Daily Brief TMT/Internet: Bengo4.Com Inc, Korea Stock Exchange KOSPI 200, NVIDIA Corp, Mphasis Ltd, Allfunds Group, Vobile Group, Advantest Corp, Paytm, Wonderfi Technologies and more

• Back in mid-August, Bengo4.Com Inc (6027 JP) (“Bengoshi.com”) announced that it had applied to transfer to TSE Prime. 3+mos later, today it announced it will move on 4 Dec 2025.
• That sets up a TOPIX inclusion for end-January 2026 and then a likely upweight at end-April 2026.
• There is no accompanying offering, and the float is likely small. But the inclusion displaces the current active base. And there’s at least one large holder selling recently.

• FSC confirms December rollout; beyond procedural cleanup, this structural shift in flows brings small-to-mid shops and offshore retail, creating new order patterns in the local market.
• Omnibus accounts aggregate orders under one broker, blurring classic smart-money signals, slowing local retail follow-ons, and creating wider price-action gaps in the order book.
• MSCI volatility trades also require attention; the omnibus rollout will likely intensify flows as new accounts follow major institutions, impacting the Korea sleeve short-term.

• Nvidia’s warranty liabilities have ballooned from $1.29B in Q4 FY25 to $2.7B in Q3 FY26, with actual warranty spending surging 14× YoY.
• The jump comes as Blackwell-generation racks grow hotter, denser and more complex (up to 2 million individual parts), driving higher expected incident rates.
• Rising warranty reserves paired with rising finished-goods inventory suggest the same underlying tension that systems are getting harder to operate and harder to absorb downstream.

• Mphasis Ltd (MPHL IN) is a global information technology (IT) services and consulting company that specializes in providing cloud and cognitive services to help enterprises undergo digital transformation. 
• It is majority-owned by the Blackstone Group, one of the world’s largest private equity firms.
• Key forensic takeaways include hints of aggressive revenue booking via unbilled receivables, risk of goodwill impairment, etc.

• Deutsche Börse’s proposed €8.80/share acquisition of Allfunds, supported by exclusivity and strong industrial logic, transforms Allfunds into a strategically synergistic IFS asset, unlocking meaningful cost efficiencies and platform consolidation benefits.
• The market-implied 60% deal probability, attractive 8.5% headline spread, and dividend-adjusted 11.5–12.2% return create a compelling merger-arbitrage setup, with limited interloper risk and manageable regulatory scrutiny.
• For investors, hedging €4.30 in DB1 stock per Allfunds share (≈1 DB1 short per 52–53 ALLFG long) enables clean exposure to the spread, while long-term value remains strongest in DB1.

• Allfunds Group is a leading B2B WealthTech platform with a resilient business model, characterized by high recurring revenues and a strong network effect. Its extensive network of fund houses and distributors creates a significant competitive advantage.
• The company is well-positioned to capitalize on secular growth trends in the wealth management industry, including the increasing demand for open architecture solutions and the ongoing digitalization of wealth management services.
• Despite a challenging macroeconomic environment, Allfunds has demonstrated robust financial performance with consistent revenue growth and strong profitability. However, potential risks include margin pressure from competition and sensitivity to market fluctuations impacting assets under administration.

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• Vobile Group is a global leader in SaaS solutions for digital content asset protection and monetization, poised for growth driven by the proliferation of online video and the increasing need for intellectual property protection.
• The company is strategically focused on leveraging Artificial Intelligence (AI) to enhance its service offerings and is expanding its footprint in the rapidly growing Chinese market, which now accounts for a significant portion of its revenue.
• Recent financial performance indicates strong top-line growth and improving profitability, with a notable surge in net profit and expanding gross margins, though the company currently does not pay a dividend.

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• Advantest is a dominant force in the Automated Test Equipment (ATE) market, holding a significant global market share in a duopolistic industry structure with its primary competitor, Teradyne.
• The company is a key beneficiary of secular growth trends in the semiconductor industry, particularly the proliferation of Artificial Intelligence (AI), high-performance computing (HPC), and complex system-on-a-chip (SoC) designs, which drive demand for more sophisticated testing solutions.
• While exhibiting a robust growth trajectory and strong profitability, the stock trades at a premium valuation. Investors should also be aware of potential near-term stock price pressure due to index capping rules and the inherent cyclicality of the semiconductor industry.

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• Paytm is a leading digital payments and financial services company in India, evolving from a mobile wallet to a comprehensive ecosystem encompassing payments, commerce, and high-margin financial products like lending and insurance.
• The company is navigating an intensely competitive landscape, dominated by PhonePe and Google Pay in the UPI segment, and a dynamic regulatory environment overseen by the Reserve Bank of India.
• After a history of significant losses, recent quarterly results indicate a strategic shift towards profitability, driven by growth in financial services distribution and cost optimization, marking a potential inflection point for the company’s financial trajectory.

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• Robinhood’s acquisition of WonderFi Technologies at C$0.36/share faces CIRO approval, expected to close in H1 2026.
• The spread widened to 36% after the closing date was delayed due to a longer CIRO review.
• Robinhood’s controversial compliance history includes US$300m in fines, aligning with industry standards for crypto exchanges.