In today’s briefing:
- WisdomTree Emerging Markets High Dividend Index Rebalance: US$2.3bn Round-Trip Trade
- OpenAI, AMD Enter Into Strategic Partnership. Guys, This Is Getting Ridiculous!
- Tekscend Photomask IPO: Market Leader with Strong Prospects Ahead
- Infomedia (IFM AU): Scheme Vote on 18 November
- Yext Receives Privatization Offer: Board Evaluates Strategic Alternatives Amid Potential Bidding War
- [Quiddity Index] HUGE Rally Brings Advantest to Nikkei Capping Territory
- Infomedia (IFM AU): 18th November Vote On TPG’s Offer
- Capgemini–WNS: Locking in the Final Basis Points
- Amazon: Still Riding the Tech Volatility Wave
- Semi-Tech Group Pre-IPO Tearsheet
WisdomTree Emerging Markets High Dividend Index Rebalance: US$2.3bn Round-Trip Trade
- The WisdomTree Emerging Markets High Dividend Index is a fundamentally weighted index that measures the performance of high dividend yield stocks within emerging markets.
- The changes at the October rebalance were announced after market close on 6 October with implementation scheduled at the close on 15 October.
- There are 217 adds and 224 deletes for the index with an estimated round-trip trade of US$2.3bn. There are many stocks with over 2x ADV to trade.
OpenAI, AMD Enter Into Strategic Partnership. Guys, This Is Getting Ridiculous!
- OpenAI agrees to deploy 6 gigawatts of AMD GPUs based on a multi-year, multi-generation agreement. The deal could be worth upwards of $100 billion to AMD through 2030
- AMD issued OpenAI a warrant for up to 160 million shares of AMD common stock, structured to vest as specific milestones are achieved, including AMD share price appreciation to $600
- Could a strategic partnership with Intel now also be on the cards? After all, OpenAI needs CPUs as well as GPUs, especially as they ramp into enterprise. Just saying…
Tekscend Photomask IPO: Market Leader with Strong Prospects Ahead
- Established in 2022, Tekscend Photomask (429A JP) (previously Toppan Photomask) is the world’s leading semiconductor photomask supplier, holding a global market share of 38.9%.
- Tekscend provides a diverse portfolio of high-precision photomasks for semiconductors, displays, MEMS, and R&D, including cutting-edge EUV masks, leveraging its expertise in microfabrication.
- The company is planning for a listing on TSE on 16th October and plans to raise proceeds of around US$800m through a combination of existing and new share issues.
Infomedia (IFM AU): Scheme Vote on 18 November
- The Infomedia Ltd (IFM AU) IE considers TPG’s A$1.70 offer fair and reasonable, as it falls within its A$1.57 to A$1.79 valuation range.
- The scheme is conditional on FIRB approval, German FDI approval, and shareholder approval. Shareholders should be supportive, as the offer is reasonable and Infomedia’s history of non-binding bids.
- The scheme vote is low-risk. At the last close and for a 3 December payment, the gross/annualised spread is 1.2%/7.4%.
Yext Receives Privatization Offer: Board Evaluates Strategic Alternatives Amid Potential Bidding War
- The company received a non-binding privatization offer from the CEO at a 10% premium to pre-announcement levels.
- A committee of independent directors is evaluating the offer and exploring other strategic alternatives, indicating the company is open to bids.
- There is a high single-digit spread to the offer price, with limited downside due to strong recent earnings.
[Quiddity Index] HUGE Rally Brings Advantest to Nikkei Capping Territory
- Monday’s huge post-election move in Nikkei 225 and Advantest Corp (6857 JP) caused Advantest to clear 10.00% realtime at day-end. Assuming nothing changes til end-Jan-2026, Advantest gets capped at end-Mar-2026
- As of today, that would be roughly 1.6x ADV and US$2.75bn but it would be 10% of Max Real World Float.
- This is far off but should stay on the radar. Softbank Group (9984 JP) is close behind at 8.7%. 15+% outperformance would put it in capping territory too.
Infomedia (IFM AU): 18th November Vote On TPG’s Offer
- Back on the 11th July,Infomedia Ltd (IFM AU), a automotive software firm, entered into a Scheme Implementation Deed with PE-outfit TPG.
- TPG offered A$1.72/share, a 30% premium to last close. The Offer had the unanimous backing of Infomedia’s boards. All in, terms looked clean.
- The Scheme Booklet is now out, with a Scheme Meeting on the 18th November, and expected implementation on the 3rd December. The IE (Grant Thornton) says “fair & reasonable“.
Capgemini–WNS: Locking in the Final Basis Points
- Capgemini’s $76.50 all-cash acquisition of WNS has cleared all approvals; only court sanction remains.
- Scheme court hearing set for 9 October; settlement expected around 16 October 2025.
- With a 0.25% gross spread, this is now a low-risk, near-cash arbitrage position.
Amazon: Still Riding the Tech Volatility Wave
- Amazon is navigating a dynamic tech landscape, leveraging its strong position in AI infrastructure and cloud services to drive long-term value creation and maintain a premium valuation in the market.
- The company is making strategic investments in AI chips and foundational AI companies like Anthropic, aiming to optimize efficiency and scalability in its AWS segment.
- Despite a current range-bound stock price, Amazon’s financial metrics and company culture approach underscore its commitment to growth and competitive advantage in the evolving tech ecosystem.
Semi-Tech Group Pre-IPO Tearsheet
- Semi-Tech Group (1890554D CH) is looking to raise at least US$200m in its upcoming Hong Kong IPO. The deal will be run by Deutsche Bank, CICC and Guotai.
- It is a leading provider of intelligent industrial software solutions in China.
- With strong commercialization capabilities, ST is one of the few China-based advanced-industry intelligent manufacturing software companies to achieve profitability.
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