In today’s briefing:
- Aequitas: Moore Threads Technology A/H Listing – Early Look – One of the Fast Growing Little Giants
- [Japan M&A] EQT Raises by ¥1 (+0.272%) To Still Below Maket, But EQT Language Could Speed Things Up
- Kakaku.com (2371 JP): EQT/DG’s JPY1 Bump Puts the Onus on Bain/LY to Go Big
- AMD Acquires World Labs In $8.2 Billion, All Stock, Deal. Smart Move!
- Aequitas: Shenzhen Transsion A/H Listing – PHIP Update: Continue to Be Pressured by High DRAM Prices
- HK A+H Connect Inclusion Event Study: 3Q2026 Update
- Akamai Technologies Scores $11.6 Billion AI Jackpot—Could Anthropic Turn It Into The Next Nvidia Story?
- BR Malls (BRML3 BZ): Synthetic Expert Call Transcript (29 Sep 2026)
- Interest Rate Volatility, High Yield Spreads, and Bad Breadth a Concern? All Hinges on 7507-7580 SPX
- Microsoft Spent Billions On AI—Can Copilot Finally Deliver The Payoff?
Aequitas: Moore Threads Technology A/H Listing – Early Look – One of the Fast Growing Little Giants
- Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over >US$1bn in its H-share listing.
- MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.
- In this note, we look at its past performance and other deal dynamics that might impact the Hong Kong listing.
[Japan M&A] EQT Raises by ¥1 (+0.272%) To Still Below Maket, But EQT Language Could Speed Things Up
- Yesterday, Kakaku agreed to dissolve its Capital Alliance with KDDI. That was expected. KDDI agreed to sell everything. I expect it is accounting-driven.
- Today, EQT’s ¥3,680 TOB was set to expire so they raised it to ¥3,681 and extended 10 days. Interestingly, their Bidder Announcement document changed content significantly.
- The reference to negotiating with Oasis is gone. Instead, a diatribe against Bain for not being serious about things, bringing a non-feasible bid. There is vaguely threatening language.
Kakaku.com (2371 JP): EQT/DG’s JPY1 Bump Puts the Onus on Bain/LY to Go Big
- EQT/Digital Garage (4819 JP) raised its Kakaku.com Inc (2371 JP) offer by JPY1 to JPY3,681, extending the closing to 14 October. EQT/DG argue that Bain/LY’s JPY3,597 offer cannot launch.
- EQT/DG’s criticism is only partly valid. Its primary argument is circular, and the market-manipulation claim looks overstated. Still, Bain/LY’s pricing below the thresholds and its unclear launch are real weaknesses.
- Bain/LY’s most credible path is a substantive bump above JPY3,755, ideally towards the high end of the IFA DCF range (JPY3,923). Anything else risks EQT/DG winning.
AMD Acquires World Labs In $8.2 Billion, All Stock, Deal. Smart Move!
- AMD today announced that it has entered into a definitive agreement to acquire World Labs, an AI model and research lab led by AI pioneer Dr. Fei-Fei Li.
- The all-stock transaction is valued at approximately $8.2 billion and is expected to close by the end of 2026, subject to regulatory approvals and other customary closing conditions.
- The move gives AMD a front row seat to monitor the evolving compute requirements as World Models replace LLMs for applications in physical AI, aka robotics.
Aequitas: Shenzhen Transsion A/H Listing – PHIP Update: Continue to Be Pressured by High DRAM Prices
- Shenzhen Transsion Holdings (TRAN HK), aims to raise up to US$500m in its A/H share listing.
- A smart device and mobile Internet service provider primarily engaged in the design, R&D, manufacturing, sales, and brand management of smart devices, with a core focus on mobile phones.
- In this note, we look at its PHIP updates and valuation.
HK A+H Connect Inclusion Event Study: 3Q2026 Update
- We update our March A+H Connect study with 18 ADDs since mid-March, 10 after stabilization and 8 on listing day, against 31 earlier events.
- After stabilization ends, H-shares now outperform A-shares for about 20 trading days after the Connect ADD, the reverse of the March pattern.
- On listing-day ADDs, Southbound holdings built faster than on ADDs after stabilization, yet most H-shares fell below the IPO price within 20 trading days.
Akamai Technologies Scores $11.6 Billion AI Jackpot—Could Anthropic Turn It Into The Next Nvidia Story?
- Akamai Technologies, long associated with content delivery, cybersecurity, and the infrastructure that keeps the internet running, has suddenly emerged as a much bigger participant in the AI infrastructure race.
- Its seven-year, $11.6 billion agreement to provide computing services to Anthropic could expand by another $9 billion if the AI developer requires additional capacity, potentially taking the relationship to $20.6 billion.
- The scale is striking relative to Akamai’s existing business: analysts noted that annual recurring revenue from the initial commitment alone would exceed five times its 2025 cloud infrastructure services revenue and equal roughly 40% of its $4.2 billion total 2025 revenue.
BR Malls (BRML3 BZ): Synthetic Expert Call Transcript (29 Sep 2026)
- Synergies are heavily front-loaded in revenue generation rather than pure cost-cutting: Out of the R$ 210 million target, R$ 134 million was captured by the end of 2024, with R$ 104 million derived from revenue-side integrations (e.g., parking rate optimizations and regional media bundling) and only R$ 30 million from corporate overhead unifications via the Integra+ program. This mitigates the risk of asset degradation at the physical mall level.
- Tax Reform introduces a “base-to-bull” divergence between asset tiers: The incoming VAT structure (starting January 2027) introduces an effective 8.4% lease tax (after a 70% sector discount). While this will be billed “por fora” (separately) to tenants, ALLOS’s exposure to secondary assets and smaller tenants under the Simples Nacional regime limits its ability to pass this cost through without impacting occupancy, unlike competitors Multiplan and Iguatemi.
- Active capital recycling serves as the primary balance sheet optimizer: ALLOS’s target leverage remains anchored at 2.0x Net Debt/EBITDA. The company is aggressively divesting secondary assets—such as the recent sale of its 60% stake in São Bernardo Plaza Shopping for R$ 331.1 million at a 9.0% cap rate—to fund a high-yield dividend policy (R$ 0.28 to R$ 0.30 per share monthly in 2026) rather than executing costly expansions in a high-interest rate environment.
Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.
Interest Rate Volatility, High Yield Spreads, and Bad Breadth a Concern? All Hinges on 7507-7580 SPX
- We remain bullish (as of our 4/21/26 Compass) on the S&P 500 (SPX), and we will stay that way as long as support at 7507-7580 holds.
- We continue to believe Technology and A.I. areas (XLK, SOXX, DRAM) are poised to move higher, and we have Technology on watch for a potential upgrade to overweight.
- A significant “wall of worry” is being built, with the latest bricks being bad breadth and rising interest rate volatility
Microsoft Spent Billions On AI—Can Copilot Finally Deliver The Payoff?
- Microsoft is moving into a critical new phase of its artificial intelligence strategy: turning massive infrastructure investment into recurring revenue.
- The company has unveiled an upgraded Copilot “super app” that brings Office creation directly into Copilot while introducing Autopilot, an autonomous agent capable of monitoring conversations, following up on tasks and continuing recurring work without waiting for another prompt.
- The launch arrives after Microsoft spent $41 billion on capital expenditures in its latest quarter and added 88 data centers during fiscal 2026 as demand for Azure and AI capacity continued to exceed available supply.
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