In today’s briefing:
- Intel CEO Heads To DC To Save His Job As Former CEO Calls His Leading Edge Strategy A Joke
- What’s Trump After in Lip-Bu Tan’s Oval Office Meeting?
- LG Chem: Flurry of Asset Sales Raises the Probability of A Partial Sale of LG Energy Solution
- The Beat Ideas: Edelweiss 2.0 – Unlocking Value Through Deleveraging and Strategic Listings
- Chongqing Taiji Industry (Group) (600129 CH) – Investors Are Betting on the Merger with China TCM
- Closure of Short Call on Tata Motors
- Kalyan Jewellers (KALYANKJ IN) | The Capital Sinkhole
- Mobvoi Inc. Revenue From AIGC Solutions Continues To Post Hyper Growth, TicNote Debuted in April
- CyberAgent: Newly Released Games Drive Growth with an Upward Revision to Guidance
- IFAST Corporation Limited: Undervalued for Its Prospects
Intel CEO Heads To DC To Save His Job As Former CEO Calls His Leading Edge Strategy A Joke
- Intel CEO Lip Bu Tan is reportedly headed to Washington today to meet with the US Administration and clear up any misunderstandings about his past investments in China etc.
- Meanwhile, former CEO Craig Barrett published his third opinion piece about Intel’s future and calls LBT’s strategy of not investing further in 14A without customer support a joke
- It’s challenging to deal with the US Administration from a position of strength. It’s a whole different ball game when both the CEO & the company are in crisis mode…
What’s Trump After in Lip-Bu Tan’s Oval Office Meeting?
- Political scrutiny and perception issues form a tense backdrop ahead of Tan’s Oval Office meeting.
- Strategic rifts over investment pace, 14A development, and fab build-outs are at the heart of the discussion.
- The meeting’s outcome may hinge on whether Tan can align Intel’s roadmap with Trump’s manufacturing agenda.
LG Chem: Flurry of Asset Sales Raises the Probability of A Partial Sale of LG Energy Solution
- In the past three months, LG Chem has announced two asset sales worth 1.6 trillion won including dermal filler and water filter businesses.
- Due to worsening balance sheet and need to raise additional capital, there is an increasing probability of LG Chem selling a partial stake in LGES in the next 6-12 months.
- Our NAV valuation of LG Chem suggests implied NAV per share of 414,325 won, which is 49% higher than current levels.
The Beat Ideas: Edelweiss 2.0 – Unlocking Value Through Deleveraging and Strategic Listings
- Edelweiss plans a INR 1,500–2,000 crore IPO of EAAA and a 25–30% stake sale in its mutual fund arm to accelerate deleveraging.
- These transactions could meaningfully reduce corporate debt from INR 6,325 crore, strengthen the balance sheet, and unlock shareholder value.
- Successful execution improves capital efficiency, supports high-margin business growth, and enhances upside potential, reinforcing the 56% target price appreciation case.
Chongqing Taiji Industry (Group) (600129 CH) – Investors Are Betting on the Merger with China TCM
- The current channel inventory digestion has been ongoing for nearly a year. If the terminal sales data in 25Q3 improves, it is expected to support the revenue recovery in 25Q4.
- China TCM and CNPGC had signed relevant agreement on the free transfer of equity. Investors think this is paving the way for the future integration of China TCM and Taiji.
- Investors have reignited interest in betting on China TCM’s privatization and merger with Taiji .According to Taiji, CNPGC will still fulfill its commitment to resolving the issue of horizontal competition
Closure of Short Call on Tata Motors
- Post Q4FY25 results,we had presented our case for shorting Tata Motors in May 2025, anticipating a challenging quarter ahead.We now recommend closing the short position,with reasons explained in this insight
- The company reported a very challenging Q1FY26, with JLR EBIT crashing to 4.0% (vs 8.9% YoY). The India passenger car business also faced similar pressure.
- The only segment to deliver stable performance was the commercial vehicle division.
Kalyan Jewellers (KALYANKJ IN) | The Capital Sinkhole
- Kalyan Jewellers (KALYANKJ IN) Management paused INR 350-400 crore debt reduction after 90 days, now planning INR 2,700 crore capital consumption without clear justification.
- Candere losses increased 5X while management admits e-commerce isn’t their strength, yet continues expanding with new regional brand initiatives.
- Stock trades at 44x P/E NTM above 3-year average despite questionable capital allocation and non-quantifiable efficiency claims from management.
Mobvoi Inc. Revenue From AIGC Solutions Continues To Post Hyper Growth, TicNote Debuted in April
- Mobvoi Inc., a Google-backed provider of AIGC software solutions and TicWatch maker, will announce interim results for the six months ended June 30, 2025, soon.
- The AI firm currently adjusts its business strategy, shifting to AIGC business model from traditional project-based revenue generating model.
- In April 2025, Mobvoi unveiled TicNote, a compact AI-powered voice recorder. It’s a separate device from smartphone, which gathered significant attention from media and users.
CyberAgent: Newly Released Games Drive Growth with an Upward Revision to Guidance
- CyberAgent Inc (4751 JP) reported 3QFY09/2025 results on Friday aftermarket. Both revenue and OP beat consensus estimates with an upward revision to full-year guidance.
- Gaming segment has begun to see recovery driven by the strong performance of newly released game titles which have become a hit. There are several new titles up for release.
- Though CA’s share price has moved up with recovery in games and improved profitability of AbemaTV, we think there is further upside.
IFAST Corporation Limited: Undervalued for Its Prospects
- We initiated coverage on iFAST Corporation Limited (iFAST) a week ago.
- Though stock has risen 21% since our note, we see a further 20% upside.
- The market appears to be missing iFast’ s value in terms of P/AUM and EV/Revenue, in light of the AUM growth prospects. 2Q PAT was ahead of consensus expectations.
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