Daily Brief TMT/Internet: Macbee Planet , Taiwan Semiconductor (TSMC), Intel Corp, ODK Solutions, UP Fintech, Rogers Corp, Soluna Holdings , Vivendi SE, F-Code, Neopost SA and more

• Macbee Planet is a high-growth marketing technology company specializing in data-driven LTV (Lifetime Value) marketing, a niche that offers significant upside within Japan’s large internet advertising market.
• The company has demonstrated an exceptional track record of revenue and net income growth, driven by its performance-based consulting and proprietary technology platforms. However, this growth has been accompanied by significant cash flow volatility and recent margin compression.
• Key risks include a high dependency on a few key industries, particularly finance and wellness, increasing competition, and the challenge of maintaining profitability while scaling. The recent negative operating cash flow is a primary concern for investors.

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• USG 1:1 domestic / import ratio for semi manufacturing not a clear positive for Intel. Intel needs a 14A node very quickly. But it’s positive to TSMC, increase pricing power.
• The 1:1 rule is potentially positive for Intel and Samsung but only if they fix yield problems and offer complete design and IP tools to their customers. Long road ahead.
• TSMC could increase US Capex and lower Taiwan Capex. But TSMC plans to make 30% of its advanced chips in the US from 2027. Capex increase would be mild.

• US Government invests $9bn in Intel, Nvidia another $5bn, Softbank $2bn. This solves Intel’s most pressing problem: the risk of financial fragility
• But neither USG, nor Nvidia have semi manufacturing expertise, so $-injections don’t solve Intel’s 2nd problem. Intel has to  demonstrate a very solid 14A in the next 12 months
• USG 1:1 import: domestic rule is positive to GlobalFoundries that can get orders away from SMIC or UMC. Positive to Texas Instrument

• ODK Solutions Co., Ltd. (hereafter, the “Company”) reported net sales of JPY 1,008 mn (-4.6% YoY) in Q1 FY2026/3.
• Despite the sales contribution from NINJAPAN, which became a consolidated subsidiary in the previous fiscal year, the decline in development projects in medical- related services and securities services weighed on earnings.
• Promotional expenses for new services also added to the burden, resulting in an operating loss of JPY 210 mn, an ordinary loss of JPY 186 mn, and a quarterly net loss of JPY 146 mn, with all losses widening year-on-year. 

• UP Fintech (TIGR US) is a high-growth online brokerage firm strategically focused on serving global Chinese investors. The company has demonstrated robust financial performance, with significant revenue and net income growth, driven by an expanding client base and increased trading volumes.
• The company’s proprietary technology platform, ‘Tiger Trade,’ offers a seamless user experience for trading a wide array of financial instruments across international markets. This technological edge, combined with a ‘mobile-first’ strategy, is a key driver of customer acquisition and retention.
• While expanding its global footprint, particularly in Singapore and Hong Kong, UP Fintech faces increasing competition and evolving regulatory landscapes in the fintech sector. Navigating these challenges will be crucial for sustaining its growth trajectory.

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• In a transformative move with far-reaching implications for Canada’s telecom and sports entertainment landscape, Rogers Communications is edging closer to acquiring full control of Maple Leaf Sports & Entertainment (MLSE), the multi-billion-dollar entity behind the Toronto Maple Leafs, Toronto Raptors, and Scotiabank Arena.
• Having recently secured a 75% controlling stake by triggering a buyout clause for billionaire Larry Tanenbaum’s remaining 25% share, Rogers is now laying the groundwork for combining MLSE with its other marquee assets, including the Toronto Blue Jays and Sportsnet.
• As this consolidation unfolds, CEO Tony Staffieri has confirmed that the company is actively exploring monetization strategies—either via an IPO or a private stake sale—to attract new equity investors.

• Soluna recently announced a strategic hosting agreement to deploy 20 megawatts (MW) of Avalon® A15 XP Bitcoin miners at its Project Dorothy in Briscoe County, Texas.
• The parties expect to deploy the miners in 1Q26. Canaan aims to leverage Soluna’s modular and cost-efficient infrastructure to power its Avalon fleet using wind energy, further enhancing the sustainability profile of its mining operations.
• This is yet another significant milestone for Soluna as it continues to scale its pipeline of renewable-powered digital infrastructure.

• Holdco discounts tightened in September: GBL to 28.1%, Industrivärden C to 6.9%, Investor B to 10.9%, Heineken Holding to 12.1%; Porsche SE widened to 31.6%; Rio Tinto DLC premium 21.6%.
• Drivers: discounts compress with buybacks and bull markets. GBL cancelling repurchases; target sub-25% discount. Heineken Holding’s control structure sustains a spread. Swedish holdcos are investment-grade, high-quality, with low look-through discounts.
• Catalysts: Vivendi’s AMF-driven mandatory-offer path, appeals pending, base-case €4.15 bid. Rio Tinto DLC unification could unlock $27–32B despite May vote. Porsche SE discount reflects deleveraging priority; legal overhang increasingly immaterial.

Key points (machine generated)

• F-Code, listed on the Tokyo Stock Exchange under code 9211, has completed 19 M&A transactions and expects significant sales growth of 15 times in four years.
• The company aims for a 14-fold increase in operating profit and EBITDA, focusing on digital transformation in marketing using AI and system development.
• Operating as a holding company with 15 specialized firms, F-Code maintains a federal system that respects subsidiary independence while offering integrated services.

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Quadient’s H125 performance was a tale of two cities: weakness in the US mail sector weighed on revenue and is the main factor behind lowered guidance for FY25. Conversely, both Digital and Lockers continued their strong growth trajectory and look well positioned to drive the business forward to offset the structural decline in the Mail business.