Daily Brief TMT/Internet: PC Partner, NVIDIA Corp, Dell Technologies , Ligent Technologies, Via Transportation, Japan System Techniques Co, Seagate Technology Holdings PL, Pureprofile Ltd, DUG Technology Ltd and more

• On the 15th November 2024, personal computer parts and accessories play PC Partner (1263 HK)‘s secondary listing, by way of introduction, was effected.
• The SGX also granted in-principle approval for the conversion of its secondary listing status to a primary listing. This dual-listing status (SGX + HKEx) took effect on the 20th August.  
• In tandem with a SGX free float waiver, PCP will now seek a HKEx delisting. This listing/delisting construct is to ensure the uninterrupted supply of NVIDIAs GPUs.

• Nvidia’s performance in the industry show was okay, with the stock being slightly off and mixed reactions from analysts.
• The company is continuing to grow at a significant rate, but there are concerns about AI market trends and China relations.
• Questions surround Nvidia’s potential deal with China, with uncertainties about revenue sharing and government involvement.

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• Nvidia’s operating cash fell to $15.4B from $27.4B last quarter, even as net income climbed to $26.4B.
• Receivables jumped to $5.7B with Days Sales Outstanding at 54 days, while accrued liabilities flipped to a $4B drag.
• The balance sheet shows a company pushing more product out than cash is coming in; the predicament arising from Nvidia’s revenue booking model.

Key points (machine generated)

• Dell’s ISG recorded $38.4 billion in FY2023 but faced a 12% revenue decline to $33.9 billion in FY2024 due to macroeconomic challenges.
• In FY2025, ISG rebounded with a 29% revenue increase to $43.6 billion, fueled by demand for AI-optimized servers and storage solutions.
• ISG is integral to Dell’s AI infrastructure strategy, collaborating with partners like NVIDIA and Nokia to enhance AI offerings and maintain low-teens operating margins.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Ligent Technologies (LGT HK) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citibank and CITIC Securities
• Ligent Technologies is a global provider of optical communication and connectivity products that support the high-speed data needs of AI computing networks, cloud services, and telecom infrastructure. 
• Its main offerings include optical transceivers (including datacom and telecom solutions), optical chips, and optical network terminals. These solutions power applications for data centers, telecom operators and computing systems.

• Via Transportation will offer 10.7 million shares at $40-$44 and is scheduled to debut on Friday, September 12th.
• Wellington Management has indicated an interest in purchasing up to $100 million in shares of Class A common stock in this offering.
• With a large addressable market and solid revenue numbers, the company is positioned nicely for growth in the future. 

• Japan System Techniques (hereafter, the Company) announced its Q1 FY2026/3 results: Key consolidated figures included net sales of JPY 7,039 mn (+11.8% YoY), operating profit of JPY 493 mn (+73.8% YoY), ordinary profit of JPY 509 mn (+59.9% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 321 mn (+77.8% YoY).
• The DX & SI business, the package business, and the medical big data business all achieved double-digit increases in both net sales and profit YoY.
• A record high is expected to continue, with net sales forecast at JPY 32,000 mn (+9.1% YoY), operating profit at JPY 3,590 mn (+12.6% YoY), ordinary profit at JPY 3,660 mn (+12.1% YoY), and net profit for the year at JPY 2,770 mn (+13.4% YoY).

• We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&P 500 (SPX) is above 6028-6059.
• Shorter-Term, the SPX violated its 3.5-month uptrend yesterday, but managed to rally back to the breakdown level by yesterday’s close. 
• We would not yet call this a decisive breakdown, and we are on the lookout for a potential reclaim back above this uptrend at the 6425-3430 level. Or consolidation?

• Full transcript of post results interview with Pureprofile’s CEO Martin Filz and COO/CFO Melinda Sheppard.

DUG Technology has been awarded a significant contract with Petronas to provide software and HPCaaS services for a minimum three-year term. After paying a managed services partner to undertake part of the contract, the net minimum contract value of $18.2m is equivalent to c $6m revenue per annum. We have upgraded our forecasts factoring in a small contribution in FY26 before run-rate revenue is reached in FY27.