Daily Brief TMT/Internet: AppLovin , AAC Technologies Holdings, Urban Company, Mirae Asset TIGER Fn Semiconductor Top 10 ETF, Robosense Technology, China Mobile, Echostar Corp A, Taiwan Semiconductor (TSMC) – ADR, Automatic Data Processing, OpenAI and more

• There are 3 constituent changes for the S&P 500 INDEX (SPX INDEX) in September. There are capping changes for the Select Sector indices and the Equal Weight Index too.
• The round-trip trade is US$19.6bn with a big chunk from the Equal Weight Index, Technology Select Sector SPDR (XLK US) and Communication Services Select Sector SPDR Fund (XLC US). 
• The largest flows are expected in AppLovin (APP), Robinhood Markets (HOOD), Trade Desk (TTD), NVIDIA (NVDA), Apple (AAPL), Alphabet (GOOGL), Microsoft (MSFT US), Exxon Mobil (XOM) and Chevron (CVX).

• The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
• In this insight, we take a look at the potential index changes and the resultant capping flows for HSTECH index rebal event in December 2025.
• We expect one index change for the HSTECH index in December 2025 based on the latest available data.

• With rising affluence, India’s home services’ is fast evolving with a focus on enhancing the convenience and quality of life for households. Online home services to grow at 16–22% CAGR.
• Urban Company is the largest player (62% market share) with a recognised brand, ~50+k active professionals offering services across 17+ at-home service categories to 6+mn active customers
• IPO looks reasonably priced at 7-8x FY27 revenues, considering Indian tech peers trade between 6-10x. We estimate FY25-27 revenue CAGR at 22-25% vs 27% during FY22-25

• KRW 5T fund—the public-participation slice of the KRW 35T joint vehicle—is the main conduit for flows into local equities.
• The KRW 150T policy fund launches December, but pre-emptive flows could hit early, led by the KRW 5T ETF-heavy, retail-accessible Public Participation Fund.
• The KRW 5T Public Participation Fund, ETF-heavy and thematic in AI, semis, Mobility, and Biotech, could drive concentrated, short-term rallies; position early ahead of year-end flows.

• Hong Kong’s Secular Bull Market continues with the index breaking  above its long term resistance levels.  Market breadth is expanding with 87% of stocks trading above their 200  (DMA).
• Hong Kong market valuations are well below all other Asian markets.  This year, the materials and healthcare sectors have been the best performers.
• Robosense Technology (2498 HK)  reported solid earnings in its LIDAR business with robotics posting surprising growth.  Deutsche Bank and China Renaissance both rate the company a BUY and raise targets.

• As you all know China Mobile (941 HK) has strategically ramped up its ownership in HKBN Ltd (1310 HK)  aiming at full control/takeover, while navigating regulatory approvals and competitive bids.
• The stock suffered a pretty big drop in the last 2 weeks, especially last week, when it reached 85.1. This week the stock started a small recovery rally.
• Our model finds China Mobile oversold (short-term) but we cannot rule out a further drop to/below 83.2 (Q3 support), the current pattern is bearish: brief rally then down again.

• AT&T paid $22.7 billion for Spectrum from SATS, a third of their portfolio
• Yummy Century Stocks discusses the significance of the Spectrum sale and the value trapped in SATS and DISH
• Yummy Century Stocks estimated the value of the Spectrum to be around $8 billion, slightly higher than what AT&T paid

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• Automatic Data Processing, Inc. (ADP) reported strong financial results for the fourth quarter of fiscal 2025, characterized by a solid revenue increase and expansions in both margin and earnings per share (EPS).
• Revenue growth for the fourth quarter was reported at 8%, with an adjusted EBIT margin expansion of 40 basis points, while adjusted EPS increased by 8%.
• For the entire fiscal year, the company achieved 7% revenue growth, a 50 basis point rise in EBIT margin, and a 9% increase in adjusted EPS.

• Token costs no longer drop meaningfully with scale, and inference remains a fixed, expensive burden.
• Rather than delivering major performance gains, GPT-5 appears to be a cost-routing shell, underperforming in several benchmarks.
• With $115B in projected losses and hardly any visible scale-based leverage, OpenAI’s only path forward is monetisation.