In today’s briefing:
- [Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way
- Aug 5 LG CNS Lockup Comes Off: Street Heating Up on Macquarie Exit Odds Surging
- KPIT Tech: Strong Deal Wins Despite Tough Environment Attests Strong Competitive Positioning
- Allegro MicroSystems: China-for-China Strategy to Harness Growth In One Of The World’s Largest Semiconductor Markets!
- ARM Ignites Growth with Armv9 CPUs, AI Partnerships, & Data Center Infiltration; What Lies Ahead?
- Taiwan Semiconductor (TSMC) Sees AI Demand Exploding While Margins Slip — Can It Deliver Both Growth and Returns?
- Intapp Inc.: An Insight into Its Strategic Client Upsell & Cross-Sell Initiatives & Other Major Drivers
- Rubrik Inc.: Increasing Adoption of Rubrik’s Security Cloud
- Vishay Intertechnology Expands Smart Grid & AI Footprint: Is It the Next Big Semiconductor Player?
- Western Union Accelerates Digital Surge with 14% Growth & Loyalty-Driven Engagement; What’s Next?
[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way
- The NTT Data Corp (9613 JP) Tender Offer closed today. Results will come out tomorrow. I expect it will have been successful.
- That will mean some US$8bn+ of passive tracking flows to sell and $8bn+ to buy related to this event alone in the next 3 months.
- And there are some very interesting dynamics to consider in the meantime.
Aug 5 LG CNS Lockup Comes Off: Street Heating Up on Macquarie Exit Odds Surging
- Macquarie might fast-track its 21.5% LG CNS stake sale, shifting from patience to action — weighing staggered sell-down vs. OTC block to limit price impact.
- Macquarie’s well in the money — even with a deal discount, they can offload the stake, cover remaining debt, and still lock in solid upside.
- LG CNS is flying on AI hype, but Macquarie’s post-August 5 exit risk could flip the tape fast — overhang setup worth watching vs. other local AI plays.
KPIT Tech: Strong Deal Wins Despite Tough Environment Attests Strong Competitive Positioning
- KPIT Technologies (“KPIT”) reported $280mm worth of deal wins in Q4Y25, well beyond the typical run-rate of $150mm+, despite the tough demand environment, which demonstrates KPIT’s strong competitive positioning.
- KPIT’s Q4FY25 PAT excluding one-time income grew 18%+ YoY in INR and 15% YoY in constant currency (CC) terms. Revenue growth was 15% YoY and 3% QoQ in CC terms.
- Margins continued to be strong with Q4FY25 EBITDA margin at 21.1%. With this, the full-year FY25 EBITDA margin ended at 21%, in line with the upgraded guidance.
Allegro MicroSystems: China-for-China Strategy to Harness Growth In One Of The World’s Largest Semiconductor Markets!
- Allegro MicroSystems has reported its financial results for the fourth quarter and the full fiscal year 2025.
- The company is focused on strengthening its market position through innovation and operational efficiencies.
- President and CEO Mike Doogue, who ascended from being the company’s first Chief Technology Officer, emphasized a strategic focus on expanding product capabilities and extending Allegro’s footprint in lucrative markets such as automotive, industrial, and emerging sectors like medical and robotics.
ARM Ignites Growth with Armv9 CPUs, AI Partnerships, & Data Center Infiltration; What Lies Ahead?
- The latest financial results for Arm Holdings reflect a strong finish for their fiscal year ended March 31, 2025, marked by record-breaking revenue milestones.
- Arm’s performance was driven by growing demand for power efficient compute solutions, particularly in artificial intelligence (AI) from cloud to edge.
- The company achieved quarterly revenue exceeding $1 billion for the first time, with fiscal year revenue surpassing $4 billion.
Taiwan Semiconductor (TSMC) Sees AI Demand Exploding While Margins Slip — Can It Deliver Both Growth and Returns?
- Taiwan Semiconductor Manufacturing Company Limited’s earnings presentation for the first quarter of 2025 outlines both opportunities and challenges faced by the company.
- The semiconductor giant reported a sequential decrease of 5.1% in revenue in U.S. dollars, attributed to weaker smartphone demand despite strong growth in sectors like AI.
- Operational disruptions from an earthquake in January and overseas operations’ initial costs slightly impacted profit margins; gross margin decreased by 0.2% sequentially to 58.8%, and operating margin fell by 0.5% to 48.5%.
Intapp Inc.: An Insight into Its Strategic Client Upsell & Cross-Sell Initiatives & Other Major Drivers
- Intapp delivered a strong financial performance in its fiscal third quarter of 2025, driven mainly by its cloud and AI capabilities, alongside strategic business expansions.
- The company’s Cloud Annual Recurring Revenue (ARR) reached $352 million, representing a year-over-year increase of 28%.
- This growth underscored the importance of cloud solutions, which now account for 77% of Intapp’s total ARR of $455 million.
Rubrik Inc.: Increasing Adoption of Rubrik’s Security Cloud
- Rubrik recently reported strong financial performance in its first-quarter fiscal year 2026, showcasing robust growth and an enhanced market position within the cyber resilience space.
- The company’s subscription ARR reached approximately $1.2 billion, marking a 38% year-over-year increase.
- Net new subscription ARR also saw significant growth at $89 million for the quarter.
Vishay Intertechnology Expands Smart Grid & AI Footprint: Is It the Next Big Semiconductor Player?
- Vishay Intertechnology, a company specializing in semiconductors and passive electronic components, recently reported its first-quarter financial results for 2025.
- Here’s a detailed assessment of the quarter’s outcomes and the investment considerations that arise from them.
- Revenue for the first quarter stood at $715 million, slightly above the midpoint of their guidance.
Western Union Accelerates Digital Surge with 14% Growth & Loyalty-Driven Engagement; What’s Next?
- Western Union’s first quarter 2025 results reflect a company in transition, grappling with a challenging macroeconomic environment while pursuing its Evolve 2025 strategy to reinvigorate growth.
- The company reported revenue of $984 million, marking a 2% decline when adjusted for geopolitical impacts in countries like Iraq, Russia, and Belarus.
- Despite these challenges, transaction growth continued at 3%, a positive indicator in the broader context of the financial services market.
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