In today’s briefing:
- Dowoo Insys IPO Preview
- Tencent (700 HK): Strategic Insights and Top Trades from HKEX Options Trading
- Xiaomi’s Own Mobile Chip Fairytale Is Back
- Xiaomi Unveils First Self-Developed 3nm System-on-Chip Rivaling Apple’s A18 Pro
- Huawei Unveils HarmonyOS PCs in Challenge to Windows–MacOS Duopoly
- MNTN, Inc. IPO: Blockbuster NYSE Debut, The Stock Has Skyrocketed ~65% on the First Trading Day
- Avnet Inc: Promising Developments At Farnell Are Not Enough To Overshadow Europe Challenges!
- SAP (SAP GR): Sapphire 2025 – Highly Efficient Engine
- Lucror Analytics – Morning Views Asia
- Broadridge Financial Solutions: How Increased Trading Volumes Can Bolster Future Growth & Financial Performance!
Dowoo Insys IPO Preview
- Dowoo Insys is getting ready to complete its IPO in Korea. Dowoo Insys is one of the first companies in Korea to commercialize ultra thin glass (UTG) for foldable displays.
- The IPO price range is 29,000 won to 32,000 won. At the high end of the IPO price range, the expected market cap of the company is 351 billion won.
- The bankers used five companies including Synopex, Duksan Neolux, and Innox Advanced Materials as comparable companies. The bankers used these companies’ average EV/EBITDA multiple of 15x to value Dowoo Insys.
Tencent (700 HK): Strategic Insights and Top Trades from HKEX Options Trading
- Over the past five trading days, Tencent (700 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
- Calendar and Diagonal Spreads make up a quarter of all strategies. Several examples are presented incorporating upfront cost, upfront credit, or zero-cost combinations.
- While there is a bias towards bullish strategies, 26% of all strategies express a market-neutral view in the form of Straddles, Strangles, Butterflies or Condors.
Xiaomi’s Own Mobile Chip Fairytale Is Back
- Xiaomi has its own smartphone chip! It’s the 4th announcement (2014, 2017, 2021, 2025)? Yes it is. Why it didn’t succeed before, will it work out now? It won’t.
- Mobile chip development costs US$800m-1bn, to be amortized on Xiaomi’s small volumes. The economics don’t work. It won’t give Xiaomi any performance / differentiation benefits.
- Why now? Computex was ongoing in Taipei with 10 big-size CEOs, Nvidia, AMD, Qualcomm, Mediatek, TSMC… maybe they felt lonely in Beijing? If you bought Xiaomi, please sell.
Xiaomi Unveils First Self-Developed 3nm System-on-Chip Rivaling Apple’s A18 Pro
- After four years of behind-the-scenes development, Xiaomi has officially joined the top tier of smartphone chipmakers with the launch of its first in-house 3-nanometer system-on-chip (SoC), the Surge Xuanjie O1, along with its first self-developed 4G baseband chip, the Xuanjie T1.
- The announcement came during the company’s product launch event in Beijing on Thursday, where Xiaomi also introduced its new flagship phone 15s Pro and 7Ultra tablet — both powered by the Xuanjie O1— as well as a smartwatch using the T1 chip.
- The Xuanjie O1 is built using TSMC’s second-generation 3nm N3E process the same advanced node used in Apple’s A18 chips and Qualcomm’s Snapdragon 8 Elite.
Huawei Unveils HarmonyOS PCs in Challenge to Windows–MacOS Duopoly
- Huawei Technologies Co. Ltd. unveiled its first personal computers Monday in Chengdu, with machines powered by the company’s self-developed chips and HarmonyOS operating system in a direct challenge to the long-standing dominance of Windows-Intel (Wintel) and Apple’s macOS technology.
- The MateBook Fold, priced from 23,999 yuan ($3,328), features an 18-inch foldable screen and a split keyboard, while the lighter MateBook Pro, starting at 7,999 yuan, follows a more conventional laptop design with a 14.2-inch display.
- Huawei did not disclose the specific chip used in either model, but industry observers believe the devices are equipped with the company’s Kirin X90 processor built on an Arm architecture.
MNTN, Inc. IPO: Blockbuster NYSE Debut, The Stock Has Skyrocketed ~65% on the First Trading Day
- MNTN, Inc., a high-growth provider of CTV performance marketing platform, priced its IPO at $16.00 per share, high end of range.
- The offering was ~14x times oversubscribed, according to Mark Douglas, Founder & CEO of MNTN. The IPO opened at $21.00 and closed at $26.36 per share, up ~65%.
- I think the stock was attractively priced vs. peers, given 30%+ growth rates, FCF positive business and top-tier backers.
Avnet Inc: Promising Developments At Farnell Are Not Enough To Overshadow Europe Challenges!
- Avnet, Inc. reported its financial results for the third quarter of fiscal year 2025, demonstrating a performance that exceeded some expectations despite challenging market conditions.
- The company achieved sales of $5.3 billion, reaching near the high end of its guidance, while adjusted earnings per share (EPS) of $0.84 surpassed expectations.
- Cash flow from operations amounted to $141 million for the quarter, driven largely by a better-than expected performance in Asia and positive developments from Farnell, although the company faced ongoing weaknesses in the Western markets, with Europe providing the most difficult environment.
SAP (SAP GR): Sapphire 2025 – Highly Efficient Engine
- At Sapphire 2025, SAP reintroduced its Business Suite as a unified cloud-based platform, AI, and Business Data Cloud. This strategy aims to simplify operations and improve scalability through embedded AI.
- SAP is on track to meet or exceed its financial targets, with significant revenue opportunities. Efficiency gains powered by Business AI are helping SAP decouple expense growth from revenue growth.
- Despite broader industry uncertainty, SAP’s domain expertise and robust infrastructure offer a strong foundation to lead in the evolving AI-driven enterprise software landscape.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Xiaomi Corp, China Hongqiao
- Treasury yields ended lower yesterday, after recovering from a bear-steepening move earlier in the day that pushed the 30Y yield to as high as 5.15%.
- The recovery could be driven by dip buyers, after the US Congress narrowly passed President Donald Trump’s signature tax bill.
Broadridge Financial Solutions: How Increased Trading Volumes Can Bolster Future Growth & Financial Performance!
- Broadridge Financial Solutions Inc. reported strong third-quarter results for fiscal year 2025, reflecting robust performance across its various business segments, with total revenue increasing by 5% to $1.8 billion.
- The company achieved 8% growth in recurring revenues, constant currency, and a 9% increase in adjusted EPS, supported by solid execution of its growth strategy and a high level of visibility into its revenue streams driven by a 98% revenue retention rate and a significant recurring revenue backlog of $450 million.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
💡 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
