TMT/Internet

• Intel announced Q325 revenues of $13.7 billion, above the high end of the guided range, up 6% QoQ and up 2.8% YoY
• Intel forecasted current quarter revenues of $13.3 billion at the midpoint, down $1 billion YoY and down $400 million QoQ
• 18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be “industry acceptable” by 2027 

• Intel Corp (INTC US) 3Q25 slightly exceeded consensus estimates in both revenue and EPS.  
• CEO Lip-Bu Tan emphasized the growing importance of AI, while CFO David Zinsner highlighted the accelerated funding from the U.S. government and strategic investments from NVIDIA and SoftBank
• Intel’s foundry business still relies primarily on internal orders and continues to seek external customers.

• Samsung Electronics (005930 KS) has been in a furious rally for 8 weeks recently, trashing completely our previous forecast (we said the stock had limited upside, short-term forecast).
• Stock is up 95% since its Feb 2025 low, we have been Samsung Electronics bulls at least since January 2025, but surely we did not expect this monster rally.
• The stock inevitably will pullback, and a 1.7 Trillion KRW block deal sale by the owners is in motion. We identify short-term support zones to buy during the incoming pullback.

• Docusign continues to demonstrate resilience and innovation as evidenced in its Q2 Fiscal 2026 performance.
• Revenue reached $801 million, marking a 9% year-over-year growth, with billings up by 13% year-over-year to $818 million.
• The company’s strategic focus on platform innovation, particularly through its AI-native Docusign Intelligent Agreement Management (IAM) platform, has contributed positively to this growth.

• Friday Takeaway from UK Small Caps This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness 17th October 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
• Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
• The high cash balances in these two companies are starting to produce stronger earnings growth GATC Cyber Recruit OMG Physical Digital

• Shift4 Payments recently reported its financial results for the second quarter of 2025, reflecting both positive developments and some potential challenges.
• The company’s strategic initiatives, international expansion, and recent acquisitions underscore its growth trajectory while simultaneously posing integration and execution risks.
• In terms of financial performance, Shift4 Payments achieved 25% year-over-year growth in payment volumes, surpassing $50 billion for the first time.

VEON’s Kazakh subsidiary, Beeline Kazakhstan, has agreed to acquire 100% of OLX Kazakhstan (OLX KZ) from OLX Group for a total consideration of $75m. OLX KZ is a leading online classifieds business in Kazakhstan, with c 10 million monthly active users and 3.6m listings as of June 2025. This acquisition is in keeping with VEON’s other recent adjacent acquisitions, which have focused on diversifying the group into adjacent digital services including platforms, digital ecosystems and other asset-light businesses. At its Q225 results, VEON reported that its digital revenues had grown to represent 16.5% of total group revenues (up from 11% at end-Q224), a 57% increase year-on-year, and this reflected a combination of strong organic growth (particularly from JazzCash) and acquisitions.

• Third straight week in which HSI recorded a weekly absolute price change greater than 3%.
• Breadth improved sharply, though single stock option volumes remained subdued. Strong North American market son Friday point to higher open for stocks on Monday. 
• A heavy slate of earnings reporters awaits in the week ahead.

• Munters is a global leader in energy-efficient climate solutions, strategically positioned to benefit from secular megatrends such as digitalization (data center growth), electrification (battery manufacturing), and the need for sustainable food production.
• The company is experiencing robust growth, particularly in its Data Center Technologies (DCT) segment, driven by the explosive demand for data processing and AI. This segment now represents a significant and high-margin portion of the business.
• While the company shows strong top-line growth and margin expansion, its valuation is elevated, reflecting high market expectations. Key risks include cyclicality in end-markets like battery manufacturing, customer concentration, and the successful integration of acquisitions.

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• In 1H FY03/26, operating revenue was JPY42.1bn (+2.2% YoY), with a net income of JPY6.5bn (+6.9% YoY).
• Mobile service revenue increased to JPY22.6bn (+3.3% YoY), with total contracts rising to 692,300 (+1.4% YoY).
• Operating revenue progress was 49.5% of the FY03/26 forecast, with operating profit at 51.4% of the target.

• The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
• In this insight, we take look at Quiddity’s expectations for index changes and capping flows for the TDIV Index for the December 2025 index rebal event.
• We expect at least six index changes for the TDIV index. On top of that, there will be capping flows too.

• China announced game approval for the October 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.
• Of the companies that we are monitoring, none got approval.

• LAM beats largely Sept-25 (15% above), Dec-25 guidance slightly above (4%), long-term drivers are concrete: $100bn in Data Center = 8bn in semi equipment, $40bn of NAND equipment to upgrade.
• LAM is gaining share (depo / etch growing faster than litho), is ahead in the new stuff (Moly ALD, dry resist EUV). YTD Net Income is up 44%. Very impressive.
• Among Semi Equipment stocks, LRCX is the best performer YTD: up 88%. LRCX is trading at +2.5 standard deviations: 30x forward EPS versus average 17x. Time to sell.

• Pony AI is a leading autonomous vehicle (AV) technology company with a strategic dual focus on the US and Chinese markets, developing Level 4 autonomous driving systems for robotaxis and commercial trucking.
• The company is in a high-growth, pre-profitability phase, marked by surging revenues from its expanding robotaxi services and technology licensing, but also significant cash burn due to heavy R&D and operational investments.
• Key catalysts include the mass production of its cost-efficient 7th-generation hardware, strategic partnerships with major automotive OEMs like Toyota and Stellantis, and a planned secondary listing in Hong Kong to fund future expansion.

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• Synspective is a Japanese space-tech company specializing in the development and operation of a constellation of Synthetic Aperture Radar (SAR) satellites, known as StriX. The company provides SAR data and value-added analytical solutions to government and commercial clients for applications such as disaster monitoring, infrastructure management, and urban planning.
• The company is in a high-growth phase, aiming to expand its satellite constellation to 30 satellites by the latter half of the 2020s to enable near real-time global observation. This expansion is capital-intensive, reflected in the company’s current unprofitability and negative cash flows.
• The satellite-based Earth observation market is experiencing robust growth, driven by increasing demand for geospatial data and advancements in satellite technology. Synspective is well-positioned to capture a share of this expanding market, particularly in the Asia-Pacific region, but faces intense competition from established and emerging players.

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• DreamArts is a high-growth Japanese SaaS provider capitalizing on the domestic digital transformation trend with its flagship no-code platform, ‘SmartDB®’, which targets non-IT personnel in large enterprises.
• The company has demonstrated a strong financial track record, with significant revenue growth, margin expansion, and robust cash flow generation over the past three years.
• Management has set an ambitious medium-term target to exceed JPY 10 billion in sales by 2028, driven by the continued adoption of ‘SmartDB®’ and a strategic focus on empowering ‘citizen developers’.

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• Millicom is a leading telecommunications operator in nine Latin American markets, demonstrating strong market share and brand recognition under the ‘TIGO’ name. The company is well-positioned to capitalize on the growing demand for data and digital services in the region.
• A strategic shift to focus exclusively on Latin America, coupled with targeted acquisitions and a disciplined approach to cost management, has improved profitability and cash flow generation. The company’s focus is now on deleveraging its balance sheet.
• Key risks include significant exposure to volatile emerging markets, facing political, economic, and currency fluctuation challenges. Intense competition and the high capital expenditure required for network expansion (fiber, 5G) also present considerable hurdles.

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• LRCX reported September 2025 quarter revenues of $5.32 billion, marginally above the guided midpoint, up 3% QoQ and up 27.7% YoY.
• LRCX is forecasting current quarter revenues of $5.2 billion at the midpoint, slightly down sequentially, but up 18% YoY. In other words, the AI boost is coming, just not yet.
• The elephant in the room was once again revenue mix from China which accounted for a whopping 43% of sales, up from 35% in the prior quarter. Oh my!

Freelancer reported essentially flat revenues in Q325 on a lower gross marketplace volume (GMV). Higher take rates in Escrow.com more than compensated for lower volumes, essentially offsetting a small decline in the Freelancer division’s revenue. The company saw good progress in the Loadshift division and has multiple initiatives ongoing to drive growth in the enterprise business. AI-related projects are making an increasing contribution to core marketplace volumes and the company continues to make use of AI tools to improve internal efficiency and platform quality. We maintain our forecasts.

• Insight Enterprises is making bold moves to shore up its position in the fast-evolving cybersecurity and digital transformation space.
• On October 20, 2025, the company announced a definitive agreement—via its Australian subsidiary—to acquire Sekuro, a global cybersecurity and digital resiliency services firm.
• With over 200 professionals and more than 450 certifications across top platforms like Microsoft, AWS, CrowdStrike, Zscaler, and Okta, Sekuro provides 24/7 managed security services, governance, and risk compliance solutions.

• Cig Shanghai (603083 CH), telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO.
• It is a provider of critical infrastructure components for the development of AI.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Pony AI (PONY US) is a Chinese robotaxi operator and self-driving technology company. It is seeking to raise US$1 billion through a dual primary HKEx listing.     
• It was listed on the Nasdaq on 27 November 2024, raising US$260 million at US$13.00 per ADS. Since listing, the shares are up 48%.
• The investment case centres around Pony’s accelerating revenue growth and progress towards positive unit economics. However, the path to profitability is long-dated and the valuation is full. 

• AI’s evolving every second of every day, and so are the boom’s best investing plays. Early this year, I called out SoftBank Group as a prime AI opportunity.
• A wide discount to NAV offered a cheap way to invest in Arm and tech, but that’s narrowed after Softbank’s 150% share price rally – and more limited NAV growth.
• So I’ve taken a fresh look at SoftBank, reviewed my original trade ideas, and found a new undervalued power play that could help you reap a tidy reward.

• Pony AI , a leading autonomous mbility technology player based in China, proposes to issue no more than 102 million ordinary shares for a secondary listing on the HKEX.
• From a commercialization standpoint, Pony is transitioning from pilot programs to scaled operations – 2025 could be a pivotal year of mass production for its 7th generation (Gen-7) Robotaxis.
• Pony is also accelerating its global expansion – it recently announced a partnership with Stellantis, to develop Level 4 autonomous vehicles for the European market.

• MediaTek Joins Forces with NVIDIA on the GB10 Superchip — Locally-Run AI Models Are Coming to Your Desktop
• TSMC’s 2nm Price Hike Spurs Interest in Samsung, But Underscores Its Strength
• Latest for Smartphone Demand 3Q25: A Little Bit Better, Just a Little 

• Nota’s IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.
• Our base case valuation of Nota suggests target price of 11,948 won per share, which is 31% higher than the IPO price (9,100 won). 
• Nota Provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.

• The demand & inventory correction lasted for 9 quarters (4Q22-4Q24) but we’re already past peak recovery in 4Q25. 2-3Q25 revenue growth was ~15% YoY, declining to 10% in 4Q. 
• 4Q guidance: revenues ok, weak EPS 1) higher tax rate 2) lower production loading. While management says that inventories are at a good level, TXN is cutting down production levels.
• Consensus is ~10% too high for 2026 & 27, Valuations not attractive, above average.

• We made a major mistake in our last newsletter, on CCCS. The big story in insider sales is the exit of private equity owner Advent International, not share sales by directors.
• Those sales exist, but in much smaller number than we reported.
• We remain concerned about the exit of directors, and we stand by our thesis that the stock is over-valued.

• Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one is due soon.
• Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
• In this note, we will talk about the lockup dynamics and possible placement.

• Singular Health Group Limited (ASX:SHG) is an Australian medtech company focused on improving medical data interoperability.
• Its flagship software, 3DICOMTM, enables the seamless sharing of medical images across incompatible systems – reducing inefficiencies and unnecessary costs.
• The platform is FDA-cleared in the US and SHG recently secured its first major US commercial deal with Provider Network Solutions (PNS), a Managed Service Organisation (MSO) that works with health plans (health insurers), primary care providers and specialists.

• Pony AI (PONY US) plans to raise around US$1bn in its secondary listing in Hong Kong.
• The company won HK listing approval and filed its PHIP on 17th October 2025. It will look to launch its secondary offering soon.
• In this note, we’ll take a look at the deal and talk about the impact of the raising.

• Federal Reserve expected to reduce interest rates amid labor market weakness and inflation concerns
• Fed officials divided on future rate cuts, with market anticipating continued easing cycle and potential changes in personnel influencing decisions

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• TSMC: +22.1% Premium; Continue to View 24% or Higher as Level to Short From
• UMC: +0.4% Premium; Results Coming… Wait for More Extreme Spread Levels
• ASE: +0.4% Premium; Near Good Level to Go Long the ADR Spread

• Serial Acquirer Focused on a Niche Market: Next Generation Technology Group operates as a serial acquirer, focusing on profitable small and medium-sized manufacturing enterprises (SMEs) in Japan facing succession issues. This strategy provides access to a steady stream of acquisition targets at potentially attractive valuations.
• Value Creation Playbook Drives Growth: The company implements a proprietary value creation program, the ‘NGTG Growth Program’ (NGP), across its portfolio companies to improve operational efficiency, enhance profitability, and drive organic growth post-acquisition.
• Experienced Management and Disciplined M&A: The management team has a background in finance and manufacturing, with a stated focus on disciplined M&A, acquiring companies with high profitability and technologies that are difficult to replace.

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• Profitability Over Growth Strategy: Sakura Kcs is demonstrating a clear strategy of prioritizing profitability over revenue growth. The company has successfully increased net income and expanded margins over the past three years by withdrawing from low-margin projects, despite a concurrent decline in overall revenue.
• Alarming Cash Flow Disconnect: A significant red flag is the stark divergence between reported net income and cash flow generation. While net income has grown robustly, operating and free cash flow turned sharply negative in the most recent fiscal year, raising questions about earnings quality and the sustainability of its dividend growth.
• Positioned for Digital Transformation Tailwinds: The company is well-positioned within the growing Japanese IT services market, which is benefiting from a nationwide push for digital transformation (‘Japan DX’). Its focus on financial, public, and industrial sectors aligns with key areas of technology investment, and recent investments in a new AI-capable data center could be a future growth driver.

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• Fibocom Wireless (300638 CH)  raised US$380m in its upcoming Hong Kong IPO.
• It was founded in Nov 1999, and is a leading wireless communication module provider. The firm’s module products include i) data transmission modules, ii) smart modules, and iii) AI modules.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• Technology Leader in a Growing Niche Market: Park Systems is the global market leader in the Atomic Force Microscopy (AFM) industry, a critical segment for nanoscale metrology. The company’s growth is propelled by secular tailwinds, including semiconductor miniaturization and increasing R&D in life sciences and materials science.
• Founder-Led with Deep Expertise: The company is led by its founder, Dr. Sang-il Park, a pioneer who was part of the Stanford team that invented the AFM and who commercialized the world’s first AFM. This deep technical expertise forms the foundation of the company’s innovative product development and competitive edge.
• Strong Financial Performance with a Robust Outlook: Park Systems has demonstrated an impressive track record of high-growth, with a 5-year revenue CAGR of 27.5% and a 5-year net income CAGR of 38.2%. The outlook remains positive, supported by strategic acquisitions and expansion into new applications, though valuation appears full, reflecting high expectations.

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• A&D Company Ltd is a well-established Japanese manufacturer of precision measurement and medical equipment, operating in stable, growing industries.
• The company has demonstrated a strong track record of profitability and impressive long-term growth in net income and free cash flow, supporting consistent dividend payments.
• While the company’s valuation appears attractive relative to peers and its own historical performance, future growth may be tempered by slowing revenue forecasts and increasing competition in its key markets.

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• Softbank Group (9984 JP)‘s weight in the Nikkei 225 (NKY INDEX) has broken through 10% and staying there will lead to capping at the March rebalance.
• Nearly half of Softbank Group‘s float is held by passive trackers, and the real float is much lower. Capping will increase the real float by a few percentage points.
• Softbank Group has outperformed the Nikkei 225 (NKY INDEX) significantly over the last 6 months and cumulative excess volume has started to increase sharply. Watch out for pullbacks.

• GitLab shares surged sharply — up roughly 11 % in intra day trading — after market rumors surfaced that Datadog is exploring a potential acquisition offer above $60 per share.
• The news emerged from financial media reports, citing insiders that Datadog is working with bankers to evaluate a bid over $60.
• The spike reflects renewed investor speculation about a takeover possibility, following a prior wave of M&A interest in 2024 when GitLab was reported to have entertained sale discussions.

• Remain long into upcoming earnings release. We maintain our Structural Long rating ahead of VEON’s FY3Q25 results (expected to be released mid-November). Our $78 target price implies 50% upside.
• Kyivstar IPO related and Kyrgyztsan divestiture related one-offs. Reported 3Q25E profit likely includes ~US$250m in non-cash one-offs, comprising ~US$150m related to the Kyivstar listing and ~US$100m from VEON’s Kyrgyzstan divestiture.
• We expect digital growth to remain in the 50% YoY range. Digital revenue growth should continue at a high rate, led by JazzCash in Pakistan and Uklon in Ukraine.

• JST Group (6687 HK) raised around US$270m in its HK IPO.
• It is China’s largest and most popular e-commerce SaaS ERP provider.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• Hutchison Telecommunications Hong Kong Holdings (HTHKH) is a major mobile telecommunications operator in the competitive Hong Kong and Macau markets, operating under the ‘3’ brand.
• The company is focused on leveraging its 5G network to drive growth in mobile data services and explore new revenue streams in areas like FinTech, telemedicine, and gaming.
• HTHKH exhibits a strong financial position with a significant net cash balance and a high dividend yield, positioning it as a defensive investment. However, it faces challenges from intense competition and declining revenues in a mature market.

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Key points (machine generated)

• ROBOT PAYMENT, listed on the Tokyo Stock Exchange under ticker 4374, is growing rapidly due to its subscription-based services.
• Approximately 98% of the company’s revenue comes from recurring sources, indicating strong customer retention and expansion.
• In the first half of the fiscal year ending December 2025, ROBOT PAYMENT reported significant revenue growth, maintaining double-digit increases in revenue and profit since its 2021 listing.

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Key points (machine generated)

• Telesat has fully funded its Lightspeed satellite constellation and secured multiple customer contracts.
• The geopolitical landscape has increased demand for alternative satellite service providers, benefiting Telesat.
• With a 56-year history, Telesat is recognized as a competitively priced and well-positioned satellite operator.

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• 1Spatial Holdings 53.0p £60.87m (SPA.L) The global Location Master Data Management software and solutions provider reports Interims to July.
• Revenue increased 9% to £17.7m with a 50% increase in SaaS Term licenses to £0.8m and ARR grew 11.9% to £19.1m.
• The is EBITDA improved to £2.1m from £2m, while the LBT increased to £0.3m from £0.2m. 

Key points (machine generated)

• Weave Communications is a cloud-based SaaS platform aimed at improving operational efficiency for healthcare practices.
• The company has shown significant growth, transitioning from unprofitability to high-teens CAGR while trading at about 2X NTM EV/Sales.
• Despite strong performance and management, the market undervalues WEAV’s potential, especially in non-dental sectors.

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• PAR Technology is aggressively transitioning from a legacy hardware provider to a unified commerce cloud platform for enterprise restaurants, a strategy spearheaded by CEO Savneet Singh since 2019. This involves integrating Point-of-Sale (POS), loyalty (Punchh), ordering (MENU), and payment solutions into a single offering.
• The company’s strategic focus on large, multi-location enterprise clients (QSRs, fast-casual chains) provides a stickier customer base and significant cross-selling opportunities, differentiating it from competitors primarily focused on the more fragmented small-to-medium business (SMB) segment.
• Despite strong revenue growth and an expanding software-as-a-service (SaaS) revenue stream, PAR has a history of significant net losses and negative free cash flow. The path to sustained profitability hinges on successfully scaling its platform, achieving operating leverage, and managing integration risks from recent acquisitions.

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• Toshiba Corp (6502 JP) has sold over 5% of shares outstanding in Kioxia Holdings (285A JP) over the last month as the stock has run up.
• The increased market cap and higher float should result in index inclusion and passive buying for Kioxia Holdings (285A JP) in November. Then an upweight in another index in December.
• Toshiba Corp (6502 JP)‘s selling could also lead to Kioxia Holdings (285A JP) meeting JPX’s tradable share ratio and removes an overhang for the stock.

• SemiFive is getting ready to complete its IPO in KOSDAQ in December 2025. The IPO price range is from 21,000 won to 24,000 won per share.
• Total IPO proceeds are estimated to be between 113.4 billion won to 129.6 billion won. The market cap is expected to range from 708 billion won to 809 billion won.
• SemiFive is one of the global leaders in custom AI semiconductor (ASIC) design. 

• 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, India saw a host of listing, while HK is gearing up a busy year end.
• On the placements front, we had a look at some of the IPO lockups. There weren’t any large placements this week.

• Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.
• We have taken the opportunity to incorporate the recent $15m capital raise into our numbers and fine tune client migration timing, which has resulted in reductions to our FY26 estimates, but an increase to our FY27 revenue forecasts as AustralianSuper (set to migrate between February and June 2026) is larger than our previous user assumptions.
• We also take a more aggressive view on near-term cost growth relative to revenue.

• GoodRx operates a leading digital healthcare platform in the U.S., capitalizing on the opaque and high-cost prescription drug market by offering price transparency and discounts, primarily earning revenue from Pharmacy Benefit Managers (PBMs).
• The company faces a highly competitive and evolving landscape with threats from direct competitors, large new entrants like Amazon, and disruptive models such as Mark Cuban’s Cost Plus Drugs, alongside significant reliance on a concentrated number of PBM partners.
• Future growth hinges on diversifying revenue streams beyond prescription transactions into pharma manufacturer solutions, subscription services (GoodRx Gold), and telehealth (GoodRx Care), while navigating regulatory risks and strengthening direct relationships with pharmacies.

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• Q3 2025 revenues of $33.1 billion, slightly exceeding the upper end of the guided range, up 10.1% QoQ and up 40.8% YoY.
• On track for 35% YoY revenue growth in 2025, with revenue likely to exceed $120 billion
• No QoQ revenue growth this quarter suggests either AI demand growth has stalled or TMSC is maxed out at the leading edge. Methinks it’s the latter..

• OpenAI just signed a deal with Broadcom to deploy ten gigawatts of OpenAI designed AI accelerators targeted to start in H2 2026, and to complete by end of 2029.
• OpenAI’s AMD & Broadcom deals undermine the credibility of the NVIDIA deal. Where exactly is all the money going to come from?
• In partnering with AMD and Broadcom, OpenAI has given huge credibility to AMD as a GPU competitor and Broadcom as a custom accelerator competitor. Two big headaches for NVIDIA. Ouch!

• Near‑term flow looks muted: Shinhan likely drips ~0.3% SO stake into liquid tape, not a block. With ₩2tn daily turnover, market easily absorbs without price shock.
• Top‑holder stake dips 20.14→19.84% post‑sale, but ₩10tn buyback cancels ~1.5ppt float, restoring 20.14%. The 0.3% selldown’s pre‑calculated; no real trading juice, flow impact minimal.
• Inheritance‑tax overhang done, buyback cycle fading. Gov’t pressure plus family’s last selldown point to dividend ramp. Prefs at 23% discount vs 10% target set up clean reversion trade.

• Single stock options showed early signs of stress, with both volumes and implied vols moving higher as Put trading outpaced Calls.
• Breadth was weak across single names, with only 3 of 11 sectors trading higher.
• We provide a table of earnings events for the week ahead.

• In a bold move to extend its footprint in the enterprise IT services space, International Business Machines Corporation (IBM) has announced a definitive agreement to acquire Dallas-based Cognitus, a niche SAP S/4HANA services provider.
• The financial terms of the deal remain undisclosed, but the strategic rationale appears clear.
• With this acquisition, IBM aims to bolster its SAP consulting capabilities, especially in complex and regulated sectors such as aerospace, energy, and manufacturing.

• Company started 16 years ago in Southeast Asia market
• Operates three businesses: Garena, Shopee, Money
• Transitioned from video game distributor to $100 billion market cap company through mobile Internet revolution and focus on local market sector

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• Portrait Research helps identify businesses that fit specific frameworks
• Customized research reports can be generated using Portrait
• Amphenol is an industrial giant in the business of making connectors, sensors, and interconnect systems for various electronic applications

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• It was reported that Hong Ra-hee, Lee Boo-jin, and Lee Seo-hyun will be selling a combined 1.7 trillion won worth of Samsung Electronics to pay for inheritance taxes.
• This stake sale by the Lee family will represent 0.3% of Samsung Electronics outstanding shares. 
• Samsung Electronics still trade at low multiples and its valuations remain attractive. Its recent strategic partnership with OpenAI regarding the Stargate project also remain a major positive catalyst. 

• Broadcom shares surged nearly 10% after the semiconductor and software giant announced a landmark deal with OpenAI to build and deploy 10 gigawatts of custom AI accelerators.
• Under this multibillion-dollar agreement, OpenAI will design the chips while Broadcom provides connectivity and Ethernet components—a strategic collaboration set to roll out from late 2026 through 2029.
• This announcement came just weeks after a broader AI spending spree by OpenAI, including contracts with Oracle, Nvidia, and AMD.

• Deepexi Technology is looking to raise US$100m in its upcoming Hong Kong IPO.
• Deepexi Tech has demonstrated strong topline growth, with declines in average order value being offset by growth in customers. Despite growth in the topline, the company still remains deeply unprofitable. 
• In this note, we look at the company’s past performance.

• TeraWulf has captured Wall Street’s attention with a high-stakes move to raise $3.2 billion via senior secured notes due in 2030—marking one of the largest bond deals relative to market capitalization in 2025.
• The capital will finance the rapid buildout of its Lake Mariner data center in upstate New York, which is now tied to a landmark hyperscale hosting deal with Fluidstack, underpinned by Alphabet’s Google.
• The bond offering, representing more than half of TeraWulf’s $5.7 billion market cap, comes on the heels of transformative transactions that position the company at the center of next-gen AI infrastructure.

• Accenture is accelerating its push into generative AI and enterprise intelligence platforms with the acquisition of U.K.-based technology consultancy Decho, a strategic partner of Palantir Technologies.
• Announced in October 2025, this bolt-on deal brings Accenture over 40 specialist engineers proficient in Palantir’s Foundry and Artificial Intelligence Platform.
• While financial terms remain undisclosed, the acquisition underscores Accenture’s growing appetite for AI-driven capabilities and data-centric transformations across public and private sectors.

• Wise plc, the company covered in this call, delivered a financial year marked with both growth and strategic moves, contributing to its mission of transparent, low-cost international money transfers.
• The company continues to gain momentum, driven by its unique infrastructure and a strong market presence, even as it aims to lower costs and improve service speed.
• During the fiscal year, Wise experienced a 21% increase in active customers, indicating a healthy customer acquisition rate primarily through word of mouth, which accounted for over 70% of new clients.

• Navitas Semiconductor has become one of Wall Street’s most explosive semiconductor stories of 2025, surging over 60% in just four days after announcing deeper collaboration with Nvidia on next-generation AI power infrastructure.
• Following a 21% gain on Monday and another 17% on Tuesday to $11.63, the gallium nitride (GaN) and silicon carbide (SiC) chipmaker has cemented itself as a critical player in the AI hardware supply chain.
• The company’s new power devices will enable Nvidia’s planned 800-volt data center architecture—designed to support megawatt-scale AI computing platforms with superior efficiency and scalability.

• Intel Corp (INTC US) will hold its earnings call on October 23. The recent upside in Intel’s share price is encouraging, but whether this trend can continue remains to be seen.
• U.S. President Trump’s investment in Intel Corp (INTC US) has so far generated about a 48.5% return, which raises the question — what’s next?
• That said, we continue to believe that Intel Corp (INTC US) must demonstrate real performance improvements before claiming a full turnaround.

• First it was the Li family’s, via CK Hutchison Holdings (1 HK), investment in two Panama ports, which raised the ire of the U.S. government. And remains unresolved.
• Now the U.S.’s Federal Communication Commission (FCC) has taken the initial step to “expel Hong Kong Telecom” – i.e. HKT Ltd (6823 HK) – from the US telecommunication network.
• The FCC order cites HKT’s affiliation with black-listed China Unicom (762 HK). Unicom holds a 18.4% stake in PCCW (8 HK), HKT’s parent.  A stake it acquired twenty years ago.

• For 4Q25, revenue guidance is US$32.2–33.4 billion, equivalent to NT$985.3–1,022.0 billion (based on an assumed FX rate of 30.6).
• N2 will begin mass production later this quarter with good yields, and volume will ramp in 2026 driven by both smartphone and HPC/AI applications
• Smartphone inventory has returned to seasonally healthy levels, with no signs of early pull-ins.

• Fibocom Wireless (300638 CH) is looking to raise up to US$380m in its upcoming Hong Kong IPO.
• It was founded in Nov 1999, and is a leading wireless communication module provider. The firm’s module products include i) data transmission modules, ii) smart modules, and iii) AI modules.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• The long-standing divorce case between SK Group Chairman Chey Tae-won and his estranged wife Roh So-young refuses to end.
• Rather, the Supreme Court of Korea overturned a lower court ruling that ordered Chey Tae-won to pay 1.38 trillion won ($973 million) to Ro So-young.
• Our NAV valuation of SK Inc suggests implied market cap of 25.8 trillion won or target price of 355,918 won per share, which is 63% higher than current levels.

• TSMC 3Q25: Margins Surge as Pricing Power Strengthens Ahead of 2nm Ramp
• AI Megatrend Continues to Reshape Demand – 40% CAGR Expected for AI Accelerators Through 2029
• Maintain Structural Long Rating — TSMC Remains Inexpensive vs. Tech Companies Highly Dependent on It

• Operating Margin 50.6%, Guidance 46.5%, Consensus 47.4%.  3Q net income 11% above Consensus. 4Q25 Guidance is ~8% above Consensus.
• TSMC increase 2025 revenue growth from ~30% to ~35% in US$, mentioning AI demand outlook. CFO mentions that N2 structural profitability is better than N3 (imo large wafer price increase).
• The stock looks expensive at +1 std dev but 1) Consensus looks too low for 2026-27 with 17%, 21% EPS growth YoY. Remember, 2025 Operating Profit increase over 40% YoY. 

• Q325 revenues of €7.5 billion, slightly down on the prior quarter and towards the bottom end of the guided range
• Looking ahead, the company is forecasting fourth quarter revenues of €9.5 billion at the midpoint, a significant jump QoQ but again in line with prior expectations.
• Mood music improved, 2026 revenues “not be below 2025”, China sales soared to 42%, but will decline next year, 11% stake in Mistral gets ASML “closer to the AI world”

• Applied Digital jumped 28% on Friday after reporting stronger-than-expected earnings and announcing a landmark lease expansion with AI hyperscaler CoreWeave.
• The rally caps off a year-to-date stock surge of 391%, positioning Applied as one of the top-performing infrastructure stocks in 2025.
• For the quarter ended August 31, the company posted an adjusted net loss of $0.03 per share, dramatically narrower than the $0.16 loss expected by Wall Street.

• Positive Management tone, as always, but no material clarification on 2026 revenues: China down (back to “normal”), Low NA EUV increase, some High NA but that’s still  pre-production.
• ASML has many qualities: monopoly, litho intensity increasing. Downside risks: how low China revenue go, is Mngt still double counting TSMC + Intel capacity, expectations for High NA too high?
• ASML is a lot more expensive than AMD, NVDA, MU, SK, TSM for very low growth. I don’t like Broadcom for same reason: better Price / Growth in AMD, NVDA.

• Across Europe’s dual-class names, spreads mixed: Henkel prefs 9.1%, Atlas Copco B-to-A 11.8%, BMW prefs 7.1%; wideners include Handelsbanken B at 73%, Sixt prefs 27%.
• Drivers: liquidity, index flows, and deleveraging—Volkswagen prefs benefit from yield and DAX flows; MFE discount narrows post-ProSieben; Handelsbanken and Fuchs remain valuation anomalies.
• Actionables: long MFE A/B, Grifols B/A, Henkel ords/prefs, Volkswagen prefs/ords; fade Handelsbanken B; monitor Investor, Industrivärden, and Volvo parity.

• Kim Yong-beom proposed cutting eligibility to 25%+ payout firms and hinted the Presidential Office may slash the dividend tax ceiling to 25%, potentially the boldest move yet.
• Short-Term spotlight: large-cap 25–40% payout stocks, led by Samsung Elec and Hyundai Motor. Kim Yong-beom hinted the Presidential Office wants them included to drive dividend growth.
• Big-Cap 25–40% payout stocks, especially Samsung Elec and Hyundai Motor, could see heavy flows, with their preferred shares poised to outperform in the near term.

• JST Group (6687 HK) is China’s largest e-commerce SaaS ERP provider. It is seeking to raise HK$2,086 million (US$268 million).
• I previously discussed the IPO in JST Group IPO: The Investment Case. 
• In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive in the context of the revenue growth.

• OpenAI’s growth model relies on an intricate loop of vendor financing, aggressive forward contracts, and $80B+ in projected external capital.
• Long-Dated chip commitments seem less about immediate infra demand and more about bolstering OpenAI’s fundraising optics by showcasing secured access to future capacity.
• If credit tightens or execution slips, the weakest links—OEMs and private equity firms backing infra-hungry AI startups—may snap first, with cascading effects on Nvidia, AMD, and TSMC to follow.

Key points (machine generated)

• Plover Bay Technologies specializes in reliable internet connectivity for critical applications in challenging environments.
• The company has partnered with Starlink as their first Authorized Technology Partner to enhance multi-WAN bandwidth bonding and fail-over capabilities.
• CEO Alex Chan emphasized the mission to improve connectivity at Peplink’s global developer summit in Amsterdam.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• TeraView Holdings is getting ready to complete its IPO in KOSDAQ by end of this year. TeraView Holdings is the first U.K. based company to pursue a listing in Korea.
• The IPO price range is from 7,000 won to 8,000 won per share. The book building for the institutional investors will be from 13 to 19 November. 
• The company provides ultra-precision inspection equipment and technology services (solutions) that detect microscopic cracks and errors that cannot be seen with the naked eye based on a technology called ‘terahertz’. 

• GST removal on life and health insurance eliminates insurers’ input tax credit, forcing them to cut agent-commissions, severely hurting Policybazaar (POLICYBZ IN) , whose 68% revenue depends on these segments.
• PB Fintech could have faced revenue losses upto 4.4% and 65.7% Adj. EBITDA hit if it fully absorbs GST; even 50% absorption cuts Adj.EBITDA by ~35%, based on FY25 numbers.
• Moreover, trail revenues, mainly from health insurance, could shrink sharply, threatening PB Fintech’s high-margin revenue stream and delaying its INR 10 bn profit target beyond FY27.

• Smartphone units increase ~3% YoY, that’s slightly better than 1H26 at ~1.5%, but still low growth.   
• Premium replacement demand is solid (Samsung, iPhone 17).  Improvements in Emerging Markets (Xiaomi, Transsion, vivo).   
• Mediatek reports on 31 Oct, Qualcomm on 5 Nov.  Their Smartphone business isn’t a driver given tepid growth. New ventures revenue timeline is the question.

• TSMC: +27.3% Premium; Opportunity to Set Up ADR Spread Short During Taiwan Session
• UMC: +2.0% Premium; Wait for Slightly Higher Premium Before Opening Spread Short
• ASE: +2.6% Premium; Wait for More Extreme Swing Before Going Long or Short

• Dell Technologies is undergoing a strategic transformation that could redefine its growth trajectory, as it aggressively scales its AI-optimized infrastructure portfolio.
• At the forefront of this shift is Dell’s Infrastructure Solutions Group (ISG), which saw a 44% year-over-year revenue surge in Q2 FY2026, driven primarily by soaring demand for AI servers.
• The company now projects over $20 billion in AI server sales in FY2026, up from just $10 billion in FY2025, with expectations of crossing the $25 billion threshold by FY2027.

• Advantest, a leader in semiconductor testing, is uniquely positioned to capitalize on the AI chip rally, driven by increasing complexity and the critical need for stringent testing in next-generation devices.
• Record-Breaking financial performance and strategic capacity expansions signal long-term growth, despite anticipated near-term revenue fluctuations, setting the stage for future market outperformance.
• Technological dominance in areas like chiplet architecture and advanced digital solutions further solidifies Advantest’s structural advantage, hinting at a compelling opportunity for discerning investors.