In today’s briefing:
- [Japan M&A] YAGEO Extends Shibaura TOB Limbo at FSA/METI/BOJ Request on FEFTA
- Intel 18A Not Ready for Foundry (Preparing for Bad News?), TSMC Exit GaN (Doesn’t Matter), UMC 6nm
- Meta Superintelligence Labs. Genius Move Or Desperate Gamble?
- Our Thesis: Intel Should Take a Stake in UMC — New Signals Reinforce the Case
- SmartRent’s Stock Surge: How a Bold Pivot to Recurring Revenues Could Redefine Its Future!
- Lucror Analytics – Morning Views Asia
- Belden Inc.: A Tale Of Solutions Transformation & Strategic Expansion!
- Banxa’s Acquisition by OSL Group: Navigating Regulatory Approvals, Shareholder Votes, and Market Uncertainties
- MACOM Technology Solutions Powers Up Europe’s Defense With GaN Tech & Drone-Ready Radar Systems; What Lies Ahead?
- Yelp Inc.: An Enhanced Advertiser Value Proposition & Critical Growth Levers!
[Japan M&A] YAGEO Extends Shibaura TOB Limbo at FSA/METI/BOJ Request on FEFTA
- YAGEO’s deal for Shibaura Electronics (6957 JP) had been extended a couple of times – once for Shibaura’s yuho, and once for Taiwan Investment Commission Approval.
- YAGEO had re-filed its notification for FEFTA on 2 June, and the “normal” 30 day waiting period expired 1 July. YAGEO extended by 4 business days to 15 July.
- The TRS amendment was less informative than the TDNET release today. That’s worth reading. More waiting ahead. But the timing may be politically strategic.
Intel 18A Not Ready for Foundry (Preparing for Bad News?), TSMC Exit GaN (Doesn’t Matter), UMC 6nm
- The real point of Reuters’ article on Intel CEO “new” Foundry strategy is, imo, to pre-announce the possibility of a very large write off
- TSMC discontinues GaN doesn’t matter, it’s not even 1% of revenue. 1) Auto demand is slow, GaN is lower margins, lot of competition 2) management has better things to do
- UMC 6nm rumor, maybe yes but most likely with Intel’s manufacturing after 2030. UMC and Intel first start with 12nm in 2027-28.
Meta Superintelligence Labs. Genius Move Or Desperate Gamble?
- On Monday, June 30, Meta CEO Mark Zuckerberg announced the creation of Meta Superintelligence Labs, staffing it with a host of leading researchers from the likes of OpenAI and Google
- With astronomical hiring bonuses and lucrative compensation packages, this newly assembled team will struggle to gel and likely drive an exodus of existing Meta AI employees elsewhere
- Yann LeCun is sidelined in the MSL memo. He believes LLMs are not the way to achieve human-level AI. It appears that Mark Zuckerberg disagrees. Let’s see…
Our Thesis: Intel Should Take a Stake in UMC — New Signals Reinforce the Case
- UMC’s renewed push into 6nm, paired with Intel’s strategic overhaul under new CEO Lip-Bu Tan, raises the likelihood of an Intel equity stake in UMC.
- We maintain our Structural Long view on UMC and reiterate our original thesis: a deeper partnership via a stake from Intel would be transformative.
- At 12.5x trailing PER with a net cash position, UMC remains attractively valued as a strategic asset — especially if can essentially have its own ‘Group’ advanced fabs with Intel.
SmartRent’s Stock Surge: How a Bold Pivot to Recurring Revenues Could Redefine Its Future!
- SmartRent’s first quarter earnings call for 2025 highlights several dynamics at play in the company’s pursuit of sustainable growth and value creation.
- The company, well known for its Internet of Things (IoT) technology, aims to transform property operations and enhance resident experiences.
- SmartRent’s approach involves extensive IoT device integration, a software platform compatible with third-party systems, and deployment expertise tailored to retrofit environments.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Softbank Group
- The UST curve bear-steepened yesterday, alongside a selloff in long-dated UK gilts. The yield on the 2Y UST rose 1 bp to 3.79%, while that on the 10Y UST climbed 4 bps to 4.28%.
- Equities advanced after US President Donald Trump announced that he had reached a trade deal with Vietnam. The S&P 500 was up 0.5% to a fresh record of 6,227, while the Nasdaq rose 0.9% to 20,393.
Belden Inc.: A Tale Of Solutions Transformation & Strategic Expansion!
- Belden Inc.’s first-quarter results for 2025 reveal a mix of considerable growth achievements and underlying challenges.
- The company reported revenues of $625 million, a 17% increase from the previous year, surpassing the high end of its guidance.
- This was complemented by a 29% rise in earnings per share (EPS) to $1.60, driven by an improvement in gross margins to 39.8% and adjusted EBITDA margins to 16.6%.
Banxa’s Acquisition by OSL Group: Navigating Regulatory Approvals, Shareholder Votes, and Market Uncertainties
- Banxa agreed to be acquired by OSL Group for C$1.55/share in cash, pending shareholder and regulatory approval.
- Banxa’s management and founder hold a combined 46% stake on a fully diluted basis, potentially securing shareholder approval.
- The termination fee for the OSL transaction is set at 5% of the transaction value, indicating elevated risks.
MACOM Technology Solutions Powers Up Europe’s Defense With GaN Tech & Drone-Ready Radar Systems; What Lies Ahead?
- MACOM Technology Solutions Holdings, Inc. reported its financial results for Q2 of fiscal 2025, demonstrating strong growth across its core business segments, namely Industrial & Defense, Data Center, and Telecom.
- The company achieved a revenue of $235.9 million, marking a significant sequential increase from the previous quarter.
- Adjusted earnings per diluted share were recorded at $0.85, showcasing a robust bottom-line performance.
Yelp Inc.: An Enhanced Advertiser Value Proposition & Critical Growth Levers!
- Yelp Inc. reported solid financial performance in the first quarter of 2025, achieving an 8% year-over-year increase in net revenue to $359 million, exceeding their expectations.
- This growth was driven by the continued strength in Yelp’s services business, contrasting with challenges faced in the restaurant, retail, and othercategories (RR&O) which saw a 3% revenue decline year-over-year.
- Profitability saw significant improvements with a net income margin expansion by 3 percentage points and an adjusted EBITDA margin increase by 4 percentage points compared to the same quarter last year.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
