In today’s briefing:
- Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle
- Micro-Mechanics (Holdings) Limited – Next Generation Supplier of the Semicon Industry
- Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26
- Lasertec Corp (6920 JP): Full-year FY06/25 flash update
- Intel (INTC.US): Changing the CEO Could Save This Company? Probably the Wrong Direction.
- IAC: Reviewing Q2 and Updating My Valuation
- Friday Take Away: 1 August 2025
- Soliton Systems Kk (3040 JP): 1H FY12/25 flash update
- Toyo Business Engineering (4828 JP): Q1 FY03/26 flash update
- Arisawa Mfg (5208 JP): Q1 FY03/26 flash update
Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle
- Back in 2021, Swedish PE outfit EQT and Iress Ltd (IRE AU) were unable to firm a transaction. This was discussed in Iress (IRE AU) Accepts EQT’s Latest Proposal.
- EQT was granted due diligence after bumping indictive terms to $15.91/share, up from an initial pitch of A$14.80/share. Its been crickets since EQT walked.
- Now Blackstone has approached Iress, a trading and wealth management software provider. An indicative A$10.50/share cash Offer was tabled, but since withdrawn. Negotiations with Blackstone and Thoma Bravo are ongoing.
Micro-Mechanics (Holdings) Limited – Next Generation Supplier of the Semicon Industry
- Micro-Mechanics (Holdings) Limited is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools and parts for process-critical applications for the semiconductor and other high technology industries.
- The group operates across two segments: Consumable Tools, which are tiny, consumable precision tools used in the assembly and testing of semiconductor chips, and Wafer Fabrication Equipment (WFE) Parts, which are precision components used in semiconductor wafer fabrication equipment.
- By serving both back-end and front-end processes, Micro-Mechanics operates in a niche and essential segment of the semiconductor supply chain.
Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26
- Street chatter says Hynix’s HBM4 hike tops ~20%, not covering costs — and Nvidia’s pushing similar cuts on its flagship 12-Hi HBM3E.
- Yeouido’s watching “Blind” posts from Samsung engineers saying 1c 12-Hi HBM4 yields look strong — fueling bets Samsung will cut prices, ramp HBM3E now, and challenge Hynix in HBM4.
- In Yeouido, the Samsung long/Hynix short theme is seen as a structural trade through 1H next year amid Hynix’s contract uncertainty and Samsung’s supply entry potential.
Lasertec Corp (6920 JP): Full-year FY06/25 flash update
- The company reported significant YoY growth in sales, operating profit, recurring profit, and net income, driven by AI semiconductor demand.
- FY06/25 orders and backlog decreased sharply YoY, with the company ceasing quarterly order disclosures and forecasting weaker future orders.
- The company plans increased R&D spending, reduced capital expenditures, and stable dividends, with a share repurchase program announced.
Intel (INTC.US): Changing the CEO Could Save This Company? Probably the Wrong Direction.
- US President Trump urged Intel Corp (INTC US) yesterday to replace its current CEO, Mr. Lip-Bu Tan.
- We believe Intel Foundry Services (IFS) could be a highly challenging — or even misguided — strategy
- Intel Corp’s share price has declined about 23% since Mr. Lip-Pu Tan took office.
IAC: Reviewing Q2 and Updating My Valuation
- IAC reported its second-quarter results recently and sold off sharply. In my view, the market reaction was overly punitive. While results came in slightly below expectations, they were far from disastrous.
- The stock now looks exceptionally cheap, trading at just 3.4x EBITDA, and I see 43% to 78% upside.
- Over time, I’m confident that management will unlock value—most likely through strategic asset spin-offs.
Friday Take Away: 1 August 2025
- An innovative technology Company with three divisions and large market opportunities in Passive Fire Protection, Controlled Environment Agriculture, and Contract Electronics Manufacturing.
- Interims to May 2025 are due to be reported by the end of August.
- The Finals for the YE November 2024 reported record revenue with a 29.5% increase to £12.04m and improving gross profit margin to 30.3% from 23.4%.
Soliton Systems Kk (3040 JP): 1H FY12/25 flash update
- Soliton reported 1H FY12/25 revenue of JPY8.7bn (+2.0% YoY), with operating profit up 22.6% YoY to JPY793mn.
- Revenue from cloud services rose 16.2% YoY to JPY1.3bn, while product sales declined 3.5% YoY to JPY3.0bn.
- Recurring profit declined 6.2% YoY to JPY781mn, affected by a JPY36mn foreign exchange loss due to yen appreciation.
Toyo Business Engineering (4828 JP): Q1 FY03/26 flash update
- Q1 FY03/26 saw record-high orders and revenue, driven by increased IT investment and Solutions business growth.
- Operating profit rose 48.0% YoY, with improved project profitability and extraordinary income from investment securities sale.
- August 2025 revision forecasts 1H FY03/26 revenue at JPY11.8bn, operating profit at JPY3.0bn, reflecting strong Q1 performance.
Arisawa Mfg (5208 JP): Q1 FY03/26 flash update
- Revenue increased 4.6% YoY to JPY12.6bn, driven by strong demand in the Electronic Materials business.
- Operating profit declined 15.6% YoY to JPY903mn, impacted by inventory adjustments and product mix changes in Display Materials.
- Electronic Materials revenue rose 16.7% YoY, with operating profit surging 72.5% YoY due to smartphone and semiconductor demand.
💡 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
