Daily Brief TMT/Internet: InnoScience Suzhou Technology, iFAST, International Business Machines, Zetrix AI, CoreWeave, Softbank Group, IID Inc, Monolithic Power Systems, Inc, ASML Holding NV and more

• InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement.
• Innoscience was only listed in Dec 2024 and it undertook another primary raising in July 2025, the lockup for which has yet to expire.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Singapore’s stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS’s S$5bn EQDP incentivizes fund managers to look outside index stocks.
• We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG<1.4x).
• Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.

• IBM and Anthropic have joined forces in a major strategic move that could significantly reshape the enterprise AI landscape.
• As announced in early October 2025, Anthropic’s Claude AI models will be integrated directly into IBM’s software suite, beginning with its integrated developer environment (IDE).
• The collaboration represents a calculated step for IBM to reinforce its enterprise AI strategy by embedding powerful AI agents within its hybrid cloud and software platforms.

• Zetrix AI is successfully transitioning from a Malaysian e-government service provider to a regional digital infrastructure powerhouse, leveraging its proprietary Layer-1 blockchain and AI capabilities.
• Strong financial performance is characterized by robust revenue and net income growth, expanding margins, and significant cash flow generation, supporting a consistent and growing dividend.
• Strategic partnerships, particularly with the Malaysian government (MBI, MyDigital ID) and China’s national blockchain (Xinghuo), create a significant moat and provide clear avenues for substantial revenue growth from cross-border trade and digital identity services.

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• Specialized AI Infrastructure Provider Poised for Hyper-Growth: CoreWeave operates as a specialized cloud provider of high-performance GPU infrastructure, a critical component for the burgeoning AI industry. This focus allows it to cater to the specific, high-demand computing needs of AI developers and enterprises, positioning it to capitalize on the exponential growth in AI model training and inference.
• Strong Revenue Growth Underpinned by Long-Term Contracts: The company has demonstrated impressive revenue growth, driven by substantial long-term contracts with major AI players. These multi-year agreements provide significant revenue visibility and backlog, reducing the volatility typically associated with usage-based cloud models.
• Significant Financial Risks Amidst Aggressive Expansion: Despite its growth trajectory, CoreWeave faces considerable financial risks, including a heavy debt burden, significant capital expenditures, and substantial net losses. The company’s high customer concentration and reliance on debt to fund its rapid expansion are key areas of concern for investors.

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: Softbank Group
• The UST curve twisted flatter slightly yesterday, albeit there were few material catalysts. The yield on the 2Y UST rose 2 bps to 3.58%, while that on the 10Y UST was unchanged at 4.12%. Equities rebounded from Tuesday’s dip, with the S&P 500 and Nasdaq up 0.6% and 1.1%, respectively.
• The September FOMC meeting minutes showed that most officials “judged that it likely would be appropriate to ease policy further over the remainder of this year”.

Key points (machine generated)

• IID, Inc. has reported a net profit increase in FY6/25 for the first time in four years, indicating a shift towards high growth strategies.
• The company operates in two segments: Creator Platform Business and Creator Solutions Business, managing 82 online media websites across 21 content categories.
• For FY6/25, IID reported consolidated net sales of ¥6,084 million, a slight decrease of 0.7% year-on-year, and an operating profit of ¥459 million, down 12.2%.

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Key points (machine generated)

• IID, Inc. reported its first net profit increase in four years for FY6/25 despite a decline in net sales and operating profit.
• The company operates two segments: Creator Platform Business and Creator Solutions Business, facing challenges in the latter.
• For FY6/26, IID expects a 5.2% increase in net sales and a 30.5% rise in operating profit, focusing on M&A, AI monetization, and shareholder benefits.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• Monolithic Power Systems (MPS) is a high-growth, fabless semiconductor company specializing in differentiated, high-performance power management solutions. Its proprietary BCD process technology allows for greater integration and energy efficiency, providing a key competitive advantage.
• The company is strategically positioned to capitalize on secular megatrends, including the expansion of enterprise data centers, artificial intelligence (AI), automotive electrification (EVs and ADAS), and industrial automation. These end markets are expected to drive sustained, above-average growth.
• MPS has a strong track record of financial performance, characterized by robust revenue and earnings growth, high margins, and consistent dividend increases. While the company trades at a premium valuation, its superior growth profile and technological edge support its market position.

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• In this edition: • Ahold Delhaize | not Jumbo but Everest ended the collaboration • ASML | US House Committee recommends extending export ban to older technologies • bpostgroup / PostNL | Amazon plans to offer same-day delivery in Belgium