In today’s briefing:
- TOPIX Inclusions: Who Is Ready (Aug 2025)
- JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up
- Iress (IRE AU): Blackstone Mulling a Privatisation Bid
- How Chip Tariffs Shake up Samsung’s HBM Pricing Play Based on Fresh Local Intel
- StubWorld: PCCW’s Tenacious NAV Premium
- Tencent (700.HK) Q2 Earnings: Rally Into Earnings on Historically Low Volatility
- Bharti Airtel Placement – Third US$1bn Deal in the Year, Stock Up a Lot
- Amagi Media Labs Limited Pre-IPO Tearsheet
- Check Point Software: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!
- Capgemini’s Bold Growth Formula: Can Strategic Acquisitions & APAC Momentum Outpace the Competition?
TOPIX Inclusions: Who Is Ready (Aug 2025)
- Quiddity’s “Who is Ready” series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
- GMO Financial Gate (4051 JP), Azoom (3496 JP) and Kitazato (368A JP) (recent IPO) were included in the TOPIX index at the end of July 2025.
- Our long-term pre-event candidate Core Concept Technologies Inc (4371 JP) is getting close to meeting the key Section Transfer requirements.
JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up
- There are 39 adds/34 deletes for the JPX Nikkei 400 Index to bring the number of index constituents back to 400. There are stocks with multiple days ADV to trade.
- Based on the adds, deletes and capping changes, we estimate one way turnover of 6.7% and a round-trip trade of JPY 946bn (US$6.4bn).
- The adds have outperformed the deletes over the last year and there has been a move higher in the last few days too.
Iress (IRE AU): Blackstone Mulling a Privatisation Bid
- The AFR reports that Blackstone (BX US) is considering a privatisation bid which could value Iress Ltd (IRE AU) at about A$1.9 billion (more than A$10 per share).
- Iress is no stranger to privatisation interest. In 2021, EQT (EQT SS) bid against itself thrice to offer A$15.91, before failing to table a binding proposal.
- The shareholder structure facilitates an offer. The rumoured offer is a good starting point, but it is far from a knockout bid.
How Chip Tariffs Shake up Samsung’s HBM Pricing Play Based on Fresh Local Intel
- Samsung’s 12-high HBM3E qual at NVIDIA may slip to Oct–Nov. But tariff timing uncertainty still leaves room for a near-term demand spike.
- Samsung’s 1c-based HBM4 is yielding better than expected, but it’s 30% pricier than Hynix’s. Tariff treatment of the Taylor fab could make or break its HBM4 competitiveness.
- Too early to call HBM4, but Samsung’s HBM3E pricing plus tariff uncertainty could spark urgent NVIDIA buying — triggering a near-term volume spike before next-gen ramps.
StubWorld: PCCW’s Tenacious NAV Premium
- Despite the recent pullback, PCCW Ltd (8 HK) continues to trade at an unjustifiable premium to NAV.
- Preceding my comments on PCCW/ HKT Ltd (6823 HK) are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Tencent (700.HK) Q2 Earnings: Rally Into Earnings on Historically Low Volatility
- Tencent approaches earnings with low volatility and steady outperformance versus HSI.
- Volatilities are historically low with an earnings release on tap.
- Options market expects a modest move despite recent Tencent momentum.
Bharti Airtel Placement – Third US$1bn Deal in the Year, Stock Up a Lot
- Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
- ICI had earlier sold around US$1bn in Feb 2025 while Singtel had sold around US$1bn via a 0.8% stake sale in Airtel in May 2025 as well.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
Amagi Media Labs Limited Pre-IPO Tearsheet
- Amagi Media Labs (1232899D IN) is looking to raise US$400mn in its upcoming India IPO. The deal will be run by Citigroup, Goldman Sachs, Kotak Mahindra Capital and IIFL Capital.
- Amagi Media Labs is a global media technology company that provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.
- Its revenue is mostly driven by its Streaming Unification solutions, which have consistently been the largest contributor. In terms of geographical segmentation, the Americas have historically led AML’s revenue contribution.
Check Point Software: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!
- Check Point Software Technologies recently reported a solid quarter, with revenue and earnings per share (EPS) in line with expectations.
- The company’s revenues exceeded projections slightly, reaching $665 million, with a non-GAAP EPS of $2.37, representing a 9% growth year-over-year.
- This growth was driven primarily by strong customer demand for new appliances and a higher volume of product refreshes, particularly the Quantum Force AI-powered firewalls which posted a robust year-over-year growth of 12%.
Capgemini’s Bold Growth Formula: Can Strategic Acquisitions & APAC Momentum Outpace the Competition?
- Capgemini has presented a mixed set of results for the first half of 2025.
- The company has demonstrated resilience in a volatile economic environment, reporting revenue growth slightly above expectations, with H1 revenue reaching EUR 1.107 billion, a 0.2% increase year-on-year.
- Bookings amounted to EUR 11.993 billion, representing a 2.1% year-on-year growth.
Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
Unlock all research summaries