In today’s briefing:
- Quiddity Leaderboard F100/F250 Sep25: 14/15 Expected ADDs/DELs Correct; Intra-Review ADDs Next!
- Advantest Corp (6857 JP) – From Cyclical Tester OEM to Structural AI Bottleneck
- Tencent Holdings: An Evergreen Game Strategy to Diversify Portfolio & Reinforce Market Position!
- Keysight Technologies: Is the Aerospace Edge the Hidden Catalyst For Future Growth?
- nCino’s Mortgage Mastery: The Surprising Bright Spot in a Tough Economy!
- Zoom Communication’s Strategic Masterstroke: How Workvivo
- Analog Devices: How They Are Capitalizing On Industrials Growth & Capitalizing On Automotive Demand!
- Box’s Enterprise Advanced Suite: Is This the Future of Legal, Finance, & Healthcare Data?
- MongoDB: A Tale Of AI Upgrades, Enterprise Focus & Workload Acquisition Strategy!
- Global Macro Outlook (September): Cheap Vols Meet Seasonal Weakness Across Key Assets
Quiddity Leaderboard F100/F250 Sep25: 14/15 Expected ADDs/DELs Correct; Intra-Review ADDs Next!
- The September 2025 index review results for F100 and F250 indices were announced yesterday after LSE market close.
- There will be two ADDs and two DELS for the F100 index. Separately, there will be five ADDs and six DELs for the F250 index.
- As a consequence of new transfers and the relaxation of trading currency requirements, some F100 and F250 ADDs will also be added to the F-All Share index simultaneously.
Advantest Corp (6857 JP) – From Cyclical Tester OEM to Structural AI Bottleneck
- Advantest (6857 JP) enjoys a near-monopoly in advanced SoC and memory testing, entrenched at TSMC, Samsung, and SK Hynix, making it the structural gatekeeper of the AI supply chain.
- The company is scaling capacity by 70% in FY25 and investing in next-gen chiplet and system-level test platforms to capture future AI/HBM growth.
- At ~35× P/E and ~23× EV/EBITDA, the stock trades at a premium that reflects record margins and 25%+ CAGR, risks include AI capex cyclicality, Taiwan/Korea dependence, China restrictions, and FX.
Tencent Holdings: An Evergreen Game Strategy to Diversify Portfolio & Reinforce Market Position!
- Tencent Holdings Limited delivered a robust financial performance for the second quarter of 2025, driven by significant growth across its business segments.
- The company reported a 15% year-on-year increase in total revenue, reaching RMB 185 billion.
- This growth was supported by a 22% surge in gross profit to RMB 105 billion and an 18% increase in non-IFRS operating profit to RMB 69 billion.
Keysight Technologies: Is the Aerospace Edge the Hidden Catalyst For Future Growth?
- Keysight Technologies reported its fiscal third-quarter results for 2025, demonstrating strong execution and resilience in its operations.
- The company achieved a robust 11% year-over-year revenue increase, reaching $1.4 billion, with earnings per share at $1.72, surpassing previous guidance.
- Order growth was also positive, with a 7% increase, supported by growth across both the Communications Solutions Group (CSG) and Electronic Industrial Solutions Group (EISG).
nCino’s Mortgage Mastery: The Surprising Bright Spot in a Tough Economy!
- NCino’s latest financial results for the second quarter of fiscal year 2026 present a nuanced picture of the company’s performance and strategic direction.
- The company, which offers cloud-based solutions for financial institutions, reported total revenues of $148.8 million, representing a 12% increase year-over-year.
- Subscription revenues showed a notable 15% rise, reaching $130.8 million.
Zoom Communication’s Strategic Masterstroke: How Workvivo
- Zoom Video Communications Inc. reported its second quarter fiscal year 2026 earnings, demonstrating a blend of strengths and areas of caution for investors.
- The company achieved a relatively robust revenue growth of 4.7% year-over-year, totaling $1.217 billion, exceeding the upper range of their projections by $17 million.
- A significant contributor to this performance was the 7% growth in the enterprise segment, which now comprises 60% of total revenue.
Analog Devices: How They Are Capitalizing On Industrials Growth & Capitalizing On Automotive Demand!
- Analog Devices, Inc. (ADI) recently reported a strong third quarter for fiscal year 2025, exceeding its revenue and earnings expectations and reflecting double-digit growth across all major end markets.
- The company’s performance illustrates the resilience and diversity of its business model amid ongoing geopolitical and macroeconomic uncertainties.
- A notable highlight is the accelerated recovery in ADI’s industrial sector, which saw robust performance.
Box’s Enterprise Advanced Suite: Is This the Future of Legal, Finance, & Healthcare Data?
- Box, Inc.’s latest earnings for Q2 FY 2026 highlight a blend of growth and strategic transformation through AIdriven offerings.
- The company reported revenue of $294 million, which reflects a year-over-year growth of 9%, or 7% in constant currency, surpassing their guidance.
- This growth is attributed to an uptick in customer adoption of Box’s AI and advanced workflow solutions.
MongoDB: A Tale Of AI Upgrades, Enterprise Focus & Workload Acquisition Strategy!
- MongoDB’s recent financial performance in the second quarter of fiscal year 2026 illustrates a robust growth trajectory balanced by strategic challenges and opportunities.
- The company reported total revenue of $591 million, up 24% year-over-year, surpassing guidance expectations.
- The growth is majorly driven by Atlas, MongoDB’s cloud database service, which saw a 29% increase in revenue year-over-year, comprising 74% of total revenues.
Global Macro Outlook (September): Cheap Vols Meet Seasonal Weakness Across Key Assets
- Macro assets reveal shifting volatility landscapes, with inexpensive implied vols, seasonal headwinds, and notable divergences across key markets.
- Seasonal pressures are turning negative, with September historically weaker, while risk-reward spreads highlight CSI300 strength and SPASX200 vulnerability.
- Implied vols remain inexpensive across most assets, with NKY, Nifty, and SPASX200 near historic lows despite shifting market dynamics.
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