Daily Brief Equity Bottom-Up: PC Partner: Delisting in HK on 14 January 2026 and more

• PC Partner (1263 HK) announced it was completing its delisting from HK and moving to Singapore
• The move to Singapore was a “life or death” situation for the company, as staying in HK precluded it from having access to Nvidia’s latest chips
• 2026 will be a crucial year to determine PC Partner’s future outlook

• Mitra Adiperkasa stands out as Indonesia’s leading retailers, with an impressive portfolio of brands across segments, a dominant presence in major malls across Indonesia, and a strong online presence. 
• MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active outperforming. Digital, F&B, and fashion are improving  
• The company’s international business is seeing better performance, especially in Thailand and the Philippines, with expansion remaining on track, and management expressing a more optimistic view for 4Q2025 and beyond.

• Dominant Market Leader: As Indonesia’s largest state-owned telecommunications provider, Telkom holds a commanding market share in both mobile (through its subsidiary Telkomsel) and fixed broadband services, providing a strong foundation for stable revenue generation.
• Strategic Asset Monetization: The company is pursuing a value-unlocking strategy by spinning off its fiber assets. This move, coupled with plans to bring in a strategic partner, aims to improve capital efficiency and potentially lead to a significant re-rating of the company’s valuation.
• Attractive Shareholder Returns: Telkom consistently delivers strong returns to shareholders, evidenced by a high dividend yield and a formal commitment to dividend payouts. The company’s strong cash flow generation supports this policy.

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• Indofood is a vertically integrated food solutions giant in Indonesia, poised to benefit from the country’s favorable demographics and rising consumer spending.
• The Agribusiness segment, particularly palm oil, is a significant growth driver, supported by strong commodity prices and government biodiesel mandates.
• While the company exhibits strong top-line growth and market leadership, it faces risks from commodity price volatility, currency fluctuations, and margin pressures in its consumer branded products segment.

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• ReadCloud Limited (ASX:RCL) services the education and training sectors through the provision of digital learning content, proprietary interactive technology and support for students and educators.
• The company released its FY25 full-year result (30 September year-end) but many of the data points had been pre-released so there were no real surprises.
• The core strategic Australian schools-facing businesses in eBooks and VET-in-Schools (collectively 85% of FY25 group sales revenue) delivered strong results, with VET-in-Schools the standout growing revenue at 26% to $5.7m and continuing to deliver gross margins exceeding 90%.

• Fair Isaac Corporation (FICO) presented an earnings report for the fourth quarter of 2025 that highlights both the strengths and challenges facing the company.
• Revenues for the quarter reached $516 million, a 14% increase compared to the previous year, and for the full fiscal year, revenues totaled $1.991 billion, up 16% year-over-year.
• In their software segment, revenues were $204 million, with a mixed outlook.

• KakaoBank is a dominant digital-only bank in South Korea, leveraging the vast user base of the KakaoTalk messenger platform to achieve significant market penetration and rapid growth. Its branchless model provides a structural cost advantage over traditional incumbents.
• The bank is pursuing an aggressive growth strategy focused on expanding its customer base to 30 million and total assets to KRW 100 trillion by 2027. Key initiatives include diversifying into new loan products, enhancing platform services (e.g., advertising, loan comparison), and expanding internationally into markets like Indonesia and Thailand.
• While growth has been robust, the company faces significant risks from intense competition from other digital banks (K-Bank, Toss Bank) and traditional banks’ digital offerings. Furthermore, regulatory uncertainty, particularly concerning its largest shareholder, Kakao Corp., and potential government measures to manage household debt, presents a material headwind.

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• Public ad-tech equities are trading at historically low multiples, especially in Canada, despite consistent positive revenue growth and a pivot toward margin expansion.
• Regulatory disruption and cookie deprecation are accelerating the shift to first-party data, contextual targeting, and AI-driven personalization.
• Emerging channels like Connected TV and Retail Media are expanding monetization potential, creating asymmetric upside for nimble, vertically focused platforms.

• APA Corporation’s third quarter results highlight a period of operational success and financial prudence, balanced with the backdrop of a challenging global environment.
• They demonstrated strong operational performance across all key regions, with production exceeding guidance, while maintaining lower-than-expected capital investment and operating costs.
• In the Permian Basin, APA Corporation saw oil production surpass guidance due to efficient operations, while the capital costs stayed in line with the expectations, demonstrating a well-managed portfolio and resilient strategies.

• Apple (AAPL US) may outsource iPad CPU production to Intel in 2027.
• U.S. semiconductor reshoring faces fundamental structural barriers, and Trump is trying to blame this by pushing TSMC to move advanced manufacturing technology to the U.S. 
• The key variable remains Intel’s 18A execution. However, Intel’s current CEO, Lip-Bu Tan, has not demonstrated an aggressive stance so far.