Daily Brief TMT/Internet: Hanmi Semiconductor, Ricoh Company Ltd, Samsung Electronics, Tech Mahindra, GigaDevice Semiconductor , LG CNS, ASE Technology Holding , Wonik Holdings Co., Ltd, NVIDIA Corp, Intel Corp and more

• Samsung confirmed PRA sign-off for 1c HBM4, shipped samples to NVIDIA, went full redesign on base die, and is in talks with vendors like Hanmi for hybrid bonding gear.
• From a trading POV: Samsung pivoting to Hanmi signals “speed over pride”—a clear tell they’re serious about ramping HBM4 fast, even if it means breaking from vertical integration.
• For the move to stick, yields and customer wins matter — but Hanmi’s stepping up, and this could give Samsung’s HBM4 story a real leg up if it plays out.

• The slide in Ricoh Company Ltd (7752 JP)‘s stock price over the last few months could lead to the deletion of the stock from a global index in August. 
• Ricoh Company Ltd (7752 JP) has underperformed its peers over the last couple of months and trades cheaper than the average of its peers.
• There are indications of positioning in the stock. However, positioning is likely smaller than the estimated passive selling and there could be more downside for the stock near-term.

• OP pre-announced, the details aren’t inspiring. Margins decline in TV, Semi. Only Smartphone is resilient. 2H25 demand outlook is weak for TV, Smartphone.
• Confident tone on HBM growth, qualifications, ASP increase. Several contradictions: Samsung endorses theory of HBM price pressure (how’s that positive?); HBM3E is already 80% of HBM revenue (where’s the upside?)
• Consensus is revising up slowly, stock is going up sharply. This assumes a large turnaround in memory / HBM / Foundry. 

• BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
• In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index in the December 2025 index rebal event.
• As things stand, there are no index changes expected for the BSE SENSEX index. However, if there are strong relative price swings, ADDs/DELs could be triggered.

• GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing.
• GD is a leading specialty memory chip and MCU company in mainland China.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• There will be an end of lock up of 67.5% of LG CNS (064400 KS)’s shares starting 5 August (6 months post IPO).
• The shares subject to the release are those held by the largest shareholder LG Corp (003550 KS) and Crystal Korea (Macquarie).
• We would emphasize on positive developments on LG CNS (solid operating results and stablecoin rollout in Korea) which could be bigger factors than potential selling by the second largest shareholder.

• 3Q25 guidance (Assuming US$1 = NT$29.2.): Consolidated US$ revenue: +12-14% QoQ; NT$ revenue: +6-8% QoQ; Gross margin: -1 to -1.2ppts QoQ; OPM: -0.1 to -0.3ppts QoQ.
• Still keep US$1bn advanced packaging guidance despite AI boom (TSMC revised up).
• Long-Term success definition for ASE: Transition from OSAT model to foundry-aligned scale.

• With Korea’s revised Commercial Act live, investors ask who’ll be the first test case — all eyes are on Wonik Holdings amid chatter on new shareholder litigation angles.
• Looks like a typical holdco, but Horizon—a paper company owned by the chairman’s kids—controls Wonik, hiding real power and raising new direct shareholder legal risks under revised rules.
• July 1 triggered Wonik’s 13% surge as bipartisan support for the Commercial Act locked in, with activists quietly gearing up despite fading momentum since.

• Nvidia’s smooth return to China hits turbulence as regulators question the H20 chip’s security.
• AMD stays below the radar; less political baggage, and could be better positioned if Nvidia is slowed.
• AMD also gets a lift from its Threadripper 9000 launch and a bullish analyst price upgrade.

• TSMC has been operating as a monopoly, raising prices without consequence and controlling pricing in the industry.
• Intel’s CEO’s recent comments about not investing in the next process without an external customer have raised concerns about the future of Intel’s Foundry business.
• The lack of commitment to future processes has led to suggestions that Intel should shut down fabs and secure capacity at TSMC, potentially impacting CPU competitiveness.

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