Daily Brief TMT/Internet: OmniVision Integrated Circuits Group, Policybazaar, Dolby Laboratories Inc Cl A, Millicom International Cellula, Zoom Video Communications Inc, MFE-MediaForEurope, Kioxia Holdings , Shinsegae Information & Communication Co, Nippon Computer Dynamics Co and more

• Omnivision Intgrated Circuit (603501 CH, OVIC), a semiconductor company, aims to raise around US$1bn in its H-share listing.
• OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost & Sullivan
• We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.

• It is reported that Life Insurance industry is evaluating a shift away from traditional front-loaded commissions toward a deferred commission structure.
• Moreover, IRDAI has intensified oversight of distribution expenses and management costs in the general and health insurance segments and looks to lower the EoM cap for the insurers.
• These changes if considered, could pose meaningful near-term growth and margin headwinds for PB Fintech or Policybazaar (POLICYBZ IN), which is already under pressure from the GST rate cuts.

• Dolby Laboratories reported its fourth quarter and full fiscal year 2025 results, revealing a 6% increase in annual revenue, reaching $1.35 billion, which aligns with the company’s previously communicated guidance.
• Operating margins also expanded by 1.8 percentage points.
• Revenue for the fourth quarter came in at $307 million, surpassing the midpoint of guidance, with non-GAAP earnings per share (EPS) at $0.99.

• Millicom International Cellular S.A. has entered a new phase of strategic expansion following its $380 million acquisition of Telefónica Ecuador, coming on the heels of the recently completed Telefónica Uruguay transaction.
• These moves mark the clearest signal yet that TIGO is actively consolidating high-quality telecom assets across Latin America, prioritizing markets with stable macroeconomic frameworks, dollarized or investment-grade characteristics, and strong demand for digital services.
• The Ecuador deal expands TIGO’s footprint to 11 countries and adds a meaningful revenue and EBITDA base while reinforcing its position as the leading pure-play telecom operator in the region.

• Zoom’s third-quarter financial performance for the fiscal year 2026 showcased several notable achievements and challenges.
• On the positive side, Zoom saw an increase in total revenue, growing by 4.4% year over year to $1.23 billion, surpassing its guidance expectations.
• The company continues to benefit from its Enterprise segment, which grew 6.1%, representing 60% of its total revenue, up one percentage point from the previous year.

• December spreads were technically noisy but structurally neutral: median unchanged, dispersion high, with year-end flows interrupting—but not invalidating—ongoing convergence across Europe’s dual-class universe.
• Marginal voting premia continue to erode where control is entrenched: Henkel, Grifols and Roche show further compression as governance risk fades and incremental voting rights lose economic relevance.
• Nordic anomalies remain unresolved: Handelsbanken’s >70% premium and SSAB’s anchored discount continue to reflect flow and structural frictions rather than voting economics, offering the clearest dispersion opportunities into 2026.

• Micron numbers will be amazing, but will they be enough to justify the parabolic price actions? Likely, yes. 
• Intel hiring a Trump proxy a further sign its aligning itself with the Govt’s designs for onshore chip production. 
• Estee lauder is surging but what about Shiseido and Kose? 

• In the past two years, E Mart Inc (139480 KS) has announced two tender offers of its affiliates including Shinsegae E&C (September 2024) and Shinsegae Food (031440 KS) (December 2025).
• We believe the next target of a tender offer by E-Mart could be Shinsegae Information & Communication Co (035510 KS) in 2026/2027. 
• We provide three main reasons why E-Mart may try to conduct a tender offer of Shinsegae I&C in 2026/2027.

Key points (machine generated)

• FISCO Ltd. reports a profit decrease expectation for NCD (Ticker: 4783) for the fiscal year ending March 2026 due to prior reactions and one-time costs.
• NCD, established in 1967, specializes in IT-related system development, support services, and unmanned bicycle parking solutions.
• The company maintains a stable revenue structure with over 80% of sales from stock and is a leading provider in the self-managed bicycle parking sector in Japan.

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