In today’s briefing:
- Naver Financial and Dunamu Finalizes the Merger Ratio
- KIOXIA (285A JP) — Q2 FY25 Update, Selldown Context, and Valuation
- Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!
- Suzhou Novosense A/H Listing – Growth Has Been Strong but Margins Weak
- PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E
- JD Industrials Pre-IPO – Updated Peer Comparison and Thoughts on Valuations
- Dynatrace: ServiceNow & Atlassian Partnerships Could Transform Its Growth Trajectory!
- Taiwan Tech Weekly: Rapidus Making Progress… TSMC Impact; Latest PC Results Support 2026E Up-Cycle
- Alphawave: Fully Valued, Waiting for the Wire
- Artificial Intelligent Interconnection Technology Pre-IPO Tearsheet
Naver Financial and Dunamu Finalizes the Merger Ratio
- On 26 November, Naver Financial and Dunamu finalized the merger ratio. Under the proposed share swap, one share of Dunamu will be exchanged for 2.54 shares of Naver Financial.
- Dunamu’s equity value is 15.1 trillion won, and Naver Financial’s is 4.9 trillion won.
- Overall, we have a positive view of this merger and it is likely to positively impact Naver’s share price as well.
KIOXIA (285A JP) — Q2 FY25 Update, Selldown Context, and Valuation
- Q2 results confirmed a clear earnings inflection, driven by strong enterprise SSD demand, improving ASPs, and recovering smartphone NAND volumes.
- Q3 guidance signals record revenue and further margin expansion supported by tight NAND supply and AI-linked storage demand.
- Despite near-term pressure from Bain’s selldown, long-term fundamentals remain intact; valuation discounts justify a ¥12,500 target and accumulate-on-weakness stance.
Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!
- Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business segments.
- Total revenue reached $180.2 billion, marking a year-over-year increase of 12% when adjusting for foreign exchange impacts.
- Operating income was reported at $17.4 billion, however, this was impacted by two significant expenses: a $2.5 billion FTC settlement and $1.8 billion in estimated severance costs.
Suzhou Novosense A/H Listing – Growth Has Been Strong but Margins Weak
- Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise around US$500m in its H-share listing.
- According to Frost & Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E
- AI PCs turning the PC refresh into a gradual, extended up-cycle
- Memory inflation is one of the major margin risks for PC makers in 2026
- Dell’s server business indicates AI factory build-outs becoming a multi-year investment cycle. Remain long Dell, Asustek, Acer.
JD Industrials Pre-IPO – Updated Peer Comparison and Thoughts on Valuations
- JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO.
- JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
- We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.
Dynatrace: ServiceNow & Atlassian Partnerships Could Transform Its Growth Trajectory!
- Dynatrace recently reported its fiscal second quarter of 2026 results, showcasing a robust performance that exceeded its guidance across various metrics.
- The company reported a 16% growth in Annual Recurring Revenue (ARR), a 17% growth in subscription revenue, and a pretax free cash flow representing 32% of revenue on a trailing 12-month basis.
- Such strong results underline the company’s successful strategy execution, driven by growing demand in end-to-end observability and multi-cloud tool consolidation.
Taiwan Tech Weekly: Rapidus Making Progress… TSMC Impact; Latest PC Results Support 2026E Up-Cycle
- Japan’s Rapidus Moves Ahead With 1.4nm Plans… TSMC Impact? — Latest and Past Analysis
- PC Monitor: Latest Dell/HP Results Support PC Up-Cycle Into 2026E
- TechChain Insights: Factory Visit with One of Taiwan’s Critical Battery Suppliers
Alphawave: Fully Valued, Waiting for the Wire
- Qualcomm’s $2.48/share offer for Alphawave is fully recommended and cleared by regulators, with completion expected mid-December. FX-linked cash value limits remaining upside; no sweetener or bump indicated.
- Alphawave shares now trade above implied value, reflecting full deal certainty. Arbitrage returns attractive only for early entrants; current negative spread makes new positions unattractive.
- Founders aligned via exchangeable securities; structure supports completion. Qualcomm gains SerDes IP and custom silicon capabilities for AI data center growth, diversifying away from mobile reliance.
Artificial Intelligent Interconnection Technology Pre-IPO Tearsheet
- Artificial Intelligent Interconnection Technology (AII HK) (AIIT) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CITIC and CCB International.
- Artificial Intelligent Interconnection Technology (AIIT) is a provider of AI technology, products, and spatial intelligence solutions in China, with a particular strength in high-precision AI-based urban traffic management.
- Its solutions combine hardware, software, and scenario-derived datasets to deliver full-stack AI systems that improve traffic efficiency, safety, and the management of public spaces.
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