Group will be most affected.
We provide a list of 21 stocks in KOSPI200 that have the highest ratios for treasury shares/total outstanding shares. These stocks could receive more attention in the next several months.

Xiaomi Corp (1810 HK): Top Trades and Strategic Insights from HKEX Options Trading

By Gaudenz Schneider

Over the past five trading days, Xiaomi Corp (1810 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
Bearish and Bullish strategies balance each other, with only 12% of trades expressing a neutral view, such as Iron Condors. Some strategies were traded in unusually large size.
Diagonal Spreads account for over 25% of all strategies and can make for near self-financing strategies. An inverted volatility term structure, aka backwardation, supports calendar and diagonal spreads.

Fujifilm: Bio CDMO – A Success in the Making

Fujifilm announced today that the company has entered into a 10-year manufacturing supply agreement valued over US$3bn with Regeneron Pharma to provide US-based production to Regeneron’s biologic medicines.
Fujifilm’s Bio CDMO business, operating through FUJIFILM Diosynth Biotechnologies, has achieved significant success and growth, driven by a combination of strategic investments/acquisitions, with a focus on expanding its capabilities.
Bio CDMO business has achieved rapid expansion over the years, and aims to generate revenues of ¥200bn for FY03/2025 and reach ¥500bn by FY03/2028E which seems attainable to us.

Xiaomi Corp (1810 HK): Volatility Insights and Analysis Identify Spread Opportunities

By Gaudenz Schneider

Xiaomi’s (1810 HK) one-month implied volatility has decreased from recent peaks but remains above the 90th percentile, while realized volatility is exceptionally high, exceeding 100% (100th percentile).
The options market exhibits an inverted term structure (backwardation) favoring calendar or diagonal spreads, with a slightly negatively sloped skew supporting put and call spreads.
Open interest extends to March 2026, with balanced call and put interest across most expiries, except for March 2026, which is heavily call-dominated.

Wistron GDR Early Look – Riding the AI Server Boom Amid Macroeconomic Headwinds

By Akshat Shah

Wistron Corp (3231 TT) is looking to raise up to US$760m in its upcoming global depository receipts (GDRs) offering.
On 2nd Apr 2025, Wistron announced that it had received its board’s approval to sell up to 250m common shares via a GDR offering.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.

UMC (2303.TT; UMC.US): 2Q25 Guidance Beat; Tariff Affection Unknown; No GF Merger Plan Right Now.

By Patrick Liao

2Q25 guidance: Wafer shipments: increase 5~7%, ASP in USD: flat, GM: About 30%.
The US tariffs affect customer outcome visibility in 2Q25 and 2H25 is limited.
UMC is seeking a strategic plan to enhance shareholder value, and there is no ongoing merger plan at the moment, which implies no merger plan with GF.

VEON (VEON US): Frontier Markets Digital Leader, Ukraine Spin-Out to Unlock Value

Telecom leader in key frontier markets. VEON serves nearly 160 million subscribers across frontier markets including Ukraine, Pakistan, Kazakhstan, Uzbekistan, and Bangladesh.
Multiple potential unicorn tech businesses within the Group. VEON has multiple rapidly growing tech businesses with unicorn (US$1bn valuation) potential.
Ukraine spin-out to unlock value. VEON is planning a Nasdaq IPO spin-out of its Ukraine business Kyivstar via de-SPAC for 2H25E. We rate VEON as a Structural Long, US$59 Target.

Circle Internet Group (CRCL): Peeking at the IPO Prospectus of Stablecoin Powerhouse Company

By IPO Boutique

Circle Internet Group believes the global financial system can be rebuilt on the principles of the internet.
Circle has minted more than $504.3 billion of USDC and redeemed more than $464.4 billion of USDC from January 1, 2021 to December 31, 2024.
Their 2024 revenue, net income, and Adjusted EBITDA is $1.7 billion, $156 million, and $285 million, respectively.

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Apr 23

Daily Brief TMT/Internet: Shibaura Electronics, KC Tech, NetEase , Alphabet , Hi-Think Technology International Ltd, Faraday Technology and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Shibaura Electronics (6957 JP): Minebea Secures Further Irrevocables as It Ponders a Revised Offer
A Tender Offer of 6.2% Stake in KC Tech by KC Co
Tencent/Netease: One Game for Netease in April
GOOGL Earnings: Volatility Setup and Post-Release Price Behavior
Hi-Think Technology Pre-IPO – Steady Outlook Amid FX Pressures
Faraday Technology’s Breakout: AI Packaging Demand Defying the Global Semiconductor Slowdown

Shibaura Electronics (6957 JP): Minebea Secures Further Irrevocables as It Ponders a Revised Offer

By Arun George

In response to Yageo Corporation (2327 TT)’s revised JPY5,400 offer, Shibaura Electronics (6957 JP) has asked Minebea Mitsumi (6479 JP) if it intends to revise its terms.
Minebea is reviewing its offer and has disclosed additional irrevocables from the founder’s family and MUFG. Total irrevocables represent a 15.83% ownership ratio.
On April 22, Yageo issued a public letter to change the narrative regarding the Board’s concerns. There is an increasing likelihood that Minebea will return with a revised offer.

A Tender Offer of 6.2% Stake in KC Tech by KC Co

After the market close today, it was reported that KC Co (029460 KS) plans to conduct a tender offer 35 billion won worth of KC Tech (281820 KS) shares.
KC Co plans to conduct a tender offer of 1.283 million shares (6.2% stake) of KC Tech shares for 20 days from 23 April to 12 May.
The tender offer price for KC Tech is 27,100 won, which is 13.4% higher than the closing price on 22 April.

Tencent/Netease: One Game for Netease in April

By Ke Yan, CFA, FRM

China announced game approval for the April 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.
While Netease received one game approval for its domestic game, Tencent received an approval for an imported game.

GOOGL Earnings: Volatility Setup and Post-Release Price Behavior

By John Ley

Recent performance and legal overhangs make this quarter interesting and more unpredictable.
We provide a detailed analysis of price patterns, implied vol and the earnings implied jump in GOOGL options compared to historical outcomes.
The implied move looks rich relative to long-term averages—but more in line with recent quarters.

Hi-Think Technology Pre-IPO – Steady Outlook Amid FX Pressures

By Troy Wong

Hi-Think Technology International (HT) is looking to raise at least US$150m in its upcoming Hong Kong IPO.
HT is a leading Chinese provider of digital intelligence software technology services and solutions, focusing on serving integration customers in Japan, particularly customers in the civil and financial sectors.
Due to significant depreciation of the JPY against the RMB, HT’s 9M24 sales growth and margins were negatively impacted.

Faraday Technology’s Breakout: AI Packaging Demand Defying the Global Semiconductor Slowdown

Faraday Top-Line Soars on CoWoS Chip Packaging Services Support Ramp — 78% of MP Revenue Came from AI/HPC Applications
TSMC-Aligned Execution Enables Asset-Light Business Scaling for Faraday — New Fabless OSAT Service is Highly Differentiated; Competitive Advantage
Outlook: Continued Very Strong Momentum into 2Q25 — 1H25 Revenue Will Be Higher Than All of 2024

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Apr 22

Daily Brief TMT/Internet: NetEase , Kakao Corp, Baidu , Swiggy, Hang Seng Index, Novonix , Soluna Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Quiddity Leaderboard HSTECH Jun25: US$1.5bn One-Way; Large Inflow for Net Ease
Big Crypto Money Move in Korea – Impact on Key Listed Korean Companies
Quiddity Leaderboard HSCEI Jun25: US$470mn One-Way Flows Expected
Quiddity Leaderboard HSIII Jun25: US$317mn One-Way in June; Three Changes Likely in September
Swiggy (SWIGGY IN): US$7.6bn Lock-Up Expiry & Index Inclusion
Hong Kong Single Stock Options Weekly (April 14 – 17): Broader Participation, Softer Vols
NVX: Believe Current Trade Situation Highlights Need for Local Supply Chain for Battery Materials
Soluna Holdings, Inc: Project Ellen Will Put Another 100 MW Wind- Driven Data Center in Texas

Quiddity Leaderboard HSTECH Jun25: US$1.5bn One-Way; Large Inflow for Net Ease

By Janaghan Jeyakumar, CFA

The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
In this insight, we take a look at the flow expectations for the June 2025 index rebal event.
We expect no index changes for June 2025 but we estimate there to be US$1.53bn in one-way flows which translates to a turnover of 7.4%.

Big Crypto Money Move in Korea – Impact on Key Listed Korean Companies

There has been a big crypto money move in Korea. Market cap of crypto currencies held in crypto exchanges in Korea nearly doubled from October to November 2024.
We discuss 8 major listed companies in Korea that are major beneficiaries (directly and indirectly) of this big move into crypto currencies in Korea.
Some of the major beneficiaries include Kakao Corp, KT Corp, Hanwha Securities, Woori Technology Investment, and Vidente.

Quiddity Leaderboard HSCEI Jun25: US$470mn One-Way Flows Expected

By Janaghan Jeyakumar, CFA

The HSCEI serves as a benchmark to reflect the overall performance of the top 50 “Mainland China” securities listed in Hong Kong.
In this insight, we take a look at the flow expectations for the June 2025 index rebal event.
We expect no index changes for June 2025 but we estimate there to be US$470mn in one-way flows which translates to a turnover of 4.3%.

Quiddity Leaderboard HSIII Jun25: US$317mn One-Way in June; Three Changes Likely in September

By Janaghan Jeyakumar, CFA

The Hang Seng Internet & IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at our flow expectations for the June 2025 index rebal event.
We have also presented our index change expectations for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).

Swiggy (SWIGGY IN): US$7.6bn Lock-Up Expiry & Index Inclusion

By Brian Freitas

Swiggy (SWIGGY IN) listed in November 2024 and around 85% of the shares outstanding (US$7.6bn) will unlock on 13 May.
Nearly 80% of the shares that unlock are held by pre-IPO PE/VC investors and they are 100% in the money in most cases. Expect the selldown to commence soon.
Swiggy (SWIGGY IN) should be added to one global index in June, while inclusion in the other global index will require a small price increase or selling from PE/VC investors.

Hong Kong Single Stock Options Weekly (April 14 – 17): Broader Participation, Softer Vols

By John Ley

A noticeable shift in tone this week, with participation broadening and price action turning constructive.
Implied vols declined across most names, unwinding last week’s spike but still sitting above historical medians.
Call activity bounced back, and the Put/Call ratio suggestive of less defensiveactivity.

NVX: Believe Current Trade Situation Highlights Need for Local Supply Chain for Battery Materials

By Zacks Small Cap Research

NVX believes its strategy aligns with the administration’s goal to secure critical mineral supply chains and support domestic manufacturing.
Its existing Riverside plant – where production capacity has been pre-sold via multiple offtake agreements – is in Tennessee and NVX plans to construct a 2nd production facility in the state, recently obtaining approval and expected tax credits toward this project.
Each of NVX’s three operating units is expected to play an important role in its development & growth, as NVX leverages proprietary R&D & patented technology to develop critical materials for the battery sector.

Soluna Holdings, Inc: Project Ellen Will Put Another 100 MW Wind- Driven Data Center in Texas

By Water Tower Research

Soluna is on a mission to make renewable energy a global superpower using computing as a catalyst.
The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources.
Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high performance computing applications including Bitcoin mining, Generative AI, and other compute-intensive applications.

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Apr 21

Daily Brief TMT/Internet: Taiwan Semiconductor (TSMC) – ADR, Shibaura Electronics, DISCO Corp, Swiggy, Hang Seng Index, Intel Corp and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

What TSMC’s 1Q25 Results Reveal About the Future of Chipmaking in the U.S. (Structural Long)
Weekly Deals Digest (20 Apr) – Shibaura Electronics, Topcon, Jamco, TRYT, Canvest, ENN, Insignia
DISCO: Growth Is Slowing Down, the Stock Is Still Expensive
Taiwan Dual-Listings Monitor: TSMC Premium at Mid-Range; Short Interest Highs for ASE & IMOS
Swiggy (SWIGGY IN): Post-IPO Global Index Inclusion & Final Lockup Expires In May 2025
Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data
HSI Index Options Weekly (Apr 14-17): Volatility Cools, But the Floor May Hold
Intel (INTC.US): Exploring a Tough Journey. (IV)

What TSMC’s 1Q25 Results Reveal About the Future of Chipmaking in the U.S. (Structural Long)

TSMC’s Arizona Yield Success Silences Doubts: Management confirmed first U.S. fab has achieved yields comparable to Taiwan, validating global replication model and reinforcing alignment with U.S. clients like Apple, Nvidia.
U.S. Buildout Anchoring TSMC’s Long-Term Dominance: With 30% of N2 and beyond capacity to be in USA, TSMC building footprint across fabs, packaging, and R&D competitors will struggle to match.
Margins Resilient, AI Demand Accelerating: 1Q25 beat on AI strength despite smartphone softness and earthquake disruption. 2Q25E revenue guidance of +13% QoQ reflects continued momentum in advanced nodes and HPC.

Weekly Deals Digest (20 Apr) – Shibaura Electronics, Topcon, Jamco, TRYT, Canvest, ENN, Insignia

By Arun George

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: China Resources Beverage (2460 HK) lock-up expiry; DN Solutions (298440 KS) and LG Electronics India (123D IN) IPOS.
Event-Driven developments: Shibaura Electronics (6957 JP), Topcon Corp (7732 JP), Jamco Corp (7408 JP), TRYT (9164 JP), Canvest Environmental Protection Group (1381 HK), ENN Energy (2688 HK).

DISCO: Growth Is Slowing Down, the Stock Is Still Expensive

DISCO Mar-25 results beat Consensus by ~12%. Jun-25 guidance is very weak but DISCO always under-guides egregiously. But it’s weak.
Consensus has revised down its Jun-25 revenue forecast from 12% YoY growth to 6% but left Sept-Dec-25 unchanged at ~10% YoY growth. The odds are that Consensus is too high.
The stock is down -39% since end Dec-24 but still trading at 20x EPS in the face of downside risks to Consensus. Not appealing.

Taiwan Dual-Listings Monitor: TSMC Premium at Mid-Range; Short Interest Highs for ASE & IMOS

TSMC: 16.5% Premium; Short Interest Remains Near Historical Highs for ADR and Local
ASE: +2.2% Premium; Wait for Closer to Par Before Going Long; Short Interest in Local Shares at Highs
ChipMOS: +1.1% Premium; Short Interest in Local Shares Hits New Highs

Swiggy (SWIGGY IN): Post-IPO Global Index Inclusion & Final Lockup Expires In May 2025

By Dimitris Ioannidis

The anchor lock-up expired on 13 Feb 2025 and the pre-IPO shareholder lock-up expires on 13 May 2025. The free float is forecasted to increase from ~13% to ~40%.
Swiggy (SWIGGY IN) is expected to be added to global all-world at the June 2025 review following its IPO in November 2024 and the lock-up expiries.
Swiggy (SWIGGY IN) is expected to be added to global standard in May 2025 if top-down approach is used for free float. Otherwise, its addition will take place in August.

Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data