Daily Brief TMT/Internet: GigaDevice Semiconductor , OmniVision Integrated Circuits Group, Micron Technology, ASML Holding NV, Tata Consultancy Svcs, MongoDB , Crowdstrike Holdings , Marvell Technology , Chatwork Co Ltd and more

• GigaDevice is a leading Chinese fabless semiconductor company, holding a dominant position in the domestic SPI NOR Flash market and rapidly expanding its presence in the microcontroller (MCU) sector.
• The company is a key beneficiary of China’s strategic push for semiconductor self-sufficiency, which provides a long-term tailwind for domestic market share gains across its product lines.
• While demonstrating strong long-term growth, the company faces significant risks from the inherent cyclicality of the semiconductor industry, intense global competition, and geopolitical tensions between the US and China.

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• OmniVision Integrated Circuits Group (603501 CH), a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.     
• OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.
• The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation. 

• Huge beat in Nov-25 and Feb-26. The impact of price hikes (Commodity Memory), mix change (more HBM and server) driven by AI growth and low capacity increase. 
• Management is cautious on bit growth but very positive on 2026-28 outlook. HBM sold out for ‘26. Shortages continue in ’26-27. HBM market to increase ~3x by ‘28.
• Consensus should revise up FY26 by ~60%, FY27 by ~80%. This implies that the stock trades at 7.5x FY26 EPS and 5.4x FY27. 

• Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.
• Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   
• KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. 

• In this edition: • Ahold Delhaize | to close six e-commerce fulfillment centers by the end of 1Q26 • ASML Holding | Chinese rumoured to have copied an EUV machine • SBM Offshore | extends contracts for 2 FPSOs and completes sale FPSO Aseng • Sif Holding | affirms 2025-2026 outlook • Dutch politics | coalition talks: significant policy divide on fiscal discipline

• TCS achieved $1.5 billion in annualised AI revenue with 16.3% QoQ growth, significantly outperforming traditional service segments and signaling a successful transition to AI-led growth.
• The company implemented a five-level “Human + AI” service autonomy model, progressing from simple tools to self-learning “Agentic Enterprises” to modernize global service delivery.
• TCS launched HyperVault for gigawatt-scale AI data centers and reskilled 580,000+ employees, positioning itself as a full-stack orchestrator in the global AI ecosystem.

• MongoDB reported strong financial performance for the third quarter of fiscal year 2026.
• The company achieved total revenue of $628.3 million, reflecting a 19% year-over-year growth, surpassing the high end of its guidance.
• This impressive performance was primarily driven by the strength of Atlas, MongoDB’s cloud-based database platform, which saw its year-over-year growth accelerate to 30%, compared to 29% in the previous quarter.

• CrowdStrike, Inc. delivered results that reflected strong operational momentum alongside an expanding strategic footprint across cybersecurity domains tied to artificial intelligence, cloud infrastructure, identity, and security operations.
• The quarter was characterized by accelerated net new annual recurring revenue, broad-based platform adoption, and improved profitability metrics, while also highlighting areas where execution risk and cost sensitivity remain relevant as the company scales.
• From an investment thesis perspective, CrowdStrike, Inc. continues to benefit from its single-platform architecture, which integrates endpoint, cloud, identity, and security operations capabilities into a unified data and analytics layer.

• Marvell Technology is exiting the third quarter of fiscal year 2026 with results that reflect strong momentum in its core data center business, alongside rising complexity and execution demands tied to its expanding role in AI infrastructure.
• Revenue reached a record level, supported primarily by sustained strength in data center interconnect, optics, switching, and storage, while communications markets showed signs of recovery after a prolonged inventory correction.
• Management emphasized that demand exceeded internal expectations, particularly in networking-related products, contributing to upside versus guidance and continued operating leverage.

Key points (machine generated)

• kubell, listed as 4448 on the Tokyo Stock Exchange, is a leading provider of business chat services in Japan, notably through its platform ‘Chatwork.’
• The company promotes digital transformation and productivity for SMEs with its business process outsourcing service ‘Taksita’ and other BPaaS offerings.
• As of September 2025, ‘Chatwork’ has been adopted by 953,000 businesses, contributing to improved profit margins and an upward revision of the full-year operating profit forecast.

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