Daily Brief TMT/Internet: Quanta Computer, Xiaomi, PC Partner, Samsung C&T, Telkom Indonesia, Meesho, Readcloud Ltd, Fair Isaac Corp, DoubleVerify, Intel Corp and more

• The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 403bn (US$12.8bn).
• We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn.
• The forecast adds have outperformed the forecast deletes over the last couple of weeks and we expect the adds to continue outperforming the deletes over the next few days.

• The December rebalance of the Hang Seng family of indices will use today’s closing prices to cap the index constituent weights.
• The net round-trip trade across all stocks across the five indices is estimated at HK$50bn (US$6.4bn). There is size to trade in a lot of stocks.
• Xiaomi (1810 HK) is the biggest buy due to HSIII Index inclusion and capping, while Alibaba (9988 HK) is the biggest capping sell.

• PC Partner (1263 HK) announced it was completing its delisting from HK and moving to Singapore
• The move to Singapore was a “life or death” situation for the company, as staying in HK precluded it from having access to Nvidia’s latest chips
• 2026 will be a crucial year to determine PC Partner’s future outlook

• It was reported that Hong Ra-Hee plans to give all of her 1,808,577 shares in Samsung C&T (1.06% stake) to her son Lee Jae-Yong on 2 January 2026. 
• After this stake transfer, Lee Jae-Yong’s stake in Samsung C&T will rise to 20.82% and Hong Ra-Hee will no longer have any stake in Samsung C&T. 
• Higher ownership of Samsung C&T by Lee Jae-Yong will likely place a bigger focus on Samsung C&T, especially on its importance as a quasi-holding company of the entire Samsung Group. 

• Dominant Market Leader: As Indonesia’s largest state-owned telecommunications provider, Telkom holds a commanding market share in both mobile (through its subsidiary Telkomsel) and fixed broadband services, providing a strong foundation for stable revenue generation.
• Strategic Asset Monetization: The company is pursuing a value-unlocking strategy by spinning off its fiber assets. This move, coupled with plans to bring in a strategic partner, aims to improve capital efficiency and potentially lead to a significant re-rating of the company’s valuation.
• Attractive Shareholder Returns: Telkom consistently delivers strong returns to shareholders, evidenced by a high dividend yield and a formal commitment to dividend payouts. The company’s strong cash flow generation supports this policy.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
• We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
• IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).

• ReadCloud Limited (ASX:RCL) services the education and training sectors through the provision of digital learning content, proprietary interactive technology and support for students and educators.
• The company released its FY25 full-year result (30 September year-end) but many of the data points had been pre-released so there were no real surprises.
• The core strategic Australian schools-facing businesses in eBooks and VET-in-Schools (collectively 85% of FY25 group sales revenue) delivered strong results, with VET-in-Schools the standout growing revenue at 26% to $5.7m and continuing to deliver gross margins exceeding 90%.

• Fair Isaac Corporation (FICO) presented an earnings report for the fourth quarter of 2025 that highlights both the strengths and challenges facing the company.
• Revenues for the quarter reached $516 million, a 14% increase compared to the previous year, and for the full fiscal year, revenues totaled $1.991 billion, up 16% year-over-year.
• In their software segment, revenues were $204 million, with a mixed outlook.

• Public ad-tech equities are trading at historically low multiples, especially in Canada, despite consistent positive revenue growth and a pivot toward margin expansion.
• Regulatory disruption and cookie deprecation are accelerating the shift to first-party data, contextual targeting, and AI-driven personalization.
• Emerging channels like Connected TV and Retail Media are expanding monetization potential, creating asymmetric upside for nimble, vertically focused platforms.

• Apple (AAPL US) may outsource iPad CPU production to Intel in 2027.
• U.S. semiconductor reshoring faces fundamental structural barriers, and Trump is trying to blame this by pushing TSMC to move advanced manufacturing technology to the U.S. 
• The key variable remains Intel’s 18A execution. However, Intel’s current CEO, Lip-Bu Tan, has not demonstrated an aggressive stance so far.