In today’s briefing:
- Micro-Mechanics (Holdings) Limited – Next Generation Supplier of the Semicon Industry
- Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26
- Grab Holdings (GRAB US) – Harvesting Sequentially
- PG Electroplast: KMP Selling and Lowering Guidance
- Lasertec Corp (6920 JP): Full-year FY06/25 flash update
- Antero Resources: A Tale Of LNG Export Growth & Increased Demand at Plaquemines Terminal!
- C.H. Robinson Is Betting Big on AI—Can Agentic Tech Revolutionize Logistics Forever?
- Intel (INTC.US): Changing the CEO Could Save This Company? Probably the Wrong Direction.
- Anicom Holdings (8715 JP): Q1 FY03/26 flash update
- IAC: Reviewing Q2 and Updating My Valuation
Micro-Mechanics (Holdings) Limited – Next Generation Supplier of the Semicon Industry
- Micro-Mechanics (Holdings) Limited is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools and parts for process-critical applications for the semiconductor and other high technology industries.
- The group operates across two segments: Consumable Tools, which are tiny, consumable precision tools used in the assembly and testing of semiconductor chips, and Wafer Fabrication Equipment (WFE) Parts, which are precision components used in semiconductor wafer fabrication equipment.
- By serving both back-end and front-end processes, Micro-Mechanics operates in a niche and essential segment of the semiconductor supply chain.
Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26
- Street chatter says Hynix’s HBM4 hike tops ~20%, not covering costs — and Nvidia’s pushing similar cuts on its flagship 12-Hi HBM3E.
- Yeouido’s watching “Blind” posts from Samsung engineers saying 1c 12-Hi HBM4 yields look strong — fueling bets Samsung will cut prices, ramp HBM3E now, and challenge Hynix in HBM4.
- In Yeouido, the Samsung long/Hynix short theme is seen as a structural trade through 1H next year amid Hynix’s contract uncertainty and Samsung’s supply entry potential.
Grab Holdings (GRAB US) – Harvesting Sequentially
- Grab reported a strong set of 2Q2025 results with growth accelerating across all three segments, with on-demand services driven by product-led initiatives, driving expansion in MTUs through Saver.
- The company continues to increase efficiencies and reinvests those scale benefits to grow the business, with new product offerings making good headway, with Grab Unlimited subscribers spending 5X non-members.
- Financial services booked the highest growth in 2Q2025, driven by both GrabFin and three Digibanks. Management expects growth momentum to continue sequentially and margins to improve in 2H2025.
PG Electroplast: KMP Selling and Lowering Guidance
- PG Electroplast (PGEL IN) is under limelight after the management cut its revenue guidance from 33% to 21-23%, within a single quarter.
- The management has also flagged concerns regarding RAC demand which has affected performance.
- Additionally, between Feb–Jun 2025, relatives of the CFO sold ~INR 376 mn worth of shares, mostly in June, shortly before the guidance cut, raising potential governance concerns.
Lasertec Corp (6920 JP): Full-year FY06/25 flash update
- The company reported significant YoY growth in sales, operating profit, recurring profit, and net income, driven by AI semiconductor demand.
- FY06/25 orders and backlog decreased sharply YoY, with the company ceasing quarterly order disclosures and forecasting weaker future orders.
- The company plans increased R&D spending, reduced capital expenditures, and stable dividends, with a share repurchase program announced.
Antero Resources: A Tale Of LNG Export Growth & Increased Demand at Plaquemines Terminal!
- Antero Resources recently reported its second-quarter results for 2025, revealing a mix of positive and negative developments that reflect its operational strategies and market dynamics.
- On the positive side, Antero Resources has achieved notable improvements in capital efficiency, managing to increase its production guidance while reducing capital expenditures.
- This improvement is underscored by a 26% decline in maintenance capital requirements from $900 million to $663 million since 2023.
C.H. Robinson Is Betting Big on AI—Can Agentic Tech Revolutionize Logistics Forever?
- C.H. Robinson Worldwide, Inc. has shown a performance bolstered by its ongoing transformation beginning in early 2024, marked by the implementation of a lean operating model.
- Despite the challenges within the global market, the company has delivered six consecutive quarters of consistent outperformance.
- This is attributed to the disciplined execution of its operating model and the adoption of advanced technological tools.
Intel (INTC.US): Changing the CEO Could Save This Company? Probably the Wrong Direction.
- US President Trump urged Intel Corp (INTC US) yesterday to replace its current CEO, Mr. Lip-Bu Tan.
- We believe Intel Foundry Services (IFS) could be a highly challenging — or even misguided — strategy
- Intel Corp’s share price has declined about 23% since Mr. Lip-Pu Tan took office.
Anicom Holdings (8715 JP): Q1 FY03/26 flash update
- Recurring revenue increased by 10.4% YoY to JPY18.2bn, driven by underwriting, investment, and non-insurance business growth.
- Recurring profit decreased by 40.7% YoY to JPY960mn, impacted by increased costs from AXA Direct insurance contract transfers.
- The combined ratio based on earned premiums rose 4.0pp YoY to 97.9%, influenced by higher medical costs and policy transfer expenses.
IAC: Reviewing Q2 and Updating My Valuation
- IAC reported its second-quarter results recently and sold off sharply. In my view, the market reaction was overly punitive. While results came in slightly below expectations, they were far from disastrous.
- The stock now looks exceptionally cheap, trading at just 3.4x EBITDA, and I see 43% to 78% upside.
- Over time, I’m confident that management will unlock value—most likely through strategic asset spin-offs.
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