Daily Brief Equity Bottom-Up: Plover Bay (1523 HK): Slight Deceleration But Solid H1 FY25 And Optimistic Future Growth and more

• Plover Bay Technologies (1523 HK) reported 9.9%/13.4% YoY revenue/net profit growth, led by growth from customers in the EMEA and Asia (with the US being a drag).
• Earnings were more or less in line with our preview, Plover Bay (1523 HK): Preview On Earnings For H1 2025, but revenues were slightly weaker, and margins were stronger.
• The stock trades at 21.5x PE FY25e (assuming 15% growth), with a 4.4% dividend yield (assuming an 80% payout), but we acknowledge there could be upside to our earnings. 

• Institutional investors are turning to AI to analyze SEC filings and earnings call transcripts, with Fintool offering a quicker and more efficient solution.
• The biography of Larry Ellison, focusing on Oracle during the dot com crisis, provides insight into Ellison’s leadership style and business strategies.
• Despite some mixed feelings about Oracle and Ellison’s personality, his vision for the future of computing, such as using commodity hardware and smartphones, has proven to be accurate in hindsight.

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• Q425 revenues of $76.4 billion, up 5.5% QoQ, 18% YoY and handily beating guidance of $73.8 billion.
• Azure surpassed $75 billion in revenue in FY25, up 34% YoY, driven by growth across all workloads.
• Contracted backlog grew by $53 billion QoQ to reach $368 billion. Wow!

• Some of my favorite situations are international spin-offs because they fly under the radar. Hamee has not been written up on VIC, Seeking Alpha or Twitter (I found one writeup on Substack).
• The company is 3 months away from breaking up into two separate companies which both look attractive. It is currently classified as a Specialty Retail company but will spin off a high growth, high margin, SaaS company in November that I estimate is worth more than the entire company’s market cap today.
• The stock looks compelling on an absolute basis (5.1x NTM EBITDA) and SOTP basis. I see 31% to 117% upside over the next 6 months as the break up is completed.

• Soft World International has an integrated value chain/sizeable moat for its game development, distribution, payments, content, and events in Taiwan. 
• The company is trading at attractive valuations. It is trading at EV/EBITDA of 3.7x, P/E of 13.4x, and P/B of 1.5x based on recent prices and LTM financials.
• Net cash as a percentage of market cap is 79%. The company’s dividend yield remained steady at 6% in FY23 and FY24.

• 3Q25 saw an acceleration in revenues (+10% YoY) and EPS (+12%), after a long period of stagnation (2022-23-24 at ~3% growth). 4Q guidance is 5% above Consensus. 
• Impact of US import tariffs is negligible. Services is the major growth driver and Apple has few answers on critical questions (Epic ruling, DoJ rulings against Google, AI roll out). 
• The stock is expensive, as always  (27x FY26 EPS, 25x FY27 EPS) for sub-10% growth. Some people love the buybacks, the brand and dominant market position.

• Hyundai chief partners with Samsung and Hanwha in US tariff push, showing collaboration between major companies to address trade issues.
• Arm CEO considers in-house chip production, signaling a strategic shift for the company towards more control over its manufacturing process.
• BOE secures half of Apple’s MacBook screen orders, displacing LG Display, showcasing the competitiveness in the display market.

• While Mineral Resources performed strongly operationally in the fourth quarter, not everyone is comfortable with its debt and the outlook for commodity prices.
• -Mineral Resources’ strong fourth quarter across all segments -Production outperformance, strong cashflows at Wodgina and Onslow -Onslow progressing toward nameplate capacity -Improving balance sheet, but sensitivity to commodity prices remains

• In Q1 FY03/26, the company reported revenue of JPY549.6bn, operating profit of JPY144.7bn, and net income of JPY117.8bn.
• The revised FY03/26 forecast projects revenue of JPY2.35tn, operating profit of JPY570.0bn, and net income of JPY444.0bn.
• The company plans aggressive R&D investments, increasing from JPY250.0bn in FY03/25 to JPY295.0bn in FY03/26.

• Brightstar Lottery (BRSL) reported solid Q2 2025 results and is delivering on every aspect of the original thesis I laid out in June.
• The company has now begun executing on the largest capital return in its history: a $3.00 per share tax-free special dividend (paid July 29) and a $250MM accelerated share repurchase (ASR) — the first half of a $500MM buyback authorization.
• Brightstar also reiterated that it will maintain its $160MM annual dividend, so with fewer shares outstanding, the per-share dividend will increase, potentially rising to ~$0.22–$0.24 per quarter.