TMT/Internet

• 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.

• Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.
• I previously discussed the IPO in Tekscend Photomask (429A JP) IPO: The Bull Case, Tekscend Photomask (429A JP) IPO: The Bear Case and Tekscend Photomask (429A JP) IPO: Valuation Insights. 
• The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.

• Back on 6 November 2024, we published an insight called 2025 High Conviction: Samsung Electronics. In this insight, we provide an update of Samsung Electronics.
• Samsung Electronics reported operating profit of 12.1 trillion won (up 31.8% YoY and 18.7% higher than consensus) in 3Q 2025.
• The final installment of the 12 trillion won+ inheritance tax is due in April 2026.

• The commerce landscape is about to undergo a structural transformation as PayPal and Alphabet’s Google join forces in a multi-pronged AI-driven payments partnership launching in Q4 2025.
• Announced in September, the alliance will embed PayPal’s checkout experience directly into Google’s ecosystem—across Google Cloud, Google Ads, Google Play, and select consumer-facing properties.
• At the same time, the two companies are co-developing AI frameworks to power agent-led transactions, where autonomous digital agents make purchases on a user’s behalf using PayPal data.

• Microsoft is making a bold move into the healthcare AI space, partnering with Harvard Medical School to improve the reliability of medical advice generated by its Copilot assistant.
• The collaboration, set to be unveiled with an update to Copilot as early as this month, integrates health content from Harvard Health Publishing.
• This step reflects Microsoft’s broader ambitions to establish Copilot as a leading AI assistant not just in productivity software but in areas demanding high accuracy and trust—like healthcare.

• Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO.
• TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
• In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.

• Tata Consultancy Services has announced a bold USD 6–7 billion investment to build a 1 GW sovereign AI data center network across India, its most capital-intensive project to date.
• This move shifts TCS from labor-based IT services to AI-driven infrastructure, aligning it with global compute leaders and advancing India’s AI and data-sovereignty goals.
• TCS’s initiative could reshape India’s digital backbone, driving investment across allied sectors and marking a long-term re-rating opportunity for Indian tech toward infrastructure-led growth.

• Nanya Tech 3Q25: Rebounds to Profit Thanks to DDR4 Price Surge Windfall… But Underlying Structural Drivers Remain Unsteady
• The World’s DDR4 Shortage to Extends Pricing Spike Through 4Q25
• Nanya Technology vs SK Hynix — We Expect Relative Strength Ahead for SK Hynix Over Nanya Tech

• Supreme Court divorce ruling for Chairman Chey (17.9% owner) hits tomorrow 10 a.m., likely driving intraday swings.
• Chey’s wealth is mainly SK Inc (17.8%) and SK Siltron (29.6%). With half SK Inc shares tied, only SK Siltron offers liquidity, but it still falls short of his needs.
• If the Supreme Court surprises, Chey may act on SK Inc shares, fueling a management/control narrative. Payments are due immediately, so SK Inc could see bigger intraday swings than expected.

• Confluent, a leading provider of real-time data streaming infrastructure, has reportedly initiated a sale process amid renewed takeover interest from private equity firms and strategic technology buyers.
• According to Reuters, the company is working with an investment bank to explore options, though discussions remain in early stages with no guarantee of a deal.
• The interest comes as Confluent navigates a turbulent stretch in its public market journey—its stock plunged 33% in July 2025 after losing a major AI-native customer, yet it remains an essential enabler of AI-driven applications, processing vast volumes of real-time data.

• JST Group (1703609D CH) is looking to raise up to US$270m in its upcoming Hong Kong IPO.
• It is China’s largest and most popular e-commerce SaaS ERP provider. 
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Review of the conventional arguments (Bloomberg article): the timing gap between Capex and Revenue is the real issue.
• Review of history of Tech Bubbles (Krugman): not clear if AI is a bubble, it could keep going for years, but if it bursts it will be worse than 1999-2003.
• Best AI comp is Cloud Computing. Both enable new data analytics, new applications. Both are platforms. US Cloud Computing revenues increased 25x in 10 years (2015 to 2024).

• NVIDIA Corp (NVDA US) is setting up an offshore headquarters in Taipei, and is currently in the process of acquiring land.
• Taiwan’s central government is currently ruled by the Democratic Progressive Party (DPP), while Taipei City is governed by a mayor from the Kuomintang (KMT), creating political complications.
• Politics often takes precedence over economics, yet in a democracy, politics is driven by competing parties—inevitably leading to conflicts of interest.

• In yesterday’s hearing, Lotte skipped alternatives and signaled treasury burn, seen as bowing to political pressure, sparking a notable NXT post-market reaction.
• The mandatory treasury burn story hinges on major local holdings and their follow-through. Lotte’s hearing gave a live read, boosting the narrative’s traction in the near-term local market.
• Traders’ takeaway: holding cos with large treasury stakes could outperform, signaling a chance for outright longs, relative weight plays, or NAV discount tightening—time to get more aggressive locally.

Key points (machine generated)

• IonQ, valued at $12 billion, is shifting focus from quantum hardware to software and hybrid solutions amid industry challenges.
• The company reported only $3.1 million in hardware revenue last quarter, indicating a decline, alongside $4.5 million from consulting and cloud services.
• Investor sentiment is cautious, reflected by a short interest of 14.8% and a borrow cost of 0.5%.

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.

• Fibocom Wireless (300638 CH) a wireless communication modules provider, aims to raise up to US$400m in its H-share listing.
• Fibocom 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 look at its past performance and other deal dynamics that might impact the listing.

• Navan is offering 36.9mm shares at $24-$26 and will debut on October 31st invoking a 20-day effectiveness rule during the current government shutdown.
• Their revenue grew 33% year-over-year from $402 million in fiscal 2024 to $537 million in fiscal 2025.
• Navan (formerly TripActions) is led by two high-profile co-founders who previously sold had a business acquired in this space.

• Infosys (INFO IN / INFY US) reports Q1 FY26 results on Thursday, 16 October 2025 at 15:45 IST; earnings days historically triggered outsized price moves.
• Expect Volatility: Results have historically driven price swings of up to ±9%. Options imply a ±3.5% swing. Implied volatility is expected to drop significantly post earnings.
• Portfolio Impact: As a Nifty 50 and BSE Sensex heavyweight, earnings-day moves ripple across the benchmark, making results market-relevant beyond the single stock.

• In this edition: • AMG Critcal Materials | sells Graphit Kropfmühl to Asbury Carbons • SBM Offshore | entering AI partnerships with SLB and Cognite • Nexperia | Dutch government has taken control • Dutch politics | has GroenLinks/PvdA peaked too soon?

• Santec is a key enabler of next-generation optical communications and medical imaging, capitalizing on secular growth in data traffic and healthcare diagnostics. Its leadership in tunable lasers and Optical Coherence Tomography (OCT) technology provides a strong foundation for sustained, high-margin growth.
• The company has demonstrated an exceptional growth track record, with revenue and net income CAGRs over the last three years of 39.3% and 45.2%, respectively. This robust performance is underpinned by strong demand from data centers, 5G network deployments, and expanding applications in the medical field.
• While valuation appears moderate relative to its growth profile, potential risks include cyclicality in the telecommunications sector, high dependency on technological innovation, and competitive pressures from larger, more diversified players in the photonics industry.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• In 1H FY02/26, TECMIRA recorded JPY4.9bn revenue (-12.2% YoY), JPY153mn operating loss, and JPY207mn net loss.
• IoT & Devices segment saw 0.2% revenue increase, while Life Design and AI & Cloud segments experienced revenue declines.
• SaaS business showed YoY growth in revenue and profit, driven by AI chatbot service enhancements and marketing efforts.

• CATL (3750 HK) listed in May by selling 135.579m shares (including the Offer Size Adjustment Option) at HK$263/share. The overallotment option of 20.337m shares was also exercised in full.
• Nearly 50% of the IPO shares were allotted to cornerstone investors. The lock-up on those investors ends on 19 November. That increases float and will bring in passive flows.
• CATL (3750 HK) is trading at a big premium to CATL (300750 CH) and that could start to move lower as the number of free float shares increases.

• U.S. President Donald Trump announced a 100% tariff on China.
• Facing the escalation of the U.S.–China tariff war, U.S. stocks plunged on October 10 under heavy selling pressure.  
• Facing the escalation of the U.S.–China tariff war, U.S. stocks plunged on October 10 under heavy selling pressure.  

• 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 the December 2025 index capping flows.
• We have also presented our index change expectations for the next semiannual index review which will take place in March 2026.

• 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 our final expectations of index changes and the resultant capping flows for HSTECH index rebal event in December 2025.
• We expect one index change and roughly US$1.7bn in one-way index flows in December 2025.

• TSMC: +19% Premium; Good Level to Close Out for Those Short the ADR Spread
• UMC: -3.9% Discount; Rare Deep Discount Good Level to Long the ADR Spread
• ASE: -5.5% Discount; Any Spread Below Parity a Good Level to Long the ADR Spread

• Mi Technovation is strategically diversifying its business to mitigate the cyclicality of the semiconductor industry, expanding from its core equipment business into semiconductor materials and solutions.
• The company is well-positioned to capitalize on long-term semiconductor industry growth, driven by secular trends such as AI, 5G, and electric vehicles, through its expanding product portfolio and global footprint.
• Financial performance shows strong top-line growth, but margin volatility and cash flow inconsistencies highlight operational risks and the capital-intensive nature of its expansion strategy.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• 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, the year end looks set to see a flurry of listings, with the pace already starting to pick up again.
• On the placements front, markets were back where they left of prior to the October holidays.

• Zengame Technology is a niche developer of online card and board games in China, demonstrating strong historical profitability and a commitment to shareholder returns through high dividend payouts.
• Recent financial performance indicates a significant slowdown, with declining revenue and contracting margins, reflecting intense competition and potential saturation in its core markets. The 3-year CAGR for net income is negative, contrasting sharply with its 5-year growth.
• The stock trades at a low valuation compared to peers, suggesting it could be a value opportunity if it can stabilize its user base and revenue. However, it also faces substantial risks from regulatory oversight in China and competition from dominant industry players.

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• Amidst US-China tariff uncertainties and divergent central bank policies, a strategic approach to volatility across key global indices is being considered, aiming to capitalize on anticipated market shifts.
• The evolving political landscape in Japan, alongside a unique monetary policy trajectory, presents distinct volatility opportunities compared to volatility markets in the US and Europe.
• Part I explores a multi-leg volatility strategy, designed to leverage specific market conditions. Part II is a deep dive into VIX, VNKY, VSTOXX trading.

• AT&T is undergoing a strategic refocus on its core telecommunications business, prioritizing 5G and fiber network expansion to drive future growth.
• The company exhibits stable financial performance with recent growth in service revenues and strong free cash flow, supporting network investments and shareholder returns.
• Significant challenges remain, including a substantial debt burden and intense competition in the mature U.S. telecom market, which could pressure margins and growth targets.

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• In recent weeks, Advanced Micro Devices (AMD) has intensified its AI ambitions through a deepening strategic partnership with OpenAI, solidifying its presence in a highly competitive and capital-intensive space.
• AMD has begun supplying its MI300 and MI350 series accelerators to OpenAI, which has emerged as one of the largest and most influential customers of AMD’s Instinct GPU platform.
• The collaboration isn’t limited to hardware—OpenAI is actively assisting AMD in optimizing its ROCm software stack, significantly narrowing the gap with Nvidia’s CUDA.

• GitLab has reentered the takeover rumor mill after a noticeable dip in its share price, reigniting chatter across trading floors and financial media alike.
• The latest speculation was stirred by a Betavile “uncooked” alert circulated on October 7, 2025, hinting that the DevSecOps platform may once again be attracting acquisition interest.
• This follows a July 2024 report that GitLab was exploring a potential sale after drawing interest from industry players including cloud monitoring giant Datadog (NASDAQ: DDOG).

• Info Edge delivered 12.1% year-on-year growth in Q2 FY26 billings to INR 729 crore, led by steady momentum in Non-IT hiring and healthy traction in 99acres and Jeevansathi.
• The mix shift toward Non-IT and consumer-facing platforms signals a stronger, more balanced growth profile, cushioning the business from the ongoing IT hiring slowdown.
• With diversified revenue streams, disciplined cost control, and early benefits from AI integration, Info Edge appears positioned for sustained growth and gradual margin expansion ahead.

• Itron has struck headlines once again, this time by signing a definitive agreement to acquire Urbint for approximately $325 million, to be funded from cash on hand.
• The closing is expected in Q4 2025.
• This move follows a strong Q2 2025 delivered by Itron—with revenue of $607 million, record margins, and free cash flow of $91 million—though the company modestly trimmed its full year revenue midpoint while raising its EPS outlook.

• Two weeks ago, Nvidia announced a potential $100 billion investment in OpenAI to fund one of the largest data center buildouts in tech history, a move immediately questioned for its circular structure.
• Just days later, OpenAI inked a similarly structured deal with AMD, pledging tens of billions for chip purchases while simultaneously becoming one of AMD’s largest shareholders.
• These deals, while bold and futuristic, have sparked concern that the AI sector’s rapid trillion-dollar expansion is not entirely organic but propped up by a dense web of interlinked investments between a handful of players.

• Qualcomm has made headlines once again with its latest strategic move: the acquisition of Arduino, the opensource hardware pioneer boasting a 33 million-strong developer base.
• While financial terms remain undisclosed, the implications of this deal are significant.
• The acquisition aligns with Qualcomm’s push into automation, robotics, and the broader AI-enabled device ecosystem.

• STMicroelectronics reported its financial results for the second quarter of 2025, showing mixed performance across its various segments.
• Revenues for the quarter were $2.77 billion, slightly above the midpoint of its outlook, with Personal Electronics and Industrial sectors showing stronger-than-anticipated performance.
• On the downside, Automotive revenues were slightly below expectations due to specific customer dynamics.

• Next rebalance is Dec 12; Simmtech (222800 KS) looks set to replace Philoptics, with a KRW 0.8T market cap gap making it a high-conviction front-runner.
• Dongjin Semicam and Daeduck clear market cap but face keyword-score risk; PSK Holdings vs S&S Tech is tight — final screening will decide, so front-running carries caution.
• December rebalance AUM doubled; Simmtech and Philoptics could see ~1x DTV passive flows, likely triggering an even stronger passive price impact than last cycle.

• A renewed tariff threat from Trump sparked a sharp, sell-off across North American Equity markets.
• The sell off was broad based and accordingly we look at the performance of Asian Index ETF’s that trade in North America to help prepare for Monday’s price action.
• Implied volatility, price and option volume are displayed for each symbol.

• Dell doubles long-term growth outlook to 7–9% revenue and 15%+ EPS CAGR through FY30, led by AI infrastructure.
• AI PCs emerge as Dell’s next growth engine; global refresh cycle could finally kickstart long-awaited PC upturn.
• Taiwan makers Asus, Acer, Quanta, and Wistron positioned to benefit as AI PC and server demand scales together.

• In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (10 to 24 October 2025).
• Top 10 picks in this bi-weekly include Samsung Electronics, Samsung Life Insurance, LG CNS, SK Hynix, KT&G, Naver, Samsung C&T, LG Uplus, Hyundai Elevator, and SK Inc. 
• The semiconductor sector was a big winner in the past two weeks. Some of the best performing stocks in this period include SK Hynix, Samsung Electronics, and Hanmi Semiconductor. 

• TSMC and UMC 3Q revenues are slightly above Guidance / Consensus. In US$, TSMC revenues growing at 40% YoY. Legacy Fab UMC growing at 4%. 
• This will continue, even if AI / HPC growth is slowing into 2026, the gap will remain wide between AI / HPC (say 35% growth) and Legacy (5%). 
• Ongoing concerns of AI investment bubble reflect “a lack of imagination” (Lisa Su). Stick with the category winners Nvidia – SK Hynix – TSMC , followed by AMD – Micron.

Key points (machine generated)

• GCI Liberty, Inc. began trading at $32.50 per share after its spin-off from Liberty Broadband, allowing it to operate independently and unlock value.
• As Alaska’s largest telecommunications provider, GCI serves 80% of homes with high-speed services and generated over $1 billion in revenue, primarily from business customers.
• Despite initial selling pressure, GCI’s favorable EBITDA multiple and strong financial position suggest potential for significant growth and returns in the coming years.

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.

• At Connect, SAP unveiled its new Business Suite, integrating AI across finance, procurement, supply chain, HR, and customer experience. Central to this is the Joule AI assistant and BDC Connect.  
• SAP introduced finance, HR, procurement, logistics and CX agents. Joule now acts as a digital co-worker. New applications like Supply Chain Orchestration, Logistics Management, and Engagement Cloud extend AI-native capabilities.   
• SAP’s “flywheel” vision aims to embed AI into business processes through unified AI, data and application layers. Real revenue growth will depend on organisations consolidating data into unified semantic models.

• InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement.
• Innoscience was only listed in Dec 2024 and it undertook another primary raising in July 2025, the lockup for which has yet to expire.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Singapore’s stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS’s S$5bn EQDP incentivizes fund managers to look outside index stocks.
• We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG<1.4x).
• Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.

• IBM and Anthropic have joined forces in a major strategic move that could significantly reshape the enterprise AI landscape.
• As announced in early October 2025, Anthropic’s Claude AI models will be integrated directly into IBM’s software suite, beginning with its integrated developer environment (IDE).
• The collaboration represents a calculated step for IBM to reinforce its enterprise AI strategy by embedding powerful AI agents within its hybrid cloud and software platforms.

• Zetrix AI is successfully transitioning from a Malaysian e-government service provider to a regional digital infrastructure powerhouse, leveraging its proprietary Layer-1 blockchain and AI capabilities.
• Strong financial performance is characterized by robust revenue and net income growth, expanding margins, and significant cash flow generation, supporting a consistent and growing dividend.
• Strategic partnerships, particularly with the Malaysian government (MBI, MyDigital ID) and China’s national blockchain (Xinghuo), create a significant moat and provide clear avenues for substantial revenue growth from cross-border trade and digital identity services.

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• Specialized AI Infrastructure Provider Poised for Hyper-Growth: CoreWeave operates as a specialized cloud provider of high-performance GPU infrastructure, a critical component for the burgeoning AI industry. This focus allows it to cater to the specific, high-demand computing needs of AI developers and enterprises, positioning it to capitalize on the exponential growth in AI model training and inference.
• Strong Revenue Growth Underpinned by Long-Term Contracts: The company has demonstrated impressive revenue growth, driven by substantial long-term contracts with major AI players. These multi-year agreements provide significant revenue visibility and backlog, reducing the volatility typically associated with usage-based cloud models.
• Significant Financial Risks Amidst Aggressive Expansion: Despite its growth trajectory, CoreWeave faces considerable financial risks, including a heavy debt burden, significant capital expenditures, and substantial net losses. The company’s high customer concentration and reliance on debt to fund its rapid expansion are key areas of concern for investors.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Softbank Group
• The UST curve twisted flatter slightly yesterday, albeit there were few material catalysts. The yield on the 2Y UST rose 2 bps to 3.58%, while that on the 10Y UST was unchanged at 4.12%. Equities rebounded from Tuesday’s dip, with the S&P 500 and Nasdaq up 0.6% and 1.1%, respectively.
• The September FOMC meeting minutes showed that most officials “judged that it likely would be appropriate to ease policy further over the remainder of this year”.

Key points (machine generated)

• IID, Inc. has reported a net profit increase in FY6/25 for the first time in four years, indicating a shift towards high growth strategies.
• The company operates in two segments: Creator Platform Business and Creator Solutions Business, managing 82 online media websites across 21 content categories.
• For FY6/25, IID reported consolidated net sales of ¥6,084 million, a slight decrease of 0.7% year-on-year, and an operating profit of ¥459 million, down 12.2%.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Key points (machine generated)

• IID, Inc. reported its first net profit increase in four years for FY6/25 despite a decline in net sales and operating profit.
• The company operates two segments: Creator Platform Business and Creator Solutions Business, facing challenges in the latter.
• For FY6/26, IID expects a 5.2% increase in net sales and a 30.5% rise in operating profit, focusing on M&A, AI monetization, and shareholder benefits.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• Monolithic Power Systems (MPS) is a high-growth, fabless semiconductor company specializing in differentiated, high-performance power management solutions. Its proprietary BCD process technology allows for greater integration and energy efficiency, providing a key competitive advantage.
• The company is strategically positioned to capitalize on secular megatrends, including the expansion of enterprise data centers, artificial intelligence (AI), automotive electrification (EVs and ADAS), and industrial automation. These end markets are expected to drive sustained, above-average growth.
• MPS has a strong track record of financial performance, characterized by robust revenue and earnings growth, high margins, and consistent dividend increases. While the company trades at a premium valuation, its superior growth profile and technological edge support its market position.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• In this edition: • Ahold Delhaize | not Jumbo but Everest ended the collaboration • ASML | US House Committee recommends extending export ban to older technologies • bpostgroup / PostNL | Amazon plans to offer same-day delivery in Belgium

• Three weeks ago I wrote that KKR’s lockup would expire about now in [Japan ECM] Kokusai Elec (6525) – KKR’s Lock Up Expiry in 3 Weeks – $700mm Clean-Up Coming? 
• Today post-close, Applied Materials (AMAT US) announced a 10.7mm share (4.5%) Accelerated Block Offering to be priced tomorrow morning, at an indicated 4.5-6.5% discount. This would put them at 10+%. 
• This should be very well taken up. There is index demand on the follow. The question is more about the unwind of KKR’s last bit. Perhaps to come soon?

• Applied Materials (AMAT US) is looking to raise approximately US$330m through an accelerated secondary offering for around 4.5% of Kokusai Electric (6525 JP) (KE) stock.
• KE had seen two selldown earlier, from KKR, with mixed results. KKR just came out of its last lockup.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Tekscend Photomask (429A JP) has set the IPO pricing at JPY2,900–3,000 per share, and will offer 39.6m shares raising around ¥115-118bn (US$800m) at a valuation of ¥240-250bn.
• The company is a leading global photomask manufacturer with strength in advanced EUV masks, and generates most of its revenue from overseas markets.
• We have compared the company against its closest pure-play peer Photronics Inc (PLAB US)  and believe the IPO is valued attractively given its expansion plans and technological edge.

• As Chips Move to 3nm and 2nm Designs, Tech Companies Could See a Sharp Increase in Their Chip Manufacturing Cost
• Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely. 
• HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning 

• Shares of Fair Isaac Corporation surged in recent sessions as investors digested a transformative pivot in the company’s pricing strategy and market positioning.
• The catalyst?
• FICO is testing a new pricing model that directly undermines the influence of the three major credit bureaus — Experian, Equifax, and TransUnion — by sidelining them in score delivery and distribution.

• Dassault Systèmes had solid second-quarter and first-half results for 2025, witnessing a consistent performance across its business segments.
• Total and software revenue grew by 6%, fueled by a 10% increase in subscription revenue and 20% growth in its 3DEXPERIENCE platform.
• Despite the growth, the company’s EPS increased only by 4%, reaching EUR 0.30, partially due to foreign exchange headwinds affecting profitability.

• Nebius Group is rapidly emerging as a key player in the high-growth AI infrastructure market, specializing in GPU-as-a-Service. The company is strategically positioned to capitalize on the surging demand for AI compute capacity.
• A landmark multi-year, multi-billion dollar contract with Microsoft validates Nebius’ capabilities and significantly de-risks its near-term revenue trajectory. Management is guiding for a revenue run-rate of $750 million to $1 billion by the end of 2025.
• Significant execution risks remain, including managing immense capital expenditures, navigating power and supply chain constraints, and fending off intense competition from established hyperscalers and other specialized cloud providers. Financial performance is volatile, with a history of negative margins and cash flow.

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• Meta Platforms is staring down a new wave of disruption just as it ramps up its ambitions in AI and immersive content.
• On October 3rd, OpenAI’s newly launched AI-video app, Sora, surged to the No. 1 spot on Apple’s App Store, less than a week after release.
• While Meta was showcasing the scalability of its AI infrastructure, with over 3.4 billion daily app users and expanding monetization tools, Sora quietly detonated a cultural moment.

• JST Group (1703609D CH) is China’s largest e-commerce SaaS ERP provider. It is seeking to raise US$250 million to US$300 million.     
• JST (Jushuitan) is China’s largest e-commerce SaaS ERP provider in terms of relevant revenue in 2024, with a market share of 24.4%, according to CIC.
• The investment case is bullish due to robust book-to-bill ratios, strong growth, high contract liabilities, underlying profitability and cash generation.  

• Onward Technologies is strategically pivoting from traditional IT services to high-growth, higher-margin Digital and Engineering Research & Development (ER&D) services, targeting key industrial verticals.
• The company is well-positioned to capitalize on the significant growth projected for the Indian ER&D services market, which is driven by global trends in digital transformation, automation, and connected technologies.
• While demonstrating strong long-term growth in revenue and profitability, the company has experienced recent margin pressure and a decline in net income, highlighting execution risks and competitive intensity.

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• The WisdomTree Emerging Markets High Dividend Index is a fundamentally weighted index that measures the performance of high dividend yield stocks within emerging markets.
• The changes at the October rebalance were announced after market close on 6 October with implementation scheduled at the close on 15 October.
• There are 217 adds and 224 deletes for the index with an estimated round-trip trade of US$2.3bn. There are many stocks with over 2x ADV to trade.

• OpenAI agrees to deploy 6 gigawatts of AMD GPUs based on a multi-year, multi-generation agreement. The deal could be worth upwards of $100 billion to AMD through 2030
• AMD issued OpenAI a warrant for up to 160 million shares of AMD common stock, structured to vest as specific milestones are achieved, including AMD share price appreciation to $600
• Could a strategic partnership with Intel now also be on the cards? After all, OpenAI needs CPUs as well as GPUs, especially as they ramp into enterprise. Just saying…

• Established in 2022, Tekscend Photomask (429A JP)  (previously Toppan Photomask) is the world’s leading semiconductor photomask supplier, holding a global market share of 38.9%.
• Tekscend provides a diverse portfolio of high-precision photomasks for semiconductors, displays, MEMS, and R&D, including cutting-edge EUV masks, leveraging its expertise in microfabrication.
• The company is planning for a listing on TSE on 16th October and plans to raise proceeds of around US$800m through a combination of existing and new share issues.

• The Infomedia Ltd (IFM AU) IE considers TPG’s A$1.70 offer fair and reasonable, as it falls within its A$1.57 to A$1.79 valuation range.
• The scheme is conditional on FIRB approval, German FDI approval, and shareholder approval. Shareholders should be supportive, as the offer is reasonable and Infomedia’s history of non-binding bids.
• The scheme vote is low-risk. At the last close and for a 3 December payment, the gross/annualised spread is 1.2%/7.4%.  

• The company received a non-binding privatization offer from the CEO at a 10% premium to pre-announcement levels.
• A committee of independent directors is evaluating the offer and exploring other strategic alternatives, indicating the company is open to bids.
• There is a high single-digit spread to the offer price, with limited downside due to strong recent earnings.

• Monday’s huge post-election move in Nikkei 225 and Advantest Corp (6857 JP) caused Advantest to clear 10.00% realtime at day-end. Assuming nothing changes til end-Jan-2026, Advantest gets capped at end-Mar-2026
• As of today, that would be roughly 1.6x ADV and US$2.75bn but it would be 10% of Max Real World Float. 
• This is far off but should stay on the radar. Softbank Group (9984 JP) is close behind at 8.7%. 15+% outperformance would put it in capping territory too.  

• Back on the 11th July,Infomedia Ltd (IFM AU), a automotive software firm, entered into a Scheme Implementation Deed with PE-outfit TPG.
• TPG offered A$1.72/share, a 30% premium to last close. The Offer had the unanimous backing of Infomedia’s boards. All in, terms looked clean.
• The Scheme Booklet is now out, with a Scheme Meeting on the 18th November, and expected implementation on the 3rd December. The IE (Grant Thornton) says “fair & reasonable“.

• Capgemini’s $76.50 all-cash acquisition of WNS has cleared all approvals; only court sanction remains.
• Scheme court hearing set for 9 October; settlement expected around 16 October 2025.
• With a 0.25% gross spread, this is now a low-risk, near-cash arbitrage position.

• Amazon is navigating a dynamic tech landscape, leveraging its strong position in AI infrastructure and cloud services to drive long-term value creation and maintain a premium valuation in the market.
• The company is making strategic investments in AI chips and foundational AI companies like Anthropic, aiming to optimize efficiency and scalability in its AWS segment.
• Despite a current range-bound stock price, Amazon’s financial metrics and company culture approach underscore its commitment to growth and competitive advantage in the evolving tech ecosystem.

• Semi-Tech Group (1890554D CH) is looking to raise at least US$200m in its upcoming Hong Kong IPO. The deal will be run by Deutsche Bank, CICC and Guotai.
• It is a leading provider of intelligent industrial software solutions in China.
• With strong commercialization capabilities, ST is one of the few China-based advanced-industry intelligent manufacturing software companies to achieve profitability.

• Advantest Corp (6857 JP)‘s weight in the Nikkei 225 (NKY INDEX) has crossed 10% and staying there will lead to capping at the March rebalance.
• A lot of Advantest Corp (6857 JP)‘s float is held by passive trackers, and the real float is much lower. The capping will increase that float significantly.
• Advantest Corp (6857 JP) has outperformed its peers significantly and trades at higher valuation metrics compared to its peers.

• The U.S. government has introduced new export restrictions targeting the shipment of advanced chipmaking equipment to China.
• These rules, enforced by the Bureau of Industry and Security, have landed a heavy blow on Applied Materials, the world’s largest supplier of semiconductor manufacturing equipment.
• The company now anticipates a significant $710 million revenue shortfall: $110 million in Q4 2025 and an additional $600 million in 2026.

• Milian Technology, a fast-growing marriage and dating platform in China, filed for an IPO in Hong Kong. The company has achieved significant traction with now ~10M avg. MAUs.
• Milian Technology has raised ~US$77M in equity financing to date from investors, including Xiaomi, XVC Fund, Shunwei Capital, and Sky9 Capital, among others.
• I believe Milian Technology’s growth is exceptionally high for any online social networking platform company in China at such scale.

• Paychex, a leading provider of human capital management solutions, has reported a strong start to its fiscal year 2026.
• The company achieved a 17% revenue increase alongside a 5% growth in adjusted diluted earnings per share in the first quarter.
• This robust performance is attributed to successful integration with its recent acquisition, Paycor, and sustained demand for Paychex’s human capital management solutions despite a challenging macroeconomic environment.

• BT Group’s latest earnings presentation highlights both progress and challenges in the fiscal year ended March 31, 2025.
• The company has aggressively advanced its strategy by focusing on next-generation network connectivity, customer service improvement, and operational simplification.
• However, the company faced both revenue pressures and structural shifts in the market.

• Japan System Techniques Co., Ltd. (hereafter, JAST or the Company) is a fully independent system integrator.
• The Company’s business portfolio consists of the DX&SI business, the Package business, the Medical Big Data business and the Global business.
• In recent years, the Company has seen an increase in prime contract development projects, and for the current fiscal year it expects net sales to rise for the 15th consecutive year and operating profit to reach a record high for the 11th straight year.

• Telefónica plans a largely voluntary ERE (6–7k exits) post-4 Nov plan, targeting FY25 provisioning alongside Hispam exits. This creates a reset year and positions FY26 for cleaner margins and FCF.
• Benchmarking prior ERE, we forecast €0.5–0.6bn run-rate savings; ~€260m EBITDA uplift in 2026. Applying 5.2× EV/NTM EBITDA to adjusted base yields €6.40/share TP, before associates, minorities, lease-policy adjustments.
• Catalysts: 4 Nov strategy, ERE launch mid-Nov, Hispam closings. Key risks: uptake, regulation (Chile/Argentina), backfill erosion. Recommendation: BUY (12–18m); accumulate on weakness into plan headlines and execution milestones.

• China Mobile (941 HK) and Meta (META US) are both oversold according to our quantitative tactical models.
• We have been discussing China Mobile (941 HK) before, in early September, we said the pattern was bearish (“brief rally then down again”) , but now this has changed.
• Meta (META US) is a different story, looks like a bearish pattern but it is very oversold, it could rally 2 weeks before going lower.

• Capgemini’s acquisition of WNS is aiming to transform its BPO capabilities through AI. The acquisition, at a 35–40% premium over Genpact, boosts Capgemini’s BPO revenue share to 8%. 
• The strategic rationale hinges on leveraging AI to move the BPO model to outcome-based, intelligent operations. While WNS brings industry-specific platforms and early digitalisation, AI adoption is still nascent.   
• Capgemini targets 7% EPS accretion by 2027 via synergies, though the high acquisition price leaves limited margin for error. Short-term share price impact is likely muted until margin gains emerge.  

• DoubleVerify Holdings (DV) reported notable growth in its second quarter of 2025, with revenues rising by 21% to $189 million, surpassing the company’s previously revised guidance.
• This result reflects broad-based expansion across DV’s three key revenue areas: activation, measurement, and supply side.
• The advertiser business, representing 91% of the company’s total revenue, also mirrored this robust growth rate of 21%, marking its strongest quarterly growth since late 2023.