In today’s briefing:
- [Japan Pump ‘n Dump] Murakami Group Starts Selling The Day After Reporting 5%
- Naver Financial and Dunamu BODs To Decide on A Comprehensive Stock Swap on 26 November
- Palantir Technologies Skyrocketing & Disappointing All Shorts: How Its AI-Oriented Ontology Framework Driving Deep Customer Lock-In!
- NVIDIA Gets Ditched Again: After Softbank, Now Peter Thiel Is Cashing Out Fast!
- Taiwan Dual-Listings Monitor: TSMC and ASE Premiums Near Spead Short Levels
- Tekscend Photomask (429A JP): Post-IPO Global Index Inclusion in 2026
- Qfin Holdings Inc.(QFIN): Rising Risk Costs Temper Otherwise Decent 3Q25 Result
- KS / Kuaishou (1024 HK): 3Q25, Growth and Margin Continuously Climbed Up
- Klook IPO Preview: Category Leader in APAC and Gateway for Asia’s Fast-Growing Experiences Economy
- GRRR: 3Q25 Record Revenue; Break-Even; $121MM in Cash; 2026 Revenue Guidance of $137-200MM
[Japan Pump ‘n Dump] Murakami Group Starts Selling The Day After Reporting 5%
- On 20 October, Murakami Group reported they’d gone over 5% in cash/asset-rich DeNA (2432 JP). Not easy with insiders+Crossholders at 39%, passive at 24%. But not impossible.
- On 30 October, they reported they’d gone to 6.31% on 23 October (four days before they reported the 5%.
- As reported here before, Murakami-san sometimes does what might charitably be called a headfake, less charitably a Pump ‘n Dump.
Naver Financial and Dunamu BODs To Decide on A Comprehensive Stock Swap on 26 November
- Dunamu and Naver Financial are expected to hold separate board meetings on 26 November and the potential merger of the two companies is on the agenda.
- The valuation of Dunamu is expected to be about 15 trillion won and the valuation of Naver Financial is expected to be about 5 trillion won.
- This merger offers clear long-term advantages, including the opportunity to compete globally with overseas fintech firms like PayPal and Coinbase. Additionally, the collaboration strengthens Korea’s position as a stablecoin leader.
Palantir Technologies Skyrocketing & Disappointing All Shorts: How Its AI-Oriented Ontology Framework Driving Deep Customer Lock-In!
- Palantir Technologies Inc. has recently reported an exceptionally strong set of financial results for Q3 2025, marked by significant revenue growth and an impressive expansion of its U.S. commercial business.
- The company reported a year-over-year revenue growth of 63%, with particularly notable performance in the U.S. where revenue increased by 77%.
- A major contributor to this success was the expansion of Palantir’s U.S. commercial segment, which grew by 121% year-over-year.
NVIDIA Gets Ditched Again: After Softbank, Now Peter Thiel Is Cashing Out Fast!
- NVIDIA Corporation’s recent earnings for the second quarter of fiscal 2026 highlighted a record quarter in terms of total revenue, driven by widespread adoption of its comprehensive product suite across various sectors.
- The company reported a total revenue of $46.7 billion, surpassing its expectations with substantial growth noted in its data center segment, which increased by 56% year-over-year.
- The rollout of new technology, including the Blackwell platform and GB300 systems, was cited as a key driver of this growth, facilitating NVIDIA’s expansion in the AI infrastructure space.
Taiwan Dual-Listings Monitor: TSMC and ASE Premiums Near Spead Short Levels
- TSMC: 24.5% Premium; Near Level to Open Fresh Short of ADR Spread
- ASE: +5.7% Premium; Good Level to Short the ADR Spread
- ChipMOS: -1.7% Discount; Near Discount Level to Go Long the ADR Spread
Tekscend Photomask (429A JP): Post-IPO Global Index Inclusion in 2026
- Tekscend Photomask (429A JP) went public on 16 October 2025 on the Tokyo Stock Exchange and has a current market cap of $2bn.
- Inclusion in Global indices is expected in February and June 2026, as the security meets Global eligibility criteria.
- A slight free float increase is anticipated at a subsequent review following the lock-up expiry of Qatar Holding.
Qfin Holdings Inc.(QFIN): Rising Risk Costs Temper Otherwise Decent 3Q25 Result
- Revenue held up in 3Q25 as credit-driven services offset weakness in platform services, while regulatory and macro pressures continued to drive a strategic shift toward capital-heavy lending.
- Provisions surged due to regulatory-driven business mix changes rather than asset-quality deterioration, pushing cost of risk sharply higher and weighing on profitability.
- Despite lower FY25 guidance and reduced RoE, valuation remains attractive with meaningful upside supported by a higher target P/B and strong total return potential.
KS / Kuaishou (1024 HK): 3Q25, Growth and Margin Continuously Climbed Up
- Revenue growth accelerated for third quarter to 14% YoY in 3Q25.
- GMV of live streaming e-commerce grew by 18% YoY in 3Q25.
- The operating margin improved significantly by 4.7 ppt YoY in 3Q25.
Klook IPO Preview: Category Leader in APAC and Gateway for Asia’s Fast-Growing Experiences Economy
- Klook Technology Limited, a SoftBank-backed Asia’s leading platform for experiences and travel activities, filed for an IPO in the United States.
- The company became a unicorn in 2018 and was valued at $1B+ in 2025. Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead bankers on the upcoming offering.
- As of the end of Sep-25, Klook platform served 10.7M+ annual transacting users, spanning 200+ geographic markets worldwide. Since its launch, the mobile app has been downloaded ~70M times.
GRRR: 3Q25 Record Revenue; Break-Even; $121MM in Cash; 2026 Revenue Guidance of $137-200MM
- Gorilla, a leader in AI-powered security intelligence, network intelligence, business intelligence, and IoT technology, announced its 3Q25 earnings, with record sales of $26.5 million (up 32% Y/Y).
- The company has $121 million in cash and has reduced debt to $15.1 million. The stock price was up 12% in the aftermarket.
- Gorilla highlighted five successes in the quarter: (1) record revenue (up 32% in Y/Y); (2) strong project execution ($0.4 million operating income versus a loss of $6.0 million a year ago); (3) focus on profitability (adjusted EBITDA grew 31% Y/Y to $6.8 million; (4) improved capital flexibility (total debt down 30%, unrestricted cash of $110 million); and (5) EPS inflection (break-even EPS versus a loss of $7.8 million a year ago)
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