Daily Brief TMT/Internet: NVIDIA Corp, Korea Stock Exchange KOSPI 200, Northsand, GDS Holdings (ADR), Meta, SK Hynix, Bharti Airtel, oRo Co Ltd, Daiwabo Holdings, Novatek Microelectronics Corp and more

• In the past several days, one of the biggest news splash in the global financial markets has been Michael Burry taking huge bearish positions on Palantir and NVIDIA.
• Prices of Palantir and Nvidia are down 6.3% and 3.6%, respectively from 31 October to 6 November. Nikkei and KOSPI are down 2.9% and 2%, respectively in the same period.
• The risks surrounding CIRCULAR DEALMAKING involving OpenAI have become even more significant.  Amid these uncertainties, Michael Burry is taking action with his uber bearish positions on Nvidia and Palantir. 

• Kospi’s rally has extended seven months and now shows signs of fatigue, trading with speculative assets and now sharply diverging.
• Implied volatility is elevated, with short-term measures above the 90th percentile on multiple lookbacks.
• We recommend an option trade and hedge given the current setup.

• Northsand (446A JP) aims to raise around US$121m in its Japan IPO.
• Northsand is a consulting firm that provides both IT and business consulting services. Established in 2015, it helps organizations improve efficiency, modernize operations, and achieve sustainable growth.
• In our previous note, we looked at its past performance. In this note, we will talk about valuations.

• Improving policy visibility on chips and geopolitics restores confidence in China’s AI infrastructure outlook.
• Explosive AI-token growth is driving sustained hyperscaler build cycles and stronger IDC order pipelines.
• GDS’s balanced China and DayOne portfolio supports double digit EBITDA CAGR; catalysts include new orders, C-REIT and DayOne IPO, implying 60-100% re-rating potential.

• CoStar’s revenue grew 20% year over year, with strong growth in residential segments such as Apartments.com and Homes.com
• Elevated sales and marketing expenses account for 50% of revenue, raising questions about sustainable growth and margin levels
• Management is optimistic about gaining momentum and investing in two-sided marketplace platform for future success, but concerns remain about long-term profitability and valuation metrics.

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• Since the last rebalancing of our portfolio on 5th September, it has returned 13.5% vs 9.5% from MSCI-Asia-ex-Japan. Since inception (15th May), our portfolio has appreciated 20.1% vs MXASJ’s 18.6%.
• Six stocks, SK Hynix, TSMC, Samsung Electronics, Alibaba, China Hongqiao, Tencent, contributed almost the entire return of our portfolio. Overweight on Korea drove more than half the portfolio’s return.
• We turn more selective on Chinese discretionary consumption and step into the Korean defense sector. We exclude Anta Sports and Mediatek and include Hyundai Rotem and Hon Hai Precision.

• Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
• There have been three US$1bn+ selldowns already in 2025, twice by Sunil Mittal-led promoter entity Indian Continental Investment (ICI) and once by Singtel, which last sold in May 2025.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• oRo is a specialized provider of cloud-based ERP and digital marketing solutions, well-positioned to capitalize on Japan’s accelerated digital transformation.
• The company operates through two core segments: a high-growth, high-margin Cloud Solutions business centered on its proprietary ‘ZAC’ ERP for knowledge-based industries, and a Marketing Communication business offering digital strategy services.
• Sustained double-digit revenue and net income growth, coupled with a strong balance sheet, is balanced by intense competition in the IT services sector and recent performance headwinds in the marketing segment.

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• Revenue reached JPY656.8bn (+27.0% YoY), with IT Infrastructure Distribution segment revenue at JPY649.7bn (+27.1% YoY).
• Operating profit was JPY22.4bn (+65.9% YoY), with IT Infrastructure Distribution segment profit at JPY21.8bn (+65.9% YoY).
• Industrial Machinery segment revenue increased 12.8% YoY to JPY7.1bn, with operating profit at JPY585mn (+68.1% YoY).

• 4Q25 Guidance: Revenue NT$22–23bn (declined 4.9% QQ); Entering traditional low season. Gross Margin: 35–38%; Operating Margin: 14.5–17.5%.
• AI-Integrated products currently ~20% of SoC revenue and growing. Image SoC / New Camera Trends: New AI Vlog cameras seeing positive demand. 
• Key 2026 factors: FX, gold price, raw materials (KGD, substrate) supply.