Daily Brief TMT/Internet: Plover Bay Technologies, Oracle Corp, Microsoft Corp, Soft World Intl, Tokyo Electron, Apple , Samsung Electronics, Booz Allen Hamilton Holding, Figma, ARM Holdings and more

• Plover Bay Technologies (1523 HK) reported 9.9%/13.4% YoY revenue/net profit growth, led by growth from customers in the EMEA and Asia (with the US being a drag).
• Earnings were more or less in line with our preview, Plover Bay (1523 HK): Preview On Earnings For H1 2025, but revenues were slightly weaker, and margins were stronger.
• The stock trades at 21.5x PE FY25e (assuming 15% growth), with a 4.4% dividend yield (assuming an 80% payout), but we acknowledge there could be upside to our earnings. 

• Institutional investors are turning to AI to analyze SEC filings and earnings call transcripts, with Fintool offering a quicker and more efficient solution.
• The biography of Larry Ellison, focusing on Oracle during the dot com crisis, provides insight into Ellison’s leadership style and business strategies.
• Despite some mixed feelings about Oracle and Ellison’s personality, his vision for the future of computing, such as using commodity hardware and smartphones, has proven to be accurate in hindsight.

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• Q425 revenues of $76.4 billion, up 5.5% QoQ, 18% YoY and handily beating guidance of $73.8 billion.
• Azure surpassed $75 billion in revenue in FY25, up 34% YoY, driven by growth across all workloads.
• Contracted backlog grew by $53 billion QoQ to reach $368 billion. Wow!

• Soft World International has an integrated value chain/sizeable moat for its game development, distribution, payments, content, and events in Taiwan. 
• The company is trading at attractive valuations. It is trading at EV/EBITDA of 3.7x, P/E of 13.4x, and P/B of 1.5x based on recent prices and LTM financials.
• Net cash as a percentage of market cap is 79%. The company’s dividend yield remained steady at 6% in FY23 and FY24.

• In Q1 FY03/26, the company reported revenue of JPY549.6bn, operating profit of JPY144.7bn, and net income of JPY117.8bn.
• The revised FY03/26 forecast projects revenue of JPY2.35tn, operating profit of JPY570.0bn, and net income of JPY444.0bn.
• The company plans aggressive R&D investments, increasing from JPY250.0bn in FY03/25 to JPY295.0bn in FY03/26.

• 3Q25 saw an acceleration in revenues (+10% YoY) and EPS (+12%), after a long period of stagnation (2022-23-24 at ~3% growth). 4Q guidance is 5% above Consensus. 
• Impact of US import tariffs is negligible. Services is the major growth driver and Apple has few answers on critical questions (Epic ruling, DoJ rulings against Google, AI roll out). 
• The stock is expensive, as always  (27x FY26 EPS, 25x FY27 EPS) for sub-10% growth. Some people love the buybacks, the brand and dominant market position.

• Samsung Electronics (005930 KS) 2Q earnings have been somehow disappointing for investors.
• We don’t dissect the earnings details, as market reactions—regardless of headlines—almost always fall within the behavioral range defined by our model.
• What we see right now is FEAR: Samsung Electronics was rallying hard, reached the tails area in our model, then retreated back sharply after the earnings.

• Booz Allen Hamilton’s first quarter fiscal year 2026 results reflect a dynamic environment influenced by shifting government priorities and procurement processes.
• Overall, the company’s financial performance aligned with expectations, showing resilience amidst a challenging backdrop with a 2% year-over-year growth in revenue, excluding billable expenses, despite an overall revenue decline of roughly 1%.
• Positively, Booz Allen Hamilton recorded a high quarterly book-to-bill ratio of 1.42x, contributing to a record backlog of $38 billion, suggesting future revenue streams are solid.

• Figma Inc., a product design leader with strong financial profile, priced its IPO at $33.00/share and raised ~$1.2B.
• The company raised the price range to $30.00-$32.00. The stock opened at $85.00 and closed on Thursday at $115.50, up ~250% vs. IPO offer price.
• The offering was priced above the marketed range. Figma had a ~$67B market cap at the close, implying a ~62x EV/2025E sky-high multiple on my 2025 revenue estimate of $1056M.

• Record royalties now make up over half of Arm’s revenue, with Compute Subsystems (CSS) earning nearly 2x more than conventional designs.
• Hyperscaler CPU share jumps to ~50%, as Neoverse powers AI infrastructure at NVIDIA, AWS, Google, and Microsoft.
• Custom silicon stickiness deepens, with multigenerational GPU deals and CSS design wins spanning cloud, PC, and automotive verticals.