Daily Brief TMT/Internet: Samsung Electronics, Kokusai Electric , ROHM Co Ltd, Astera Labs , Intel Corp, Broadridge Financial Solutions, Inc, Comtech Telecommunications, Kyivstar Group, Leidos Holdings and more

• According to Reuters, the US government may be interested in acquiring equity stakes in Samsung Electronics and TSMC in exchange for CHIPS and Science Act grants.
• The US government is exploring ways to take equity stakes in these two Asian tech giants that have been expanding their semiconductor facilities in the United States.
• If the US government decides to invest $10 billion each in Samsung Electronics and TSMC, they would represent about 3% and 1% of Samsung Electronics and TSMC’s market caps, respectively. 

• Results: Q1 revenue ¥51.8B (–21% YoY) and OP ¥10.9B (–44%) came in weak, with DRAM softness offset partly by NAND strength.
• Guidance: FY26/3 outlook (¥244B revenue, ¥55.2B OP) reiterated, implying a sharp 2H acceleration in shipments and margin recovery.
• Valuation: Shares trade at ~11× EV/EBITDA, a discount to peers, but execution risk keeps the multiple constrained.

• Advancing from Breakdown to Breakthrough:ROHM Co Ltd (6963 JP) returned to profitability in Q1FY25 on improved demand and cost controls with strong outlook for Q2.
• Rohm is actively implementing structural reforms, with a priority on ensuring profitability in any market environment.  It is also drafting its second Medium-Term Management Plan for FY26 to FY28.
• It continues to be available at significantly cheaper valuation versus peers of just 0.8x price to book. Also, it has been added to the Nikkei 225 Index recently.

• Astera Labs, in its second quarter of fiscal year 2025, showcased robust financial performance and strategic advancement in its market positioning.
• The company reported revenue of $191.9 million, reflecting a 20% increase from the previous quarter and a notable 150% year-over-year rise.
• This substantial revenue growth was attributed to increased demand in both its signal conditioning and switch fabric product lines, notably with the Scorpio P-Series switches.

• Intel is suddenly at the center of a high-stakes drama.
• Just this month, the Trump administration reversed its public criticism of CEO Lip Bu Tan—who had been accused of being “conflicted” due to his past China ties—and moved into “constructive discussions” about a possible government equity stake in the company .
• That shift followed a White House meeting that apparently reset the tone, with Trump calling Tan’s journey “amazing” after once demanding his resignation .

• Broadridge Financial Solutions presented a robust financial performance in its fiscal fourth quarter and full year 2025 results, signaling positive momentum and strategic positioning for future growth.
• The company reported a 7% increase in recurring revenue on a constant currency basis and an 11% growth in adjusted earnings per share (EPS), in line with its long-term objectives.
• This financial achievement was complemented by the strategic execution in key areas such as democratization and digitization of governance, capital markets innovation, and modernization of wealth management.

• US commerce secretary Howard Lutnick confirmed that the US Administration is pursuing a strategy of converting CHIPS Act funding into equity stakes with Intel acting as its guinea pig
• It seems clear that Mr. Lutnick is bent on applying the same formula with other beneficiaries of US CHIPs Act funding
• CHIPs Act Dollars for Equity, Pay For China Play may seem like innovative ideas but in reality they are a slippery slope to confusion & chaos. Who or what’s next?

Key points (machine generated)

• Comtech plans to announce the sale of its Public Safety / NG911 business unit, which has significant revenue and EBITDA.
• The business unit’s valuation could range from $400 million to $800 million, impacting Comtech’s financial standing and debt alleviation.
• A higher sale price could provide up to $300 million in net cash, greatly enhancing Comtech’s equity value.

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.

• Ukraine’s leading digital operator with 24m mobile and 1.1m broadband users, providing critical national infrastructure and direct exposure to the country’s recovery and EU-aligned digital renewal.
• Uklon as a transformative asset. With 100m+ annual rides and 100k drivers, Uklon adds unicorn potential and positions Kyivstar to anchor high-frequency platforms powering Ukraine’s next economic chapter.
• Robust financial profile with re-rating upside: US$1.2bn 2025E revenue, US$647m EBITDA, zero debt; trading at 5.2x EV/EBITDA vs peer 6.5x, with upside from ARPU convergence and reconstruction.

• Leidos’ second quarter results for 2025 reflected both positive growth and notable challenges.
• The company recorded robust revenue growth of 4.8% year-to-date, achieving record profitability with a 15.2% EBITDA margin and a 28% increase in operating cash flow for the quarter.
• These achievements were realized amidst a dynamic market environment and were attributed to Leidos’ strategic focus, centered on five growth pillars under their North Star 2030 strategy: space and maritime, energy infrastructure, digital modernization and cyber, mission software, and managed health services.