Daily Brief TMT/Internet: I Net Corp, Micron Technology, Samsung Electronics Pref Shares, Taiwan Semiconductor (TSMC) – ADR, BigBear.ai Holdings , 4DS Memory Ltd, Sunny Optical Technology Group, Hennge KK and more

• I Net Corp (9600 JP) has recommended a tender offer from Orix Corp (8591 JP) at JPY2,530, a 53.4% premium to the last close.
• The offer is attractive as it is above the midpoint of the target IFA DCF valuation range and represents an all-time high. 
• Despite the high required minority tendering rate, an attractive offer facilitates completion. The tender runs from 3 October to 17 November.  

• SK Hynix and Micron stocks were lagging TSMC and Nvidia as it took ~2 years for HBM to suck up enough Commodity DRAM capacity to stabilize the Commodity market
• That’s now done, we’re just at the beginning of spectacular HBM growth for at least 2 more years. The reasons are known: density increases, speed increases, dies thinner…
• Stocks: keep or buy Micron and SK Hynix. Samsung remains unattractive imo

• In this insight, we discuss numerous gap trade opportunities involving Korean preferred and common shares in 4Q 2025.
• The preferred companies’ share price discount (relative to the common shares) on the 27 pairs below was 36% at the end of September 2025.
• On a longer timeframe (3-5 years), this discount could narrow further to the 20-25% range, which provides additional opportunities for the Korean preferred shares to further make relative gains.

• OpenAI, Samsung & SK Hynix Lock In Memory Pact — Taiwan Next Stop
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• TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node 

• BigBear.ai is a specialized provider of AI-powered decision intelligence solutions, with a primary focus on the U.S. defense, intelligence, and homeland security sectors. Its established relationships and expertise in these niche markets provide a competitive advantage.
• The company is in a high-growth industry but faces significant financial headwinds. It has a history of substantial net losses and negative operating cash flow, indicating a high-risk profile. Revenue growth has been inconsistent, with recent quarterly performance showing a year-over-year decline.
• Future success is heavily dependent on securing large-scale government contracts and successfully expanding into the commercial sector to diversify revenue. The company’s strong balance sheet, with a significant cash position, is intended to fund investments to capture these opportunities, but execution remains a key uncertainty.

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• The U.S. Secretary of Commerce, Howard Lutnick, has requested that Taiwan Semiconductor (TSMC) – ADR (TSM US)’s production output reach a 50:50 ratio between the U.S. and Taiwan.
• By contrast, TSMC’s fab construction also requires strong supplier coordination, and in the case of its U.S. fabs, there are numerous regulatory hurdles to overcome.
• Meanwhile, Semiconductor Manufacturing International Corp (SMIC) (981 HK)’s share price in Hong Kong has surged this year (+209.14%), significantly outperforming TSMC’s share price increase (+28.15%).

• 4DS Memory is a semiconductor technology company developing a proprietary Interface Switching Resistive Random Access Memory (ReRAM) for high-bandwidth and high-endurance applications, particularly targeting the AI and high-performance computing markets.
• The company is in a pre-revenue stage, focusing on research and development. Recent developments include a strategic review and a pause in its collaboration with imec and Infineon to reassess its technology pathway, creating significant uncertainty.
• Financially, 4DS is reliant on capital raisings to fund its operations, with no revenue generated to date and consistent net losses. The company’s future is contingent on the successful development and commercialization of its ReRAM technology.

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• Sunny Optical is a global leader in optical components, holding substantial market shares in key segments like vehicle and handset lens sets, positioning it to capitalize on long-term growth in automotive autonomy and smartphone premiumization.
• The company exhibits a strong financial profile, characterized by a healthy net cash position, which provides resilience and flexibility. However, it has faced significant headwinds recently, with key financial metrics showing negative growth over the last three years.
• Key risks include high customer concentration with major tech companies, intense industry competition, and the rapid pace of technological change, which creates uncertainty and could impact future profitability.

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• Hennge KK is a leading Japanese cloud security provider, specializing in Identity as a Service (IDaaS) through its flagship product, HENNGE One. The company benefits from the ongoing digital transformation and cloud adoption trends in Japan.
• The company exhibits a strong growth profile, with a 3-year revenue CAGR of 19.96% and a net income CAGR of 54.62%. This is driven by the expansion of its recurring revenue base from the HENNGE One SaaS platform.
• Key challenges include rising SG&A expenses due to investments in personnel and advertising, increasing competition from global players, and a noted decline in the average number of users per corporate client, which could pressure future growth.

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Key points (machine generated)

• Japan PropTech (TSE: 4054) is a real estate tech company expecting significant growth in revenue, profit, and dividends by June 2026.
• The company offers digital transformation solutions for the real estate sector, focusing on brokerage and rental management firms.
• Key products include ‘Reapro BB’ for property sharing, ‘Reapro’ for vacancy management, and the upcoming ‘Rental Revolution 11’ for tenant and billing management.

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