Daily Brief TMT/Internet: Lens Technology , Shift Up, Lens Technology, NVIDIA Corp, Samsung Electronics, Nemetschek SE, Constellation Software, Euronet Worldwide, Maximus Inc, GoodRx Holdings Inc and more

• Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing.
• Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
• We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

• Early take based on avg daily mkt cap: 5 MID→LARGE, 6 LARGE→MID. Count mismatch due to LG CNS likely making a direct jump into LARGE post-March IPO.
• Local insto-driven moves remain tradable — in the March reshuffle, price action started from T–2M, with strongest returns in the T–1M window.
• With cap gaps near historical norms, it’s time to pre-position around top/bottom cutline names — then scale up into borderlines as we move into the T–1M window.

• Lens Technology (6613 HK), an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.     
• In terms of revenue in 2024, Lens is a global leader in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicle interaction systems.
• The investment case is based on a well-performing core business, limited tariff impact, reduced reliance on Apple, strong margins, and robust cash generation. 

• In recent months, Nvidia has quietly transformed from the undisputed leader in AI semiconductors into a formidable new player in cloud computing.
• What began with DGX Cloud—launched two years ago as an infrastructure offering focused on AI workloads—has evolved into a full-fledged attempt to reshape how cloud services are consumed and delivered.
• The latest development is the launch of DGX Cloud Lepton, a marketplace designed to aggregate unused GPU capacity across a network of Nvidia-aligned cloud providers, including CoreWeave, Lambda, and Crusoe.

• Lisuan new GPU is a first step, but performance far behind AMD/Nvidia. Loongson new server CPU looks good, close to Intel chip of 2021. Major bottleneck remains SMIC 7nm capacity.
• Qualcomm looks close to qualifying Samsung’s 2nm to manufacture Snapdragon 8 Elite 2. This would imply a major yield breakthru for Samsung.
• Microsoft ARM CPU Maia is in production, but its AI accelerator Braga seems delayed significantly – either performance or an architecture rethink.

• Nemetschek SE demonstrated robust performance in the financial year 2024, underlining its capacity to sustain growth and profitability amid challenging global economic conditions, particularly in the construction industry.
• The company’s transition towards a subscription and Software-as-a-Service (SaaS)-centric business model has proven instrumental in its strategic evolution, contributing significantly to recurring revenue growth.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Constellation Software is a conglomerate of vertical market software companies that primarily grow through acquisitions
• Revenue growth in 1Q25 was 13%, driven by acquisitions and a shift to more SaaS models
• Free cash flow available to shareholders was up 14% to $510 million, excluding adjustments like the IRGA liability

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• Euronet Worldwide concluded its first quarter of 2025 with several notable achievements and strategic moves that highlight both the strengths and challenges of the company’s diverse business model.
• The company reported double-digit growth in both operating income and adjusted EBITDA, an 18% increase in operating income compared to the previous year.
• The growth spanned across all segments, driven by robust performance in transaction processing and foreign exchange activities.

• Maximus, as reported in their recent second quarter fiscal 2025 earnings, exhibited a mixed performance, reflecting both strengths and challenges in their operational environment.
• The company reported solid revenue growth, driven primarily by its U.S. Federal Services segment, which saw a 10.9% increase in revenue due to robust performance in clinical assessments and increased demand for certain services.
• This growth, however, was slightly offset by a decline in their U.S. Services segment, attributable to the completion of prior year excess volumes linked to Medicaid unwinding.

• GoodRx’s recent results for the first quarter of 2025 reflected a mixed performance and strategic repositioning under the new leadership of CEO Wendy Barnes, who marked her first 100 days in the role.
• The company reported total revenue of $203 million, a year-over-year increase of 3%, with prescription transaction revenue and manufacturer solutions growing by 2% and 17%, respectively.
• GoodRx also achieved an adjusted EBITDA of $69.8 million, up 11% from the previous year, indicating a solid profit margin.