In today’s briefing:
- Fresh Intel on Samsung’s Foundry Spin-Off Plan
- Samsung Electronics (005930 KS) Outlook as Foundry Spin-Off Gains Momentum
- Quiddity Leaderboard CSI All Share Semiconductors Dec25: Early Preview; Multiple Changes Possible
- Japan Business System (5036 JP) – Cloud Integration Profitability Recovering Sharply
- Vanguard (5347.TT): The 3Q25 Outlook Is Expected to Improve by Around 5% QoQ.
- BlackLine Inc.: Can Its New Platform Pricing Model & Its AI Agents Become Key Growth Catalysts?
- CyberArk Software Doubles Down on Machine Identity—Is This the Next Big Cybersecurity Goldmine?
- CarGurus Triples Dealer Conversions—Is This the Future of Auto Sales?
- Friday Take Away: 13 June 2025
- Blackbaud Transforms Revenue Model with Game-Changing 3-Year Contracts; What’s The Revenue Impact?
Fresh Intel on Samsung’s Foundry Spin-Off Plan
- Insiders say Google’s fast-growing phone biz now overlaps Samsung’s, sparking serious rivalry fears. This “Google shock” has become a major topic among Samsung’s top execs lately.
- Sammy’s crisis plan involves carving out System LSI from foundry, with a likely spin-off of the foundry biz as a separate entity—insiders say that’s the favored move now.
- Samsung’s restructuring sparks a tug-of-war between shareholder value erosion and foundry re-rating. A spin-off looks likely, with recent stock moves showing investor optimism.
Samsung Electronics (005930 KS) Outlook as Foundry Spin-Off Gains Momentum
- Sanghyun Park has reported in detail about what seems to be going on behind closed doors at Samsung in regard to the foundry spin-off: read his insight – highly recommended.
- We maintain our BUY recommendation for Samsung Electronics (005930 KS) and although we have not yet seen a strong rally, we see the stock slowly drifting upward from its bottom.
- Our short-term tactical perspective covering the next 2–3 weeks is presented in this insight.
Quiddity Leaderboard CSI All Share Semiconductors Dec25: Early Preview; Multiple Changes Possible
- CSI All Share Semiconductors & Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
- In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
- We expect up to six ADDs and two DELs for the CSI All Share Semiconductors index during this index review event based on the latest available data.
Japan Business System (5036 JP) – Cloud Integration Profitability Recovering Sharply
- In Q2 FY24/9 financial results reported exactly one year ago, profit attributable to owners of parent declined -74.1% due to recording an impairment loss of JPY 1,720mn in the 2Q as an extraordinary loss for the entire unamortized balance of goodwill associated with the acquisition of consolidated subsidiary NEXTSCAPE Inc.
- In SIR’s follow-up report, we wrote “management promptly recognizing the impairment and withdrawing the FY25/9 OP MTP target effectively minimizes future down-side risk.
- In the meantime, core business performance continues to grow at double-digits. ”
Vanguard (5347.TT): The 3Q25 Outlook Is Expected to Improve by Around 5% QoQ.
- Vanguard Intl Semiconductor (5347 TT)’s 3Q25 outlook shows slight improvement over 2Q25, potentially around +5%.
- Vanguard Intl Semiconductor (5347 TT) overall utilization expected to reach around 75–80% in 3Q25, with 0.18µm loading is nearly full.
- Progress on Vanguard’s Singapore 12” fab is still in early stages, with the main constraint being the equipment move-in schedule.
BlackLine Inc.: Can Its New Platform Pricing Model & Its AI Agents Become Key Growth Catalysts?
- BlackLine, a leader in financial automation solutions, recently announced its Q1 2025 earnings results, highlighting both opportunities and challenges as the company navigates its ongoing journey towards growth and market expansion.
- The company reported a total revenue increase of 6% year-over-year, reaching $167 million, with strong subscription and services revenue performance.
- However, the financial results are a mix of positives and certain areas that might require attention.
CyberArk Software Doubles Down on Machine Identity—Is This the Next Big Cybersecurity Goldmine?
- CyberArk Software Ltd has reported its first quarter 2025 earnings, demonstrating a strong financial performance that exceeded the company’s guided metrics.
- The company achieved an Annual Recurring Revenue (ARR) of $1.215 billion, with total revenue amounting to $318 million.
- An operating margin of 18% was recorded, alongside a free cash flow generation of $96 million.
CarGurus Triples Dealer Conversions—Is This the Future of Auto Sales?
- CarGurus, Inc. demonstrated solid performance in the first quarter of 2025, characterized by significant growth in its Marketplace revenue and strategic advancements across its product offerings.
- The company focused on three key value creation drivers: expanding data-driven solutions for dealers, refining consumer experiences, and enhancing online transaction capabilities.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
Friday Take Away: 13 June 2025
- CapXX’s high-power density and high energy storage capacity superconductors are used in portable and smallscale electronic devices, as well as in larger applications such as automotive and renewable energy.
- This is a $1bn market and forecast to grow at 18% per annum between 2023 and 2030. The recent Trading Update reported on the restructuring progress over the last five months to May 2o25.
- CapXX’s cash remained robust at AUD$4.2m (£2m) compared to AUD$5m as a result of cost-saving initiatives, an ongoing emphasis on efficient operational performance and a slowing rate of cash use.
Blackbaud Transforms Revenue Model with Game-Changing 3-Year Contracts; What’s The Revenue Impact?
- Blackbaud, Inc. recently reported its first-quarter 2025 financial results, demonstrating a measured performance.
- Revenue for the quarter was $271 million, marking 5.8% organic growth.
- The company achieved a non-GAAP adjusted EBITDA margin of 34.3% and non-GAAP diluted earnings per share of $0.96.
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