Daily Brief TMT/Internet: Samsung SDI, Paytm, Apple , Usen-Next Holdings Co Ltd, Devolver Digital and more

• Not much juice at ex-rights — price move’s small, and shorting’s risky with recall risk and having to compensate the lender for lost rights.
• Some locals chase rights instead, but it’s not really a go-to trade with all the cost/efficiency uncertainty.
• First round price pre–ex-rights sets the floor for arb margins and anchors rights pricing once they start trading — key level to keep in the playbook.

• Paytm (PAYTM IN) is pivoting post-regulatory setbacks with board overhaul, license reapplications, and focus on high-margin verticals like lending and merchant services.
• Triggers like MDR revival, PPBL embargo removal, and PA license approval could significantly lift monetization, improve take rates, and stabilize investor sentiment.
• While competition is stiff, structural improvements and cost controls position Paytm for a profitable rebound, making it a potential re-rating candidate in FY26.

• Apple Inc. is facing one of the most turbulent moments in its recent history.
• Over the past week, the company has lost over $700 billion in market capitalization, relinquished its crown as the most valuable U.S. company to Microsoft, and seen its shares plummet by 23% across four trading sessions.
• The sell-off comes on the back of escalating trade tensions between the United States and China, with President Donald Trump introducing a 125% tariff on Chinese imports—directly impacting Apple’s China-dependent supply chain.

• 1H FY08/25 revenue increased 22.7% YoY to JPY186.8bn, with progress toward full-year forecast at 51.9%.
• Operating profit rose 5.0% YoY to JPY16.6bn, with all segments showing growth except Communications & Energy.
• Subscriber count for U-NEXT increased by 150,000, while former Paravi subscribers declined by 20,000 in 1H FY08/25.

Devolver Digital’s H1 FY24 results saw a return to adjusted EBITDA profitability as the company and its peers adjusted to post-pandemic market conditions. The H224 results continued that trend and, with a higher proportion of royalty-free first-party intellectual property (IP) and higher-margin front catalogue products set for release this year, 2025 profits should be able to grow further. The Switch 2 release is another potential welcome boost for 2025, suggesting that consensus forecasts are relatively well underpinned in an otherwise challenging gaming market.