Daily Brief TMT/Internet: Mediatek Inc, Global Testing Corp, Golden Matrix Group Inc, Hakuto Co Ltd, Avant Corp, I Net Corp, JNTC , Logizard, iHeartMedia and more

• 4Q25 Guidance: Revenue is NT$142.1 – 150.1 bn (+0 – 6% QoQ, +3 – 9% YoY); Gross margin is 46% ± 1.5ppt; Opex ratio is 31% ± 2ppt.
• Cloud ASIC TAM: Raised from US$40bn → ≥ US$50bn by 2028; MediaTek targeting ≥ 10–15% share; Gross Margin: 4Q dip from mix; 2026 to benefit from repricing + high-value allocation
• MediaTek continues to execute on a dual-engine AI strategy. Despite near-term margin pressure from mix and FX, the company is building a foundation for sustainable profit growth.

• Global Testing Corp (GTC) is an established Outsourced Semiconductor Assembly and Test (OSAT) provider, specializing in testing services for logic and mixed-signal semiconductors. Headquartered in Taiwan, the company is strategically positioned within the global semiconductor hub.
• The company is poised to benefit from positive long-term industry trends, including the proliferation of AI, IoT, 5G, and automotive electronics, which are driving demand for more complex and rigorous semiconductor testing. The OSAT market is projected to grow at a CAGR of 5-9% over the next several years.
• Despite a challenging recent period marked by declining net income and margins, the company maintains a strong balance sheet with minimal debt. However, its revenue and profit trajectory in the near term will be highly dependent on the cyclical nature of the semiconductor industry and its ability to secure its position with key customers.

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• Zacks Small-Cap Research Note for Golden Matrix Group (GMGI)

• 1H FY03/26 results: Sales JPY83.8bn (-6.7% YoY), Operating profit JPY2.3bn (-41.6% YoY), Net income JPY2.0bn (-22.1% YoY).
• Sales in automotive applications fell 9.5% YoY to JPY64.2bn, with segment profit down 59.9% YoY.
• Full-year forecast for FY03/26: Sales JPY186.0bn (+1.6% YoY), Operating profit JPY6.0bn (-24.2% YoY), Net income JPY4.9bn (-4.5% YoY).

• Revenue increased to JPY7.5bn (+10.9% YoY), driven by strong investment demand and growth in key business segments.
• Operating profit rose to JPY1.3bn (+22.8% YoY), with improved margins due to software business growth and reduced outsourcing costs.
• Order backlog in Q1 FY06/26 was JPY5.5bn (+15.7% YoY), despite varying revenue and profit growth across business segments.

• Revenue reached JPY20.4bn (+7.9% YoY), operating profit JPY1.4bn (+34.6% YoY), net income JPY775mn (-23.3% YoY).
• Information processing services revenue rose 9.0% YoY to JPY8.2bn, with gross profit up 15.1% YoY.
• System development services revenue increased 6.3% YoY to JPY11.1bn, gross profit rose 16.7% YoY to JPY2.6bn.

• JNTC is a technology leader in specialized glass processing, transitioning from a volatile mobile component supplier to a high-growth solutions provider for next-generation industries, including foldable displays, automotive, and AI semiconductor packaging.
• The company’s strategic pivot to Ultra-Thin Glass (UTG) for foldables and Through Glass Via (TGV) substrates for AI chips offers a significant runway for growth, with revenue expected to double in the coming years. This expansion into high-margin sectors is a key catalyst for re-rating.
• Despite the promising outlook, investors must consider the high degree of operational and financial risk, evidenced by historically volatile revenue and profitability, significant customer concentration, and weak gross margins in its legacy businesses.

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Key points (machine generated)

• Logizard Co., Ltd. reported a 10.1% increase in net sales to ¥2,177 million and a 17.8% rise in operating profit to ¥408 million for FY6/25, driven by cloud services.
• The company focuses on inventory management systems for retail and logistics, offering subscription-based solutions like Logizard ZERO and Logizard OCE.
• For FY6/26, Logizard expects a 12.1% increase in net sales but a decline in operating profit due to investments, aiming for significant growth by FY6/28.

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• iHeartMedia possesses an unparalleled reach in the U.S. audio market through its extensive portfolio of over 850 broadcast radio stations, complemented by a rapidly growing digital audio segment that includes the iHeartRadio app and a leading podcast network.
• The company is burdened by a highly leveraged balance sheet, with approximately $5.2 billion in total debt, posing significant financial risk and constraining its flexibility, especially with substantial debt maturities looming.
• Management’s strategic focus is on offsetting the secular decline in traditional radio advertising by accelerating growth in the Digital Audio Group, particularly in podcasting, and implementing significant cost-saving measures, including the use of AI, to improve profitability.

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