Daily Brief Equity Bottom-Up: Intel: You’re Buying Hopes of a Better 2027 and more

• 3Q beat on margins, is it price hikes or inventory? Growth comes from PC, not Data Center. 18A high enough yields driving a margins recovery is for 2027.
• Unspecified ASIC and AI “new” strategy but the details in the conf call point strongly to x86 as the core.
• The stock is very expensive, ie the market bets on a swift and sharp recovery. Lots of room for disappointment.

Key points (machine generated)

• Tencent has 1.4 billion users on Weixin/WeChat, establishing it as a leading digital platform.
• The company is positioned to enhance monetization through AI integration across its services.
• Despite its strengths, Tencent’s core business is undervalued, trading at 14 times the consensus 2026 earnings per share.

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• Dassault Systèmes reported its financial performance for the third quarter of 2025, revealing nuanced outcomes with both positive and negative aspects.
• The overarching theme of the report was the company’s focus on driving top-line growth and margin expansion, enabled by the 3DEXPERIENCE platform.
• This platform is pivotal in the company’s transition towards subscription-based and recurring revenue models, which are currently experiencing a notable 16% growth in subscriptions this quarter.

• Playtech was revealed to be funding negative research against Evolution, impacting their credibility
• Evolution saw a 7% drop in stock after announcing continued revenue decline, particularly in Asia
• Investor expectations for Evolution have shifted from growth stock to deep value territory due to stock performance and revenue contraction

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• Westinghouse Air Brake Technologies Corporation (Wabtec) reported strong financial results for the third quarter of 2025, showcasing significant growth in various operational metrics and continued strategic progress.
• The company’s performance was characterized by an 8% increase in sales compared to the previous year, reaching $2.9 billion.
• Both the Freight and Transit segments contributed to this growth, bolstered by the acquisition of Inspection Technologies at the beginning of the quarter.

• Hermès International reported its financial performance for the first half of 2025, showcasing solid growth amidst a challenging global landscape.
• The company’s sales reached €8 billion, marking an 8% increase at constant exchange rates, highlighting the robust demand for Hermès products across all regions.
• Despite a fluctuating economic context, the strength and exclusivity of its artisanal model remain key drivers of its success.

• Insignia Financial is in the midst of a significant transformation, focusing on simplification, cost reduction, and integration following the acquisition of MLC Wealth. The successful separation from NAB’s systems is a major milestone, expected to unlock cost synergies and operational efficiencies.
• Financial performance has been volatile, with a return to profitability in the most recent year after a significant loss. However, long-term trends in net income and EPS are negative, and the dividend has been suspended, reflecting the ongoing challenges and restructuring costs.
• The company’s forward strategy hinges on leveraging its scale to become a leading, efficient wealth manager by 2030, targeting substantial cost savings and driving growth through its four key business lines: Advice, Wrap, Master Trust, and Asset Management. Execution on this complex strategy remains the key risk and opportunity.

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Key points (machine generated)

• ASML is the only company producing EUV lithography machines for advanced chip fabrication under 7 nanometers.
• The EUV technology involves a complex process using molten tin droplets and lasers to create plasma for radiation.
• ASML has a 100% market share in EUV systems and over 90% in leading-edge DUV tools, after 30 years of development.

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.

• Eternal Ltd’s Q2FY26 revenue surged 183% YoY to INR 135B, driven by Blinkit’s shift to an owned-inventory quick commerce model, a major operational transformation.
• The new model boosts revenue and gross margins but pressures profits amid higher marketing costs, dark store expansion, and increased working capital needs.
• Eternal is prioritizing scale over near-term profits, investing heavily to strengthen its long-term leadership in Q-commerce and digital retail.

During this episode of SSOI podcast, I spoke with Colin King of Circle City Capital. Colin runs Value Don’t Lie where he shares his highest conviction ideas. In this episode, Colin and I discuss NCR Atleos Corporation (NATL), Aumovio SE (AMVO), and Solstice (SOLS).