TMT/Internet

• Reddit shares have taken a sharp dive following a troubling drop in references from OpenAI’s ChatGPT platform, sparking fresh concerns over the stability of its AI licensing revenue stream.
• Once hailed as one of the most valuable sources of human-generated conversational data, Reddit has increasingly leaned into its role as a supplier of AI training material, boasting of its extensive corpus being the “#1 most cited domain” for large language models (LLMs).
• However, recent data showing a sharp decline in ChatGPT references has jolted investors, raising red flags about the longevity and sustainability of this monetization route.

• Intel’s stock recently spiked on a stunning twist in the semiconductor saga: reports indicate Intel could manufacture chips for longtime rival AMD.
• This development is sending shockwaves through the chip sector and has investors re-evaluating what was once unthinkable.
• As Intel CEO Lip-Bu Tan pushes to reinvent the company’s future, this move—if confirmed—signals a seismic shift in strategy.

• HSI extended gains to fresh highs, supported by strong breadth, surging Materials and IT names, and rising single stock option activity
• Broad gains across all sectors highlighted strong momentum, with leadership from Materials and Information Technology.
• We examine the distribution of returns since the April lows finding that the tails are distinctly unbalanced.

• TSMC: +26.8% Premium; Remains at Historical Extreme; Earnings Release Ahead
• ChipMOS: +1.3% Premium; Wait for Higher Level Before Shorting the Spread
• CHT: -1.0% Discount; Good Level to Go Long the ADR Spread

• Inference compute is going increase by a factor of one billion. It’s already gone up at least 2x in the past twelve months
• OpenAI will become the next multi-trillion dollar hyperscaler. NVIDIA is going to make sure this happens
• AI-Related revenues have already reached $1 trillion since all hypercaler revenues are now AI related according to Jensen. Problem solved!

• In its second quarter of 2025, CoreWeave showcased significant growth amid strong demand for AI cloud services.
• The company’s revenue soared by 207% year-over-year, reaching $1.2 billion, with an adjusted operating income of $200 million.
• This marked the first instance of CoreWeave achieving both $1 billion in revenue and $200 million in operating income in a single quarter.

• CMTX is getting ready to complete its IPO in KOSDAQ in 4Q 2025. The company will offer a total of 1 million shares (new shares) in this IPO. 
• The target IPO price range is 51,000 to 60,500 won per share. The projected market capitalization after listing is 473 billion to 561.2 billion won.
• CMTX began by manufacturing ceramics and sapphire components for semiconductor etching processes and has since expanded its business to include core consumable silicon components such as silicon rings and electrodes.

• UiPath saw a near-10% spike in its share price after unveiling high-profile partnerships with OpenAI, Nvidia, and Snowflake, signaling a renewed push into AI-driven enterprise automation.
• The automation software provider announced it will integrate OpenAI’s cutting-edge GPT models, including GPT-5, into enterprise workflows.
• With Nvidia, the collaboration centers on fraud detection and healthcare solutions, while Snowflake will support UiPath’s Agentic Automation platform with its Cortex AI tools.

• Credo Technology Group is riding a wave of explosive growth, with its Q1 FY2026 results showing a 274% yearover-year revenue surge to $223 million and record non-GAAP net income of $98 million.
• This growth reflects its leadership in Active Electrical Cables (AECs) and high-speed optical DSP solutions, which power the AI infrastructure of hyperscale data centers.
• Against this backdrop, Credo has announced its plan to acquire Hyperlume, a privately held firm specializing in ultra-fast microLEDs and ultra-low power circuitry designed to address the bandwidth and energy bottlenecks of traditional interconnects.

• AppLovin’s stock has seen a meteoric rise in 2025, with shares climbing over 400% YTD to reach all-time highs.
• The catalyst?
• A powerful blend of robust advertising revenue growth in mobile gaming, aggressive expansion into the ecommerce and nongaming ad sectors, and strategic moves like the launch of its self-serve AXON Ads Manager.

Key points (machine generated)

• Playtech restructured its contract with Caliplay and sold its Italian gaming arm, Snaitech, for €2.3 billion.
• The company issued a special dividend exceeding 60% of its pre-dividend market cap and retains a 20% stake in Caliplay.
• Analysts suggest the share price undervalues Playtech’s assets as it aims to enhance B2B margins and expand its live casino business.

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.

• Warner Bros. Discovery has experienced a sharp reversal in sentiment following a meteoric rise in its share price.
• The rally, sparked by rumors of a takeover bid from Paramount Skydance, saw the stock surge 63% from September 11 to September 25, significantly outpacing the broader S&P 500’s 1% gain over the same period.
• However, concerns over the sustainability of this rally have emerged.

• Fiserv has taken another bold step to solidify its dominance in the banking technology stack by announcing the acquisition of StoneCastle Cash Management.
• The deal, signed in late September 2025, is expected to close in Q1 2026 and gives Fiserv access to a powerful platform that connects institutional deposits with over 1,000 community banks and credit unions.
• The significance of this acquisition runs deeper than a simple bolt-on; StoneCastle is already integrated into over 300 Fiserv core banking clients, creating a natural fit and reducing integration friction.

Key points (machine generated)

• Scalar (4845) is listed on the Tokyo Stock Exchange and is undergoing reforms to return to growth by June 2026.
• The company focuses on IT and emphasizes ethical values, with over 50% of sales and profits coming from its digital transformation business.
• For the fiscal year ending June 2025, Scalar reported sales revenue of 8,179 million yen, a slight decrease of 0.2% from the previous year.

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

• I Net Corp (9600 JP) has recommended a tender offer from Orix Corp (8591 JP) at JPY2,530, a 53.4% premium to the last close.
• The offer is attractive as it is above the midpoint of the target IFA DCF valuation range and represents an all-time high. 
• Despite the high required minority tendering rate, an attractive offer facilitates completion. The tender runs from 3 October to 17 November.  

• SK Hynix and Micron stocks were lagging TSMC and Nvidia as it took ~2 years for HBM to suck up enough Commodity DRAM capacity to stabilize the Commodity market
• That’s now done, we’re just at the beginning of spectacular HBM growth for at least 2 more years. The reasons are known: density increases, speed increases, dies thinner…
• Stocks: keep or buy Micron and SK Hynix. Samsung remains unattractive imo

• In this insight, we discuss numerous gap trade opportunities involving Korean preferred and common shares in 4Q 2025.
• The preferred companies’ share price discount (relative to the common shares) on the 27 pairs below was 36% at the end of September 2025.
• On a longer timeframe (3-5 years), this discount could narrow further to the 20-25% range, which provides additional opportunities for the Korean preferred shares to further make relative gains.

• OpenAI, Samsung & SK Hynix Lock In Memory Pact — Taiwan Next Stop
• MediaTek’s Major ASIC Ambitions Face Delays from Some Key Clients
• TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node 

• BigBear.ai is a specialized provider of AI-powered decision intelligence solutions, with a primary focus on the U.S. defense, intelligence, and homeland security sectors. Its established relationships and expertise in these niche markets provide a competitive advantage.
• The company is in a high-growth industry but faces significant financial headwinds. It has a history of substantial net losses and negative operating cash flow, indicating a high-risk profile. Revenue growth has been inconsistent, with recent quarterly performance showing a year-over-year decline.
• Future success is heavily dependent on securing large-scale government contracts and successfully expanding into the commercial sector to diversify revenue. The company’s strong balance sheet, with a significant cash position, is intended to fund investments to capture these opportunities, but execution remains a key uncertainty.

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• The U.S. Secretary of Commerce, Howard Lutnick, has requested that Taiwan Semiconductor (TSMC) – ADR (TSM US)’s production output reach a 50:50 ratio between the U.S. and Taiwan.
• By contrast, TSMC’s fab construction also requires strong supplier coordination, and in the case of its U.S. fabs, there are numerous regulatory hurdles to overcome.
• Meanwhile, Semiconductor Manufacturing International Corp (SMIC) (981 HK)’s share price in Hong Kong has surged this year (+209.14%), significantly outperforming TSMC’s share price increase (+28.15%).

• 4DS Memory is a semiconductor technology company developing a proprietary Interface Switching Resistive Random Access Memory (ReRAM) for high-bandwidth and high-endurance applications, particularly targeting the AI and high-performance computing markets.
• The company is in a pre-revenue stage, focusing on research and development. Recent developments include a strategic review and a pause in its collaboration with imec and Infineon to reassess its technology pathway, creating significant uncertainty.
• Financially, 4DS is reliant on capital raisings to fund its operations, with no revenue generated to date and consistent net losses. The company’s future is contingent on the successful development and commercialization of its ReRAM technology.

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• Sunny Optical is a global leader in optical components, holding substantial market shares in key segments like vehicle and handset lens sets, positioning it to capitalize on long-term growth in automotive autonomy and smartphone premiumization.
• The company exhibits a strong financial profile, characterized by a healthy net cash position, which provides resilience and flexibility. However, it has faced significant headwinds recently, with key financial metrics showing negative growth over the last three years.
• Key risks include high customer concentration with major tech companies, intense industry competition, and the rapid pace of technological change, which creates uncertainty and could impact future profitability.

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• Hennge KK is a leading Japanese cloud security provider, specializing in Identity as a Service (IDaaS) through its flagship product, HENNGE One. The company benefits from the ongoing digital transformation and cloud adoption trends in Japan.
• The company exhibits a strong growth profile, with a 3-year revenue CAGR of 19.96% and a net income CAGR of 54.62%. This is driven by the expansion of its recurring revenue base from the HENNGE One SaaS platform.
• Key challenges include rising SG&A expenses due to investments in personnel and advertising, increasing competition from global players, and a noted decline in the average number of users per corporate client, which could pressure future growth.

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Key points (machine generated)

• Japan PropTech (TSE: 4054) is a real estate tech company expecting significant growth in revenue, profit, and dividends by June 2026.
• The company offers digital transformation solutions for the real estate sector, focusing on brokerage and rental management firms.
• Key products include ‘Reapro BB’ for property sharing, ‘Reapro’ for vacancy management, and the upcoming ‘Rental Revolution 11’ for tenant and billing management.

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

• Macbee Planet is a high-growth marketing technology company specializing in data-driven LTV (Lifetime Value) marketing, a niche that offers significant upside within Japan’s large internet advertising market.
• The company has demonstrated an exceptional track record of revenue and net income growth, driven by its performance-based consulting and proprietary technology platforms. However, this growth has been accompanied by significant cash flow volatility and recent margin compression.
• Key risks include a high dependency on a few key industries, particularly finance and wellness, increasing competition, and the challenge of maintaining profitability while scaling. The recent negative operating cash flow is a primary concern for investors.

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• USG 1:1 domestic / import ratio for semi manufacturing not a clear positive for Intel. Intel needs a 14A node very quickly. But it’s positive to TSMC, increase pricing power.
• The 1:1 rule is potentially positive for Intel and Samsung but only if they fix yield problems and offer complete design and IP tools to their customers. Long road ahead.
• TSMC could increase US Capex and lower Taiwan Capex. But TSMC plans to make 30% of its advanced chips in the US from 2027. Capex increase would be mild.

• US Government invests $9bn in Intel, Nvidia another $5bn, Softbank $2bn. This solves Intel’s most pressing problem: the risk of financial fragility
• But neither USG, nor Nvidia have semi manufacturing expertise, so $-injections don’t solve Intel’s 2nd problem. Intel has to  demonstrate a very solid 14A in the next 12 months
• USG 1:1 import: domestic rule is positive to GlobalFoundries that can get orders away from SMIC or UMC. Positive to Texas Instrument

• ODK Solutions Co., Ltd. (hereafter, the “Company”) reported net sales of JPY 1,008 mn (-4.6% YoY) in Q1 FY2026/3.
• Despite the sales contribution from NINJAPAN, which became a consolidated subsidiary in the previous fiscal year, the decline in development projects in medical- related services and securities services weighed on earnings.
• Promotional expenses for new services also added to the burden, resulting in an operating loss of JPY 210 mn, an ordinary loss of JPY 186 mn, and a quarterly net loss of JPY 146 mn, with all losses widening year-on-year. 

• UP Fintech (TIGR US) is a high-growth online brokerage firm strategically focused on serving global Chinese investors. The company has demonstrated robust financial performance, with significant revenue and net income growth, driven by an expanding client base and increased trading volumes.
• The company’s proprietary technology platform, ‘Tiger Trade,’ offers a seamless user experience for trading a wide array of financial instruments across international markets. This technological edge, combined with a ‘mobile-first’ strategy, is a key driver of customer acquisition and retention.
• While expanding its global footprint, particularly in Singapore and Hong Kong, UP Fintech faces increasing competition and evolving regulatory landscapes in the fintech sector. Navigating these challenges will be crucial for sustaining its growth trajectory.

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• In a transformative move with far-reaching implications for Canada’s telecom and sports entertainment landscape, Rogers Communications is edging closer to acquiring full control of Maple Leaf Sports & Entertainment (MLSE), the multi-billion-dollar entity behind the Toronto Maple Leafs, Toronto Raptors, and Scotiabank Arena.
• Having recently secured a 75% controlling stake by triggering a buyout clause for billionaire Larry Tanenbaum’s remaining 25% share, Rogers is now laying the groundwork for combining MLSE with its other marquee assets, including the Toronto Blue Jays and Sportsnet.
• As this consolidation unfolds, CEO Tony Staffieri has confirmed that the company is actively exploring monetization strategies—either via an IPO or a private stake sale—to attract new equity investors.

• Soluna recently announced a strategic hosting agreement to deploy 20 megawatts (MW) of Avalon® A15 XP Bitcoin miners at its Project Dorothy in Briscoe County, Texas.
• The parties expect to deploy the miners in 1Q26. Canaan aims to leverage Soluna’s modular and cost-efficient infrastructure to power its Avalon fleet using wind energy, further enhancing the sustainability profile of its mining operations.
• This is yet another significant milestone for Soluna as it continues to scale its pipeline of renewable-powered digital infrastructure.

• Holdco discounts tightened in September: GBL to 28.1%, Industrivärden C to 6.9%, Investor B to 10.9%, Heineken Holding to 12.1%; Porsche SE widened to 31.6%; Rio Tinto DLC premium 21.6%.
• Drivers: discounts compress with buybacks and bull markets. GBL cancelling repurchases; target sub-25% discount. Heineken Holding’s control structure sustains a spread. Swedish holdcos are investment-grade, high-quality, with low look-through discounts.
• Catalysts: Vivendi’s AMF-driven mandatory-offer path, appeals pending, base-case €4.15 bid. Rio Tinto DLC unification could unlock $27–32B despite May vote. Porsche SE discount reflects deleveraging priority; legal overhang increasingly immaterial.

Key points (machine generated)

• F-Code, listed on the Tokyo Stock Exchange under code 9211, has completed 19 M&A transactions and expects significant sales growth of 15 times in four years.
• The company aims for a 14-fold increase in operating profit and EBITDA, focusing on digital transformation in marketing using AI and system development.
• Operating as a holding company with 15 specialized firms, F-Code maintains a federal system that respects subsidiary independence while offering integrated services.

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

Quadient’s H125 performance was a tale of two cities: weakness in the US mail sector weighed on revenue and is the main factor behind lowered guidance for FY25. Conversely, both Digital and Lockers continued their strong growth trajectory and look well positioned to drive the business forward to offset the structural decline in the Mail business.

• Tekscend Photomask (429A JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 16 October.
• At the top end of the IPO range at JPY 3000/share, Tekscend Photomask (429A JP) will be valued at JPY 298bn (US$2bn).
• The stock should be added to the TOPIX INDEX at the close on 27 November while inclusion in global indices should take place in February and June.

• GB10 Brings Nvidia AI Performance From Data Center to the Desktop
• GB10 PCs Will Be “True” AI PCs, Their Capabilities Will Be More Evident
• From Niche to Market Driver; Maintain Structural Long for Mediatek, Asustek, Acer

• Microsoft’s cloud strength and AI leadership, particularly with Copilot, position it for growth, though its current valuation likely reflects these expectations, necessitating new market drivers.
• The company faces increasing pressure on efficiency metrics like gross margin and free cash flow due to significant, long-term AI infrastructure investments.
• We suggest a tactical approach to capitalize on anticipated stable price movements, leveraging current market conditions and implied volatility.

Key points (machine generated)

• Netbay is a Thai SaaS company automating data transmission and form completion for businesses and government organizations.
• The company has achieved a 13% CAGR in revenue and EBITDA over the past three years and is trading at 14x its 2024 normalized P/FCF.
• Netbay’s e-Customs software facilitates B2G and B2B transactions, focusing on tax services for clients in 2024.

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.

• Airtel Africa is strategically positioned to capitalize on the significant growth potential of data and mobile money services, driven by favorable demographics and increasing digitalization across its 14 African markets.
• Strong operational performance, particularly in key markets like Nigeria, has led to a robust recovery in revenue and profitability, underscored by successful tariff adjustments and expanding data consumption.
• Key risks remain centered on currency volatility in major operational hubs, rising finance costs due to higher interest rates on local currency debt, and intense competitive pressures from other major pan-African operators.

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• 3 global futures and options topics we covered included global equities, Brent, and Gold.  We review the topics discussed and look forward to another interesting month of volatility trades.
• NK remains moderately interesting for NK vs MSCI World vol with the leadership change coming up, though deep downside swings would not be expected.
• Were bullish on AI stocks, and highlighted a few favorites with some tactical options trades to monetize existing equity longs or put on new hedged volatility positions.

• BitGo is a pioneering digital asset infrastructure provider, offering institutional-grade custody, security, and financial services. Its core strength lies in its multi-signature wallet technology and regulatory-first approach, positioning it as a trusted partner for institutions navigating the complexities of the digital asset market.
• The company is poised for significant growth, driven by the increasing institutional adoption of cryptocurrencies and a favorable regulatory shift. Having confidentially filed for an IPO, BitGo aims to capitalize on this momentum to expand its global footprint and service offerings.
• Key risks include intense competition from both crypto-native firms and traditional financial institutions entering the space, the inherent volatility of the cryptocurrency market, and an ongoing lawsuit with Galaxy Digital which, despite a favorable appeal, still presents legal and reputational uncertainty.

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• Shares up 18% since Q2; short-term correction likely as valuation nears fair value (~6x EV/Revenue); ValueAct holds 5.6% stake.
• Q3 sales forecast +24% YoY to ¥12.1bn; adjusted EBITDA margin rising to 7% amid strong ARR growth from mid-sized corporates.
• Money Forward sharpened focus on core business, divesting non-core assets and forming a ¥3bn JV with SMFG to expand digital banking services.

• Pateo Connect is a prominent provider of smart cockpit solutions in China’s rapidly growing New Energy Vehicle (NEV) market, demonstrating robust revenue growth driven by the adoption of high-end products.
• The company faces substantial profitability hurdles, characterized by persistent net losses and gross margins that are the lowest among its peers, signaling a challenging competitive position.
• The investment profile is high-risk, marked by a concentrated customer base, increased financial leverage, and a premium valuation for its upcoming IPO that appears stretched relative to its growth and margin outlook.

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Key points (machine generated)

• ZenmuTech, founded in March 2014, is expected to achieve increased revenue and profit for the fiscal year ending December 2025, marking its third consecutive profitable period.
• The company specializes in cybersecurity solutions, utilizing its proprietary ‘ZENMU-AONT’ technology to reduce risks from cyberattacks and device loss.
• ZenmuTech also provides a software development kit for technology integration and collaborates with AIST on secret computation solutions.

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

• Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$828 million). Pricing is on 30 September.
• I previously discussed the IPO in Tekscend Photomask (429A JP) IPO: The Bull Case and Tekscend Photomask (429A JP) IPO: The Bear Case. 
• In this note, I present my forecasts and discuss valuation. My analysis suggests that Tekscend is attractively valued at the IPO price range compared to peer multiples.

• TSMC: +28.3 Premium; Historically Extreme Level, Can Short the ADR Premium
• UMC: +3.3% Premium; Historically Extreme Level, Short the ADR Premium 
• CHT: -0.7% Discount; Near Lower Bound, Consider Going Long the Spread

• Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m 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.
• We have looked at the company’s past performance in our previous note. In this note, we will  undertake a peer comparison.

• Latest Signals Continue to Indicate N2 Is Emerging as TSMC’s Blockbuster Node
• N2 Commercialization Timing Aligns With Major AI HPC Platform Roadmaps
• TSMC Market Share Over 70%… Could N2 Drive This Number Even Higher? Maintain Our Structural Long Rating for TSMC

Key points (machine generated)

• Didi’s stock price is stable at $4.90, adhering to management guidance for eight months.
• Concerns about autonomous driving in China arise due to low labor costs and a deflationary environment, impacting regulatory responses.
• Didi is well-positioned for partnerships with AV companies, while Tesla faces regulatory challenges in operating a ride-hailing service in China.

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.

• Apple, Intel, and Nvidia may be converging on a shared AI infrastructure vision that would have consequences for the global chip supply chain.
• Intel’s systems foundry pivot is about controlling the stack, and Apple might see value in that despite moving away from the former’s products.
• TSMC remains dominant in process tech, but the competition in the future might be about more than building silicon.  

• Nova Insight (INS HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by JP Morgan and HSBC.
• Nova Insight is the largest independent AI technology company in the insurance industry in China.
• As of Dec 31, 2024, Nova’s solutions have been cumulatively adopted by 90 insurance companies, including eight of the top ten insurance companies in China.

• Netdragon is a prominent player in China’s online gaming and mobile internet sectors, with a growing international presence in the education technology market.
• The company is strategically pivoting towards the integration of Artificial Intelligence (AI) in both its gaming and education segments, aiming to enhance user experience and operational efficiency.
• Despite recent revenue declines and market volatility, Netdragon maintains a strong dividend yield and has an active share buyback program, signaling management’s confidence in its long-term strategy.

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• NVIDIA Corp (NVDA US)’s investment is focused on joint AI development.   
• Intel Corp (INTC US) may seek to invite Taiwan Semiconductor (TSMC) – ADR (TSM US) to join its investment initiative.
• Meanwhile, Intel Corp (INTC US)’s stock price has risen about 50.2% from its recent low. 

Founded in 1984, Sunny Optical Technology is a leading global integrated optical-component manufacturer. It was the largest global vehicle lens-set producer in 2024 with a market share of 32.3%, the largest global handset lens-set producer (30.8% market share) and the largest global handset camera-module producer (12.1%). The company has been listed on the Hong Kong Stock Exchange since 2007. The largest shareholder is Sun Xu Limited with a 35% stake, while 65% is publicly held. Founder Wang Wenjian and the Sunny Group Employee Offshore Trust own and control Sun Xu Limited.

• Netdragon Websoft (777 HK) stock has begun to rerate on the back of its deal with with Zhongke Wenge to integrate and launch AI applications outside of China.
• NetDragon will integrate Wenge’s LLM, YaYi, with its education products.  In August 2025, Cherrypicks and Wenge jointly launched AI applications, including social listening and multimodal content creation tools globally.
• NetDragon has consistently enhanced shareholder returns through substantial dividends and since its earnings announcement in August has begun buying back shares in the market.

• Netdragon is a prominent player in China’s online gaming and mobile internet sectors, with a growing international presence in the education technology market.
• The company is strategically pivoting towards the integration of Artificial Intelligence (AI) in both its gaming and education segments, aiming to enhance user experience and operational efficiency.
• Despite recent revenue declines and market volatility, Netdragon maintains a strong dividend yield and has an active share buyback program, signaling management’s confidence in its long-term strategy.

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• Scarce exposure to EUV photomasks – one of only three global leaders (with Hoya, DNP) in a concentrated oligopoly.
• IPO at ¥250–400 bn (Oct 16, 2025) implies ~12–16× EV/EBITDA, offering rare pure-play access.
• Execution risks – capex intensity turns FCF negative; overhang from Integral (~14% post-IPO) may weigh.

• Accenture’s most recent earnings discussion reveals significant insights into their fourth quarter and full fiscal year 2025 performance, as well as their strategic outlook for 2026.
• The narrative reflects a blend of robust financial achievements, strategic realignments, and forward-looking initiatives centered around their ongoing investments in AI, digital transformation, and global footprint expansion.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Micron Technology’s recent earnings provided insights into its performance and strategic outlook.
• The company appears to be navigating industry dynamics effectively, particularly within the NAND and DRAM markets.
• The call highlighted several critical areas of development and potential challenges facing Micron.

• BlackBerry’s second-quarter fiscal year 2026 results offer a complex picture of growth and stability as the company navigates its diversified operations in a shifting market environment.
• The company’s overall revenue increased by 3% year-over-year to $129.6 million, with all divisions topping the high end of their guidance areas.
• The company maintained a consistent positive GAAP net income of $13.3 million and achieved a non-GAAP EPS of $0.04, surpassing expectations, despite facing significant tax payments during the quarter.

• Jabil Inc. has reported its fiscal year 2025 results, showcasing solid financial performance against a backdrop of varied market dynamics.
• The company reported approximately $8.3 billion in revenue for the fourth quarter, exceeding earlier forecasts by $800 million.
• This revenue increase was broad-based across its three segments: Regulated Industries, Intelligent Infrastructure, and Connected Living & Digital Commerce.

• TD SYNNEX delivered strong results in the third quarter of its fiscal 2025, showcasing significant growth in several key financial metrics and segments of its business.
• The company’s consolidated gross billings reached $22.7 billion, marking a 12% year-over-year increase, or 10% on a constant currency basis.
• This performance was reinforced by the higher-than-expected non-GAAP diluted earnings per share of $3.58, representing a notable 25% rise from the previous year.

• Micron delivered a blowout Q4, with $11.3B revenue and $3.03 EPS, led by DRAM’s 27% QoQ growth and an HBM3E run-rate nearing $8B.
• Data centre accounted for 56% of FY2025 sales, driven by LPDDR5 shipments for Nvidia’s GB chips and early HBM4 sampling.
• Management sees 2026 as a tight DRAM supply environment by design, with slower node transitions and deliberate capacity discipline supporting pricing.

• Taiwan Semiconductor (TSMC) – ADR (TSM US) 2Q25 growth likely reaches ~39% YoY with upside risk if 4Q25 outperforms.  
• Apple (AAPL US) remains the anchor customer driving N2 ramp in 2026.
• Since 2nm technology will be widely adopted starting in 2026, revenue growth is projected to be around 25% YoY.  

• Info-Tech Systems is a rapidly growing, profitable provider of cloud-based Human Resource Management (HRM) and accounting software, primarily targeting Small and Medium Enterprises (SMEs) in Southeast Asia.
• The company’s growth is underpinned by the strong digitalization trend among SMEs, supported by government initiatives. Its strategy is focused on geographic expansion from its core Singapore market into Malaysia, Hong Kong, and India.
• While the company boasts a high-margin, recurring revenue model and a debt-free balance sheet, it faces risks from high market concentration in Singapore and increasing competition from larger, established players like Zoho and SAP.

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• On August 14, 2025, Tokyo Communications Group, Inc. (hereafter, the “Company”) announced its H1 FY2025/12 results.
• For the first six months, net sales rose 14.6% YoY to JPY 3,176 mn, EBITDA improved from a JPY 16 mn loss a year earlier to a JPY 320 mn profit, and operating profit moved from a JPY 211 mn loss to a JPY 140 mn profit.
• The streamlining of unprofitable businesses launched in November 2024 marked a turning point, setting off a sharp rebound in results from Q4 of the previous fiscal year as the earnings of core existing businesses steadily recovered. 

Key points (machine generated)

• Dream Arts reported strong interim performance with double-digit revenue growth and increased profits for the period ending December 2025.
• The company aims to exceed 10 billion yen in sales by December 2028, focusing on SaaS products like the no-code tool ‘SmartDB®.’
• With dual headquarters in Tokyo and Hiroshima, Dream Arts promotes co-creation and digitalization, targeting operational personnel without IT expertise.

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Key points (machine generated)

• Ymir Link, listed on the Tokyo Stock Exchange, is expected to achieve record revenue and profit growth by December 2025.
• The company specializes in cloud-based messaging solutions, particularly through its ‘Cuenote’ platform for various sectors.
• With over 90% of revenue from SaaS, Ymir Link benefits from proprietary technology and a strong data analysis team, enhancing its market share.

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)

• Logizard, listed on the Tokyo Stock Exchange under ticker 4391, is thriving due to its cloud services for various sectors.
• The company provides inventory management systems like ‘Logizard ZERO’ and ‘Logizard OCE’ aimed at improving efficiency for SMEs.
• With a subscription-based revenue model, cloud services make up 79.2% of sales, projected to grow by 10% for the fiscal year ending June 2025.

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)

• Project Holdings is a trading company listed on the Tokyo Stock Exchange Growth Market, focusing on a project-based society in the digital transformation era.
• The company anticipates a return to profit growth by the fiscal year ending December 2025, supported by its three main business segments.
• Project Holdings is implementing a growth strategy with a performance outlook extending to December 2027.

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

• Shift Inc (3697 JP) runs a software quality assurance testing business. 400% revenue growth in 5 years, but this year to Aug25 is “only” 17.5% according to Q3 results guidance.
• It was a “growth stock” for a long while, and large long-only growth investors flocked to the name. In the past several months many have exited. 
• The stock will be included in the Nikkei 225 Average next Tuesday. The supply/demand dynamics here to there are interesting. Afterwards they may be more interesting.

• Horizon Robotics (9660 HK) raised around US$800m in its Oct’24 IPO and another US$600m via a placement in June’25. It’s back again to raise another US$834m via a top-up placement.
• 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 talk about the deal dynamics and run the deal through our ECM framework.

• OpenAI and NVIDIA announced an audacious alliance under which the latter will invest $100 billion in the former
• That investment will be staged to coincide with each completed gigawatt of compute capacity, up to ten gigawatts in total, which the two companies are planning to jointly install
• Is this NVIDIA cutting out the middleman and setting up their very own private hyperscale enterprise to lease their GPUs directly to OpenAI? Uh oh!

• Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m 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 this note, we talk about the not-so-positive aspects of the deal.

• Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.
• In Tekscend Photomask (429A JP) IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
• The bear case rests on its worrisome revenue growth trends, weakening lead revenue indicators, cash burn, and large post-IPO share overhang. 

• China announced game approval for the September 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.
• Both Tencent and Netease received approval for one game in September. 

• NVIDIA’s has a strong position in the AI industry, but global trade policies introduce short-term uncertainties. Strong revenues and cash position buffer against policy-driven obstacles, particularly concerning its China revenues.
• We highlight NVIDIA’s technological leadership, including its full-stack computing infrastructure and rapid platform transitions. External pressures weigh on projected revenues, including export restrictions and increasing competition from major tech companies.
• We see potentially overpriced implied volatility. This strategy aims to generate premium while managing risks associated with price movements, especially in the context of evolving geopolitical and competitive landscapes.

• FactSet Research Systems delivered strong fourth quarter and full-year fiscal 2025 results, reflecting its continued resilience and capability to navigate shifting market conditions.
• The firm reported a 5.4% revenue growth rate to $2.3 billion for the fiscal year, and highlighted a significant increase in organic Annual Subscription Value (ASV), with the fourth quarter seeing the largest ASV addition in its history at $81.8 million.
• This ASV growth, especially notable at 5.7% sequentially, signals robust demand for FactSet’s offerings, particularly in wealth and asset management sectors, driven by an increasing appetite for data solutions.

• As can be seen from the graph below, the major JPY 12.6bn capex initiative to secure production capacity to enable consolidated net sales to increase by 1.5x (announced in May-2022) peaked in FY24/3 and depreciation peaked in FY25/3.
• With confirmation of the upturn in the silicon cycle, earnings have entered a full-fledged recovery, with Q1 OP posting a high 41% progress ratio relative to the 4-year historical average of 27%. The key takeaway from the graph below is the strong recovery in EBITDA.
• The current high P/E is a common feature at the start of cyclical recoveries, while EV/EBITDA has only just returned to its long-term historical average (see P21). 

• Palantir Technologies has been one of 2025’s biggest winners in the AI equity space, delivering a jaw-dropping rally of nearly 140% year-to-date.
• Following a selloff in mid-August that briefly interrupted its meteoric ascent, the stock has rebounded strongly and remains a key beneficiary of enterprise AI spending and hyperscaler capital expenditure cycles.
• The company’s Q2 results added fuel to the rally, showcasing record-breaking revenue of over $1 billion, a 48% year-overyear increase, and a staggering Rule of 40 score of 94%.